PARTNERS III OPPORTUNITY FUND
 
 
 
Trading Symbol: Institutional Class – WPOPX
 
Investor Class – WPOIX
 
 
   
Summary Prospectus
August 1, 2013
 
Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks. The Fund’s Prospectus and Statement of Additional Information, both dated August 1, 2013, and as currently filed with the U.S. Securities and Exchange Commission, are incorporated by reference into this Summary Prospectus. You can find the Fund’s Prospectus and other information about the Fund online at www.weitzinvestments.com/ Literature/ProspectusReports.asp. You can also get this information at no cost by calling 800-304-9745 or by sending an e-mail request to clientservices@weitzinvestments.com.
 
Investment Objective
 
The investment objective of the Fund is capital appreciation.
 
Fees and Expenses of the Fund
 
The tables below describe the fees and expenses that you may pay if you buy and hold shares of the Fund.
 
Shareholder Fees (fees paid directly from your investment)
Institutional
Investor
 
Class
Class
Maximum sales charge (load) on purchase
None
None
Maximum deferred sales charge (load)
None
None
Redemption fee
None
None

Annual Fund Operating Expenses
 
(expenses that you pay each year as a percentage
 
of the value of your investment)
 
Institutional
   
Investor
 
   
Class
   
Class
 
Management fees
    1.00 %     1.00 %
Distribution (12b-1) fees
 
None
      0.25  
Other expenses
    0.18       0.58  
Dividend expense on short sales
    0.27       0.28  
Interest expense
    0.14       0.14  
Acquired fund fees and expenses (1)
    0.01       0.01  
Total annual fund operating expenses (2)
    1.60 %     2.26 %
Fee waiver and/or expense reimbursement (2)
    0.00       (0.40 )
Total annual fund operating expenses
               
after fee waiver and/or expense
               
reimbursement (2)
    1.60 %     1.86 %

(1) The Fund has invested a portion of its temporary cash reserves in one or more money
market funds (“acquired funds”). The Fund indirectly incurs fees and expenses as a
result of its investment in shares of acquired funds. The total annual fund operating
expense ratio for the Fund does not correlate to the ratio of expenses to average net assets
shown in the Financial Highlights contained in the Prospectus, which reflects the
operating expenses of the Fund and does not include acquired fund fees and expenses.
 
(2) The investment adviser has agreed in writing to limit the total class-specific
operating expenses of the Fund’s Investor Class shares to an amount no greater than
0.25% per annum more than the total class-specific operating expenses of the Fund’s
Institutional Class shares (in each case, as such expenses are expressed as a percentage
of the average daily net assets of the respective share class) through July 31, 2014. This
agreement may only be terminated by the Board of Trustees of the Fund.
 
Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the periods indicated and then redeem in full at the end of each of the periods indicated. The example also assumes that your investment has a 5% return each year and the Fund’s operating expenses remain the same each year.
 
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
 
 
1 year
3 years
5 years
10 years
Institutional Class
$163
$505
$871
$1,900
Investor Class
$189
$668
$1,174
$2,564
 
PortfolioTurnover
 
The Fund pays transactions costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 32% of the average value of the portfolio.
 
Principal Investment Strategies
 
The Fund is a “multi-cap” fund and may invest in securities of any market capitalization. The Fund invests in long positions in stocks and other securities, when we anticipate that the value of such securities will increase. The Fund also invests in short positions in stocks and other securities, including short sales of exchange traded funds, when we anticipate a decline in the value of such securities. The Fund has the ability to borrow money to invest in its long positions, and may buy and sell futures contracts, such as stock index
 
 
 
 
 
 
 
 
 
futures contracts. The Fund’s mix of long positions and short positions will vary over time based on the investment adviser’s assessment of market conditions.
 
The Fund’s investment strategy for long positions (which we call “value investing”) is based on our belief that stock prices fluctuate around the true value of a company. We seek to identify the securities of growing, well-managed businesses of any size which have honest, competent management. We then estimate the price that an informed, rational buyer would pay for 100% of the business. At the heart of the process is an estimate of the value today of the right to receive all of the cash that a business will generate for its owners in the future. The valuation may focus on asset values, earnings power and the intangible value of a company’s “franchise” in its market or a combination of these variables, depending on the nature of the business.
 
The Fund then tries to buy shares of the company’s stock at a significant discount to this “private market value.” We invest with a 3-5 year time horizon. The Fund anticipates that the stock price will rise as the value of the business grows and as the valuation discount narrows. Ideally the business value grows and the stock continues to trade at a discount for long periods of time. We generally will sell these stocks as they approach or exceed our estimate of private market value.
 
