David Rolfe Wedgewood Partners
David Rolfe is the chief investment officer of Wedgewood Partners, known for a concentrated growth portfolio of large-capitalization companies. The firm emphasizes quality franchises, high returns on capital, and limited diversification across only a few dozen names at most. Rolfe’s commentaries are followed by investors who prefer focused growth ownership over broad index replication.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
SCHW
Charles Schwab
SCHW
|
+$152M |
| 2 |
SRCL
Stericycle Inc
SRCL
|
+$62.4M |
| 3 |
Booking.com
BKNG
|
+$59.4M |
| 4 |
Kraft Heinz
KHC
|
+$57.7M |
| 5 |
Apple
AAPL
|
+$13.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
M&T Bank
MTB
|
+$333M |
| 2 |
Qualcomm
QCOM
|
+$122M |
| 3 |
ESRX
Express Scripts Holding Company
ESRX
|
+$81.5M |
| 4 |
Berkshire Hathaway Class B
BRK.B
|
+$57.1M |
| 5 |
SLB Ltd
SLB
|
+$26.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 22.22% |
| 2 | Financials | 20.32% |
| 3 | Consumer Discretionary | 11.59% |
| 4 | Industrials | 11.16% |
| 5 | Consumer Staples | 10.18% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Verizon
VZ
$205B
| $1.04M | 0.02% |
+19,200
| New | +$960K |
|
27
Paychex
PAYX
$44.3B
| $980K | 0.02% |
+18,150
| New | +$914K |
|
|
EMC
28
DELISTED
EMC CORPORATION
EMC
| $831K | 0.02% |
31,200
-97,240
| -76% | -$2.46M |
|
29
Annaly Capital Management
NLY
$17.5B
| $777K | 0.01% |
+18,938
| New | +$743K |
|
30
Ecolab
ECL
$78.9B
| $630K | 0.01% |
+5,650
| New | +$600K |
|
31
Johnson & Johnson
JNJ
$651B
| $568K | 0.01% |
+5,250
| New | +$544K |
|
32
AT&T
T
$173B
| $447K | 0.01% |
+15,115
| New | +$419K |
|
|
VAR
33
DELISTED
Varian Medical Systems, Inc.
VAR
| $406K | 0.01% |
5,787
-30,363
| -84% | -$2.06M |
|
34
PepsiCo
PEP
$196B
| $338K | 0.01% |
+3,300
| New | +$326K |
|
|
35
M&T Bank
MTB
$34.7B
| $301K | 0.01% |
2,711
-3,068,523
| -100% | -$333M |
|
|
MN
36
DELISTED
MANNING & NAPIER, INC.
MN
| $272K | ﹤0.01% |
+33,750
| New | +$249K |
|
37
Jacobs Solutions
J
$17.6B
| $217K | ﹤0.01% |
+6,045
| New | +$197K |
|
38
Cummins
CMI
$80.9B
| – | – |
-17,175
| Closed | -$1.51M |
|
Similar funds
David Rolfe's Q1 2016 Portfolio in Review
As of Q1 2016, David Rolfe held 38 positions worth $5.51B, down 5.3% from $5.82B the previous quarter. Its ten largest holdings account for 66% of the portfolio.
David Rolfe withdrew a net $347M in Q1 2016, closing 1 position and reducing 18 holdings. Its most notable exit was Cummins, an estimated $1.51M position sold in full.
By sector, the portfolio is most concentrated in Technology at 22% of assets, down from 22% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, David Rolfe opened a new position in Charles Schwab worth $161M.
- David Rolfe's largest Q1 2016 buy was Charles Schwab: 5,745,873 shares worth $161M.
- David Rolfe added most to Stericycle Inc in Q1 2016, an estimated $62.4M increase.
- David Rolfe's biggest Q1 2016 reduction was M&T Bank, cutting an estimated $333M.
- David Rolfe fully exited Cummins in Q1 2016, selling an estimated $1.51M.
- David Rolfe's ten largest holdings make up 66% of its $5.51B portfolio in Q1 2016.
- David Rolfe opened 14 new positions and closed 1 in Q1 2016.
- David Rolfe's portfolio value fell 5.3% quarter-over-quarter to $5.51B.
Based on Wedgewood Partners's 13F filing for Q1 2016, filed 16 May 2016.