Wedgewood Partners

Q3 2016 13F · by David Rolfe, CIO

As of: Sep 30, 2016
Filed: Nov 14, 2016
US stock: $4.8B · prev $4.9B
Positions: 35 · prev 35
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%

Moves32 since the prior filing

+5.7 pp in · −5.7 pp out

New 1 +3.18 pp
Added 5 +2.47 pp
Trimmed 25 −5.67 pp
Exited 1 0.00 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.5 years per position

Low
Moderate
High

Top 5 positions39% of US stock

AAPL Apple Inc. trimmed+0.22 pp trimmed+0.229.8%
BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.55 pp trimmed−0.559.4%
unresolved Priceline Grp Inc trimmed+0.37 pp trimmed+0.376.8%
KHC The Kraft Heinz Company trimmed−0.29 pp trimmed−0.296.7%
SLB SLB Limited trimmed−0.23 pp trimmed−0.236.2%

Positions35 in this filing · 1 exited


AAPLApple Inc.	9.78%	4,124,490	$466M	trimmed−16%	+0.22 pp	13 q
BRK.BBERKSHIRE HATHAWAY Class B	9.36%	3,089,161	$446M	trimmed−9%	−0.55 pp	13 q
unresolvedPriceline Grp Inc	6.77%	219,484	$323M	trimmed−13%	+0.37 pp	14 q
KHCThe Kraft Heinz Company	6.74%	3,591,703	$321M	trimmed−8%	−0.29 pp	5 q
SLBSLB Limited	6.17%	3,741,101	$294M	trimmed−6%	−0.23 pp	14 q
VVISA Inc.	5.56%	3,206,909	$265M	added+7%	+1.07 pp	14 q
CTSHCognizant Technology Solutions	5.38%	5,376,140	$256M	trimmed−4%	−1.14 pp	14 q
GOOGLAlphabet Inc. Class A	5.01%	297,375	$239M	added+11%	+1.18 pp	5 q
QCOMQualcomm Inc	4.97%	3,461,144	$237M	trimmed−14%	+0.61 pp	14 q
VRSKVerisk Analytics, Inc.	4.60%	2,698,733	$219M	trimmed−6%	−0.13 pp	14 q
unresolvedExpress Scripts Hldg Co	4.53%	3,066,390	$216M	trimmed−6%	−0.46 pp	14 q
CLBCore Laboratories Inc.	4.46%	1,893,080	$213M	added+12%	+0.22 pp	8 q
SRCLStericycle Inc	4.30%	2,557,466	$205M	trimmed−5%	−1.40 pp	14 q
PYPLPayPal Holdings, Inc.	3.57%	4,152,938	$170M	trimmed−12%	+0.06 pp	5 q
SCHWThe Charles Schwab Corporation	3.47%	5,250,094	$166M	trimmed−5%	+0.63 pp	3 q
LKQLKQ Corporation	3.30%	4,441,651	$158M	trimmed−38%	−1.32 pp	11 q
THSTreehouse Foods, Inc.	3.18%	1,739,896	$152M	new	+3.18 pp	new
ROSTRoss Stores Inc	2.90%	2,153,398	$138M	trimmed−13%	+0.04 pp	2 q
unresolvedMead Johnson Nut'n Co	2.84%	1,714,019	$135M	trimmed−34%	−1.91 pp	11 q
TJXTJX Companies, Inc. (The)	2.11%	1,347,751	$101M	trimmed−6%	−0.13 pp	2 q
GOOGAlphabet Inc. Class C	0.67%	41,296	$32M	trimmed−13%	0.00 pp	11 q
USBU.S. Bancorp	0.09%	97,175	$4M	trimmed−14%	0.00 pp	3 q
NOVNOV Inc.	0.04%	45,500	$2M	trimmed−15%	0.00 pp	14 q
AEEAmeren Corporation	0.03%	30,720	$2M	trimmed−6%	−0.01 pp	3 q
NLYAnnaly Capital Management. Inc.	0.02%	75,875	$796,000	held	—	3 q
BXBlackstone Inc.	0.02%	41,850	$1M	held	—	3 q
unresolvedCoach Inc	0.02%	24,625	$900,000	trimmed−58%	−0.03 pp	14 q
EDConsolidated Edison, Inc.	0.02%	13,650	$1M	trimmed−4%	0.00 pp	3 q
PAYXPaychex Inc	0.02%	18,150	$1M	held	—	3 q
VZVerizon Communications	0.02%	18,975	$986,000	trimmed−1%	0.00 pp	3 q
TAT&T Inc.	0.01%	11,470	$465,000	added0%	0.00 pp	3 q
ECLEcolab, Inc.	0.01%	5,650	$687,000	trimmed−0%	0.00 pp	3 q
JNJJohnson & Johnson	0.01%	5,250	$620,000	held	—	3 q
MNManning & Napier, Inc.	0.01%	44,250	$313,000	added+30%	0.00 pp	3 q
PEPPepsiCo, Inc.	0.01%	3,125	$339,000	trimmed−1%	0.00 pp	3 q
PGProcter & Gamble Company	—	−2,400	—	exited	0.00 pp	—