Weitz Investment Management, an investment management firm, released its “Multi-Cap Equity Fund” third-quarter 2024 investor letter. The fund reported a strong third quarter on both an absolute and relative basis. The fund’s Institutional Class returned +10.45% in the quarter compared to +6.23% for the Russell 3000. The Federal Reserve implemented its first interest rate cut of this cycle during the quarter. Investors responded by pausing the sharp increase in large-cap technology stocks (and alleged AI winners in particular) and shifting funds to smaller and midsized businesses that...
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