Now in Favor; Weitz Funds are known for deep-value stock savvy, but it's the high-performing bond fund, managed by Tom Carney, that's drawing attention

Tom Carney is a member of the Weitz Funds in Omaha, Nebraska, and portfolio manager of the Weitz Short-Intermediate Income Fund. He is also part of a fund complex prized for its value stock-picking acumen. Few people even know that the Weitz Funds offer bonds. But in fact, the fund family boasts three fixed-income funds and Carney is the man overseeing them since 1995. Short-Intermediate Income is the largest, with $976 million in assets. He and the equity team share a disdain for overpriced securities. They also collaborate on research when a company issues both stocks and bonds. With two sets of eyes pouring over the balance sheets, mispriced issues-regardless of where they appear on the balance sheets-are spotted more quickly. Sometimes a firm's stock may make a good investment. Other times the bonds are a better value, and in some cases the different funds own both. Over the past five years, Carney's Short-Intermediate Income has gained 5.5% per year annually through Sept. 3, landing it in the short-term bond fund category's top 7%, according to Morningstar. Over the past 10 years, the fund is also up the same amount annualized, also in the category's top 7%.