Wedgewood Partners

Q4 2021 13F · by David Rolfe, CIO

As of: Dec 31, 2021
Filed: Feb 14, 2022
US stock: $753M · prev $709M
Positions: 39 · 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%

Moves35 since the prior filing

+4.1 pp in · −4.1 pp out

New 2 +1.68 pp
Added 9 +2.41 pp
Trimmed 21 −0.04 pp
Exited 3 −4.02 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 25% a year, about 4.1 years per position

Low
Moderate
High

Top 5 positions36% of US stock

AAPL Apple Inc. trimmed+1.17 pp trimmed+1.178.7%
META Meta Platforms, Inc. Class A added+0.57 pp added+0.577.6%
GOOGL Alphabet Inc. Class A trimmed+0.08 pp trimmed+0.087.5%
TSCO Tractor Supply Co trimmed+0.54 pp trimmed+0.546.5%
EW Edwards Lifesciences Corp trimmed−1.48 pp trimmed−1.486.1%

Positions39 in this filing · 3 exited


AAPLApple Inc.	8.66%	367,266	$65M	trimmed−2%	+1.17 pp	34 q
METAMeta Platforms, Inc. Class A	7.60%	170,201	$57M	added+16%	+0.57 pp	16 q
GOOGLAlphabet Inc. Class A	7.55%	19,630	$57M	trimmed−1%	+0.08 pp	26 q
TSCOTractor Supply Co	6.55%	206,700	$49M	trimmed−2%	+0.54 pp	21 q
EWEdwards Lifesciences Corp	6.07%	353,149	$46M	trimmed−25%	−1.48 pp	20 q
VVISA Inc.	5.97%	207,467	$45M	added+49%	+1.60 pp	35 q
MSFTMicrosoft Corp	5.81%	130,029	$44M	trimmed−2%	+0.56 pp	8 q
MSIMotorola Solutions, Inc. New	5.63%	155,982	$42M	trimmed−19%	−0.68 pp	11 q
CDWCDW Corporation	4.85%	178,273	$37M	trimmed−1%	+0.25 pp	10 q
KEYSKeysight Technologies, Inc.	3.98%	145,272	$30M	trimmed−18%	−0.15 pp	8 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	3.93%	245,781	$30M	added+17%	+0.62 pp	3 q
CPRTCopart Inc	3.82%	189,650	$29M	trimmed−1%	+0.08 pp	9 q
PYPLPayPal Holdings, Inc.	3.78%	151,126	$28M	added+1%	−1.71 pp	26 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.50%	52,466	$26M	added+1%	+0.64 pp	2 q
PGRProgressive Corporation	3.44%	252,794	$26M	trimmed−1%	+0.18 pp	5 q
FRCBFirst Republic Bk CA	3.09%	112,785	$23M	trimmed−1%	−0.02 pp	6 q
SBUXStarbucks Corp	3.05%	196,289	$23M	trimmed−4%	−0.11 pp	12 q
BKNGBooking Holdings Inc.	2.82%	8,849	$21M	added+38%	+0.68 pp	4 q
SPGIS&P Global Inc.	2.55%	40,781	$19M	trimmed−1%	+0.09 pp	9 q
ODFLOld Dominion Freight Line	2.00%	42,012	$15M	trimmed−31%	−0.47 pp	4 q
TPLTexas Pacific Land Corporation	1.63%	9,831	$12M	new	+1.63 pp	new
GOOGAlphabet Inc. Class C	1.44%	3,758	$11M	trimmed−2%	0.00 pp	32 q
BRK.BBERKSHIRE HATHAWAY Class B	0.77%	19,500	$6M	trimmed−4%	−0.01 pp	34 q
USBU.S. Bancorp	0.30%	40,213	$2M	trimmed−1%	−0.04 pp	24 q
BXBlackstone Inc.	0.18%	10,750	$1M	trimmed−10%	−0.02 pp	24 q
VZVerizon Communications	0.15%	21,434	$1M	added+34%	+0.03 pp	24 q
JNJJohnson & Johnson	0.13%	5,725	$979,000	trimmed−7%	−0.01 pp	24 q
TAT&T Inc.	0.12%	37,500	$922,000	added+2%	−0.02 pp	24 q
NLYAnnaly Capital Management. Inc.	0.10%	95,500	$746,000	held	—	24 q
AEEAmeren Corporation	0.08%	6,900	$614,000	held	—	24 q
ECLEcolab, Inc.	0.08%	2,500	$586,000	held	—	24 q
SLBSLB Limited	0.07%	17,250	$516,000	held	—	35 q
BPBP p.l.c.	0.06%	15,750	$419,000	trimmed−3%	0.00 pp	18 q
EDConsolidated Edison, Inc.	0.06%	5,250	$447,000	held	—	24 q
IVViShares Core S&P 500 ETF	0.05%	771	$367,000	new	+0.05 pp	new
BMYBristol-Myers Squibb Co.	0.04%	4,675	$291,000	trimmed−12%	0.00 pp	9 q
PAYXPaychex Inc	0.04%	2,000	$273,000	held	—	3 q
BABoeing Company	0.03%	1,300	$261,000	held	—	7 q
KHCThe Kraft Heinz Company	0.03%	7,000	$251,000	added+22%	0.00 pp	5 q
EAElectronic Arts Inc	—	−196,446	—	exited	−3.94 pp	—
QCOMQualcomm Inc	—	−2,650	—	exited	−0.05 pp	—
FITBFifth Third Bancorp	—	−5,000	—	exited	−0.03 pp	—