Wedgewood Partners

Q2 2021 13F · by David Rolfe, CIO

As of: Jun 30, 2021
Filed: Aug 13, 2021
US stock: $690M · prev $650M
Positions: 40 · 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%

Moves28 since the prior filing

+2.2 pp in · −2.2 pp out

New 2 +2.09 pp
Added 2 +0.09 pp
Trimmed 24 −2.20 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 10% a year, about 9.9 years per position

Low
Moderate
High

Top 5 positions37% of US stock

GOOGL Alphabet Inc. Class A trimmed+0.35 pp trimmed+0.357.9%
AAPL Apple Inc. trimmed+0.09 pp trimmed+0.097.5%
META Meta Platforms, Inc. Class A trimmed+0.33 pp trimmed+0.337.5%
EW Edwards Lifesciences Corp trimmed+0.64 pp trimmed+0.647.3%
PYPL PayPal Holdings, Inc. trimmed+0.44 pp trimmed+0.446.4%

Positions40 in this filing · 0 exited


GOOGLAlphabet Inc. Class A	7.90%	22,316	$54M	trimmed−6%	+0.35 pp	24 q
AAPLApple Inc.	7.53%	379,562	$52M	trimmed−4%	+0.09 pp	32 q
METAMeta Platforms, Inc. Class A	7.50%	148,764	$52M	trimmed−6%	+0.33 pp	14 q
EWEdwards Lifesciences Corp	7.26%	483,536	$50M	trimmed−6%	+0.64 pp	18 q
PYPLPayPal Holdings, Inc.	6.42%	151,952	$44M	trimmed−5%	+0.44 pp	24 q
MSIMotorola Solutions, Inc. New	6.14%	195,493	$42M	trimmed−6%	+0.15 pp	9 q
TSCOTractor Supply Co	5.74%	212,731	$40M	trimmed−5%	−0.37 pp	19 q
MSFTMicrosoft Corp	5.23%	133,336	$36M	trimmed−5%	+0.12 pp	6 q
KEYSKeysight Technologies, Inc.	4.79%	214,070	$33M	trimmed−5%	−0.18 pp	6 q
VVISA Inc.	4.76%	140,546	$33M	trimmed−4%	−0.03 pp	33 q
CDWCDW Corporation	4.61%	181,945	$32M	trimmed−6%	−0.34 pp	8 q
EAElectronic Arts Inc	4.14%	198,511	$29M	trimmed−5%	−0.21 pp	9 q
SBUXStarbucks Corp	4.12%	254,324	$28M	trimmed−5%	−0.39 pp	10 q
CPRTCopart Inc	3.71%	194,125	$26M	trimmed−6%	+0.26 pp	7 q
PGRProgressive Corporation	3.62%	254,571	$25M	added+4%	+0.03 pp	3 q
FRCBFirst Republic Bk CA	3.14%	115,871	$22M	trimmed−5%	0.00 pp	4 q
SPGIS&P Global Inc.	2.47%	41,555	$17M	trimmed−5%	+0.09 pp	7 q
ODFLOld Dominion Freight Line	2.28%	62,002	$16M	trimmed−6%	−0.17 pp	2 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.06%	118,209	$14M	new	+2.06 pp	new
BKNGBooking Holdings Inc.	2.00%	6,292	$14M	added+17%	+0.06 pp	2 q
GOOGAlphabet Inc. Class C	1.49%	4,092	$10M	trimmed−1%	+0.18 pp	30 q
BRK.BBERKSHIRE HATHAWAY Class B	0.82%	20,250	$6M	held	—	32 q
ALCAlcon Inc.	0.56%	54,875	$4M	trimmed−80%	−2.38 pp	9 q
USBU.S. Bancorp	0.38%	46,043	$3M	trimmed−9%	−0.05 pp	22 q
BXBlackstone Inc.	0.18%	12,500	$1M	held	—	22 q
TAT&T Inc.	0.15%	36,750	$1M	trimmed−1%	−0.02 pp	22 q
JNJJohnson & Johnson	0.15%	6,126	$1M	trimmed−3%	−0.01 pp	22 q
NLYAnnaly Capital Management. Inc.	0.13%	98,000	$870,000	held	—	22 q
VZVerizon Communications	0.13%	16,000	$896,000	held	—	22 q
AEEAmeren Corporation	0.08%	6,900	$552,000	held	—	22 q
SLBSLB Limited	0.08%	17,250	$552,000	held	—	33 q
ECLEcolab, Inc.	0.07%	2,500	$514,000	held	—	22 q
BPBP p.l.c.	0.06%	16,425	$433,000	trimmed−10%	−0.01 pp	16 q
BABoeing Company	0.05%	1,300	$311,000	held	—	5 q
BMYBristol-Myers Squibb Co.	0.05%	5,625	$375,000	trimmed−93%	−0.69 pp	7 q
EDConsolidated Edison, Inc.	0.05%	5,250	$376,000	held	—	22 q
QCOMQualcomm Inc	0.05%	2,650	$378,000	held	—	33 q
FITBFifth Third Bancorp	0.03%	6,250	$238,000	held	—	3 q
KHCThe Kraft Heinz Company	0.03%	5,750	$234,000	held	—	3 q
PAYXPaychex Inc	0.03%	2,000	$214,000	new	+0.03 pp	new