PaperPanda Fund Terminal

David Rolfe

WEDGEWOOD PARTNERS INC · CIK: 859804 · Report Period: 2025-12-31 · Filed: 2026-02-17

Portfolio Concentration

Top 10 holdings by weight — hover for cross-investor insights

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Holdings Total: $535,491,123 · 21 positions

#	Ticker	Issuer	Class	% of Portfolio	Value ($)	Shares	Activity	Share Change
1	TSM	TAIWAN SEMICONDUCTOR MFG LTD	COM	10.5%	$56,116,508	184,661	REDUCE	-4,621
2	GOOGL	ALPHABET INC	COM	9.6%	$51,304,869	163,913	REDUCE	-43,319
3	META	META PLATFORMS INC	COM	8.5%	$45,635,319	69,135	REDUCE	-1,459
4	AAPL	APPLE INC	COM	7.3%	$38,854,173	142,920	REDUCE	-23,970
5	MSFT	MICROSOFT CORP	COM	7.0%	$37,478,601	77,496	REDUCE	-1,712
6	BKNG	BOOKING HOLDINGS INC	COM	5.8%	$31,153,711	5,817	REDUCE	-83
7	V	VISA INC	COM	5.7%	$30,564,667	87,151	REDUCE	-1,969
8	MSI	MOTOROLA SOLUTIONS INC	COM	5.1%	$27,493,065	71,724	ADD	+14,167
9	TSCO	TRACTOR SUPPLY CO	COM	4.5%	$24,055,944	481,023	REDUCE	-8,887
10	URI	UNITED RENTALS INC	COM	4.0%	$21,458,648	26,514	REDUCE	-411
11	CDW	CDW CORP	COM	3.9%	$20,684,818	151,871	ADD	+31,347
12	CPRT	COPART INC	COM	3.5%	$19,030,228	486,085	REDUCE	-10,935
13	ODFL	OLD DOMINION FREIGHT LINE IN	COM	3.5%	$18,824,014	120,051	ADD	+31,504
14	SPGI	S&P GLOBAL INC	COM	3.3%	$17,644,469	33,764	REDUCE	-960
15	CB	CHUBB LIMITED	COM	3.3%	$17,642,895	56,526	NEW BUY	+56,526
16	ORLY	OREILLY AUTOMOTIVE INC	COM	3.2%	$17,213,698	188,726	REDUCE	-2,942
17	EW	EDWARDS LIFESCIENCES CORP	COM	2.9%	$15,420,191	180,882	REDUCE	-3,819
18	AMZN	AMAZON COM INC	COM	2.5%	$13,448,958	58,266	NEW BUY	+58,266
19	ZTS	ZOETIS INC	COM	2.5%	$13,173,480	104,701	REDUCE	-22,821
20	PYPL	PAYPAL HLDGS INC	COM	2.4%	$12,604,246	215,900	REDUCE	-268,751
21	IWF	ISHARES TR	COM	1.1%	$5,688,621	12,019	NEW BUY	+12,019

Position Changes 8 quarters available

#	Ticker	Issuer	Action	Share Change	% Change	Shares Held	Value ($)
1	TSM	TAIWAN SEMICONDUCTOR MFG LTD	REDUCE	-4,621	-2.4%	184,661	$56,116,508
2	SPGI	S&P GLOBAL INC	REDUCE	-960	-2.8%	33,764	$17,644,469
3	ORLY	OREILLY AUTOMOTIVE INC	REDUCE	-2,942	-1.5%	188,726	$17,213,698
4	CPRT	COPART INC	REDUCE	-10,935	-2.2%	486,085	$19,030,228
5	ODFL	OLD DOMINION FREIGHT LINE IN	ADD	+31,504	+35.6%	120,051	$18,824,014
6	AAPL	APPLE INC	REDUCE	-23,970	-14.4%	142,920	$38,854,173
7	URI	UNITED RENTALS INC	REDUCE	-411	-1.5%	26,514	$21,458,648
8	AMZN	AMAZON COM INC	NEW BUY	+58,266	New	58,266	$13,448,958
9	GOOGL	ALPHABET INC	REDUCE	-43,319	-20.9%	163,913	$51,304,869
10	ZTS	ZOETIS INC	REDUCE	-22,821	-17.9%	104,701	$13,173,480
11	MSFT	MICROSOFT CORP	REDUCE	-1,712	-2.2%	77,496	$37,478,601
12	V	VISA INC	REDUCE	-1,969	-2.2%	87,151	$30,564,667
13	MSI	MOTOROLA SOLUTIONS INC	ADD	+14,167	+24.6%	71,724	$27,493,065
14	BKNG	BOOKING HOLDINGS INC	REDUCE	-83	-1.4%	5,817	$31,153,711
15	EW	EDWARDS LIFESCIENCES CORP	REDUCE	-3,819	-2.1%	180,882	$15,420,191
16	-	POOL CORP	SOLD	-32,322	Exit	-	-
17	CB	CHUBB LIMITED	NEW BUY	+56,526	New	56,526	$17,642,895
18	TSCO	TRACTOR SUPPLY CO	REDUCE	-8,887	-1.8%	481,023	$24,055,944
19	META	META PLATFORMS INC	REDUCE	-1,459	-2.1%	69,135	$45,635,319
20	IWF	ISHARES TR	NEW BUY	+12,019	New	12,019	$5,688,621
21	CDW	CDW CORP	ADD	+31,347	+26.0%	151,871	$20,684,818
22	PYPL	PAYPAL HLDGS INC	REDUCE	-268,751	-55.5%	215,900	$12,604,246

