Wedgewood Partners

Q4 2019 13F · by David Rolfe, CIO

As of: Dec 31, 2019
Filed: Feb 14, 2020
US stock: $986M · prev $1.1B
Positions: 39 · prev 38
Options notional: $0
Documents: 1· 1 amendment

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%

Moves33 since the prior filing

+13.4 pp in · −13.5 pp out

New 4 +8.50 pp
Added 5 +4.87 pp
Trimmed 21 −7.25 pp
Exited 3 −6.22 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 42% a year, about 2.4 years per position

Low
Moderate
High

Top 5 positions41% of US stock

AAPL Apple Inc. trimmed−0.21 pp trimmed−0.219.7%
EW Edwards Lifesciences Corp trimmed−0.48 pp trimmed−0.488.8%
META Meta Platforms, Inc. Class A trimmed+0.30 pp trimmed+0.307.9%
V VISA Inc. trimmed−1.00 pp trimmed−1.007.7%
GOOGL Alphabet Inc. Class A trimmed0.00 pp trimmed0.007.0%

Revealed late, restated

restated 39 rows corrected by the filer; later quarters recomputed 13F-HR/A · Feb 14, 2020 ↗

Positions39 in this filing · 3 exited


AAPLApple Inc.	9.68%	325,124	$95M	trimmed−35%	−0.21 pp	26 q
EWEdwards Lifesciences Corp	8.85%	374,062	$87M	trimmed−22%	−0.48 pp	12 q
METAMeta Platforms, Inc. Class A	7.92%	380,732	$78M	trimmed−21%	+0.30 pp	8 q
VVISA Inc.	7.72%	405,281	$76M	trimmed−29%	−1.00 pp	27 q
GOOGLAlphabet Inc. Class A	7.03%	51,790	$69M	trimmed−20%	0.00 pp	18 q
BKNGBooking Holdings Inc.	6.84%	32,839	$67M	trimmed−7%	+0.72 pp	8 q
TSCOTractor Supply Co	5.72%	603,429	$56M	trimmed−13%	+0.15 pp	13 q
EAElectronic Arts Inc	4.71%	431,667	$46M	added+2%	+1.06 pp	3 q
FASTFastenal Co	4.68%	1,249,539	$46M	trimmed−33%	−0.73 pp	13 q
PYPLPayPal Holdings, Inc.	4.60%	419,730	$45M	trimmed−20%	−0.25 pp	18 q
NVDANvidia Corp	4.22%	177,059	$42M	added+26%	+2.04 pp	2 q
SBUXStarbucks Corp	4.17%	467,523	$41M	trimmed−16%	−0.20 pp	4 q
MSIMotorola Solutions, Inc. New	3.79%	231,945	$37M	added+13%	+0.69 pp	3 q
ROSTRoss Stores Inc	3.02%	255,515	$30M	trimmed−34%	−0.72 pp	15 q
CDWCDW Corporation	2.90%	200,439	$29M	added+19%	+1.05 pp	2 q
ALCAlcon Inc.	2.67%	465,735	$26M	trimmed−29%	−0.70 pp	3 q
BMYBristol-Myers Squibb Co.	2.55%	391,442	$25M	new	+2.55 pp	new
SPGIS&P Global Inc.	2.38%	86,022	$23M	new	+2.38 pp	new
FLTCorpay, Inc.	1.79%	61,274	$18M	new	+1.79 pp	new
CPRTCopart Inc	1.78%	193,451	$18M	new	+1.78 pp	new
BRK.BBERKSHIRE HATHAWAY Class B	0.91%	39,490	$9M	trimmed−35%	−0.22 pp	26 q
GOOGAlphabet Inc. Class C	0.82%	6,060	$8M	trimmed−19%	+0.01 pp	24 q
USBU.S. Bancorp	0.30%	50,043	$3M	trimmed−1%	+0.05 pp	16 q
VZVerizon Communications	0.11%	17,250	$1M	held	—	16 q
TAT&T Inc.	0.09%	22,375	$874,000	held	—	16 q
JNJJohnson & Johnson	0.09%	6,300	$918,000	held	—	16 q
SLBSLB Limited	0.09%	21,675	$871,000	trimmed−26%	0.00 pp	27 q
NLYAnnaly Capital Management. Inc.	0.08%	81,750	$770,000	added+18%	+0.03 pp	16 q
BXBlackstone Inc.	0.07%	13,000	$727,000	held	—	16 q
AEEAmeren Corporation	0.05%	6,900	$529,000	held	—	16 q
BPBP p.l.c.	0.05%	12,550	$473,000	held	—	10 q
EDConsolidated Edison, Inc.	0.05%	5,250	$474,000	held	—	16 q
ECLEcolab, Inc.	0.05%	2,500	$482,000	held	—	16 q
PAYXPaychex Inc	0.05%	5,400	$459,000	trimmed−12%	0.00 pp	16 q
QCOMQualcomm Inc	0.05%	5,400	$476,000	trimmed−89%	−0.28 pp	27 q
BABoeing Company	0.04%	1,250	$407,000	held	—	12 q
CHRWC.H. Robinson Worldwide, Inc.	0.03%	4,225	$330,000	trimmed−99%	−3.69 pp	6 q
TDToronto Dominion Bank	0.03%	5,725	$321,000	trimmed−5%	0.00 pp	7 q
MNManning & Napier, Inc.	0.00%	20,500	$35,000	trimmed−11%	0.00 pp	16 q
CELGCelgene Corp	—	−393,967	—	exited	−3.47 pp	—
ULTAUlta Beauty, Inc.	—	−108,539	—	exited	−2.41 pp	—
SCHWThe Charles Schwab Corporation	—	−90,925	—	exited	−0.34 pp	—