Wedgewood Partners

Q1 2021 13F · by David Rolfe, CIO

As of: Mar 31, 2021
Filed: May 17, 2021
US stock: $650M · prev $672M
Positions: 38 · 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

+6.0 pp in · −6.0 pp out

New 2 +4.39 pp
Added 1 +1.62 pp
Trimmed 27 −5.94 pp
Exited 2 −0.07 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.2 years per position

Low
Moderate
High

Top 5 positions35% of US stock

GOOGL Alphabet Inc. Class A trimmed+0.84 pp trimmed+0.847.5%
AAPL Apple Inc. trimmed−1.40 pp trimmed−1.407.4%
META Meta Platforms, Inc. Class A trimmed+0.27 pp trimmed+0.277.2%
EW Edwards Lifesciences Corp trimmed−1.45 pp trimmed−1.456.6%
TSCO Tractor Supply Co trimmed+0.73 pp trimmed+0.736.1%

Positions38 in this filing · 2 exited


GOOGLAlphabet Inc. Class A	7.55%	23,769	$49M	trimmed−8%	+0.84 pp	23 q
AAPLApple Inc.	7.44%	395,692	$48M	trimmed−12%	−1.40 pp	31 q
METAMeta Platforms, Inc. Class A	7.17%	158,167	$47M	trimmed−7%	+0.27 pp	13 q
EWEdwards Lifesciences Corp	6.62%	513,888	$43M	trimmed−14%	−1.45 pp	17 q
TSCOTractor Supply Co	6.11%	224,250	$40M	trimmed−13%	+0.73 pp	18 q
MSIMotorola Solutions, Inc. New	5.99%	206,920	$39M	trimmed−7%	+0.38 pp	8 q
PYPLPayPal Holdings, Inc.	5.98%	159,909	$39M	trimmed−26%	−1.55 pp	23 q
MSFTMicrosoft Corp	5.11%	140,771	$33M	trimmed−5%	+0.23 pp	5 q
KEYSKeysight Technologies, Inc.	4.97%	225,108	$32M	trimmed−7%	+0.23 pp	5 q
CDWCDW Corporation	4.95%	193,796	$32M	trimmed−7%	+0.87 pp	7 q
VVISA Inc.	4.79%	146,874	$31M	trimmed−27%	−1.72 pp	32 q
SBUXStarbucks Corp	4.51%	268,024	$29M	trimmed−6%	−0.03 pp	9 q
EAElectronic Arts Inc	4.35%	208,857	$28M	trimmed−6%	−0.40 pp	8 q
PGRProgressive Corporation	3.59%	244,067	$23M	added+82%	+1.62 pp	2 q
CPRTCopart Inc	3.45%	206,341	$22M	trimmed−7%	−0.73 pp	6 q
FRCBFirst Republic Bk CA	3.14%	122,472	$20M	trimmed−7%	+0.28 pp	3 q
ALCAlcon Inc.	2.94%	272,137	$19M	trimmed−6%	+0.10 pp	8 q
ODFLOld Dominion Freight Line	2.45%	66,234	$16M	new	+2.45 pp	new
SPGIS&P Global Inc.	2.38%	43,798	$15M	trimmed−6%	+0.09 pp	6 q
BKNGBooking Holdings Inc.	1.94%	5,401	$13M	new	+1.94 pp	new
GOOGAlphabet Inc. Class C	1.31%	4,127	$9M	trimmed−2%	+0.22 pp	29 q
BRK.BBERKSHIRE HATHAWAY Class B	0.80%	20,250	$5M	trimmed−2%	+0.09 pp	31 q
BMYBristol-Myers Squibb Co.	0.74%	75,835	$5M	trimmed−82%	−3.08 pp	6 q
USBU.S. Bancorp	0.43%	50,543	$3M	trimmed−3%	+0.07 pp	21 q
TAT&T Inc.	0.17%	37,000	$1M	trimmed−1%	+0.01 pp	21 q
JNJJohnson & Johnson	0.16%	6,300	$1M	held	—	21 q
BXBlackstone Inc.	0.14%	12,500	$931,000	trimmed−25%	−0.02 pp	21 q
VZVerizon Communications	0.14%	16,000	$930,000	held	—	21 q
NLYAnnaly Capital Management. Inc.	0.13%	98,000	$842,000	held	—	21 q
AEEAmeren Corporation	0.09%	6,900	$561,000	held	—	21 q
ECLEcolab, Inc.	0.08%	2,500	$535,000	held	—	21 q
BPBP p.l.c.	0.07%	18,175	$442,000	held	—	15 q
SLBSLB Limited	0.07%	17,250	$469,000	trimmed−5%	+0.01 pp	32 q
EDConsolidated Edison, Inc.	0.06%	5,250	$392,000	held	—	21 q
BABoeing Company	0.05%	1,300	$331,000	trimmed−22%	0.00 pp	4 q
QCOMQualcomm Inc	0.05%	2,650	$351,000	held	—	32 q
FITBFifth Third Bancorp	0.04%	6,250	$234,000	trimmed−17%	+0.01 pp	2 q
KHCThe Kraft Heinz Company	0.04%	5,750	$230,000	trimmed−12%	+0.01 pp	2 q
TPRTapestry, Inc.	—	−13,250	—	exited	−0.06 pp	—
BMY-RBristol-myers Squibb-cvr	—	−122,750	—	exited	−0.01 pp	—