Swapping Wesfarmers Ltd (ASX:WES) for Wellcom Group Limited (ASX:WLL)

I sold Wesfarmers Ltd (ASX:WES) and bought Wellcom Group Limited (ASX:WLL) yesterday. Here are the reasons:
  1. WLL trades on a lower forecast price-to-earnings (PE) multiple than WES, 14.7 v 21.0
  2. WLL trades on a higher forecast dividend yield than WES, 4.9% v 4.2%
  3. WES is unlikely to repeat its historical performance (19.4% TSR CAGR since 1984) due to its size ($41.3 billion market cap). It recently acquired a lithium junior, Bunnings contributes just over 50% of group earnings.
  4. WLL has achieved a 10 year TSR of 19.8% v 14.3% for WES. It is winning in the UK and US, has vast organic growth opportunities and its proprietary software Knowledgewell is a source of competitive advantage.
I originally purchased WES as part of my rules based strategy.