Moving on to the holdings that contributed the most to the portfolio's absolute return during the quarter, Apple's (AAPL, Financial) revenue growth accelerated to +11% as iPad revenue growth accelerated to its fastest in six years, driven by work from home and distance learning demand. The Company also reported a staggering +550 million paid subscriptions across its services line – nearly three times as many subscribers as Netflix – and up +30% over last year. We expect iPhone demand to accelerate in the coming quarters as Apple launches a flagship phone capable of running on new highspeed 5G networks around the globe. While we trimmed our position during the quarter due to our long-held maximum portfolio position size of 10%, Apple continues to be one of our largest holdings.
From David Rolfe (Trades, Portfolio)'s Wedgewood Funds third-quarter 2020 shareholder letter.
Also check out:
