Weitz Investment Management has launched Weitz Core Plus Income Fund, the 10th fund in the Weitz fund family.
The new intermediate-term bond fund invests in domestic investment-grade debt issues, as well as debt in non-benchmark sectors. It will be co-managed by Tom Carney and Nolan Anderson.
The intermediate-term bond category is presently the largest segment of the fixed-income market, with some 37 per cent (USD921 billion) of market share as of 31 December, according to Morningstar Direct.
The non-benchmark sectors in which Weitz Core Plus Income Fund may invest include global and/or lower-rated debt. The fund is expected to have a longer average maturity than the Weitz Short-Intermediate Income Fund and will use the Barclays US Aggregate Bond Index as its primary benchmark.
"The ability to utilise non-benchmark sectors can be a tremendous advantage in the fixed income markets, especially over the long-term," says Carney. "This new fund employs an extended tool box that will allow us to go where we see opportunity. We here at Weitz see this fund as a sensible option for those looking for less constrained fixed income exposure."
Carney joined Weitz Investments in 1995 and is currently the portfolio manager on Weitz Short-Intermediate Income Fund, Weitz Nebraska Tax-Free Income Fund, Weitz Government Money Market Fund, and co-portfolio manager on Weitz Core Plus Income Fund.
Anderson joined the company in November 2011. He is a research analyst and co-portfolio manager on Weitz Core Plus Income Fund.