Wedgewood Partners

Q2 2016 13F · by David Rolfe, CIO

As of: Jun 30, 2016
Filed: Aug 15, 2016
US stock: $4.9B · prev $5.5B
Positions: 35 · prev 37
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%

Moves36 since the prior filing

+4.7 pp in · −4.7 pp out

New 3 +5.10 pp
Added 7 −0.44 pp
Trimmed 21 +0.21 pp
Exited 5 −4.86 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 4.9 years per position

Low
Moderate
High

Top 5 positions39% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.23 pp trimmed+0.239.9%
AAPL Apple Inc. trimmed−0.27 pp trimmed−0.279.6%
KHC The Kraft Heinz Company trimmed+1.26 pp trimmed+1.267.0%
CTSH Cognizant Technology Solutions trimmed−0.32 pp trimmed−0.326.5%
unresolved Priceline Grp Inc trimmed−0.16 pp trimmed−0.166.4%

Positions35 in this filing · 5 exited


BRK.BBERKSHIRE HATHAWAY Class B	9.91%	3,376,990	$489M	trimmed−10%	+0.23 pp	12 q
AAPLApple Inc.	9.56%	4,932,995	$472M	trimmed−1%	−0.27 pp	12 q
KHCThe Kraft Heinz Company	7.03%	3,918,756	$347M	trimmed−3%	+1.26 pp	4 q
CTSHCognizant Technology Solutions	6.52%	5,624,679	$322M	trimmed−7%	−0.32 pp	13 q
unresolvedPriceline Grp Inc	6.40%	253,186	$316M	trimmed−10%	−0.16 pp	13 q
SLBSLB Limited	6.40%	3,991,924	$316M	trimmed−9%	+0.55 pp	13 q
SRCLStericycle Inc	5.70%	2,700,590	$281M	added0%	−0.47 pp	13 q
unresolvedExpress Scripts Hldg Co	4.99%	3,251,358	$246M	trimmed−18%	+0.02 pp	13 q
unresolvedMead Johnson Nut'n Co	4.75%	2,583,720	$234M	trimmed−10%	+0.34 pp	10 q
VRSKVerisk Analytics, Inc.	4.73%	2,878,154	$233M	trimmed−16%	−0.25 pp	13 q
LKQLKQ Corporation	4.62%	7,198,689	$228M	trimmed−16%	−0.37 pp	10 q
VVISA Inc.	4.49%	2,990,879	$222M	trimmed−3%	+0.22 pp	13 q
QCOMQualcomm Inc	4.36%	4,013,697	$215M	trimmed−33%	−1.16 pp	13 q
CLBCore Laboratories Inc.	4.24%	1,687,427	$209M	trimmed−14%	+0.26 pp	7 q
GOOGLAlphabet Inc. Class A	3.83%	268,489	$189M	trimmed−8%	−0.20 pp	4 q
PYPLPayPal Holdings, Inc.	3.51%	4,743,985	$173M	trimmed−0%	+0.18 pp	4 q
ROSTRoss Stores Inc	2.86%	2,487,764	$141M	new	+2.86 pp	new
SCHWThe Charles Schwab Corporation	2.84%	5,528,510	$140M	trimmed−4%	−0.08 pp	2 q
TJXTJX Companies, Inc. (The)	2.24%	1,429,281	$110M	new	+2.24 pp	new
GOOGAlphabet Inc. Class C	0.67%	47,538	$33M	trimmed−11%	−0.05 pp	10 q
USBU.S. Bancorp	0.09%	113,235	$5M	trimmed−0%	+0.01 pp	2 q
unresolvedCoach Inc	0.05%	58,125	$2M	trimmed−9%	0.00 pp	13 q
AEEAmeren Corporation	0.04%	32,537	$2M	added0%	+0.01 pp	2 q
NOVNOV Inc.	0.04%	53,750	$2M	trimmed−18%	0.00 pp	13 q
NLYAnnaly Capital Management. Inc.	0.02%	75,875	$839,000	added0%	+0.01 pp	2 q
BXBlackstone Inc.	0.02%	41,850	$1M	added+5%	0.00 pp	2 q
EDConsolidated Edison, Inc.	0.02%	14,250	$1M	held	—	2 q
PAYXPaychex Inc	0.02%	18,150	$1M	held	—	2 q
VZVerizon Communications	0.02%	19,200	$1M	held	—	2 q
TAT&T Inc.	0.01%	11,444	$494,000	added0%	0.00 pp	2 q
ECLEcolab, Inc.	0.01%	5,671	$672,000	added0%	0.00 pp	2 q
JNJJohnson & Johnson	0.01%	5,250	$636,000	held	—	2 q
MNManning & Napier, Inc.	0.01%	34,125	$324,000	added+1%	+0.01 pp	2 q
PEPPepsiCo, Inc.	0.01%	3,145	$333,000	trimmed−5%	0.00 pp	2 q
PGProcter & Gamble Company	0.00%	2,400	$203,000	new	0.00 pp	new
PRGOPerrigo Company PLC	—	−2,077,826	—	exited	−4.82 pp	—
unresolvedE M C Corp Mass	—	−31,200	—	exited	−0.02 pp	—
MTBM&T Bank Corp.	—	−2,711	—	exited	−0.01 pp	—
VARVarian Medical Systems, Inc.	—	−5,075	—	exited	−0.01 pp	—
JECJacobs Engineering Group	—	−5,000	—	exited	0.00 pp	—