Wedgewood Partners

Q4 2022 13F · by David Rolfe, CIO

As of: Dec 31, 2022
Filed: Feb 14, 2023
US stock: $544M · prev $532M
Positions: 41 · 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%

Moves39 since the prior filing

0.0 pp in · +0.1 pp out

New 3 +0.21 pp
Added 8 −0.18 pp
Trimmed 26 +0.17 pp
Exited 2 −0.08 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 4.5% a year, about 22.4 years per position

Low
Moderate
High

Top 5 positions37% of US stock

AAPL Apple Inc. added−0.74 pp added−0.748.6%
MSI Motorola Solutions, Inc. New trimmed+0.79 pp trimmed+0.797.6%
TSCO Tractor Supply Co trimmed+1.09 pp trimmed+1.097.3%
V VISA Inc. trimmed+0.86 pp trimmed+0.867.3%
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) trimmed+0.12 pp trimmed+0.125.9%

Positions41 in this filing · 2 exited


AAPLApple Inc.	8.63%	361,702	$47M	added0%	−0.74 pp	38 q
MSIMotorola Solutions, Inc. New	7.59%	160,213	$41M	trimmed−1%	+0.79 pp	15 q
TSCOTractor Supply Co	7.25%	175,465	$39M	trimmed−0%	+1.09 pp	25 q
VVISA Inc.	7.25%	190,076	$39M	trimmed−1%	+0.86 pp	39 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	5.90%	60,622	$32M	trimmed−0%	+0.12 pp	6 q
MSFTMicrosoft Corp	5.89%	133,584	$32M	trimmed−3%	−0.16 pp	12 q
CDWCDW Corporation	5.87%	178,924	$32M	trimmed−1%	+0.57 pp	14 q
GOOGLAlphabet Inc. Class A	5.14%	317,379	$28M	trimmed−1%	−0.64 pp	30 q
EWEdwards Lifesciences Corp	4.57%	333,760	$25M	added+1%	−0.59 pp	24 q
CPRTCopart Inc	4.29%	383,316	$23M	trimmed−0%	+0.45 pp	13 q
FRCBFirst Republic Bk CA	4.12%	184,096	$22M	added+22%	+0.42 pp	10 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	4.11%	300,283	$22M	added+1%	+0.29 pp	7 q
PYPLPayPal Holdings, Inc.	4.06%	310,249	$22M	trimmed−1%	−0.99 pp	30 q
TPLTexas Pacific Land Corporation	3.65%	8,473	$20M	trimmed−19%	+0.15 pp	5 q
METAMeta Platforms, Inc. Class A	3.54%	160,091	$19M	trimmed−20%	−1.59 pp	20 q
PGRProgressive Corporation	3.36%	141,210	$18M	trimmed−21%	−0.54 pp	9 q
BKNGBooking Holdings Inc.	3.24%	8,743	$18M	trimmed−6%	+0.37 pp	8 q
ODFLOld Dominion Freight Line	2.93%	56,249	$16M	added0%	+0.30 pp	8 q
SPGIS&P Global Inc.	2.40%	39,034	$13M	trimmed−1%	+0.14 pp	13 q
POOLPool Corporation	1.66%	29,848	$9M	trimmed−1%	−0.15 pp	3 q
GOOGAlphabet Inc. Class C	1.31%	80,530	$7M	held	—	36 q
BRK.BBERKSHIRE HATHAWAY Class B	1.13%	19,975	$6M	added+3%	+0.16 pp	38 q
USBU.S. Bancorp	0.28%	35,555	$2M	trimmed−3%	0.00 pp	28 q
TAT&T Inc.	0.26%	77,075	$1M	trimmed−1%	+0.04 pp	28 q
BXBlackstone Inc.	0.21%	15,250	$1M	added+9%	−0.01 pp	28 q
JNJJohnson & Johnson	0.18%	5,625	$993,000	trimmed−12%	−0.02 pp	28 q
VZVerizon Communications	0.15%	20,750	$817,000	trimmed−11%	−0.02 pp	28 q
QQQInvesco QQQ Trust, Series 1	0.14%	2,825	$752,000	new	+0.14 pp	new
AEEAmeren Corporation	0.11%	6,900	$613,000	held	—	28 q
BABoeing Company	0.11%	3,225	$614,000	trimmed−13%	+0.03 pp	11 q
SBUXStarbucks Corp	0.10%	5,595	$555,000	trimmed−78%	−0.30 pp	16 q
EDConsolidated Edison, Inc.	0.09%	5,250	$500,000	held	—	28 q
NLYAnnaly Capital Management. Inc.	0.07%	18,211	$383,000	trimmed−16%	0.00 pp	28 q
KHCThe Kraft Heinz Company	0.07%	9,250	$376,000	trimmed−21%	0.00 pp	9 q
BPBP p.l.c.	0.06%	9,870	$344,000	trimmed−23%	−0.01 pp	22 q
BMYBristol-Myers Squibb Co.	0.06%	4,175	$300,000	trimmed−23%	−0.01 pp	13 q
DISThe Walt Disney Company	0.05%	3,050	$264,000	trimmed−8%	−0.01 pp	4 q
PAYXPaychex Inc	0.04%	2,000	$231,000	held	—	7 q
TPRTapestry, Inc.	0.04%	5,750	$218,000	new	+0.04 pp	new
FFord Motor Company	0.03%	12,350	$143,000	new	+0.03 pp	new
WBDWarner Bros. Discovery, Inc. Series A	0.03%	18,084	$171,000	added+9%	−0.01 pp	3 q
XOMExxon Mobil Corp	—	−2,375	—	exited	−0.04 pp	—
PEPPepsiCo, Inc.	—	−1,250	—	exited	−0.04 pp	—