Wedgewood Partners

Q1 2019 13F · by David Rolfe, CIO

As of: Mar 31, 2019
Filed: May 15, 2019
US stock: $1.4B · prev $1.5B
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%

Moves25 since the prior filing

+4.6 pp in · −4.7 pp out

New 1 +3.86 pp
Added 1 +0.72 pp
Trimmed 23 −4.70 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.1 years per position

Low
Moderate
High

Top 5 positions42% of US stock

EW Edwards Lifesciences Corp trimmed+0.88 pp trimmed+0.889.2%
AAPL Apple Inc. trimmed+0.59 pp trimmed+0.599.0%
BRK.B BERKSHIRE HATHAWAY Class B trimmed−1.43 pp trimmed−1.438.6%
V VISA Inc. trimmed+0.18 pp trimmed+0.187.9%
META Meta Platforms, Inc. Class A trimmed+1.01 pp trimmed+1.017.7%

Positions36 in this filing · 0 exited


EWEdwards Lifesciences Corp	9.23%	660,819	$126M	trimmed−20%	+0.88 pp	9 q
AAPLApple Inc.	8.96%	645,699	$123M	trimmed−19%	+0.59 pp	23 q
BRK.BBERKSHIRE HATHAWAY Class B	8.61%	587,002	$118M	trimmed−21%	−1.43 pp	23 q
VVISA Inc.	7.91%	693,978	$108M	trimmed−21%	+0.18 pp	24 q
METAMeta Platforms, Inc. Class A	7.67%	630,014	$105M	trimmed−18%	+1.01 pp	5 q
TSCOTractor Supply Co	6.35%	890,262	$87M	trimmed−21%	+0.11 pp	10 q
BKNGBooking Holdings Inc.	5.73%	44,967	$78M	trimmed−20%	−0.68 pp	5 q
FASTFastenal Co	5.73%	1,221,189	$79M	trimmed−21%	+0.38 pp	10 q
ULTAUlta Beauty, Inc.	5.37%	210,774	$74M	trimmed−2%	+1.88 pp	3 q
GOOGLAlphabet Inc. Class A	5.31%	61,777	$73M	trimmed−21%	−0.12 pp	15 q
PYPLPayPal Holdings, Inc.	5.00%	659,311	$68M	trimmed−21%	+0.32 pp	15 q
CHRWC.H. Robinson Worldwide, Inc.	4.18%	657,830	$57M	added+6%	+0.72 pp	3 q
SBUXStarbucks Corp	3.86%	711,660	$53M	new	+3.86 pp	new
CELGCelgene Corp	3.62%	525,139	$50M	trimmed−20%	+0.84 pp	9 q
CTSHCognizant Technology Solutions	2.95%	557,859	$40M	trimmed−20%	+0.03 pp	24 q
SCHWThe Charles Schwab Corporation	2.84%	908,998	$39M	trimmed−46%	−1.82 pp	13 q
ODFLOld Dominion Freight Line	2.60%	246,651	$36M	trimmed−40%	−0.76 pp	3 q
ROSTRoss Stores Inc	2.48%	365,496	$34M	trimmed−46%	−1.23 pp	12 q
GOOGAlphabet Inc. Class C	0.39%	4,597	$5M	trimmed−11%	+0.03 pp	21 q
QCOMQualcomm Inc	0.31%	74,200	$4M	trimmed−95%	−4.95 pp	24 q
USBU.S. Bancorp	0.21%	60,138	$3M	held	—	13 q
SLBSLB Limited	0.11%	33,375	$1M	trimmed−3%	+0.03 pp	24 q
BXBlackstone Inc.	0.10%	37,325	$1M	held	—	13 q
VZVerizon Communications	0.07%	17,250	$1M	trimmed−8%	0.00 pp	13 q
JNJJohnson & Johnson	0.06%	6,300	$880,000	held	—	13 q
TAT&T Inc.	0.05%	23,750	$744,000	held	—	13 q
AEEAmeren Corporation	0.04%	6,900	$507,000	trimmed−7%	+0.01 pp	13 q
BPBP p.l.c.	0.04%	12,425	$543,000	trimmed−1%	+0.01 pp	7 q
PAYXPaychex Inc	0.04%	6,400	$513,000	held	—	13 q
BABoeing Company	0.03%	1,250	$476,000	held	—	9 q
EDConsolidated Edison, Inc.	0.03%	5,250	$445,000	held	—	13 q
ECLEcolab, Inc.	0.03%	2,500	$441,000	held	—	13 q
NLYAnnaly Capital Management. Inc.	0.02%	33,750	$337,000	held	—	13 q
TDToronto Dominion Bank	0.02%	6,275	$340,000	held	—	4 q
CLBCore Laboratories Inc.	0.02%	4,675	$322,000	trimmed−38%	−0.01 pp	18 q
MNManning & Napier, Inc.	0.00%	23,000	$48,000	held	—	13 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0000859804-19-000005
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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