Weitz Partners III Opportunity Fund
WPOIX
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- Weitz Partners III Opportunity Fund (WPOIX) is an open-end mutual fund managed by Weitz Investment Management, Inc., that seeks capital appreciation through a concentrated, long/short equity strategy focused on multi-cap companies. The fund employs a value-driven approach, purchasing above-average to high-quality businesses at discounts to intrinsic value calculated via a private-buyer mindset; it maintains long positions in equities, uses short positions for hedging market, sector, or company risks, or opportunistically for offensive plays including convergence trades and merger arbitrage; additionally, it invests in put and call options, futures, exchange-traded funds, and may borrow money or short sell to enhance returns. Primarily targeting U.S. equities across financial services, communication services, healthcare, technology, and industrials sectors, the fund serves individual and institutional investors with a minimum initial investment of $2,500 for Investor Class shares. Founded in 1983 by Wally Weitz and headquartered in Omaha, Nebraska, the fund has been continuously managed by Wally Weitz since inception, with Andrew Weitz joining as co-portfolio manager in July 2020; it succeeded the assets of Weitz Partners III Limited Partnership on December 30, 2005, maintaining equivalent investment objectives and policies. In its fourth-quarter 2024 investor letter, the fund reported increased exposure to the life sciences sector by adding more shares of Danaher Corporation and initiating a new position in Bio-Techne Corporation (TECH), a provider of proteins, antibodies, instruments, and consumables for life sciences markets. More recently, Weitz Investment Management has undergone strategic expansion in its broader offerings, launching the actively managed Weitz Core Plus Bond ETF (WCPB) in August 2025—marking entry into the ETF space amid a nearly 300% growth in fixed income assets under management—and the Weitz Multisector Bond ETF (WMSB) on November 5, 2025, though these do not directly alter the Partners III Opportunity Fund's equity-focused operations. The fund maintains total net assets of approximately $408 million to $437 million, a net expense ratio of 1.90% to 1.93%, and low portfolio turnover of 19%.