Wedgewood Partners

Q2 2018 13F · by David Rolfe, CIO

As of: Jun 30, 2018
Filed: Aug 14, 2018
US stock: $2.0B · prev $2.2B
Positions: 34 · prev 34
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%

Moves31 since the prior filing

+0.6 pp in · −0.6 pp out

New 2 +0.03 pp
Added 3 +0.54 pp
Trimmed 24 −0.56 pp
Exited 2 −0.03 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.2% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions39% of US stock

AAPL Apple Inc. trimmed+0.57 pp trimmed+0.579.3%
BRK.B BERKSHIRE HATHAWAY Class B trimmed−0.67 pp trimmed−0.678.6%
V VISA Inc. trimmed+0.44 pp trimmed+0.447.3%
META Meta Platforms, Inc. Class A trimmed+1.06 pp trimmed+1.067.2%
EW Edwards Lifesciences Corp trimmed−0.72 pp trimmed−0.726.5%

Positions34 in this filing · 2 exited


AAPLApple Inc.	9.30%	994,612	$184M	trimmed−12%	+0.57 pp	20 q
BRK.BBERKSHIRE HATHAWAY Class B	8.59%	911,375	$170M	trimmed−10%	−0.67 pp	20 q
VVISA Inc.	7.25%	1,084,090	$144M	trimmed−12%	+0.44 pp	21 q
METAMeta Platforms, Inc. Class A	7.20%	733,589	$143M	trimmed−12%	+1.06 pp	2 q
EWEdwards Lifesciences Corp	6.55%	891,410	$130M	trimmed−21%	−0.72 pp	6 q
TSCOTractor Supply Co	6.32%	1,636,895	$125M	trimmed−11%	+1.00 pp	7 q
BKNGBooking Holdings Inc.	6.03%	58,948	$119M	trimmed−11%	−0.34 pp	2 q
GOOGLAlphabet Inc. Class A	5.46%	95,740	$108M	trimmed−11%	+0.35 pp	12 q
QCOMQualcomm Inc	5.02%	1,771,829	$99M	trimmed−9%	+0.07 pp	21 q
SLBSLB Limited	4.97%	1,469,353	$98M	trimmed−9%	+0.15 pp	21 q
ROSTRoss Stores Inc	4.96%	1,159,213	$98M	trimmed−26%	−0.65 pp	9 q
CLBCore Laboratories Inc.	4.61%	723,494	$91M	trimmed−13%	+0.49 pp	15 q
PYPLPayPal Holdings, Inc.	4.36%	1,036,239	$86M	trimmed−12%	+0.26 pp	12 q
SCHWThe Charles Schwab Corporation	4.17%	1,617,874	$83M	added+7%	+0.53 pp	10 q
FASTFastenal Co	3.80%	1,562,957	$75M	trimmed−35%	−2.27 pp	7 q
KHCThe Kraft Heinz Company	3.77%	1,188,926	$75M	trimmed−6%	+0.14 pp	12 q
CELGCelgene Corp	3.47%	864,236	$69M	trimmed−7%	−0.32 pp	6 q
CTSHCognizant Technology Solutions	3.32%	833,261	$66M	trimmed−11%	−0.16 pp	21 q
GOOGAlphabet Inc. Class C	0.31%	5,427	$6M	trimmed−4%	+0.04 pp	18 q
USBU.S. Bancorp	0.17%	67,638	$3M	held	—	10 q
BXBlackstone Inc.	0.06%	38,700	$1M	trimmed−3%	0.00 pp	10 q
VZVerizon Communications	0.05%	18,375	$924,000	trimmed−14%	0.00 pp	10 q
JNJJohnson & Johnson	0.04%	6,050	$734,000	added+9%	+0.01 pp	10 q
AEEAmeren Corporation	0.03%	8,650	$526,000	trimmed−41%	−0.01 pp	10 q
EDConsolidated Edison, Inc.	0.03%	6,700	$522,000	trimmed−21%	0.00 pp	10 q
PAYXPaychex Inc	0.03%	7,400	$505,000	trimmed−9%	+0.01 pp	10 q
TAT&T Inc.	0.02%	13,950	$447,000	added+8%	0.00 pp	10 q
BPBP p.l.c.	0.02%	10,175	$464,000	trimmed−1%	0.00 pp	4 q
BABoeing Company	0.02%	1,250	$419,000	held	—	6 q
ECLEcolab, Inc.	0.02%	2,500	$350,000	held	—	10 q
TDToronto Dominion Bank	0.02%	5,425	$313,000	new	+0.02 pp	new
NLYAnnaly Capital Management. Inc.	0.01%	22,625	$232,000	held	—	10 q
MINTPIMCO Enhanced Short Maturity Active Exchange-Traded Fund	0.01%	2,780	$282,000	new	+0.01 pp	new
MNManning & Napier, Inc.	0.00%	27,321	$84,000	held	—	10 q
VRSKVerisk Analytics, Inc.	—	−4,895	—	exited	−0.02 pp	—
unresolved8POINT3 Energy Partners LP	—	−10,250	—	exited	−0.01 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0000859804-18-000007
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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