Wedgewood Partners

Q3 2021 13F · by David Rolfe, CIO

As of: Sep 30, 2021
Filed: Nov 12, 2021
US stock: $709M · prev $690M
Positions: 40 · prev 40
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

+3.9 pp in · −3.8 pp out

New 1 +2.86 pp
Added 3 +1.03 pp
Trimmed 25 −3.27 pp
Exited 1 −0.56 pp

The book

Concentrated · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.9 years per position

Low
Moderate
High

Top 5 positions36% of US stock

EW Edwards Lifesciences Corp trimmed+0.29 pp trimmed+0.297.5%
AAPL Apple Inc. trimmed−0.04 pp trimmed−0.047.5%
GOOGL Alphabet Inc. Class A trimmed−0.43 pp trimmed−0.437.5%
META Meta Platforms, Inc. Class A trimmed−0.47 pp trimmed−0.477.0%
MSI Motorola Solutions, Inc. New trimmed+0.17 pp trimmed+0.176.3%

Positions40 in this filing · 1 exited


EWEdwards Lifesciences Corp	7.55%	472,627	$54M	trimmed−2%	+0.29 pp	19 q
AAPLApple Inc.	7.49%	375,367	$53M	trimmed−1%	−0.04 pp	33 q
GOOGLAlphabet Inc. Class A	7.47%	19,811	$53M	trimmed−11%	−0.43 pp	25 q
METAMeta Platforms, Inc. Class A	7.03%	146,930	$50M	trimmed−1%	−0.47 pp	15 q
MSIMotorola Solutions, Inc. New	6.31%	192,679	$45M	trimmed−1%	+0.17 pp	10 q
TSCOTractor Supply Co	6.01%	210,494	$43M	trimmed−1%	+0.27 pp	20 q
PYPLPayPal Holdings, Inc.	5.49%	149,746	$39M	trimmed−1%	−0.93 pp	25 q
MSFTMicrosoft Corp	5.25%	132,048	$37M	trimmed−1%	+0.02 pp	7 q
CDWCDW Corporation	4.60%	179,341	$33M	trimmed−1%	−0.01 pp	9 q
VVISA Inc.	4.37%	139,152	$31M	trimmed−1%	−0.39 pp	34 q
KEYSKeysight Technologies, Inc.	4.13%	178,081	$29M	trimmed−17%	−0.66 pp	7 q
EAElectronic Arts Inc	3.94%	196,446	$28M	trimmed−1%	−0.20 pp	10 q
CPRTCopart Inc	3.74%	191,168	$27M	trimmed−2%	+0.03 pp	8 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	3.31%	210,107	$23M	added+78%	+1.25 pp	2 q
PGRProgressive Corporation	3.26%	255,997	$23M	added+1%	−0.36 pp	4 q
SBUXStarbucks Corp	3.16%	203,420	$22M	trimmed−20%	−0.96 pp	11 q
FRCBFirst Republic Bk CA	3.11%	114,362	$22M	trimmed−1%	−0.03 pp	5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.86%	51,972	$20M	new	+2.86 pp	new
ODFLOld Dominion Freight Line	2.47%	61,163	$17M	trimmed−1%	+0.19 pp	3 q
SPGIS&P Global Inc.	2.46%	41,116	$17M	trimmed−1%	−0.01 pp	8 q
BKNGBooking Holdings Inc.	2.14%	6,404	$15M	added+2%	+0.14 pp	3 q
GOOGAlphabet Inc. Class C	1.44%	3,818	$10M	trimmed−7%	−0.05 pp	31 q
BRK.BBERKSHIRE HATHAWAY Class B	0.78%	20,250	$6M	held	—	33 q
USBU.S. Bancorp	0.34%	40,513	$2M	trimmed−12%	−0.04 pp	23 q
BXBlackstone Inc.	0.20%	12,000	$1M	trimmed−4%	+0.02 pp	23 q
TAT&T Inc.	0.14%	36,750	$992,000	held	—	23 q
JNJJohnson & Johnson	0.14%	6,125	$989,000	trimmed−0%	−0.01 pp	23 q
VZVerizon Communications	0.12%	16,000	$864,000	held	—	23 q
NLYAnnaly Capital Management. Inc.	0.11%	95,500	$804,000	trimmed−3%	−0.02 pp	23 q
AEEAmeren Corporation	0.08%	6,900	$558,000	held	—	23 q
ECLEcolab, Inc.	0.07%	2,500	$521,000	held	—	23 q
SLBSLB Limited	0.07%	17,250	$511,000	held	—	34 q
BPBP p.l.c.	0.06%	16,250	$444,000	trimmed−1%	0.00 pp	17 q
EDConsolidated Edison, Inc.	0.05%	5,250	$381,000	held	—	23 q
QCOMQualcomm Inc	0.05%	2,650	$341,000	held	—	34 q
BABoeing Company	0.04%	1,300	$285,000	held	—	6 q
BMYBristol-Myers Squibb Co.	0.04%	5,300	$313,000	trimmed−6%	−0.01 pp	8 q
FITBFifth Third Bancorp	0.03%	5,000	$212,000	trimmed−20%	0.00 pp	4 q
KHCThe Kraft Heinz Company	0.03%	5,750	$211,000	held	—	4 q
PAYXPaychex Inc	0.03%	2,000	$224,000	held	—	2 q
ALCAlcon Inc.	—	−54,875	—	exited	−0.56 pp	—