Wedgewood Partners portfolio

What changed this quarter

18 positions with a change (7 added to, 11 trimmed). 8 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Taiwan Semiconductor Manufacturing−18%fewer sharesReduced
  9.0% → 10.4%
• Alphabet−18%fewer sharesReduced
  9.2% → 9.4%
• United Rentals−34%fewer sharesReduced
  3.8% → 3.9%
• Amazon.com+36%more sharesIncreased
  4.3% → 6.7%
• Meta Platforms+16%more sharesIncreased
  7.8% → 8.9%
• Microsoft+21%more sharesIncreased
  5.7% → 6.9%
• Progressive+27%more sharesIncreased
  3.4% → 4.8%
• Chubb+26%more sharesIncreased
  3.6% → 4.8%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• Taiwan Semiconductor ManufacturingTSM10.4%Since Q2 2021 · 21 quartersDetails ▾
• AlphabetGOOGL9.4%Since Q3 2015 · 44 quartersDetails ▾
• Meta PlatformsMETA8.9%Since Q1 2018 · 34 quartersDetails ▾
• AppleAAPL7.8%Since Q3 2013 · 52 quartersDetails ▾
• MicrosoftMSFT6.9%Since Q1 2020 · 26 quartersDetails ▾
• Amazon.comAMZN6.7%Since Q4 2025 · 3 quartersDetails ▾
• VisaV6.3%Since at least Q2 2013 · 53 quartersDetails ▾
• Motorola SolutionsMSI5.6%Since Q2 2019 · 29 quartersDetails ▾
• Old Dominion Freight LineODFL4.9%Since Q1 2021 · 22 quartersDetails ▾
• Booking HoldingsBKNG4.9%Since Q1 2021 · 22 quartersDetails ▾
• ProgressivePGR4.8%Since Q1 2026 · 2 quartersDetails ▾
• ChubbCB4.8%Since Q4 2025 · 3 quartersDetails ▾
• United RentalsURI3.9%Since Q1 2025 · 6 quartersDetails ▾
• O Reilly AutomotiveORLY3.3%Since Q3 2023 · 12 quartersDetails ▾
• Edwards LifesciencesEW3.1%Since Q1 2017 · 38 quartersDetails ▾
• Toll BrothersTOL3.1%Since Q1 2026 · 2 quartersDetails ▾
• S&P GlobalSPGI2.6%Since Q4 2019 · 27 quartersDetails ▾
• CopartCPRT2.6%Since Q4 2019 · 27 quartersDetails ▾

“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.