UNH - Wedgewood Partners Third Quarter 2021 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 of 2021, our Composite (net)i gained +2.75%. The S&P 500 Index gained +0.58%. The Russell 1000 Growth Index gained +1.16%. The Russell 1000 Value Index fell -0.78%.
• Top performance detractors for the first quarter include PayPal, Progressive, UnitedHealth, Taiwan Semiconductor Manufacturing, and Facebook. Top first quarter performance contributors include Alphabet, Edwards Lifesciences, Motorola Solutions, Tractor Supply Company, and Keysight Technologies.
• During the quarter we trimmed Alphabet, Keysight Technologies, and Starbucks. Weincreased our position in Taiwan Semiconductor Manufacturing and purchasedUnitedHealth.

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