Weitz Investment Management, the firm headed by Wallace Weitz, already submitted its 13F filing with the Securities and Exchange Commission (SEC) for the second quarter of fiscal 2013. The investment management firm reported that its portfolio has a market value of 2,470,574,000.

Wally Weitz letter to shareholders

Based on the regulatory filing, the largest stockholdings of Weitz Investment Management include Valeant Pharmaceuticals International (NYSE:VRX) 7.3%, DIRECTV (NASDAQ:DTV) 5.55%, Aon Corporation (NYSE:AON) 5.38%, Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) 5%, and Wells Fargo & Company (NYSE:WFC) 4.25%.

During the second quarter, Weitz Investment Management acquired three stocks, increased its position in 19 stocks, sold out its entire stake in one stock and reduced its stockholding in 22 stocks.

Weitz New positions

The three stocks added to the portfolio of the investment management firm include World Fuel Services Corporation (NYSE:INT) 230,000 shares worth $9,195,000, ACI Worldwide Inc (NASDAQ:ACIW) 7,000 shares worth $325,000, and ProShares Short 20+ Year Treasury ETF (NYSEARCA:TBF) 150,000 shares worth $4,707,000.

Weitz added positions

Weitz Investment Management increased its stake in the following companies: Redwood Trust, Inc (NYSE:RWT) 555,471 shares, Sapient Corporation (NASDAQ:SAPE) 256,000 shares, TransDigm Group Incorporated (NYSE:TDG) 132,000 shares, Valeant Pharmaceuticals International (NYSE:VRX) 12,480 shares, Express Scripts (NASDAQ:ESRX) 118,000 shares, Apache Corporation (NYSE:APA) 56,258 shares, among others.

Valeant Pharmaceuticals International (NYSE:VRX) is one of the hottest stock in the market. Based on OptionMonster’s tracking system, approximately 2,100 purchase call options for October at a price of $105 were initiated on Thursday. The stock rose to a new lifetime high at $101.68 per share yesterday.

Weitz reduced and sold out positions

The investment management firm dumped its entire stake in Starz (NASDAQ:STRZA) and reduced its position in Hewlett-Packard Company (NYSE:HPQ) by 644,000 shares, Live Nation Entertainment, Inc (NYSE:LYV) by 1,800, 300 shares, CVS Caremark Corporation (NYSE:CVS) 356,500 shares, Omnicare Inc (NYSE:OCR) by 829,550 shares, and SandRidge Energy, Inc (NYSE:SD) by 2,700,030 shares.