Wedgewood Partners

Q3 2015 13F · by David Rolfe, CIO

As of: Sep 30, 2015
Filed: Nov 16, 2015
US stock: $6.9B · prev $7.5B
Positions: 24 · prev 22
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

+11.9 pp in · −11.9 pp out

New 3 +8.67 pp
Added 5 +3.22 pp
Trimmed 16 −8.77 pp
Exited 1 −3.13 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 49% a year, about 2.0 years per position

Low
Moderate
High

Top 5 positions38% of US stock

BRK.B BERKSHIRE HATHAWAY Class B added+0.96 pp added+0.968.9%
AAPL Apple Inc. added+0.79 pp added+0.798.1%
QCOM Qualcomm Inc trimmed−0.96 pp trimmed−0.967.5%
unresolved Express Scripts Hldg Co trimmed−1.02 pp trimmed−1.026.8%
MTB M&T Bank Corp. trimmed−0.01 pp trimmed−0.016.3%

Positions24 in this filing · 1 exited


BRK.BBERKSHIRE HATHAWAY Class B	8.86%	4,669,148	$609M	added+8%	+0.96 pp	9 q
AAPLApple Inc.	8.12%	5,058,297	$558M	added+16%	+0.79 pp	9 q
QCOMQualcomm Inc	7.47%	9,547,357	$513M	trimmed−5%	−0.96 pp	10 q
unresolvedExpress Scripts Hldg Co	6.77%	5,746,965	$465M	trimmed−12%	−1.02 pp	10 q
MTBM&T Bank Corp.	6.30%	3,548,865	$433M	trimmed−6%	−0.01 pp	9 q
CTSHCognizant Technology Solutions	6.27%	6,880,764	$431M	trimmed−10%	−0.01 pp	10 q
SLBSLB Limited	5.29%	5,267,799	$363M	added+22%	+0.30 pp	10 q
unresolvedPriceline Grp Inc	4.65%	258,105	$319M	added+6%	+0.89 pp	10 q
unresolvedCoach Inc	4.43%	10,512,842	$304M	trimmed−4%	−0.64 pp	10 q
VRSKVerisk Analytics, Inc.	4.22%	3,921,829	$290M	trimmed−6%	+0.15 pp	10 q
LKQLKQ Corporation	3.88%	9,403,538	$267M	trimmed−12%	−0.43 pp	7 q
NOVNOV Inc.	3.88%	7,084,117	$267M	trimmed−4%	−0.91 pp	10 q
VVISA Inc.	3.83%	3,778,889	$263M	trimmed−12%	−0.03 pp	10 q
GOOGLAlphabet Inc. Class A	3.77%	405,459	$259M	new	+3.77 pp	new
unresolvedMead Johnson Nut'n Co	3.58%	3,497,161	$246M	added+28%	+0.28 pp	7 q
CLBCore Laboratories Inc.	3.16%	2,175,190	$217M	trimmed−7%	−0.43 pp	4 q
SRCLStericycle Inc	2.98%	1,471,324	$205M	trimmed−6%	+0.18 pp	10 q
CMICummins Inc.	2.62%	1,656,243	$180M	trimmed−5%	−0.43 pp	10 q
KHCThe Kraft Heinz Company	2.54%	2,471,282	$174M	new	+2.54 pp	new
PYPLPayPal Holdings, Inc.	2.36%	5,214,323	$162M	new	+2.36 pp	new
VARVarian Medical Systems, Inc.	2.09%	1,945,422	$144M	trimmed−16%	−0.52 pp	10 q
PRGOPerrigo Company PLC	1.87%	815,674	$128M	trimmed−9%	−0.34 pp	8 q
GOOGAlphabet Inc. Class C	0.98%	110,348	$67M	trimmed−37%	−0.25 pp	7 q
unresolvedE M C Corp Mass	0.08%	223,469	$5M	trimmed−98%	−3.12 pp	10 q
unresolvedGoogle Inc.	—	−432,845	—	exited	−3.13 pp	—

Source

Form: 13F-HR
Reading: 2 defects · 5 unresolved
Accession: 0000859804-15-000012
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

A security outside the official 13F list — CUSIP 02079K107 not on the Official 13(f) List for 2015-09-30
A security outside the official 13F list — CUSIP 02079K305 not on the Official 13(f) List for 2015-09-30

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