Wedgewood Partners

Q1 2017 13F · by David Rolfe, CIO

As of: Mar 31, 2017
Filed: May 15, 2017
US stock: $3.9B · prev $4.1B
Positions: 37 · prev 36
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%

Moves33 since the prior filing

+10.8 pp in · −10.8 pp out

New 3 +3.38 pp
Added 7 +7.39 pp
Trimmed 21 −5.42 pp
Exited 2 −5.38 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 39% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions38% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.53 pp trimmed−0.539.4%
AAPL Apple Inc. trimmed−1.76 pp trimmed−1.768.2%
KHC The Kraft Heinz Company trimmed−0.15 pp trimmed−0.157.2%
unresolved Priceline Grp Inc trimmed+0.10 pp trimmed+0.106.7%
V VISA Inc. trimmed+0.36 pp trimmed+0.366.6%

Positions37 in this filing · 2 exited


BRK.BBERKSHIRE HATHAWAY Class B	9.38%	2,184,391	$364M	trimmed−12%	−0.53 pp	15 q
AAPLApple Inc.	8.21%	2,219,605	$319M	trimmed−37%	−1.76 pp	15 q
KHCThe Kraft Heinz Company	7.24%	3,096,398	$281M	trimmed−11%	−0.15 pp	7 q
unresolvedPriceline Grp Inc	6.72%	146,628	$261M	trimmed−21%	+0.10 pp	16 q
VVISA Inc.	6.56%	2,867,005	$255M	trimmed−12%	+0.36 pp	16 q
GOOGLAlphabet Inc. Class A	6.52%	298,664	$253M	added+15%	+1.50 pp	7 q
QCOMQualcomm Inc	6.03%	4,081,972	$234M	added+40%	+1.38 pp	16 q
SLBSLB Limited	5.79%	2,880,003	$225M	trimmed−9%	−0.73 pp	16 q
PYPLPayPal Holdings, Inc.	5.43%	4,896,461	$211M	added+36%	+1.95 pp	7 q
CLBCore Laboratories Inc.	4.69%	1,575,658	$182M	trimmed−4%	−0.13 pp	10 q
VRSKVerisk Analytics, Inc.	4.29%	2,054,585	$167M	trimmed−7%	−0.10 pp	16 q
TSCOTractor Supply Co	3.91%	2,200,018	$152M	added+41%	+1.03 pp	2 q
SCHWThe Charles Schwab Corporation	3.82%	3,638,037	$148M	trimmed−20%	−0.55 pp	5 q
THSTreehouse Foods, Inc.	3.75%	1,719,021	$146M	trimmed−5%	+0.58 pp	3 q
TJXTJX Companies, Inc. (The)	3.69%	1,813,665	$143M	added+54%	+1.53 pp	4 q
CTSHCognizant Technology Solutions	3.56%	2,320,261	$138M	trimmed−8%	+0.10 pp	16 q
FASTFastenal Co	3.06%	2,305,493	$119M	trimmed−8%	+0.20 pp	2 q
ROSTRoss Stores Inc	2.92%	1,722,340	$113M	trimmed−6%	−0.03 pp	4 q
EWEdwards Lifesciences Corp	2.75%	1,137,072	$107M	new	+2.75 pp	new
CELGCelgene Corp	0.62%	192,000	$24M	new	+0.62 pp	new
GOOGAlphabet Inc. Class C	0.54%	25,475	$21M	trimmed−15%	−0.02 pp	13 q
unresolvedExpress Scripts Hldg Co	0.16%	92,675	$6M	trimmed−95%	−2.74 pp	16 q
USBU.S. Bancorp	0.10%	77,650	$4M	trimmed−14%	−0.01 pp	5 q
AEEAmeren Corporation	0.03%	18,625	$1M	trimmed−6%	0.00 pp	5 q
BXBlackstone Inc.	0.03%	45,325	$1M	held	—	5 q
EDConsolidated Edison, Inc.	0.03%	12,900	$1M	held	—	5 q
VZVerizon Communications	0.03%	19,975	$973,000	added+1%	0.00 pp	5 q
NLYAnnaly Capital Management. Inc.	0.02%	65,875	$731,000	trimmed−16%	0.00 pp	5 q
ECLEcolab, Inc.	0.02%	5,722	$717,000	held	—	5 q
JNJJohnson & Johnson	0.02%	5,250	$653,000	held	—	5 q
PAYXPaychex Inc	0.02%	15,525	$914,000	trimmed−7%	0.00 pp	5 q
TAT&T Inc.	0.01%	9,575	$397,000	held	—	5 q
BABoeing Company	0.01%	1,250	$221,000	new	+0.01 pp	new
unresolvedCoach Inc	0.01%	12,250	$506,000	trimmed−45%	−0.01 pp	16 q
MNManning & Napier, Inc.	0.01%	56,000	$319,000	added+22%	0.00 pp	5 q
NOVNOV Inc.	0.01%	10,575	$423,000	trimmed−24%	0.00 pp	16 q
PEPPepsiCo, Inc.	0.01%	3,215	$359,000	held	—	5 q
LKQLKQ Corporation	—	−3,830,200	—	exited	−2.87 pp	—
unresolvedMead Johnson Nut'n Co	—	−1,451,913	—	exited	−2.51 pp	—