Weitz Nebraska Tax-Free Income Fund
WNTFX
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- Weitz Nebraska Tax-Free Income Fund (WNTFX) is an open-end mutual fund managed by Weitz Investment Management that seeks current income exempt from both federal and Nebraska personal income taxes, consistent with the preservation of capital. The fund invests, under normal circumstances, at least 80% of its net assets in Nebraska municipal debt securities, including general obligation bonds, revenue bonds such as hospital and essential-service issues, and other tax-exempt municipal instruments issued by or on behalf of Nebraska state and local entities; no more than 20% of net assets are subject to the federal alternative minimum tax. It maintains a diversified portfolio emphasizing mid-credit quality and limited interest-rate sensitivity, with top holdings typically including securities like Douglas County Nebraska Hospital Authority Revenue Bonds, Boys Town Village Nebraska Revenue Bonds, and Seward County Nebraska bonds, alongside a small cash allocation. The fund targets tax-conscious investors in Nebraska seeking state-specific tax-advantaged fixed income, operating within the municipal single-state short category and domiciled in the United States with shares available primarily to U.S. investors. Portfolio management is led by Thomas Carney, CFA, Vice President and Co-Head of Fixed Income at Weitz Investment Management, who has overseen the fund since January 1996; Carney brings over 40 years of investment industry experience, including prior roles in municipal securities. The fund succeeded to the assets of Weitz Income Partners Limited Partnership on December 29, 2006, adopting its investment objectives and policies, with historical performance incorporating the partnership's track record from October 1985; Weitz Investment Management is headquartered in Omaha, Nebraska. As of recent data, the fund maintains total net assets of approximately $20 million, a net expense ratio of 0.46%, a minimum initial investment of $2,500, and no front-end or deferred loads. It delivered a Q4 2024 return of -0.59% versus -1.04% for the Bloomberg 5-Year Municipal Bond Index, a Q3 2024 return of +2.61% versus +3.04% for the index, and a Q2 return of +1.91% versus +2.19%; year-to-date indications as of late 2025 suggest potential year-end capital gains distributions across Weitz Funds, though specifics for WNTFX remain preliminary. No major acquisitions, partnerships, funding rounds, or strategic shifts have been reported in the last 1-2 years, reflecting continuity in its core Nebraska-focused municipal bond strategy amid ongoing fee waivers to cap expenses.