Wedgewood Partners

Q1 2020 13F · by David Rolfe, CIO

As of: Mar 31, 2020
Filed: May 15, 2020
US stock: $527M · prev $986M
Positions: 41 · prev 39
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%

Moves38 since the prior filing

+6.1 pp in · −6.3 pp out

New 4 +5.93 pp
Added 5 +0.22 pp
Trimmed 27 −6.24 pp
Exited 2 −0.07 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.1 years per position

Low
Moderate
High

Top 5 positions41% of US stock

AAPL Apple Inc. trimmed+0.42 pp trimmed+0.4210.1%
EW Edwards Lifesciences Corp trimmed−0.37 pp trimmed−0.378.5%
META Meta Platforms, Inc. Class A trimmed+0.23 pp trimmed+0.238.2%
V VISA Inc. trimmed−0.34 pp trimmed−0.347.4%
GOOGL Alphabet Inc. Class A trimmed+0.03 pp trimmed+0.037.1%

Positions41 in this filing · 2 exited


AAPLApple Inc.	10.10%	209,420	$53M	trimmed−36%	+0.42 pp	27 q
EWEdwards Lifesciences Corp	8.48%	237,200	$45M	trimmed−37%	−0.37 pp	13 q
METAMeta Platforms, Inc. Class A	8.15%	257,563	$43M	trimmed−32%	+0.23 pp	9 q
VVISA Inc.	7.38%	241,559	$39M	trimmed−40%	−0.34 pp	28 q
GOOGLAlphabet Inc. Class A	7.06%	32,042	$37M	trimmed−38%	+0.03 pp	19 q
TSCOTractor Supply Co	6.25%	390,178	$33M	trimmed−35%	+0.53 pp	14 q
EAElectronic Arts Inc	5.05%	266,012	$27M	trimmed−38%	+0.34 pp	4 q
PYPLPayPal Holdings, Inc.	4.75%	261,532	$25M	trimmed−38%	+0.15 pp	19 q
MSIMotorola Solutions, Inc. New	4.63%	183,661	$24M	trimmed−21%	+0.84 pp	4 q
SBUXStarbucks Corp	4.45%	356,926	$23M	trimmed−24%	+0.28 pp	5 q
NVDANvidia Corp	4.16%	83,254	$22M	trimmed−53%	−0.06 pp	3 q
BKNGBooking Holdings Inc.	3.46%	13,547	$18M	trimmed−59%	−3.38 pp	9 q
ALCAlcon Inc.	3.31%	343,242	$17M	trimmed−26%	+0.64 pp	4 q
KEYSKeysight Technologies, Inc.	3.26%	205,479	$17M	new	+3.26 pp	new
CDWCDW Corporation	3.16%	178,959	$17M	trimmed−11%	+0.26 pp	3 q
BMYBristol-Myers Squibb Co.	2.74%	259,180	$14M	trimmed−34%	+0.19 pp	2 q
SPGIS&P Global Inc.	2.60%	55,968	$14M	trimmed−35%	+0.22 pp	2 q
MSFTMicrosoft Corp	2.51%	83,949	$13M	new	+2.51 pp	new
CPRTCopart Inc	1.82%	140,290	$10M	trimmed−27%	+0.04 pp	2 q
FLTCorpay, Inc.	1.41%	39,966	$7M	trimmed−35%	−0.38 pp	2 q
BRK.BBERKSHIRE HATHAWAY Class B	1.08%	31,200	$6M	trimmed−21%	+0.17 pp	27 q
FASTFastenal Co	0.99%	166,760	$5M	trimmed−87%	−3.69 pp	14 q
GOOGAlphabet Inc. Class C	0.94%	4,281	$5M	trimmed−29%	+0.12 pp	25 q
ROSTRoss Stores Inc	0.51%	31,125	$3M	trimmed−88%	−2.51 pp	16 q
USBU.S. Bancorp	0.34%	52,543	$2M	added+5%	+0.04 pp	17 q
BXBlackstone Inc.	0.17%	19,750	$900,000	added+52%	+0.10 pp	17 q
JNJJohnson & Johnson	0.16%	6,300	$826,000	held	—	17 q
VZVerizon Communications	0.16%	16,000	$859,000	trimmed−7%	+0.05 pp	17 q
TAT&T Inc.	0.11%	20,500	$597,000	trimmed−8%	+0.02 pp	17 q
BMY-RBristol-myers Squibb-cvr	0.11%	148,901	$565,000	new	+0.11 pp	new
AEEAmeren Corporation	0.10%	6,900	$502,000	held	—	17 q
BPBP p.l.c.	0.10%	21,925	$534,000	added+75%	+0.05 pp	11 q
NLYAnnaly Capital Management. Inc.	0.09%	98,500	$499,000	added+20%	+0.01 pp	17 q
EDConsolidated Edison, Inc.	0.08%	5,250	$409,000	held	—	17 q
ECLEcolab, Inc.	0.07%	2,500	$389,000	held	—	17 q
QCOMQualcomm Inc	0.06%	4,400	$297,000	trimmed−19%	+0.01 pp	28 q
SLBSLB Limited	0.05%	20,950	$282,000	trimmed−3%	−0.04 pp	28 q
TPRTapestry, Inc.	0.05%	18,750	$242,000	new	+0.05 pp	new
TDToronto Dominion Bank	0.05%	6,225	$263,000	added+9%	+0.02 pp	8 q
PAYXPaychex Inc	0.04%	3,650	$229,000	trimmed−32%	−0.01 pp	17 q
MNManning & Napier, Inc.	0.00%	20,500	$25,000	held	—	17 q
BABoeing Company	—	−1,250	—	exited	−0.04 pp	—
CHRWC.H. Robinson Worldwide, Inc.	—	−4,225	—	exited	−0.03 pp	—