#	Ticker	Issuer	Action	Share Change	% Change	Shares Held	Value ($)
1	TSM	TAIWAN SEMICONDUCTOR MFG LTD	REDUCE	-8,218	-4.2%	189,282	$52,864,505
2	SPGI	S&P GLOBAL INC	ADD	+1,242	+3.7%	34,724	$16,900,703
3	ORLY	OREILLY AUTOMOTIVE INC	ADD	+6,458	+3.5%	191,668	$20,663,727
4	CPRT	COPART INC	ADD	+16,729	+3.5%	497,020	$22,350,989
5	ODFL	OLD DOMINION FREIGHT LINE IN	ADD	+3,227	+3.8%	88,547	$12,465,604
6	AAPL	APPLE INC	ADD	+5,033	+3.1%	166,890	$42,495,326
7	URI	UNITED RENTALS INC	ADD	+862	+3.3%	26,925	$25,704,517
8	GOOGL	ALPHABET INC	ADD	+5,929	+2.9%	207,232	$50,378,126
9	ZTS	ZOETIS INC	ADD	+4,179	+3.4%	127,522	$18,658,986
10	MSFT	MICROSOFT CORP	ADD	+2,603	+3.4%	79,208	$41,025,625
11	V	VISA INC	ADD	+3,517	+4.1%	89,120	$30,423,956
12	MSI	MOTOROLA SOLUTIONS INC	ADD	+1,966	+3.5%	57,557	$26,320,370
13	BKNG	BOOKING HOLDINGS INC	ADD	+245	+4.3%	5,900	$31,857,356
14	EW	EDWARDS LIFESCIENCES CORP	ADD	+6,667	+3.7%	184,701	$14,364,197
15	-	POOL CORP	ADD	+1,078	+3.5%	32,322	$10,022,190
16	TSCO	TRACTOR SUPPLY CO	ADD	+17,144	+3.6%	489,910	$27,861,167
17	META	META PLATFORMS INC	ADD	+2,264	+3.3%	70,594	$51,842,742
18	CDW	CDW CORP	ADD	+4,401	+3.8%	120,524	$19,197,010
19	PYPL	PAYPAL HLDGS INC	ADD	+18,810	+4.0%	484,651	$32,500,696

