Wedgewood Partners

Q4 2018 13F · by David Rolfe, CIO

As of: Dec 31, 2018
Filed: Feb 14, 2019
US stock: $1.5B · prev $2.0B
Positions: 35 · 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%

Moves31 since the prior filing

+6.3 pp in · −6.4 pp out

New 0 0.00 pp
Added 11 +6.33 pp
Trimmed 19 −6.32 pp
Exited 1 −0.04 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.6% a year, about 10.4 years per position

Low
Moderate
High

Top 5 positions41% of US stock

BRK.B BERKSHIRE HATHAWAY Class B trimmed+1.18 pp trimmed+1.1810.0%
AAPL Apple Inc. trimmed−1.61 pp trimmed−1.618.4%
EW Edwards Lifesciences Corp added+1.20 pp added+1.208.3%
V VISA Inc. trimmed+0.35 pp trimmed+0.357.7%
META Meta Platforms, Inc. Class A added+0.97 pp added+0.976.7%

Positions35 in this filing · 1 exited


BRK.BBERKSHIRE HATHAWAY Class B	10.04%	740,620	$151M	trimmed−10%	+1.18 pp	22 q
AAPLApple Inc.	8.37%	799,666	$126M	trimmed−9%	−1.61 pp	22 q
EWEdwards Lifesciences Corp	8.35%	821,132	$126M	added0%	+1.20 pp	8 q
VVISA Inc.	7.73%	883,306	$117M	trimmed−10%	+0.35 pp	23 q
METAMeta Platforms, Inc. Class A	6.66%	764,970	$100M	added+11%	+0.97 pp	4 q
BKNGBooking Holdings Inc.	6.41%	56,093	$97M	added+3%	+0.99 pp	4 q
TSCOTractor Supply Co	6.24%	1,126,052	$94M	trimmed−12%	+0.42 pp	9 q
GOOGLAlphabet Inc. Class A	5.43%	78,294	$82M	trimmed−9%	+0.24 pp	14 q
FASTFastenal Co	5.35%	1,540,793	$81M	added+8%	+1.22 pp	9 q
QCOMQualcomm Inc	5.26%	1,393,863	$79M	trimmed−9%	−0.29 pp	23 q
PYPLPayPal Holdings, Inc.	4.68%	837,884	$70M	trimmed−11%	+0.53 pp	14 q
SCHWThe Charles Schwab Corporation	4.66%	1,690,643	$70M	added+11%	+0.91 pp	12 q
ROSTRoss Stores Inc	3.71%	671,647	$56M	trimmed−9%	+0.05 pp	11 q
ULTAUlta Beauty, Inc.	3.49%	214,810	$53M	added+23%	+1.02 pp	2 q
CHRWC.H. Robinson Worldwide, Inc.	3.46%	620,821	$52M	trimmed−9%	+0.10 pp	2 q
ODFLOld Dominion Freight Line	3.36%	409,411	$51M	trimmed−10%	−0.34 pp	2 q
CTSHCognizant Technology Solutions	2.92%	693,474	$44M	trimmed−10%	−0.04 pp	23 q
CELGCelgene Corp	2.78%	654,632	$42M	trimmed−14%	−0.62 pp	8 q
GOOGAlphabet Inc. Class C	0.36%	5,180	$5M	trimmed−1%	+0.05 pp	20 q
USBU.S. Bancorp	0.18%	60,138	$3M	trimmed−11%	0.00 pp	12 q
SLBSLB Limited	0.08%	34,450	$1M	trimmed−97%	−3.93 pp	23 q
BXBlackstone Inc.	0.07%	37,325	$1M	added+6%	0.00 pp	12 q
VZVerizon Communications	0.07%	18,750	$1M	trimmed−2%	+0.02 pp	12 q
JNJJohnson & Johnson	0.05%	6,300	$813,000	held	—	12 q
TAT&T Inc.	0.04%	23,750	$677,000	added+35%	+0.01 pp	12 q
AEEAmeren Corporation	0.03%	7,400	$482,000	held	—	12 q
BPBP p.l.c.	0.03%	12,425	$471,000	added+7%	0.00 pp	6 q
BABoeing Company	0.03%	1,250	$403,000	held	—	8 q
EDConsolidated Edison, Inc.	0.03%	5,250	$401,000	held	—	12 q
PAYXPaychex Inc	0.03%	6,400	$416,000	trimmed−4%	+0.01 pp	12 q
CLBCore Laboratories Inc.	0.03%	7,600	$453,000	trimmed−98%	−2.44 pp	17 q
NLYAnnaly Capital Management. Inc.	0.02%	33,750	$331,000	added+65%	+0.01 pp	12 q
ECLEcolab, Inc.	0.02%	2,500	$368,000	held	—	12 q
TDToronto Dominion Bank	0.02%	6,275	$311,000	added+10%	0.00 pp	3 q
MNManning & Napier, Inc.	0.00%	23,000	$40,000	trimmed−18%	0.00 pp	12 q
KHCThe Kraft Heinz Company	—	−14,000	—	exited	−0.04 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0000859804-19-000003
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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