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 |
Tractor Supply
TSCO
|
+$110M |
| 2 |
Fastenal
FAST
|
+$109M |
| 3 |
THS
Treehouse Foods
THS
|
+$4.64M |
| 4 |
Visa
V
|
+$3.74M |
| 5 |
Blackstone
BX
|
+$90.2K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SRCL
Stericycle Inc
SRCL
|
+$205M |
| 2 |
Cognizant
CTSH
|
+$152M |
| 3 |
ESRX
Express Scripts Holding Company
ESRX
|
+$95.8M |
| 4 |
Berkshire Hathaway Class B
BRK.B
|
+$92.1M |
| 5 |
Apple
AAPL
|
+$68.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.11% |
| 2 | Technology | 18.1% |
| 3 | Consumer Discretionary | 17.49% |
| 4 | Consumer Staples | 13.08% |
| 5 | Energy | 11.36% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Ameren
AEE
$29.4B
| $1.04M | 0.03% |
19,875
-10,845
| -35% | -$538K |
|
27
Paychex
PAYX
$44.3B
| $1.02M | 0.02% |
16,700
-1,450
| -8% | -$83.6K |
|
28
Consolidated Edison
ED
$39.3B
| $950K | 0.02% |
12,900
-750
| -5% | -$54.2K |
|
29
Annaly Capital Management
NLY
$17.5B
| $781K | 0.02% |
19,594
+625
| +3% | +$25.4K |
|
30
Tapestry
TPR
$26B
| $774K | 0.02% |
22,125
-2,500
| -10% | -$91.3K |
|
31
Ecolab
ECL
$78.9B
| $670K | 0.02% |
5,722
+72
| +1% | +$8.43K |
|
32
Johnson & Johnson
JNJ
$651B
| $604K | 0.01% |
5,250
| – | – |
|
33
NOV
NOV
$7.28B
| $517K | 0.01% |
13,825
-31,675
| -70% | -$1.15M |
|
34
AT&T
T
$173B
| $407K | 0.01% |
12,677
-2,509
| -17% | -$74K |
|
|
MN
35
DELISTED
MANNING & NAPIER, INC.
MN
| $347K | 0.01% |
46,000
+1,750
| +4% | +$12.9K |
|
36
PepsiCo
PEP
$196B
| $336K | 0.01% |
3,215
+90
| +3% | +$9.42K |
|
|
SRCL
37
DELISTED
Stericycle Inc
SRCL
| – | – |
-2,557,466
| Closed | -$205M |
|
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David Rolfe's Q4 2016 Portfolio in Review
As of Q4 2016, David Rolfe held 37 positions worth $4.1B, down 14% from $4.77B the previous quarter. Its ten largest holdings account for 65% of the portfolio.
David Rolfe withdrew a net $758M in Q4 2016, closing 1 position and reducing 25 holdings. Its most notable exit was Stericycle Inc, an estimated $205M position sold in full.
By sector, the portfolio is most concentrated in Financials at 24% of assets, up from 22% a quarter earlier, followed by Technology and Consumer Discretionary.
Against the trend, David Rolfe opened a new position in Tractor Supply worth $118M.
- David Rolfe's largest Q4 2016 buy was Tractor Supply: 7,780,870 shares worth $118M.
- David Rolfe added most to Treehouse Foods in Q4 2016, an estimated $4.64M increase.
- David Rolfe's biggest Q4 2016 reduction was Cognizant, cutting an estimated $152M.
- David Rolfe fully exited Stericycle Inc in Q4 2016, selling an estimated $205M.
- David Rolfe's ten largest holdings make up 65% of its $4.1B portfolio in Q4 2016.
- David Rolfe opened 2 new positions and closed 1 in Q4 2016.
- David Rolfe's portfolio value fell 14% quarter-over-quarter to $4.1B.
Based on Wedgewood Partners's 13F filing for Q4 2016, filed 14 Feb 2017.