Wedgewood Partners

Q1 2014 13F · by David Rolfe, CIO

Picture100.0% US stock

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

+13.0 pp in · −13.0 pp out

Concentrated · behaves like 17 equal-sized positions

Moderate turnover · 45% a year, about 2.2 years per position


BRK.BBERKSHIRE HATHAWAY Class B	10.06%	4,347,827	$543M	added+61%	+3.40 pp	3 q
AAPLApple Inc.	9.51%	957,303	$514M	added+9%	−0.72 pp	3 q
unresolvedExpress Scripts Hldg Co	6.90%	4,959,737	$372M	added+22%	+0.94 pp	4 q
QCOMQualcomm Inc	6.83%	4,677,079	$369M	added+6%	+0.04 pp	4 q
unresolvedE M C Corp Mass	6.53%	12,876,644	$353M	added+5%	+0.12 pp	4 q
CTSHCognizant Technology Solutions	6.25%	6,666,189	$337M	added+3%	−0.56 pp	4 q
MTBM&T Bank Corp.	5.22%	2,326,332	$282M	added+9%	+0.06 pp	3 q
CMICummins Inc.	4.90%	1,777,284	$265M	added+7%	+0.04 pp	4 q
SRCLStericycle Inc	4.66%	2,217,344	$252M	added+38%	+0.79 pp	4 q
PRGOPerrigo Company PLC	4.28%	1,494,779	$231M	added+2%	−0.38 pp	2 q
GOOGAlphabet Inc. Class C	4.09%	198,146	$221M	new	+4.09 pp	new
VARVarian Medical Systems, Inc.	3.82%	2,455,154	$206M	added+8%	+0.14 pp	4 q
SLBSLB Limited	3.78%	2,091,930	$204M	added+8%	+0.14 pp	4 q
unresolvedMead Johnson Nut'n Co	3.56%	2,315,336	$192M	new	+3.56 pp	new
unresolvedCoach Inc	3.27%	3,560,821	$177M	added+11%	−0.47 pp	4 q
VRSKVerisk Analytics, Inc.	3.18%	2,862,059	$172M	added+13%	−0.28 pp	4 q
unresolvedPriceline Grp Inc	2.87%	130,250	$155M	added+6%	−0.09 pp	4 q
NOVNOV Inc.	2.85%	1,978,515	$154M	added+14%	−0.02 pp	4 q
GILDGilead Sciences Inc	2.50%	1,907,287	$135M	added+6%	−0.31 pp	4 q
LKQLKQ Corporation	2.48%	5,090,458	$134M	new	+2.48 pp	new
VVISA Inc.	2.44%	610,508	$132M	trimmed−32%	−1.73 pp	4 q
unresolvedGoogle Inc.	—	−248,111	—	exited	−5.78 pp	—
AXPAmerican Express Company	—	−1,501,341	—	exited	−2.83 pp	—
unresolvedMonster Beverage Corp	—	−1,871,588	—	exited	−2.64 pp	—