Wedgewood Partners

Q1 2022 13F · by David Rolfe, CIO

As of: Mar 31, 2022
Filed: May 13, 2022
US stock: $709M · prev $753M
Positions: 42 · prev 39
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%

Moves42 since the prior filing

+4.3 pp in · −4.3 pp out

New 6 +0.24 pp
Added 26 +4.07 pp
Trimmed 7 −4.12 pp
Exited 3 −0.20 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.5 years per position

Low
Moderate
High

Top 5 positions36% of US stock

AAPL Apple Inc. added+0.47 pp added+0.479.1%
META Meta Platforms, Inc. Class A added−0.73 pp added−0.736.9%
TSCO Tractor Supply Co added+0.28 pp added+0.286.8%
V VISA Inc. added+0.86 pp added+0.866.8%
GOOGL Alphabet Inc. Class A trimmed−1.03 pp trimmed−1.036.5%

Positions42 in this filing · 3 exited


AAPLApple Inc.	9.13%	370,691	$65M	added+1%	+0.47 pp	35 q
METAMeta Platforms, Inc. Class A	6.87%	219,070	$49M	added+29%	−0.73 pp	17 q
TSCOTractor Supply Co	6.83%	207,589	$48M	added0%	+0.28 pp	22 q
VVISA Inc.	6.83%	218,479	$48M	added+5%	+0.86 pp	36 q
GOOGLAlphabet Inc. Class A	6.52%	16,612	$46M	trimmed−15%	−1.03 pp	27 q
MSFTMicrosoft Corp	6.18%	142,079	$44M	added+9%	+0.37 pp	9 q
EWEdwards Lifesciences Corp	5.95%	358,220	$42M	added+1%	−0.12 pp	21 q
MSIMotorola Solutions, Inc. New	5.74%	168,072	$41M	added+8%	+0.11 pp	12 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	5.11%	347,234	$36M	added+41%	+1.18 pp	4 q
CDWCDW Corporation	4.77%	188,969	$34M	added+6%	−0.08 pp	11 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.55%	63,216	$32M	added+20%	+1.05 pp	3 q
PYPLPayPal Holdings, Inc.	4.42%	270,946	$31M	added+79%	+0.64 pp	27 q
PGRProgressive Corporation	3.79%	235,565	$27M	trimmed−7%	+0.35 pp	6 q
CPRTCopart Inc	3.55%	200,368	$25M	added+6%	−0.27 pp	10 q
BKNGBooking Holdings Inc.	3.23%	9,743	$23M	added+10%	+0.41 pp	5 q
FRCBFirst Republic Bk CA	2.87%	125,443	$20M	added+11%	−0.22 pp	7 q
SBUXStarbucks Corp	2.76%	215,487	$20M	added+10%	−0.29 pp	13 q
SPGIS&P Global Inc.	2.36%	40,791	$17M	added0%	−0.19 pp	10 q
TPLTexas Pacific Land Corporation	2.13%	11,185	$15M	added+14%	+0.50 pp	2 q
ODFLOld Dominion Freight Line	1.78%	42,295	$13M	added+1%	−0.22 pp	5 q
GOOGAlphabet Inc. Class C	1.57%	3,990	$11M	added+6%	+0.13 pp	33 q
BRK.BBERKSHIRE HATHAWAY Class B	0.96%	19,375	$7M	trimmed−1%	+0.19 pp	35 q
KEYSKeysight Technologies, Inc.	0.42%	18,900	$3M	trimmed−87%	−3.56 pp	9 q
USBU.S. Bancorp	0.25%	33,805	$2M	trimmed−16%	−0.05 pp	25 q
BXBlackstone Inc.	0.21%	11,500	$1M	added+7%	+0.03 pp	25 q
VZVerizon Communications	0.17%	23,000	$1M	added+7%	+0.02 pp	25 q
JNJJohnson & Johnson	0.16%	6,450	$1M	added+13%	+0.03 pp	25 q
TAT&T Inc.	0.14%	43,500	$1M	added+16%	+0.02 pp	25 q
AEEAmeren Corporation	0.09%	6,900	$646,000	held	—	25 q
NLYAnnaly Capital Management. Inc.	0.08%	81,250	$572,000	trimmed−15%	−0.02 pp	25 q
VUGVanguard Morningstar Growth ETF	0.08%	1,960	$563,000	new	+0.08 pp	new
BMYBristol-Myers Squibb Co.	0.07%	6,925	$505,000	added+48%	+0.03 pp	10 q
EDConsolidated Edison, Inc.	0.07%	5,250	$497,000	held	—	25 q
BPBP p.l.c.	0.06%	13,500	$396,000	trimmed−14%	0.00 pp	19 q
BABoeing Company	0.06%	2,125	$406,000	added+63%	+0.03 pp	8 q
KHCThe Kraft Heinz Company	0.06%	11,000	$433,000	added+57%	+0.03 pp	6 q
DISThe Walt Disney Company	0.04%	1,975	$270,000	new	+0.04 pp	new
PAYXPaychex Inc	0.04%	2,000	$272,000	held	—	4 q
XOMExxon Mobil Corp	0.03%	2,500	$206,000	new	+0.03 pp	new
PEPPepsiCo, Inc.	0.03%	1,250	$209,000	new	+0.03 pp	new
TPRTapestry, Inc.	0.03%	5,750	$213,000	new	+0.03 pp	new
TDToronto Dominion Bank	0.03%	2,750	$218,000	new	+0.03 pp	new
ECLEcolab, Inc.	—	−2,500	—	exited	−0.08 pp	—
SLBSLB Limited	—	−17,250	—	exited	−0.07 pp	—
IVViShares Core S&P 500 ETF	—	−771	—	exited	−0.05 pp	—