Wedgewood Partners

Q2 2020 13F · by David Rolfe, CIO

As of: Jun 30, 2020
Filed: Aug 14, 2020
US stock: $590M · prev $527M
Positions: 38 · prev 41
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%

Moves33 since the prior filing

+2.9 pp in · −2.8 pp out

New 1 +0.06 pp
Added 7 +2.80 pp
Trimmed 21 +3.55 pp
Exited 4 −6.37 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 11% a year, about 8.9 years per position

Low
Moderate
High

Top 5 positions43% of US stock

AAPL Apple Inc. trimmed+1.27 pp trimmed+1.2711.4%
META Meta Platforms, Inc. Class A trimmed+0.29 pp trimmed+0.298.4%
TSCO Tractor Supply Co trimmed+1.73 pp trimmed+1.738.0%
EW Edwards Lifesciences Corp trimmed−0.65 pp trimmed−0.657.8%
V VISA Inc. trimmed−0.06 pp trimmed−0.067.3%

Positions38 in this filing · 4 exited


AAPLApple Inc.	11.37%	183,893	$67M	trimmed−12%	+1.27 pp	28 q
METAMeta Platforms, Inc. Class A	8.44%	219,400	$50M	trimmed−15%	+0.29 pp	10 q
TSCOTractor Supply Co	7.98%	357,363	$47M	trimmed−8%	+1.73 pp	15 q
EWEdwards Lifesciences Corp	7.83%	668,542	$46M	trimmed−6%	−0.65 pp	14 q
VVISA Inc.	7.32%	223,728	$43M	trimmed−7%	−0.06 pp	29 q
PYPLPayPal Holdings, Inc.	7.14%	241,696	$42M	trimmed−8%	+2.39 pp	20 q
GOOGLAlphabet Inc. Class A	7.04%	29,279	$42M	trimmed−9%	−0.02 pp	20 q
EAElectronic Arts Inc	5.52%	246,511	$33M	trimmed−7%	+0.47 pp	5 q
MSIMotorola Solutions, Inc. New	5.11%	215,336	$30M	added+17%	+0.48 pp	5 q
SBUXStarbucks Corp	4.03%	323,117	$24M	trimmed−9%	−0.42 pp	6 q
CDWCDW Corporation	3.78%	191,809	$22M	added+7%	+0.62 pp	4 q
BMYBristol-Myers Squibb Co.	3.72%	373,781	$22M	added+44%	+0.98 pp	3 q
KEYSKeysight Technologies, Inc.	3.24%	189,650	$19M	trimmed−8%	−0.02 pp	2 q
ALCAlcon Inc.	3.11%	320,342	$18M	trimmed−7%	−0.20 pp	5 q
SPGIS&P Global Inc.	2.90%	52,019	$17M	trimmed−7%	+0.30 pp	3 q
MSFTMicrosoft Corp	2.80%	81,296	$17M	trimmed−3%	+0.29 pp	2 q
NVDANvidia Corp	2.63%	40,818	$16M	trimmed−51%	−1.53 pp	4 q
CPRTCopart Inc	2.49%	176,404	$15M	added+26%	+0.67 pp	3 q
GOOGAlphabet Inc. Class C	1.02%	4,269	$6M	trimmed−0%	+0.08 pp	26 q
BRK.BBERKSHIRE HATHAWAY Class B	0.70%	23,050	$4M	trimmed−26%	−0.38 pp	28 q
USBU.S. Bancorp	0.33%	52,793	$2M	added0%	−0.01 pp	18 q
BXBlackstone Inc.	0.19%	19,750	$1M	held	—	18 q
TAT&T Inc.	0.17%	33,250	$1M	added+62%	+0.06 pp	18 q
JNJJohnson & Johnson	0.15%	6,300	$885,000	held	—	18 q
VZVerizon Communications	0.15%	16,000	$882,000	held	—	18 q
NLYAnnaly Capital Management. Inc.	0.11%	96,750	$634,000	trimmed−2%	+0.02 pp	18 q
BPBP p.l.c.	0.09%	21,925	$511,000	held	—	12 q
AEEAmeren Corporation	0.08%	6,900	$485,000	held	—	18 q
BMY-RBristol-myers Squibb-cvr	0.08%	134,729	$481,000	trimmed−10%	−0.03 pp	2 q
ECLEcolab, Inc.	0.08%	2,500	$497,000	held	—	18 q
QCOMQualcomm Inc	0.07%	4,400	$401,000	held	—	29 q
BABoeing Company	0.06%	2,050	$375,000	new	+0.06 pp	new
EDConsolidated Edison, Inc.	0.06%	5,250	$377,000	held	—	18 q
SLBSLB Limited	0.06%	20,325	$373,000	trimmed−3%	+0.01 pp	29 q
TPRTapestry, Inc.	0.05%	22,500	$298,000	added+20%	0.00 pp	2 q
TDToronto Dominion Bank	0.05%	6,225	$277,000	held	—	9 q
PAYXPaychex Inc	0.04%	3,500	$265,000	trimmed−4%	0.00 pp	18 q
MNManning & Napier, Inc.	0.01%	13,000	$37,000	trimmed−37%	+0.01 pp	18 q
BKNGBooking Holdings Inc.	—	−13,547	—	exited	−3.46 pp	—
FLTCorpay, Inc.	—	−39,966	—	exited	−1.41 pp	—
FASTFastenal Co	—	−166,760	—	exited	−0.99 pp	—
ROSTRoss Stores Inc	—	−31,125	—	exited	−0.51 pp	—