The Fund’s investment strategies for short positions can include (1) selling short an exchange traded fund (“ETF”) or other security that tracks a broad or narrow market index, in hopes of buying the security at a future date at a lower price, (2) simultaneously buying a put option and selling a call option on an ETF or other security that tracks a broad or narrow market index, (3) buying an ETF or other security that is designed to appreciate in value when the value of a broad or narrow market index declines, (4) simultaneously holding a short position in one security and a long position in another security, with the objective of earning positive returns on the combined set of positions, (5) selling a covered call option on a security that the Fund owns for the duration of the option period and (6) holding a short position in an ETF or other security that tracks a broad or narrow market index and adding to the Fund’s long positions in particular stocks by a corresponding amount.
 
We do not try to “time” the market. However, if there is cash available for investment and there are not securities that meet the Fund’s long or short investment criteria, the Fund may invest without limitation in high-quality cash and cash equivalents such as U.S. Government securities or government money market fund shares. In the event that the Fund takes such a temporary defensive position, it may not be able to achieve its investment objective during this temporary period.
 
Principal Investment Risks
 
You should be aware that an investment in the Fund involves certain risks, including, among others, the following:
 
• Market Risk As with any other mutual fund, the share price of the Fund will fluctuate daily depending on general market conditions and other factors. You may lose money if you invest in the Fund.
 
• Investment in Undervalued Securities Undervalued securities are, by definition, out of favor with investors, and there is no way to predict when, if ever, the securities may return to favor. Therefore, investors should purchase shares of the Fund only if they intend to be patient, long-term investors.
 
• Non-diversified Risk Because the Fund is non-diversified, the Fund may have larger positions in fewer companies or industries than a diversified fund. A non-diversified portfolio is more likely to experience significant fluctuations in value, exposing the Fund to a greater risk of loss in any given period than a diversified fund.
 
• Smaller Company Risk Smaller capitalization companies may not have the size, resources or other assets of larger capitalization companies. The prices of such issuers can fluctuate more than the stocks of larger companies and they may not necessarily correspond to changes in the stock market in general.
 
• Investments in Other Investment Companies The Fund may invest in the shares of other investment companies, including affiliated and non-affiliated money market funds. Investing in the shares of other investment companies involves the risk that such other investment companies will not achieve their objectives or will achieve a yield or return that is lower than that of the Fund. To the extent that the Fund is invested in the shares of other investment companies, the Fund will incur additional expenses due to the duplication of fees and expenses as a result of investing in investment company shares.
 
• Investments in Exchange Traded Funds The Fund may invest in ETFs. ETFs that are based on a specific index may not be able to replicate and maintain exactly the composition and relative weightings of securities in the applicable index. ETFs also incur certain expenses not incurred by their applicable index. Additionally, certain securities comprising the index tracked by an ETF may, at times, be temporarily unavailable, which may impede an ETF’s ability to track its index. To the extent that the Fund is invested in an ETF, the Fund will incur additional expenses due to the duplication of fees and expenses as a result of investing in an ETF.
 
• Short Sales Risk The Fund will incur a loss on a short position if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to close its short position. When
 
 
Weitz Funds - Partners III Opportunity Fund
 
 
 
 
 
 
 
 
the Fund holds a short position, the Fund borrows the securities that are sold short from a third-party lender. There may be times when the lender demands, or market conditions dictate, that the securities be returned to the lender on short notice, and the Fund may have to borrow the securities from another lender or purchase the securities at an unfavorable price. If this occurs, any anticipated gain to the Fund may be reduced or eliminated, or the short position may result in a loss. The loss of value on a short position is theoretically unlimited. Short sales are speculative transactions and involve special risks, including greater reliance on the investment adviser’s ability to accurately anticipate the future value of a security.
 
• Leverage Risk The Fund may borrow from banks or brokers and pledge its assets in connection with any such borrowing. If the interest expense on borrowings is greater than the income and increase in value of the securities purchased with the proceeds of the borrowings, then the use of leverage will decrease the return to the Fund’s shareholders. The use of leverage may decrease the return to the Fund. The use of leverage also tends to magnify the volatility of the Fund’s returns.
 
• Failure to Meet Investment Objective There can be no assurance that the Fund will meet its investment objective.
 
Your investment in the Fund is not a bank deposit and is not insured nor guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other governmental agency.
 
