Wedgewood Partners

Q4 2016 13F · by David Rolfe, CIO

As of: Dec 31, 2016
Filed: Feb 14, 2017
US stock: $4.1B · prev $4.8B
Positions: 36 · 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%

Moves36 since the prior filing

+6.4 pp in · −6.4 pp out

New 2 +5.74 pp
Added 8 +0.66 pp
Trimmed 25 −2.09 pp
Exited 1 −4.30 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.2 years per position

Low
Moderate
High

Top 5 positions40% of US stock

AAPL Apple Inc. trimmed+0.19 pp trimmed+0.1910.0%
BRK.B BERKSHIRE HATHAWAY Class B trimmed+0.55 pp trimmed+0.559.9%
KHC The Kraft Heinz Company trimmed+0.65 pp trimmed+0.657.4%
unresolved Priceline Grp Inc trimmed−0.15 pp trimmed−0.156.6%
SLB SLB Limited trimmed+0.35 pp trimmed+0.356.5%

Positions36 in this filing · 1 exited


AAPLApple Inc.	9.97%	3,524,334	$408M	trimmed−15%	+0.19 pp	14 q
BRK.BBERKSHIRE HATHAWAY Class B	9.91%	2,490,758	$406M	trimmed−19%	+0.55 pp	14 q
KHCThe Kraft Heinz Company	7.39%	3,465,043	$303M	trimmed−4%	+0.65 pp	6 q
unresolvedPriceline Grp Inc	6.62%	184,926	$271M	trimmed−16%	−0.15 pp	15 q
SLBSLB Limited	6.52%	3,181,718	$267M	trimmed−15%	+0.35 pp	15 q
VVISA Inc.	6.20%	3,253,380	$254M	added+1%	+0.64 pp	15 q
GOOGLAlphabet Inc. Class A	5.02%	259,621	$206M	trimmed−13%	+0.01 pp	6 q
CLBCore Laboratories Inc.	4.82%	1,646,324	$198M	trimmed−13%	+0.36 pp	9 q
QCOMQualcomm Inc	4.65%	2,920,979	$190M	trimmed−16%	−0.32 pp	15 q
VRSKVerisk Analytics, Inc.	4.39%	2,213,488	$180M	trimmed−18%	−0.21 pp	15 q
SCHWThe Charles Schwab Corporation	4.37%	4,534,145	$179M	trimmed−14%	+0.90 pp	4 q
PYPLPayPal Holdings, Inc.	3.48%	3,612,377	$143M	trimmed−13%	−0.09 pp	6 q
CTSHCognizant Technology Solutions	3.46%	2,526,738	$142M	trimmed−53%	−1.92 pp	15 q
THSTreehouse Foods, Inc.	3.17%	1,800,662	$130M	added+3%	−0.01 pp	2 q
ROSTRoss Stores Inc	2.95%	1,840,244	$121M	trimmed−15%	+0.05 pp	3 q
unresolvedExpress Scripts Hldg Co	2.90%	1,729,027	$119M	trimmed−44%	−1.63 pp	15 q
TSCOTractor Supply Co	2.88%	1,556,174	$118M	new	+2.88 pp	new
LKQLKQ Corporation	2.87%	3,830,200	$117M	trimmed−14%	−0.43 pp	12 q
FASTFastenal Co	2.86%	2,493,679	$117M	new	+2.86 pp	new
unresolvedMead Johnson Nut'n Co	2.51%	1,451,913	$103M	trimmed−15%	−0.33 pp	12 q
TJXTJX Companies, Inc. (The)	2.16%	1,176,404	$88M	trimmed−13%	+0.05 pp	3 q
GOOGAlphabet Inc. Class C	0.56%	29,838	$23M	trimmed−28%	−0.11 pp	12 q
USBU.S. Bancorp	0.11%	89,800	$5M	trimmed−8%	+0.02 pp	4 q
AEEAmeren Corporation	0.03%	19,875	$1M	trimmed−35%	0.00 pp	4 q
BXBlackstone Inc.	0.03%	45,325	$1M	added+8%	+0.01 pp	4 q
VZVerizon Communications	0.03%	19,865	$1M	added+5%	+0.01 pp	4 q
NLYAnnaly Capital Management. Inc.	0.02%	78,375	$781,000	added+3%	0.00 pp	4 q
unresolvedCoach Inc	0.02%	22,125	$774,000	trimmed−10%	0.00 pp	15 q
EDConsolidated Edison, Inc.	0.02%	12,900	$950,000	trimmed−5%	0.00 pp	4 q
ECLEcolab, Inc.	0.02%	5,722	$670,000	added+1%	+0.01 pp	4 q
PAYXPaychex Inc	0.02%	16,700	$1M	trimmed−8%	0.00 pp	4 q
TAT&T Inc.	0.01%	9,575	$407,000	trimmed−17%	0.00 pp	4 q
JNJJohnson & Johnson	0.01%	5,250	$604,000	held	—	4 q
MNManning & Napier, Inc.	0.01%	46,000	$347,000	added+4%	0.00 pp	4 q
NOVNOV Inc.	0.01%	13,825	$517,000	trimmed−70%	−0.03 pp	15 q
PEPPepsiCo, Inc.	0.01%	3,215	$336,000	added+3%	0.00 pp	4 q
SRCLStericycle Inc	—	−2,557,466	—	exited	−4.30 pp	—