#	Ticker	Issuer	Action	Share Change	% Change	Shares Held	Value ($)
1	TSM	TAIWAN SEMICONDUCTOR MFG LTD	REDUCE	-39,313	-16.6%	197,500	$47,202,444
2	SPGI	S&P GLOBAL INC	REDUCE	-609	-1.8%	33,482	$18,851,188
3	ORLY	OREILLY AUTOMOTIVE INC	ADD	+172,617	+1370.7%	185,210	$18,774,738
4	CPRT	COPART INC	REDUCE	-8,116	-1.7%	480,291	$21,968,510
5	ODFL	OLD DOMINION FREIGHT LINE IN	ADD	+2,949	+3.6%	85,320	$12,316,851
6	AAPL	APPLE INC	REDUCE	-3,236	-2.0%	161,857	$32,913,651
7	-	UNITEDHEALTH GROUP INC	SOLD	-10,302	Exit	-	-
8	URI	UNITED RENTALS INC	ADD	+1,234	+5.0%	26,063	$22,637,730
9	GOOGL	ALPHABET INC	REDUCE	-46,625	-18.8%	201,303	$39,262,093
10	ZTS	ZOETIS INC	NEW BUY	+123,343	New	123,343	$18,724,701
11	MSFT	MICROSOFT CORP	REDUCE	-556	-0.7%	76,605	$41,032,945
12	V	VISA INC	REDUCE	-4,085	-4.6%	85,603	$29,289,143
13	MSI	MOTOROLA SOLUTIONS INC	REDUCE	-998	-1.8%	55,591	$24,458,277
14	BKNG	BOOKING HOLDINGS INC	REDUCE	-156	-2.7%	5,655	$30,968,872
15	EW	EDWARDS LIFESCIENCES CORP	REDUCE	-13,784	-7.2%	178,034	$14,258,743
16	-	POOL CORP	ADD	+968	+3.2%	31,244	$9,679,737
17	TSCO	TRACTOR SUPPLY CO	REDUCE	-7,299	-1.5%	472,766	$28,129,559
18	META	META PLATFORMS INC	REDUCE	-1,223	-1.8%	68,330	$53,049,206
19	IWF	ISHARES TR	SOLD	-7,588	Exit	-	-
20	CDW	CDW CORP	ADD	+859	+0.7%	116,123	$19,989,385
21	PYPL	PAYPAL HLDGS INC	REDUCE	-7,934	-1.7%	465,841	$31,681,846

#	Ticker	Issuer	Action	Share Change	% Change	Shares Held	Value ($)
1	TSM	TAIWAN SEMICONDUCTOR MFG LTD	REDUCE	-15	-0.0%	236,813	$46,121,612
2	SPGI	S&P GLOBAL INC	ADD	+10,731	+45.9%	34,091	$17,452,625
3	ORLY	OREILLY AUTOMOTIVE INC	ADD	+4,129	+48.8%	12,593	$16,694,918
4	CPRT	COPART INC	REDUCE	-26	-0.0%	488,407	$30,486,365
5	ODFL	OLD DOMINION FREIGHT LINE IN	ADD	+24,965	+43.5%	82,371	$14,138,999
6	AAPL	APPLE INC	ADD	+1,236	+0.8%	165,093	$35,054,147
7	-	UNITEDHEALTH GROUP INC	REDUCE	-45,082	-81.4%	10,302	$3,173,119
8	URI	UNITED RENTALS INC	NEW BUY	+24,829	New	24,829	$17,711,838
9	GOOGL	ALPHABET INC	ADD	+893	+0.4%	247,928	$40,999,889
10	MSFT	MICROSOFT CORP	ADD	+11,942	+18.3%	77,161	$34,949,393
11	V	VISA INC	REDUCE	-31,511	-26.0%	89,688	$31,970,169
12	MSI	MOTOROLA SOLUTIONS INC	ADD	+99	+0.2%	56,589	$23,495,755
13	BKNG	BOOKING HOLDINGS INC	REDUCE	-5	-0.1%	5,811	$30,314,781
14	EW	EDWARDS LIFESCIENCES CORP	REDUCE	-147,618	-43.5%	191,818	$14,722,032
15	-	POOL CORP	ADD	+466	+1.6%	30,276	$9,355,845
16	TSCO	TRACTOR SUPPLY CO	ADD	+469	+0.1%	480,065	$24,665,742
17	META	META PLATFORMS INC	REDUCE	-10,004	-12.6%	69,553	$45,860,270
18	IWF	ISHARES TR	ADD	+3,714	+95.9%	7,588	$3,032,317
19	CDW	CDW CORP	ADD	+24,817	+27.4%	115,264	$21,826,401
20	PYPL	PAYPAL HLDGS INC	ADD	+3,946	+0.8%	473,775	$34,433,967

