Wedgewood Partners

Q2 2023 13F · by David Rolfe, CIO

As of: Jun 30, 2023
Filed: Aug 14, 2023
US stock: $620M · prev $590M
Positions: 36 · prev 38
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%

Moves37 since the prior filing

+1.3 pp in · −1.3 pp out

New 3 +0.13 pp
Added 10 +1.17 pp
Trimmed 19 −0.61 pp
Exited 5 −0.65 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.0% a year, about 12.6 years per position

Low
Moderate
High

Top 5 positions39% of US stock

AAPL Apple Inc. trimmed+0.34 pp trimmed+0.3410.3%
META Meta Platforms, Inc. Class A trimmed+1.05 pp trimmed+1.057.7%
MSI Motorola Solutions, Inc. New trimmed−0.51 pp trimmed−0.517.1%
V VISA Inc. trimmed−0.39 pp trimmed−0.396.8%
GOOGL Alphabet Inc. Class A trimmed+0.36 pp trimmed+0.366.6%

Positions36 in this filing · 5 exited


AAPLApple Inc.	10.32%	329,962	$64M	trimmed−8%	+0.34 pp	40 q
METAMeta Platforms, Inc. Class A	7.74%	167,265	$48M	trimmed−10%	+1.05 pp	22 q
MSIMotorola Solutions, Inc. New	7.14%	151,095	$44M	trimmed−4%	−0.51 pp	17 q
VVISA Inc.	6.76%	176,665	$42M	trimmed−6%	−0.39 pp	41 q
GOOGLAlphabet Inc. Class A	6.61%	342,458	$41M	trimmed−4%	+0.36 pp	32 q
MSFTMicrosoft Corp	6.24%	113,575	$39M	trimmed−4%	+0.44 pp	14 q
TSCOTractor Supply Co	5.75%	161,455	$36M	trimmed−5%	−1.03 pp	27 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	5.69%	73,417	$35M	trimmed−2%	−0.34 pp	8 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	5.50%	338,042	$34M	trimmed−0%	+0.17 pp	9 q
CPRTCopart Inc	5.28%	359,006	$33M	trimmed−5%	+0.47 pp	15 q
PYPLPayPal Holdings, Inc.	5.19%	482,868	$32M	added+46%	+0.93 pp	32 q
CDWCDW Corporation	5.12%	172,984	$32M	trimmed−2%	−0.69 pp	16 q
EWEdwards Lifesciences Corp	4.79%	315,173	$30M	trimmed−5%	+0.16 pp	26 q
BKNGBooking Holdings Inc.	3.98%	9,133	$25M	added+3%	−0.02 pp	10 q
ODFLOld Dominion Freight Line	3.34%	56,012	$21M	added+1%	+0.14 pp	10 q
POOLPool Corporation	2.70%	44,738	$17M	added0%	+0.11 pp	5 q
SPGIS&P Global Inc.	2.39%	36,980	$15M	trimmed−4%	+0.13 pp	15 q
TPLTexas Pacific Land Corporation	1.45%	6,813	$9M	trimmed−4%	−0.60 pp	7 q
GOOGAlphabet Inc. Class C	1.36%	69,627	$8M	trimmed−15%	−0.09 pp	38 q
BRK.BBERKSHIRE HATHAWAY Class B	1.06%	19,300	$7M	trimmed−3%	+0.01 pp	40 q
USBU.S. Bancorp	0.33%	61,775	$2M	added+22%	+0.02 pp	30 q
BXBlackstone Inc.	0.25%	16,750	$2M	added+5%	+0.01 pp	30 q
TAT&T Inc.	0.19%	75,625	$1M	trimmed−2%	−0.06 pp	30 q
JNJJohnson & Johnson	0.13%	4,905	$811,000	added+1%	0.00 pp	30 q
VZVerizon Communications	0.13%	21,290	$791,000	added+1%	−0.01 pp	30 q
AEEAmeren Corporation	0.09%	6,900	$563,000	held	—	30 q
BABoeing Company	0.09%	2,775	$585,000	held	—	13 q
DISThe Walt Disney Company	0.05%	3,300	$294,000	added+8%	0.00 pp	6 q
KHCThe Kraft Heinz Company	0.05%	8,000	$284,000	held	—	11 q
PEPPepsiCo, Inc.	0.05%	1,750	$324,000	new	+0.05 pp	new
VEAVanguard FTSE Developed Markets ETF	0.05%	6,493	$299,000	new	+0.05 pp	new
BPBP p.l.c.	0.04%	6,875	$242,000	trimmed−18%	−0.01 pp	24 q
EDConsolidated Edison, Inc.	0.04%	2,750	$248,000	trimmed−31%	−0.02 pp	30 q
FFord Motor Company	0.04%	15,625	$236,000	held	—	3 q
AMZNAmazon.Com Inc	0.03%	1,600	$208,000	new	+0.03 pp	new
WBDWarner Bros. Discovery, Inc. Series A	0.03%	16,422	$205,000	added0%	−0.01 pp	5 q
FRCBFirst Republic Bk CA	—	−201,834	—	exited	−0.48 pp	—
PGRProgressive Corporation	—	−3,500	—	exited	−0.08 pp	—
NLYAnnaly Capital Management. Inc.	—	−15,687	—	exited	−0.05 pp	—
PAYXPaychex Inc	—	−2,000	—	exited	−0.04 pp	—
unresolvedCollateral Delv To Computersha	—	−80,642	—	exited	0.00 pp	—