Wedgewood Partners

Q3 2013 13F · by David Rolfe, CIO

As of: Sep 30, 2013
Filed: Nov 14, 2013
US stock: $4.2B · prev $3.5B
Positions: 22 · prev 21
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves25 since the prior filing

+21.6 pp in · −21.7 pp out

New 4 +22.75 pp
Added 16 −1.11 pp
Trimmed 2 −2.55 pp
Exited 3 −19.14 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 73% a year, about 1.4 years per position

Low
Moderate
High

Top 5 positions35% of US stock

AAPL Apple Inc. new+9.57 pp new+9.579.6%
BRK.B BERKSHIRE HATHAWAY Class B new+6.70 pp new+6.706.7%
QCOM Qualcomm Inc added−0.07 pp added−0.076.4%
CTSH Cognizant Technology Solutions trimmed−0.71 pp trimmed−0.716.2%
unresolved E M C Corp Mass added−0.20 pp added−0.206.2%

Positions22 in this filing · 3 exited


AAPLApple Inc.	9.57%	837,328	$399M	new	+9.57 pp	new
BRK.BBERKSHIRE HATHAWAY Class B	6.70%	2,460,379	$279M	new	+6.70 pp	new
QCOMQualcomm Inc	6.44%	3,991,646	$269M	added+8%	−0.07 pp	2 q
CTSHCognizant Technology Solutions	6.18%	3,139,092	$258M	trimmed−18%	−0.71 pp	2 q
unresolvedE M C Corp Mass	6.15%	10,039,909	$257M	added+8%	−0.20 pp	2 q
unresolvedExpress Scripts Hldg Co	5.67%	3,827,273	$237M	added+12%	−0.41 pp	2 q
unresolvedGoogle Inc.	4.99%	237,480	$208M	added+11%	−0.44 pp	2 q
CMICummins Inc.	4.90%	1,537,662	$204M	added+7%	+0.39 pp	2 q
unresolvedPerrigo Co	4.12%	1,393,714	$172M	added+34%	+0.50 pp	2 q
SRCLStericycle Inc	4.07%	1,471,528	$170M	added+9%	−0.22 pp	2 q
unresolvedCoach Inc	3.97%	3,037,439	$166M	added+16%	−0.36 pp	2 q
MTBM&T Bank Corp.	3.96%	1,476,540	$165M	new	+3.96 pp	new
VVISA Inc.	3.96%	862,941	$165M	added+10%	−0.20 pp	2 q
SLBSLB Limited	3.91%	1,843,477	$163M	added+6%	+0.32 pp	2 q
VARVarian Medical Systems, Inc.	3.89%	2,172,559	$162M	added+5%	−0.13 pp	2 q
GILDGilead Sciences Inc	3.79%	2,513,914	$158M	added+2%	+0.15 pp	2 q
unresolvedPriceline Grp Inc	3.71%	153,022	$155M	added+3%	+0.17 pp	2 q
VRSKVerisk Analytics, Inc.	3.71%	2,379,341	$155M	added+6%	−0.15 pp	2 q
NOVNOV Inc.	3.06%	1,635,164	$128M	added+8%	+0.05 pp	2 q
SCHWThe Charles Schwab Corporation	2.53%	4,983,463	$105M	trimmed−30%	−1.84 pp	2 q
AXPAmerican Express Company	2.52%	1,388,732	$105M	new	+2.52 pp	new
unresolvedMonster Beverage Corp	2.18%	1,741,395	$91M	added+14%	−0.51 pp	2 q
unresolvedApple Computer	—	−793,439	—	exited	−9.09 pp	—
unresolvedBerkshire Hathaway Inc DEL	—	−2,248,214	—	exited	−7.27 pp	—
unresolvedAmerican Express	—	−1,286,983	—	exited	−2.78 pp	—