Morningstar

Wally Weitz Stepping Down From Weitz Value in December

Fund will be left in experienced hands.

Securities In This Article
Weitz Multi Cap Equity-Investor Cl
(WPVLX)
Weitz Partners III Opportunity Investor
(WPOIX)
Weitz Large Cap Equity-Investor Cl
(WVALX)

Wally Weitz announced that he will step down as comanager of

Weitz Value is not being left in inexperienced hands. Brad Hinton and Dave Perkins will remain as comanagers of the fund. Hinton has been a comanager on Weitz Value since August 2006 and Perkins since year-end 2011, although he has been with the firm since 2004. Moreover, those two will continue to draw on Weitz's expertise in his role as CIO.

This announcement is not terribly surprising, as Wally Weitz has been proactively addressing succession issues for years. He has promoted internally and in 2006 began selling 2% of the firm each year to employees. Both moves have helped with retention and have left the team prepared for transitions such as this.

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About the Author

Kevin McDevitt

Senior Analyst
More from Author

Kevin McDevitt, CFA, is a senior manager research analyst for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers primarily domestic- and international-equity strategies, as well as some multi-asset strategies.

Before rejoining Morningstar in 2009, McDevitt was an associate equity analyst and later managed trust portfolios for AG Edwards, which became Wachovia (now Wells Fargo). McDevitt originally joined Morningstar in 1995. He was a mutual fund analyst from 1996 to 1999 and also held positions within the company’s international team, Morningstar Associates, and Morningstar Investment Services.

McDevitt holds a bachelor’s degree in finance from the College of William & Mary and a master’s degree in business administration from Washington University. He also holds the Chartered Financial Analyst® designation.

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