Wedgewood Partners

Q3 2019 13F · by David Rolfe, CIO

As of: Sep 30, 2019
Filed: Nov 14, 2019
US stock: $1.1B · prev $1.2B
Positions: 38 · prev 38
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%

Moves32 since the prior filing

+8.9 pp in · −8.9 pp out

New 2 +4.03 pp
Added 4 +4.87 pp
Trimmed 24 −8.68 pp
Exited 2 −0.26 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 32% a year, about 3.1 years per position

Low
Moderate
High

Top 5 positions43% of US stock

AAPL Apple Inc. trimmed+0.88 pp trimmed+0.889.9%
EW Edwards Lifesciences Corp trimmed+1.19 pp trimmed+1.199.3%
V VISA Inc. trimmed−0.21 pp trimmed−0.218.7%
META Meta Platforms, Inc. Class A trimmed−0.82 pp trimmed−0.827.6%
GOOGL Alphabet Inc. Class A added+2.55 pp added+2.557.0%

Positions38 in this filing · 2 exited


AAPLApple Inc.	9.89%	498,382	$112M	trimmed−7%	+0.88 pp	25 q
EWEdwards Lifesciences Corp	9.33%	478,789	$105M	trimmed−8%	+1.19 pp	11 q
VVISA Inc.	8.72%	571,932	$98M	trimmed−6%	−0.21 pp	26 q
METAMeta Platforms, Inc. Class A	7.62%	483,013	$86M	trimmed−7%	−0.82 pp	7 q
GOOGLAlphabet Inc. Class A	7.03%	64,960	$79M	added+33%	+2.55 pp	17 q
BKNGBooking Holdings Inc.	6.12%	35,179	$69M	trimmed−7%	+0.14 pp	7 q
TSCOTractor Supply Co	5.57%	695,355	$63M	trimmed−7%	−1.31 pp	12 q
FASTFastenal Co	5.41%	1,867,489	$61M	trimmed−7%	−0.10 pp	12 q
PYPLPayPal Holdings, Inc.	4.85%	527,862	$55M	trimmed−6%	−0.61 pp	17 q
SBUXStarbucks Corp	4.37%	557,860	$49M	trimmed−6%	+0.15 pp	3 q
ROSTRoss Stores Inc	3.74%	384,636	$42M	trimmed−7%	+0.28 pp	14 q
CHRWC.H. Robinson Worldwide, Inc.	3.72%	495,718	$42M	trimmed−22%	−0.84 pp	5 q
EAElectronic Arts Inc	3.65%	421,528	$41M	added+55%	+1.32 pp	2 q
CELGCelgene Corp	3.47%	393,967	$39M	trimmed−9%	+0.08 pp	11 q
ALCAlcon Inc.	3.37%	652,367	$38M	added+45%	+1.00 pp	2 q
MSIMotorola Solutions, Inc. New	3.10%	205,054	$35M	trimmed−3%	+0.12 pp	2 q
ULTAUlta Beauty, Inc.	2.41%	108,539	$27M	trimmed−38%	−2.74 pp	5 q
NVDANvidia Corp	2.18%	141,067	$25M	new	+2.18 pp	new
CDWCDW Corporation	1.85%	168,923	$21M	new	+1.85 pp	new
BRK.BBERKSHIRE HATHAWAY Class B	1.13%	61,113	$13M	trimmed−82%	−4.96 pp	25 q
GOOGAlphabet Inc. Class C	0.81%	7,526	$9M	trimmed−4%	+0.09 pp	23 q
SCHWThe Charles Schwab Corporation	0.34%	90,925	$4M	trimmed−8%	+0.01 pp	15 q
QCOMQualcomm Inc	0.33%	48,075	$4M	trimmed−5%	0.00 pp	26 q
USBU.S. Bancorp	0.25%	50,663	$3M	trimmed−16%	−0.02 pp	15 q
SLBSLB Limited	0.09%	29,175	$996,000	trimmed−13%	−0.02 pp	26 q
VZVerizon Communications	0.09%	17,250	$1M	held	—	15 q
TAT&T Inc.	0.07%	22,375	$846,000	trimmed−6%	0.00 pp	15 q
JNJJohnson & Johnson	0.07%	6,300	$815,000	held	—	15 q
BXBlackstone Inc.	0.06%	13,000	$634,000	trimmed−5%	+0.01 pp	15 q
AEEAmeren Corporation	0.05%	6,900	$552,000	held	—	15 q
NLYAnnaly Capital Management. Inc.	0.05%	69,250	$609,000	added+14%	0.00 pp	15 q
PAYXPaychex Inc	0.05%	6,150	$509,000	held	—	15 q
BPBP p.l.c.	0.04%	12,550	$476,000	trimmed−1%	0.00 pp	9 q
BABoeing Company	0.04%	1,250	$475,000	held	—	11 q
EDConsolidated Edison, Inc.	0.04%	5,250	$495,000	held	—	15 q
ECLEcolab, Inc.	0.04%	2,500	$495,000	held	—	15 q
TDToronto Dominion Bank	0.03%	6,000	$349,000	trimmed−4%	0.00 pp	6 q
MNManning & Napier, Inc.	0.00%	23,000	$43,000	held	—	15 q
CTSHCognizant Technology Solutions	—	−44,800	—	exited	−0.24 pp	—
ABMDAbiomed Inc	—	−1,000	—	exited	−0.02 pp	—