Wedgewood Partners

Q4 2020 13F · by David Rolfe, CIO

As of: Dec 31, 2020
Filed: Feb 12, 2021
US stock: $672M · prev $632M
Positions: 38 · prev 35
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%

Moves30 since the prior filing

+2.0 pp in · −2.1 pp out

New 3 +2.03 pp
Added 1 +0.02 pp
Trimmed 26 −2.07 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.2% a year, about 12.1 years per position

Low
Moderate
High

Top 5 positions38% of US stock

AAPL Apple Inc. trimmed+0.14 pp trimmed+0.148.8%
EW Edwards Lifesciences Corp trimmed+0.10 pp trimmed+0.108.1%
PYPL PayPal Holdings, Inc. trimmed+0.34 pp trimmed+0.347.5%
META Meta Platforms, Inc. Class A trimmed−0.64 pp trimmed−0.646.9%
GOOGL Alphabet Inc. Class A trimmed+0.27 pp trimmed+0.276.7%

Positions38 in this filing · 0 exited


AAPLApple Inc.	8.84%	447,836	$59M	trimmed−6%	+0.14 pp	30 q
EWEdwards Lifesciences Corp	8.07%	594,956	$54M	trimmed−6%	+0.10 pp	16 q
PYPLPayPal Holdings, Inc.	7.53%	216,286	$51M	trimmed−6%	+0.34 pp	22 q
METAMeta Platforms, Inc. Class A	6.90%	169,700	$46M	trimmed−7%	−0.64 pp	12 q
GOOGLAlphabet Inc. Class A	6.71%	25,737	$45M	trimmed−7%	+0.27 pp	22 q
VVISA Inc.	6.51%	200,214	$44M	trimmed−6%	−0.20 pp	31 q
MSIMotorola Solutions, Inc. New	5.61%	221,659	$38M	trimmed−7%	−0.27 pp	7 q
TSCOTractor Supply Co	5.38%	257,331	$36M	trimmed−24%	−2.26 pp	17 q
MSFTMicrosoft Corp	4.88%	147,598	$33M	trimmed−8%	−0.47 pp	4 q
EAElectronic Arts Inc	4.75%	222,574	$32M	trimmed−5%	−0.11 pp	7 q
KEYSKeysight Technologies, Inc.	4.74%	241,494	$32M	trimmed−6%	+0.73 pp	4 q
SBUXStarbucks Corp	4.54%	285,551	$31M	trimmed−6%	+0.39 pp	8 q
CPRTCopart Inc	4.18%	220,746	$28M	trimmed−6%	+0.26 pp	5 q
CDWCDW Corporation	4.08%	208,064	$27M	trimmed−7%	−0.14 pp	6 q
BMYBristol-Myers Squibb Co.	3.82%	414,057	$26M	trimmed−6%	−0.37 pp	5 q
FRCBFirst Republic Bk CA	2.86%	131,008	$19M	trimmed−6%	+0.45 pp	2 q
ALCAlcon Inc.	2.84%	289,498	$19M	trimmed−5%	+0.09 pp	7 q
SPGIS&P Global Inc.	2.29%	46,806	$15M	trimmed−5%	−0.53 pp	5 q
PGRProgressive Corporation	1.97%	134,104	$13M	new	+1.97 pp	new
GOOGAlphabet Inc. Class C	1.09%	4,196	$7M	trimmed−0%	+0.11 pp	28 q
BRK.BBERKSHIRE HATHAWAY Class B	0.71%	20,579	$5M	trimmed−4%	−0.01 pp	30 q
USBU.S. Bancorp	0.36%	52,293	$2M	trimmed−1%	+0.06 pp	20 q
TAT&T Inc.	0.16%	37,500	$1M	added+17%	+0.02 pp	20 q
BXBlackstone Inc.	0.16%	16,750	$1M	trimmed−9%	+0.01 pp	20 q
JNJJohnson & Johnson	0.15%	6,300	$991,000	held	—	20 q
VZVerizon Communications	0.14%	16,000	$940,000	held	—	20 q
NLYAnnaly Capital Management. Inc.	0.12%	98,000	$828,000	held	—	20 q
AEEAmeren Corporation	0.08%	6,900	$538,000	held	—	20 q
ECLEcolab, Inc.	0.08%	2,500	$540,000	held	—	20 q
BPBP p.l.c.	0.06%	18,175	$372,000	held	—	14 q
EDConsolidated Edison, Inc.	0.06%	5,250	$379,000	held	—	20 q
QCOMQualcomm Inc	0.06%	2,650	$403,000	held	—	31 q
SLBSLB Limited	0.06%	18,075	$394,000	trimmed−9%	+0.01 pp	31 q
TPRTapestry, Inc.	0.06%	13,250	$411,000	trimmed−38%	+0.01 pp	4 q
BABoeing Company	0.05%	1,675	$358,000	trimmed−18%	0.00 pp	3 q
FITBFifth Third Bancorp	0.03%	7,500	$206,000	new	+0.03 pp	new
KHCThe Kraft Heinz Company	0.03%	6,500	$225,000	new	+0.03 pp	new
BMY-RBristol-myers Squibb-cvr	0.01%	122,750	$84,000	trimmed−7%	−0.04 pp	4 q