#	Ticker	Issuer	Action	Share Change	% Change	Shares Held	Value ($)
1	TSM	TAIWAN SEMICONDUCTOR MFG LTD	REDUCE	-9,304	-3.8%	236,828	$46,771,149
2	SPGI	S&P GLOBAL INC	REDUCE	-1,022	-4.2%	23,360	$11,633,995
3	ORLY	OREILLY AUTOMOTIVE INC	REDUCE	-358	-4.1%	8,464	$10,036,611
4	CPRT	COPART INC	REDUCE	-21,506	-4.2%	488,433	$28,031,170
5	ODFL	OLD DOMINION FREIGHT LINE IN	REDUCE	-2,922	-4.8%	57,406	$10,126,387
6	AAPL	APPLE INC	REDUCE	-7,925	-4.6%	163,857	$41,033,180
7	-	UNITEDHEALTH GROUP INC	REDUCE	-2,651	-4.6%	55,384	$28,016,781
8	-	TEXAS PACIFIC LAND CORPORATI	SOLD	-13,191	Exit	-	-
9	GOOGL	ALPHABET INC	REDUCE	-10,488	-4.1%	247,035	$46,763,659
10	MSFT	MICROSOFT CORP	REDUCE	-2,665	-3.9%	65,219	$27,489,780
11	V	VISA INC	REDUCE	-5,439	-4.3%	121,199	$38,303,600
12	MSI	MOTOROLA SOLUTIONS INC	REDUCE	-2,619	-4.4%	56,490	$26,111,596
13	BKNG	BOOKING HOLDINGS INC	REDUCE	-271	-4.5%	5,816	$28,897,558
14	EW	EDWARDS LIFESCIENCES CORP	REDUCE	-19,821	-5.5%	339,436	$25,128,447
15	-	POOL CORP	REDUCE	-3,722	-11.1%	29,810	$10,163,297
16	TSCO	TRACTOR SUPPLY CO	ADD	+379,639	+379.8%	479,596	$25,447,390
17	META	META PLATFORMS INC	REDUCE	-3,291	-4.0%	79,557	$46,581,181
18	IWF	ISHARES TR	NEW BUY	+3,874	New	3,874	$1,555,721
19	CDW	CDW CORP	REDUCE	-5,404	-5.6%	90,447	$15,741,469
20	PYPL	PAYPAL HLDGS INC	REDUCE	-25,555	-5.2%	469,829	$40,099,905

#	Ticker	Issuer	Action	Share Change	% Change	Shares Held	Value ($)
1	TSM	TAIWAN SEMICONDUCTOR MFG LTD	REDUCE	-1,656	-0.7%	246,132	$45,942,988
2	SPGI	S&P GLOBAL INC	REDUCE	-262	-1.1%	24,382	$12,441,866
3	ORLY	OREILLY AUTOMOTIVE INC	REDUCE	-65	-0.7%	8,822	$10,928,517
4	CPRT	COPART INC	REDUCE	-6,240	-1.2%	509,939	$29,540,766
5	ODFL	OLD DOMINION FREIGHT LINE IN	REDUCE	-502	-0.8%	60,328	$13,609,925
6	AAPL	APPLE INC	REDUCE	-1,758	-1.0%	171,782	$38,671,585
7	-	UNITEDHEALTH GROUP INC	REDUCE	-885	-1.5%	58,035	$35,161,684
8	-	TEXAS PACIFIC LAND CORPORATI	REDUCE	-172	-1.3%	13,191	$18,024,367
9	GOOGL	ALPHABET INC	REDUCE	-3,332	-1.3%	257,523	$46,065,743
10	MSFT	MICROSOFT CORP	REDUCE	-1,086	-1.6%	67,884	$28,864,152
11	V	VISA INC	REDUCE	-1,720	-1.3%	126,638	$39,191,977
12	MSI	MOTOROLA SOLUTIONS INC	REDUCE	-1,232	-2.0%	59,109	$29,359,680
13	BKNG	BOOKING HOLDINGS INC	REDUCE	-58	-0.9%	6,087	$30,359,684
14	EW	EDWARDS LIFESCIENCES CORP	ADD	+4,830	+1.4%	359,257	$23,897,776
15	-	POOL CORP	REDUCE	-227	-0.7%	33,532	$11,776,260
16	TSCO	TRACTOR SUPPLY CO	REDUCE	-1,631	-1.6%	99,957	$27,863,011
17	META	META PLATFORMS INC	REDUCE	-940	-1.1%	82,848	$48,052,112
18	CDW	CDW CORP	REDUCE	-628	-0.7%	95,851	$17,829,213
19	PYPL	PAYPAL HLDGS INC	REDUCE	-7,828	-1.6%	495,384	$43,251,977

