Wedgewood Partners

Q1 2016 13F · by David Rolfe, CIO

As of: Mar 31, 2016
Filed: May 16, 2016
US stock: $5.5B · prev $5.8B
Positions: 37 · prev 24
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%

Moves38 since the prior filing

+9.5 pp in · −9.5 pp out

New 14 +3.16 pp
Added 5 +6.32 pp
Trimmed 18 −9.43 pp
Exited 1 −0.03 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 28% a year, about 3.6 years per position

Low
Moderate
High

Top 5 positions39% of US stock

AAPL Apple Inc. added+1.09 pp added+1.099.8%
BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.17 pp trimmed+0.179.7%
CTSH Cognizant Technology Solutions trimmed+0.63 pp trimmed+0.636.8%
unresolved Priceline Grp Inc added+1.50 pp added+1.506.6%
SRCL Stericycle Inc added+1.69 pp added+1.696.2%

Positions37 in this filing · 1 exited


AAPLApple Inc.	9.83%	4,972,136	$542M	added+3%	+1.09 pp	11 q
BRK.BBERKSHIRE HATHAWAY Class B	9.68%	3,762,367	$534M	trimmed−10%	+0.17 pp	11 q
CTSHCognizant Technology Solutions	6.84%	6,018,418	$377M	trimmed−0%	+0.63 pp	12 q
unresolvedPriceline Grp Inc	6.56%	280,581	$362M	added+21%	+1.50 pp	12 q
SRCLStericycle Inc	6.17%	2,697,212	$340M	added+25%	+1.69 pp	12 q
SLBSLB Limited	5.85%	4,374,627	$323M	trimmed−8%	+0.15 pp	12 q
KHCThe Kraft Heinz Company	5.77%	4,051,880	$318M	added+24%	+1.67 pp	3 q
QCOMQualcomm Inc	5.52%	5,949,806	$304M	trimmed−30%	−1.73 pp	12 q
LKQLKQ Corporation	4.99%	8,613,464	$275M	trimmed−4%	+0.43 pp	9 q
VRSKVerisk Analytics, Inc.	4.98%	3,436,385	$275M	trimmed−4%	+0.28 pp	12 q
unresolvedExpress Scripts Hldg Co	4.97%	3,987,074	$274M	trimmed−22%	−2.72 pp	12 q
PRGOPerrigo Company PLC	4.82%	2,077,826	$266M	trimmed−2%	−0.43 pp	10 q
unresolvedMead Johnson Nut'n Co	4.41%	2,859,884	$243M	trimmed−9%	+0.16 pp	9 q
VVISA Inc.	4.27%	3,080,283	$236M	trimmed−4%	+0.02 pp	12 q
GOOGLAlphabet Inc. Class A	4.03%	291,498	$222M	trimmed−6%	−0.12 pp	3 q
CLBCore Laboratories Inc.	3.98%	1,953,265	$220M	added+1%	+0.37 pp	6 q
PYPLPayPal Holdings, Inc.	3.33%	4,764,395	$184M	trimmed−0%	+0.36 pp	3 q
SCHWThe Charles Schwab Corporation	2.92%	5,745,873	$161M	new	+2.92 pp	new
GOOGAlphabet Inc. Class C	0.72%	53,196	$40M	trimmed−22%	−0.17 pp	9 q
USBU.S. Bancorp	0.08%	113,760	$5M	new	+0.08 pp	new
unresolvedCoach Inc	0.05%	63,925	$3M	trimmed−45%	−0.01 pp	12 q
NOVNOV Inc.	0.04%	65,625	$2M	trimmed−6%	0.00 pp	12 q
AEEAmeren Corporation	0.03%	32,529	$2M	new	+0.03 pp	new
BXBlackstone Inc.	0.02%	39,925	$1M	new	+0.02 pp	new
EDConsolidated Edison, Inc.	0.02%	14,250	$1M	new	+0.02 pp	new
unresolvedE M C Corp Mass	0.02%	31,200	$831,000	trimmed−76%	−0.04 pp	12 q
PAYXPaychex Inc	0.02%	18,150	$980,000	new	+0.02 pp	new
VZVerizon Communications	0.02%	19,200	$1M	new	+0.02 pp	new
TAT&T Inc.	0.01%	11,416	$447,000	new	+0.01 pp	new
NLYAnnaly Capital Management. Inc.	0.01%	75,750	$777,000	new	+0.01 pp	new
ECLEcolab, Inc.	0.01%	5,650	$630,000	new	+0.01 pp	new
JNJJohnson & Johnson	0.01%	5,250	$568,000	new	+0.01 pp	new
MTBM&T Bank Corp.	0.01%	2,711	$301,000	trimmed−100%	−6.38 pp	11 q
PEPPepsiCo, Inc.	0.01%	3,300	$338,000	new	+0.01 pp	new
VARVarian Medical Systems, Inc.	0.01%	5,075	$406,000	trimmed−84%	−0.03 pp	12 q
JECJacobs Engineering Group	0.00%	5,000	$217,000	new	0.00 pp	new
MNManning & Napier, Inc.	0.00%	33,750	$272,000	new	0.00 pp	new
CMICummins Inc.	—	−17,175	—	exited	−0.03 pp	—