Performance
 
The following chart and table provides an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year over the period indicated and by showing how the Fund’s average annual total returns for the periods indicated, both before and after taxes, compared to those of relevant market indexes. The Standard & Poor’s 500 Index, the Fund’s primary benchmark, is generally representative of the market for the stocks of large-size U.S. companies. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies. All Fund performance numbers are calculated after deducting fees and expenses, and all numbers assume reinvestment of dividends. Total returns shown include fee waivers and expense reimbursements, if any; total returns would have been lower had there been no waiver of fees and/or reimbursement of expenses by the investment adviser. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future both before and after taxes. Updated performance information is available at weitzinvestments.com or by calling us toll-free at 800 304-9745.
 
As of December 30, 2005, the Fund succeeded to substantially all of the assets of Weitz Partners III Limited Partnership (“Partnership”). Performance of the Fund is measured from June 1, 1983, the inception of the Partnership. The Fund’s investment objectives, policies and restrictions are materially equivalent to those of the Partnership and the Partnership was managed at all times with full investment authority by Weitz Inc. During this period, the Partnership was not subject to certain investment restrictions, diversification requirements and other restrictions of the Investment Company Act of 1940 or the Internal Revenue Code, which if applicable, might have adversely affected the performance of the Partnership.
 
Calendar Year Total Returns, Institutional Class
 
 
The year-to-date return for the Fund’s Institutional Class for the six months ended June 30, 2013 was 18.57%.
 
Best and Worst Performing Quarters
  (during the period shown above)
     
 
Quarter/Year
Total Return
Best Quarter
2nd Quarter 2003
26.07%
Worst Quarter
4th Quarter 2008
-21.13%

       
Average Annual Total Returns
(for periods ended December 31, 2012)
 
 
1 Year
5 Year
10 Year
Institutional Class Return
     
Before Taxes
12.91%
8.10%
10.36%
Institutional Class Return
     
After Taxes on Distributions
11.73%
7.79%
N/A
Institutional Class Return
     
After Taxes on Distributions
     
and Sale of Fund Shares
9.92%
7.02%
N/A
Investor Class Return
     
Before Taxes (1)
12.69%
8.03%
10.32%
Comparative Indexes (reflects no deduction for fees, expenses or taxes):
Standard & Poor’s 500 Index
15.99%
1.66%
7.09%
Russell 3000 Index
16.42%
2.04%
7.68%
 
Weitz Funds - Partners III Opportunity Fund
 
 
 
 
 
 
 
 
 
(1) Investor Class shares first became available for sale on August 1, 2011. For performance prior to that date, this table includes the actual performance of the Fund’s Institutional Class (and uses the actual expenses of the Fund’s Institutional Class, for such period of time), without any adjustments. For any such period of time, the performance of the Fund’s Investor Class would have been substantially similar to, yet lower than, the performance of the Fund’s Institutional Class, because the shares of both classes are invested in the same portfolio of securities, but the classes bear different expenses.
 
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In some instances, the return after taxes may be greater than the return before taxes because you are assumed to be able to use the capital loss on the sale of Fund shares to offset other taxable gains. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account (IRA). After-tax returns for the 10-year period are not provided because the Partnership’s tax treatment was different than that of a registered investment company.
 
Fund Management
 
Investment Adviser
 
Weitz Investment Management, Inc. (“Weitz Inc.”) is the investment adviser for the Fund.
 
Portfolio Manager
 
Wallace R. Weitz, CFA, is responsible for the day-to-day management of the Fund. Mr. Weitz has been the portfolio manager for the Fund since its inception.
 
Purchase and Sale of Fund Shares
 
For Investor Class shares, the minimum investment required to open an account in the Fund is $2,500. The subsequent minimum investment requirement is $25.
 
For Institutional Class shares, the minimum investment required to open an account in the Fund is $25,000. This requirement is waived for Fund shareholders who owned shares as of July 31, 2011 and who continue to hold shares. The subsequent minimum investment requirement is $25.
 
Investors may purchase, redeem or exchange Fund shares by written request, telephone, online, or through a financial intermediary on any day the New York Stock Exchange is open for business. You may conduct transactions by mail (Weitz Funds, BFDS, 330 W 9th Street, 1st Floor, Kansas City, MO 64105), by telephone at 800-304-9745, or online at weitzinvestments.com. Purchases and redemptions by telephone are only permitted if you previously established this option on your account.
 
Tax Information
 
The Fund’s distributions may be taxable to you as ordinary income and/or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed upon withdrawals made from those arrangements.
 
Payments to Broker-Dealers and Other Financial Intermediaries
 
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a financial adviser), the Fund and/or its investment adviser may pay the intermediary a fee to compensate them for the services it provides, which may include performing sub-accounting services, delivering Fund documents to shareholders and providing information about the Fund. These payments may create a conflict of interest by influencing the financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
 
 
WPOPX, WPOIX Sum Pro
3102013
 
Weitz Funds - Partners III Opportunity Fund
 

 
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