#	Ticker	Issuer	Action	Share Change	% Change	Shares Held	Value ($)
1	TSM	TAIWAN SEMICONDUCTOR MFG LTD	REDUCE	-5,879	-2.3%	247,788	$41,536,659
2	SPGI	S&P GLOBAL INC	REDUCE	-507	-2.0%	24,644	$11,939,219
3	ORLY	OREILLY AUTOMOTIVE INC	REDUCE	-211	-2.3%	8,887	$9,962,949
4	CPRT	COPART INC	REDUCE	-11,030	-2.1%	516,179	$25,943,157
5	ODFL	OLD DOMINION FREIGHT LINE IN	REDUCE	-1,424	-2.3%	60,830	$11,595,327
6	AAPL	APPLE INC	REDUCE	-4,834	-2.7%	173,540	$37,750,102
7	-	UNITEDHEALTH GROUP INC	REDUCE	-1,273	-2.1%	58,920	$33,306,692
8	-	TEXAS PACIFIC LAND CORPORATI	REDUCE	-336	-2.5%	13,363	$11,127,426
9	GOOGL	ALPHABET INC	REDUCE	-6,769	-2.5%	260,855	$42,334,088
10	MSFT	MICROSOFT CORP	REDUCE	-1,645	-2.3%	68,970	$28,057,884
11	V	VISA INC	REDUCE	-3,043	-2.3%	128,358	$33,358,890
12	MSI	MOTOROLA SOLUTIONS INC	REDUCE	-19,983	-24.9%	60,341	$24,906,460
13	BKNG	BOOKING HOLDINGS INC	REDUCE	-144	-2.3%	6,145	$21,134,466
14	EW	EDWARDS LIFESCIENCES CORP	ADD	+108,976	+44.4%	354,427	$23,229,146
15	-	POOL CORP	REDUCE	-557	-1.6%	33,759	$11,615,542
16	TSCO	TRACTOR SUPPLY CO	REDUCE	-2,096	-2.0%	101,588	$26,639,491
17	META	META PLATFORMS INC	REDUCE	-2,134	-2.5%	83,788	$43,230,593
18	CDW	CDW CORP	REDUCE	-2,131	-2.2%	96,479	$20,463,267
19	PYPL	PAYPAL HLDGS INC	REDUCE	-10,585	-2.1%	503,212	$31,933,834

#	Ticker	Issuer	Action	Share Change	% Change	Shares Held	Value ($)
1	TSM	TAIWAN SEMICONDUCTOR MFG LTD	REDUCE	-4,792	-1.9%	253,667	$39,465,467
2	SPGI	S&P GLOBAL INC	REDUCE	-454	-1.8%	25,151	$10,958,499
3	-	ALPHABET INC	SOLD	-1,552	Exit	-	-
4	ORLY	OREILLY AUTOMOTIVE INC	REDUCE	-180	-1.9%	9,098	$9,192,437
5	CPRT	COPART INC	REDUCE	-11,954	-2.2%	527,209	$29,159,930
6	ODFL	OLD DOMINION FREIGHT LINE IN	ADD	+30,627	+96.8%	62,254	$11,449,730
7	AAPL	APPLE INC	REDUCE	-2,110	-1.2%	178,374	$33,841,173
8	-	UNITEDHEALTH GROUP INC	ADD	+10,969	+22.3%	60,193	$31,152,761
9	-	TEXAS PACIFIC LAND CORPORATI	ADD	+8,989	+190.8%	13,699	$8,240,794
10	GOOGL	ALPHABET INC	REDUCE	-3,675	-1.4%	267,624	$46,167,816
11	MSFT	MICROSOFT CORP	REDUCE	-1,091	-1.5%	70,615	$29,875,624
12	V	VISA INC	REDUCE	-1,822	-1.4%	131,401	$36,989,456
13	MSI	MOTOROLA SOLUTIONS INC	REDUCE	-1,928	-2.3%	80,324	$29,320,590
14	BKNG	BOOKING HOLDINGS INC	REDUCE	-125	-1.9%	6,289	$23,851,627
15	EW	EDWARDS LIFESCIENCES CORP	REDUCE	-5,201	-2.1%	245,451	$22,129,862
16	-	POOL CORP	REDUCE	-599	-1.7%	34,316	$13,145,576
17	TSCO	TRACTOR SUPPLY CO	REDUCE	-1,621	-1.5%	103,684	$28,612,655
18	META	META PLATFORMS INC	REDUCE	-16,198	-15.9%	85,922	$41,374,743
19	CDW	CDW CORP	REDUCE	-1,946	-1.9%	98,610	$22,033,490
20	PYPL	PAYPAL HLDGS INC	REDUCE	-7,322	-1.4%	513,797	$32,831,628

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