By the end of 2019, Wedgewood Partners Inc. saw gains of 31.96%. Top performers in its portfolio included Apple, Facebook and Visa, while lowest performers included Qualcomm, Alcon and Cognizant Technology solutions.

The Fourth quarter was unusually busy as they sold Ulta Beauty and C.H. Robinson, while buying FleetCor, S&P Global and Copart. Ulta was sold due to slowing sales growth and an overall decline in the U.S. cosmetics industry.

Apple’s growth was better than expected as they finished higher for the year due to the next 5G product. Wedgewood, however trimmed their holding to 9%.

Facebook reported 31% growth though they’re believed to be approaching the end of a growth period due to the public scrutiny over privacy concerns.

One of the later investments NVIDIA saw strong growth in gaming and datacenter processor sales. Additional growth is expected due to demand for AI and apps.

Alphabet (Google’s parent company) is showing an upward trend due to Youtube ads as well as the Google Cloud Platform. Alphabet is currently holding $120 billion and are expected to have generated $25 billion during 2019.

Booking Holdings have shifted strategies by reducing spending on SEO and metasearch advertising to which has resulted in slow but steady growth and profit. The company’s strategic initiatives have been favorable over the past three years in this growing industry.

Copart is the leader in the auto salvage and auction industry with over 40% of the market share. Over the past five years the company’s returns have doubled to 31% and annual revenues have doubled to over $2 billion, tripling earnings per share.

FleetCor Technologies is a global workforce payment solution company focusing on B2B payments. The company is growing in the electronic payments industry with over $1 billion in annual free cash flow. 2019 brought 11% organic revenue growth.

S&P Global is a new holding acquired with expected growth in revenue due to their position as a duopoly in the industry. They are also benefiting from low interest rates.