EVREF - Weitz Hickory Fund Q3 2021 Commentary

• Founded by value investor Wally Weitz in 1983, Weitz Investment Management, Inc. is a boutique, employee-owned asset management firm headquartered in Omaha, Nebraska.
• The Hickory Fund returned -1.31% in the third quarter compared to -0.93% for the Russell Midcap Index. Year-to-date, the Fund has returned +12.93% compared to +15.16% for the index.
• We believe the tailwind of a broad economic recovery is still at our backs, but the progress will not be as blatantly apparent compared to the rapid bounce-back aspects of the economy experienced after the worst months of the pandemic.
• Portfolio activity was modest during the quarter. Of note, we added to last quarters’ new positions, Dun & Bradstreet and MarketAxess, and we exited our remaining shares of First Hawaiian Bank. We did not add any new businesses to the portfolio in the third quarter.

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