Wedgewood Partners

Q3 2022 13F · by David Rolfe, CIO

As of: Sep 30, 2022
Filed: Nov 14, 2022
US stock: $532M · prev $579M
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%

Moves35 since the prior filing

+0.1 pp in · −0.2 pp out

New 1 +0.04 pp
Added 9 +0.10 pp
Trimmed 24 +0.16 pp
Exited 1 −0.37 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.9% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions35% of US stock

AAPL Apple Inc. trimmed+0.70 pp trimmed+0.709.4%
MSI Motorola Solutions, Inc. New trimmed+0.74 pp trimmed+0.746.8%
V VISA Inc. trimmed−0.29 pp trimmed−0.296.4%
TSCO Tractor Supply Co trimmed+0.14 pp trimmed+0.146.2%
MSFT Microsoft Corp trimmed−0.21 pp trimmed−0.216.0%

Positions40 in this filing · 1 exited


AAPLApple Inc.	9.37%	360,547	$50M	trimmed−2%	+0.70 pp	37 q
MSIMotorola Solutions, Inc. New	6.80%	161,350	$36M	trimmed−4%	+0.74 pp	14 q
VVISA Inc.	6.39%	191,229	$34M	trimmed−3%	−0.29 pp	38 q
TSCOTractor Supply Co	6.16%	176,256	$33M	trimmed−2%	+0.14 pp	24 q
MSFTMicrosoft Corp	6.05%	137,986	$32M	trimmed−2%	−0.21 pp	11 q
GOOGLAlphabet Inc. Class A	5.78%	321,148	$31M	trimmed−2%	−0.42 pp	29 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	5.78%	60,867	$31M	trimmed−3%	+0.24 pp	5 q
CDWCDW Corporation	5.30%	180,363	$28M	trimmed−3%	+0.25 pp	13 q
EWEdwards Lifesciences Corp	5.16%	331,627	$27M	trimmed−3%	−0.44 pp	23 q
METAMeta Platforms, Inc. Class A	5.13%	201,118	$27M	trimmed−8%	−0.93 pp	19 q
PYPLPayPal Holdings, Inc.	5.05%	312,051	$27M	trimmed−6%	+1.05 pp	29 q
PGRProgressive Corporation	3.90%	178,530	$21M	trimmed−3%	+0.21 pp	8 q
CPRTCopart Inc	3.84%	192,001	$20M	trimmed−3%	+0.13 pp	12 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	3.82%	296,516	$20M	trimmed−15%	−1.12 pp	6 q
FRCBFirst Republic Bk CA	3.70%	150,846	$20M	trimmed−2%	−0.12 pp	9 q
TPLTexas Pacific Land Corporation	3.50%	10,474	$19M	trimmed−3%	+0.71 pp	4 q
BKNGBooking Holdings Inc.	2.87%	9,271	$15M	trimmed−5%	−0.09 pp	7 q
ODFLOld Dominion Freight Line	2.63%	56,160	$14M	trimmed−3%	+0.06 pp	7 q
SPGIS&P Global Inc.	2.26%	39,297	$12M	trimmed−3%	−0.09 pp	12 q
POOLPool Corporation	1.81%	30,223	$10M	trimmed−2%	−0.05 pp	2 q
GOOGAlphabet Inc. Class C	1.46%	80,530	$8M	trimmed−0%	−0.07 pp	35 q
BRK.BBERKSHIRE HATHAWAY Class B	0.97%	19,375	$5M	held	—	37 q
SBUXStarbucks Corp	0.40%	25,390	$2M	trimmed−47%	−0.23 pp	15 q
USBU.S. Bancorp	0.28%	36,805	$1M	added+7%	+0.01 pp	27 q
TAT&T Inc.	0.22%	77,500	$1M	added+67%	+0.05 pp	27 q
BXBlackstone Inc.	0.22%	14,000	$1M	added+10%	+0.02 pp	27 q
JNJJohnson & Johnson	0.20%	6,400	$1M	trimmed−1%	0.00 pp	27 q
VZVerizon Communications	0.17%	23,250	$882,000	added+12%	−0.01 pp	27 q
AEEAmeren Corporation	0.10%	6,900	$555,000	held	—	27 q
BABoeing Company	0.08%	3,725	$451,000	added+38%	+0.02 pp	10 q
EDConsolidated Edison, Inc.	0.08%	5,250	$450,000	held	—	27 q
NLYAnnaly Capital Management. Inc.	0.07%	21,561	$369,000	added+6%	−0.01 pp	27 q
BPBP p.l.c.	0.07%	12,750	$364,000	held	—	21 q
BMYBristol-Myers Squibb Co.	0.07%	5,425	$385,000	trimmed−8%	−0.01 pp	12 q
KHCThe Kraft Heinz Company	0.07%	11,750	$391,000	added+7%	0.00 pp	8 q
DISThe Walt Disney Company	0.06%	3,300	$311,000	added+43%	+0.02 pp	3 q
XOMExxon Mobil Corp	0.04%	2,375	$207,000	new	+0.04 pp	new
PAYXPaychex Inc	0.04%	2,000	$224,000	held	—	6 q
PEPPepsiCo, Inc.	0.04%	1,250	$204,000	held	—	3 q
WBDWarner Bros. Discovery, Inc. Series A	0.04%	16,584	$190,000	added+1%	0.00 pp	2 q
KEYSKeysight Technologies, Inc.	—	−15,375	—	exited	−0.37 pp	—