FB - Wedgewood Partners Q3 2020 Client Letter

• Wedgewood Partners is a money manager founded in 1988 with the goal of providing investors with a superior approach to managing investment portfolios.
• For the third quarter 2020, our Composite (net) gained +10.77%. The S&P 500 Index gained+8.93%. The Russell 1000 Growth Index gained +13.22%. The Russell 1000 Value Index gained +5.59%.
• Top performance contributors for the quarter include Apple, Facebook, Edwards Lifesciences, NVIDIA, and PayPal Holdings. Top performance detractors for the quarter include First Republic Bank, Microsoft, Keysight Technologies, Alcon, and Electronic Arts.
• During the quarter, we sold NVIDIA, bought First Republic Bank, trimmed Apple (twice) and Facebook. We added to Copart, Bristol-Myers Squibb, CDW, Motorola Solutions, Keysight Technologies, and Microsoft.

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