Wedgewood Partners

Q3 2025 13F · by David Rolfe, CIO

As of: Sep 30, 2025
Filed: Nov 14, 2025
US stock: $548M · prev $515M
Positions: 19 · prev 19
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%

Moves19 since the prior filing

−0.5 pp in · +0.5 pp out

New 0 0.00 pp
Added 18 −0.49 pp
Trimmed 1 +0.49 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.7% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions44% of US stock

TSM Taiwan Semiconductor Manufacturing Company Ltd. trimmed+0.49 pp trimmed+0.499.7%
META Meta Platforms, Inc. Class A added−0.84 pp added−0.849.5%
GOOGL Alphabet Inc. Class A added+1.57 pp added+1.579.2%
AAPL Apple Inc. added+1.37 pp added+1.377.8%
MSFT Microsoft Corp added−0.47 pp added−0.477.5%

Positions19 in this filing · 0 exited


TSMTaiwan Semiconductor Manufacturing Company Ltd.	9.65%	189,282	$53M	trimmed−4%	+0.49 pp	18 q
METAMeta Platforms, Inc. Class A	9.46%	70,594	$52M	added+3%	−0.84 pp	31 q
GOOGLAlphabet Inc. Class A	9.19%	207,232	$50M	added+3%	+1.57 pp	41 q
AAPLApple Inc.	7.76%	166,890	$42M	added+3%	+1.37 pp	49 q
MSFTMicrosoft Corp	7.49%	79,208	$41M	added+3%	−0.47 pp	23 q
PYPLPayPal Holdings, Inc.	5.93%	484,651	$33M	added+4%	−0.22 pp	41 q
BKNGBooking Holdings Inc.	5.81%	5,900	$32M	added+4%	−0.20 pp	19 q
VVISA Inc.	5.55%	89,120	$30M	added+4%	−0.14 pp	50 q
TSCOTractor Supply Co	5.09%	489,910	$28M	added+4%	−0.37 pp	36 q
MSIMotorola Solutions, Inc. New	4.80%	57,557	$26M	added+4%	+0.05 pp	26 q
URIUnited Rentals, Inc.	4.69%	26,925	$26M	added+3%	+0.30 pp	3 q
CPRTCopart Inc	4.08%	497,020	$22M	added+3%	−0.18 pp	24 q
ORLYO'Reilly Automotive, Inc.	3.77%	191,668	$21M	added+3%	+0.13 pp	9 q
CDWCDW Corporation	3.50%	120,524	$19M	added+4%	−0.38 pp	25 q
ZTSZoetis Inc.	3.41%	127,522	$19M	added+3%	−0.22 pp	2 q
SPGIS&P Global Inc.	3.08%	34,724	$17M	added+4%	−0.58 pp	24 q
EWEdwards Lifesciences Corp	2.62%	184,701	$14M	added+4%	−0.15 pp	35 q
ODFLOld Dominion Freight Line	2.28%	88,547	$12M	added+4%	−0.11 pp	19 q
POOLPool Corporation	1.83%	32,322	$10M	added+3%	−0.05 pp	14 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0000859804-25-000009
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet