Wedgewood Partners
​Growth, Profitability, Valuations

The 2nd Quarter Wedgewood Partners 
​Client Letter is available in 3 sections below.

Mr. Market rewards.  Mr. Market punishes.  We’ve mostly enjoyed outsized rewards over the past half-dozen years.  By the end of 2024, we had clocked approximately +30% returns over the past five of the six calendar years.  Stock market rewards, when they are abundant, commonly lead to stretched valuations.  This is where our portfolio ended by late 2024. 

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Wedgewood Large Cap Focused Growth Portfolio Review

Top performance contributors for the first quarter include Taiwan Semiconductor Manufacturing, Meta Platforms, Microsoft, Booking Holdings and Alphabet.  Top performance detractors for the fourth quarter include UnitedHealth, Copart, Apple, Tractor Supply Company and O’Reilly Automotive.

During the quarter we purchased Zoetis and sold UnitedHealth.  We added to Microsoft, United Rentals, CDW and Zoetis.  We trimmed Visa, Edwards Lifesciences and Alphabet.

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A Day in the Stock Market Life

Along with the sharp appreciation in index-dominate technology stocks, the stock market is, no surprise, back to valuation levels that will likely be braked by stubbornly high interest rates.  Note too, the sharp rebound of technology stock’s market capitalization as percent of the S&P 500 Index is back to near all time highs.  Even more striking, the largest six stocks in the Russell 1000 Growth Index (all tech, of course) account for nearly 54% of the index!

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Company Commentary: Zoetis

We have been monitoring Zoetis and other animal healthcare companies for many years.  The industry has long boasted healthy and steady growth rates.  Critically, Zoetis also boasts high and improving levels of profitability.


It can be difficult to quantify many of the more subjective long-term drivers of the business - for example, tracking changing attitudes as more people consider pets as their “pet children” rather than the animal barking at potential intruders from the back yard.  We can only highlight the results of many of these intangibles, which have appeared in the financial results of the broad industry and of companies such as Zoetis.  

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"Profitability is our North Star. We ask the question - why is a company more profitable than their competitors."

Wedgewood Large Cap Focused Growth 
​Fact Sheet
Investment Approach
​Why Wedgewood


As of January 1, 2023, Wedgewood Partners, Inc. has a contractual agreement with Focus Distributors to market and promote Wedgewood for compensation, which presents a conflict of interest. Focus Distributors is not a client of Wedgewood.

Any holdings identified do not represent all of the securities purchased, sold, or recommended for client portfolios.  The reader should not construe any information on this page as an offer to buy or sell, as a solicitation of an offer to buy or sell, or as a recommendation to buy, sell, hold, or trade, any security.  The reader should not presume that any securities identified will be profitable. Past performance is not indicative of future results. 
DISCLAIMER:
The information and/or statistical data contained herein have been obtained from sources, which we believe to be reliable, but in no way are warranted by us to accuracy or completeness. We do not undertake to advise you as to any change in figures or our views. This is not a solicitation of any order to buy or sell. We, our affiliates and any officer, director or stockholder or any member of their families, may have a position in and may from time to time purchase or sell any of the above mentioned or related securities. Past results are no guarantee of future performance. 
Returns are presented net of fees and include the reinvestment of all income. “Net (Actual)” returns are calculated using actual management fees and are reduced by all fees and transaction costs incurred.



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