Wedgewood Partners

Q3 2020 13F · by David Rolfe, CIO

As of: Sep 30, 2020
Filed: Nov 13, 2020
US stock: $632M · prev $590M
Positions: 35 · 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

+8.8 pp in · −8.8 pp out

New 1 +2.41 pp
Added 7 +6.43 pp
Trimmed 20 −6.10 pp
Exited 4 −2.73 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 35% a year, about 2.8 years per position

Low
Moderate
High

Top 5 positions39% of US stock

AAPL Apple Inc. trimmed−2.67 pp trimmed−2.678.7%
EW Edwards Lifesciences Corp trimmed+0.14 pp trimmed+0.148.0%
TSCO Tractor Supply Co trimmed−0.34 pp trimmed−0.347.6%
META Meta Platforms, Inc. Class A trimmed−0.90 pp trimmed−0.907.5%
PYPL PayPal Holdings, Inc. trimmed+0.05 pp trimmed+0.057.2%

Positions35 in this filing · 4 exited


AAPLApple Inc.	8.70%	475,033	$55M	trimmed−35%	−2.67 pp	29 q
EWEdwards Lifesciences Corp	7.97%	631,718	$50M	trimmed−6%	+0.14 pp	15 q
TSCOTractor Supply Co	7.64%	337,196	$48M	trimmed−6%	−0.34 pp	16 q
METAMeta Platforms, Inc. Class A	7.54%	182,136	$48M	trimmed−17%	−0.90 pp	11 q
PYPLPayPal Holdings, Inc.	7.19%	230,701	$45M	trimmed−5%	+0.05 pp	21 q
VVISA Inc.	6.71%	212,149	$42M	trimmed−5%	−0.61 pp	30 q
GOOGLAlphabet Inc. Class A	6.44%	27,792	$41M	trimmed−5%	−0.60 pp	21 q
MSIMotorola Solutions, Inc. New	5.88%	237,250	$37M	added+10%	+0.77 pp	6 q
MSFTMicrosoft Corp	5.35%	160,696	$34M	added+98%	+2.55 pp	3 q
EAElectronic Arts Inc	4.86%	235,457	$31M	trimmed−4%	−0.66 pp	6 q
CDWCDW Corporation	4.22%	223,339	$27M	added+16%	+0.44 pp	5 q
BMYBristol-Myers Squibb Co.	4.19%	439,319	$26M	added+18%	+0.47 pp	4 q
SBUXStarbucks Corp	4.15%	305,048	$26M	trimmed−6%	+0.12 pp	7 q
KEYSKeysight Technologies, Inc.	4.01%	256,910	$25M	added+35%	+0.77 pp	3 q
CPRTCopart Inc	3.92%	235,688	$25M	added+34%	+1.43 pp	4 q
SPGIS&P Global Inc.	2.82%	49,485	$18M	trimmed−5%	−0.08 pp	4 q
ALCAlcon Inc.	2.75%	305,660	$17M	trimmed−5%	−0.36 pp	6 q
FRCBFirst Republic Bk CA	2.41%	139,827	$15M	new	+2.41 pp	new
GOOGAlphabet Inc. Class C	0.98%	4,204	$6M	trimmed−2%	−0.04 pp	27 q
BRK.BBERKSHIRE HATHAWAY Class B	0.72%	21,400	$5M	trimmed−7%	+0.02 pp	29 q
USBU.S. Bancorp	0.30%	52,793	$2M	held	—	19 q
BXBlackstone Inc.	0.15%	18,500	$965,000	trimmed−6%	−0.04 pp	19 q
JNJJohnson & Johnson	0.15%	6,300	$937,000	held	—	19 q
VZVerizon Communications	0.15%	16,000	$951,000	held	—	19 q
TAT&T Inc.	0.14%	32,000	$912,000	trimmed−4%	−0.03 pp	19 q
NLYAnnaly Capital Management. Inc.	0.11%	98,000	$697,000	added+1%	0.00 pp	19 q
AEEAmeren Corporation	0.09%	6,900	$545,000	held	—	19 q
ECLEcolab, Inc.	0.08%	2,500	$499,000	held	—	19 q
EDConsolidated Edison, Inc.	0.06%	5,250	$408,000	held	—	19 q
BPBP p.l.c.	0.05%	18,175	$317,000	trimmed−17%	−0.04 pp	13 q
BABoeing Company	0.05%	2,050	$338,000	held	—	2 q
BMY-RBristol-myers Squibb-cvr	0.05%	131,557	$295,000	trimmed−2%	−0.03 pp	3 q
QCOMQualcomm Inc	0.05%	2,650	$311,000	trimmed−40%	−0.02 pp	30 q
SLBSLB Limited	0.05%	19,825	$308,000	trimmed−2%	−0.01 pp	30 q
TPRTapestry, Inc.	0.05%	21,250	$332,000	trimmed−6%	0.00 pp	3 q
NVDANvidia Corp	—	−40,818	—	exited	−2.63 pp	—
TDToronto Dominion Bank	—	−6,225	—	exited	−0.05 pp	—
PAYXPaychex Inc	—	−3,500	—	exited	−0.04 pp	—
MNManning & Napier, Inc.	—	−13,000	—	exited	−0.01 pp	—