Wedgewood Partners

Q2 2017 13F · by David Rolfe, CIO

As of: Jun 30, 2017
Filed: Aug 14, 2017
US stock: $3.3B · prev $3.9B
Positions: 37 · 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

+4.9 pp in · −4.9 pp out

New 1 +0.01 pp
Added 8 +4.93 pp
Trimmed 26 −4.93 pp
Exited 1 −0.01 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 5.1 years per position

Low
Moderate
High

Top 5 positions36% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.32 pp trimmed−0.329.1%
AAPL Apple Inc. trimmed−0.61 pp trimmed−0.617.6%
unresolved Priceline Grp Inc trimmed+0.14 pp trimmed+0.146.9%
V VISA Inc. trimmed−0.16 pp trimmed−0.166.4%
KHC The Kraft Heinz Company trimmed−0.91 pp trimmed−0.916.3%

Positions37 in this filing · 1 exited


BRK.BBERKSHIRE HATHAWAY Class B	9.06%	1,747,455	$296M	trimmed−20%	−0.32 pp	16 q
AAPLApple Inc.	7.60%	1,722,681	$248M	trimmed−22%	−0.61 pp	16 q
unresolvedPriceline Grp Inc	6.86%	119,701	$224M	trimmed−18%	+0.14 pp	17 q
VVISA Inc.	6.40%	2,227,827	$209M	trimmed−22%	−0.16 pp	17 q
KHCThe Kraft Heinz Company	6.33%	2,412,310	$207M	trimmed−22%	−0.91 pp	8 q
GOOGLAlphabet Inc. Class A	6.11%	214,694	$200M	trimmed−28%	−0.41 pp	8 q
PYPLPayPal Holdings, Inc.	5.75%	3,500,432	$188M	trimmed−29%	+0.32 pp	8 q
QCOMQualcomm Inc	5.54%	3,273,233	$181M	trimmed−20%	−0.49 pp	17 q
SLBSLB Limited	4.91%	2,432,953	$160M	trimmed−16%	−0.88 pp	17 q
FASTFastenal Co	4.63%	3,473,842	$151M	added+51%	+1.57 pp	3 q
TSCOTractor Supply Co	4.24%	2,556,651	$139M	added+16%	+0.33 pp	3 q
VRSKVerisk Analytics, Inc.	4.17%	1,612,518	$136M	trimmed−22%	−0.12 pp	17 q
CLBCore Laboratories Inc.	3.91%	1,262,264	$128M	trimmed−20%	−0.78 pp	11 q
SCHWThe Charles Schwab Corporation	3.68%	2,796,859	$120M	trimmed−23%	−0.14 pp	6 q
CTSHCognizant Technology Solutions	3.44%	1,689,346	$112M	trimmed−27%	−0.12 pp	17 q
ROSTRoss Stores Inc	3.37%	1,905,965	$110M	added+11%	+0.45 pp	5 q
TJXTJX Companies, Inc. (The)	3.32%	1,501,633	$108M	trimmed−17%	−0.37 pp	5 q
THSTreehouse Foods, Inc.	3.24%	1,294,463	$106M	trimmed−25%	−0.51 pp	4 q
CELGCelgene Corp	3.18%	799,402	$104M	added×4.2	+2.56 pp	2 q
EWEdwards Lifesciences Corp	3.12%	861,348	$102M	trimmed−24%	+0.37 pp	2 q
GOOGAlphabet Inc. Class C	0.63%	22,793	$21M	trimmed−11%	+0.09 pp	14 q
unresolvedExpress Scripts Hldg Co	0.12%	63,850	$4M	trimmed−31%	−0.04 pp	17 q
USBU.S. Bancorp	0.12%	76,900	$4M	trimmed−1%	+0.02 pp	6 q
BXBlackstone Inc.	0.05%	46,075	$2M	added+2%	+0.02 pp	6 q
AEEAmeren Corporation	0.03%	18,375	$1M	trimmed−1%	0.00 pp	6 q
EDConsolidated Edison, Inc.	0.03%	11,450	$925,000	trimmed−11%	0.00 pp	6 q
VZVerizon Communications	0.03%	21,300	$951,000	added+7%	0.00 pp	6 q
ECLEcolab, Inc.	0.02%	5,650	$750,000	trimmed−1%	0.00 pp	6 q
JNJJohnson & Johnson	0.02%	5,750	$760,000	added+10%	0.00 pp	6 q
PAYXPaychex Inc	0.02%	11,900	$677,000	trimmed−23%	0.00 pp	6 q
TAT&T Inc.	0.01%	11,325	$427,000	added+18%	0.00 pp	6 q
NLYAnnaly Capital Management. Inc.	0.01%	31,625	$381,000	trimmed−52%	−0.01 pp	6 q
BABoeing Company	0.01%	1,250	$247,000	held	—	2 q
unresolved8POINT3 Energy Partners LP	0.01%	11,500	$173,000	new	+0.01 pp	new
MNManning & Napier, Inc.	0.01%	56,000	$243,000	held	—	6 q
NOVNOV Inc.	0.01%	10,325	$340,000	trimmed−2%	0.00 pp	17 q
PEPPepsiCo, Inc.	0.01%	2,625	$303,000	trimmed−18%	0.00 pp	6 q
unresolvedCoach Inc	—	−12,250	—	exited	−0.01 pp	—