Wedgewood Partners

Q3 2023 13F · by David Rolfe, CIO

As of: Sep 30, 2023
Filed: Nov 14, 2023
US stock: $418M · prev $620M
Positions: 21 · prev 36
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%

Moves38 since the prior filing

+2.1 pp in · −2.1 pp out

New 2 +2.15 pp
Added 0 0.00 pp
Trimmed 19 +0.51 pp
Exited 17 −2.65 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.6% a year, about 11.7 years per position

Low
Moderate
High

Top 5 positions40% of US stock

META Meta Platforms, Inc. Class A trimmed+2.21 pp trimmed+2.219.9%
GOOGL Alphabet Inc. Class A trimmed+2.13 pp trimmed+2.138.7%
AAPL Apple Inc. trimmed−2.73 pp trimmed−2.737.6%
MSI Motorola Solutions, Inc. New trimmed−0.16 pp trimmed−0.167.0%
V VISA Inc. trimmed−0.22 pp trimmed−0.226.5%

Positions21 in this filing · 17 exited


METAMeta Platforms, Inc. Class A	9.95%	138,510	$42M	trimmed−17%	+2.21 pp	23 q
GOOGLAlphabet Inc. Class A	8.74%	279,250	$37M	trimmed−18%	+2.13 pp	33 q
AAPLApple Inc.	7.59%	185,289	$32M	trimmed−44%	−2.73 pp	41 q
MSIMotorola Solutions, Inc. New	6.98%	107,202	$29M	trimmed−29%	−0.16 pp	18 q
VVISA Inc.	6.54%	118,841	$27M	trimmed−33%	−0.22 pp	42 q
CDWCDW Corporation	6.39%	132,362	$27M	trimmed−23%	+1.27 pp	17 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	6.05%	50,171	$25M	trimmed−32%	+0.36 pp	9 q
CPRTCopart Inc	5.69%	551,647	$24M	trimmed−23%	+0.41 pp	16 q
MSFTMicrosoft Corp	5.57%	73,672	$23M	trimmed−35%	−0.67 pp	15 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	5.53%	265,848	$23M	trimmed−21%	+0.03 pp	10 q
TSCOTractor Supply Co	5.22%	107,527	$22M	trimmed−33%	−0.53 pp	28 q
PYPLPayPal Holdings, Inc.	4.89%	349,512	$20M	trimmed−28%	−0.30 pp	33 q
BKNGBooking Holdings Inc.	4.85%	6,566	$20M	trimmed−28%	+0.87 pp	11 q
EWEdwards Lifesciences Corp	3.21%	193,797	$13M	trimmed−39%	−1.58 pp	27 q
ODFLOld Dominion Freight Line	3.17%	32,374	$13M	trimmed−42%	−0.17 pp	11 q
POOLPool Corporation	3.06%	35,916	$13M	trimmed−20%	+0.36 pp	6 q
SPGIS&P Global Inc.	2.29%	26,247	$10M	trimmed−29%	−0.10 pp	16 q
TPLTexas Pacific Land Corporation	2.09%	4,781	$9M	trimmed−30%	+0.64 pp	8 q
ORLYO'Reilly Automotive, Inc.	2.06%	9,452	$9M	new	+2.06 pp	new
IWFiShares Russell 1000 Growth ETF	0.09%	1,339	$356,161	new	+0.09 pp	new
GOOGAlphabet Inc. Class C	0.05%	1,552	$204,631	trimmed−98%	−1.31 pp	39 q
BRK.BBERKSHIRE HATHAWAY Class B	—	−19,300	—	exited	−1.06 pp	—
USBU.S. Bancorp	—	−61,775	—	exited	−0.33 pp	—
BXBlackstone Inc.	—	−16,750	—	exited	−0.25 pp	—
TAT&T Inc.	—	−75,625	—	exited	−0.19 pp	—
JNJJohnson & Johnson	—	−4,905	—	exited	−0.13 pp	—
VZVerizon Communications	—	−21,290	—	exited	−0.13 pp	—
AEEAmeren Corporation	—	−6,900	—	exited	−0.09 pp	—
BABoeing Company	—	−2,775	—	exited	−0.09 pp	—
DISThe Walt Disney Company	—	−3,300	—	exited	−0.05 pp	—
KHCThe Kraft Heinz Company	—	−8,000	—	exited	−0.05 pp	—
PEPPepsiCo, Inc.	—	−1,750	—	exited	−0.05 pp	—
VEAVanguard FTSE Developed Markets ETF	—	−6,493	—	exited	−0.05 pp	—
BPBP p.l.c.	—	−6,875	—	exited	−0.04 pp	—
EDConsolidated Edison, Inc.	—	−2,750	—	exited	−0.04 pp	—
FFord Motor Company	—	−15,625	—	exited	−0.04 pp	—
AMZNAmazon.Com Inc	—	−1,600	—	exited	−0.03 pp	—
WBDWarner Bros. Discovery, Inc. Series A	—	−16,422	—	exited	−0.03 pp	—