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 |
NVIDIA
NVDA
|
+$23.7M |
| 2 |
CDW
CDW
|
+$19.4M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$19M |
| 4 |
EA
Electronic Arts
EA
|
+$14M |
| 5 |
Alcon
ALC
|
+$12.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Berkshire Hathaway Class B
BRK.B
|
+$56.9M |
| 2 |
Ulta Beauty
ULTA
|
+$20.5M |
| 3 |
C.H. Robinson
CHRW
|
+$12M |
| 4 |
Edwards Lifesciences
EW
|
+$8.75M |
| 5 |
Apple
AAPL
|
+$8.22M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 22.22% |
| 2 | Communication Services | 19.29% |
| 3 | Technology | 17.38% |
| 4 | Healthcare | 16.24% |
| 5 | Financials | 15.37% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
SLB Ltd
SLB
$79.9B
| $996K | 0.09% |
29,175
-4,200
| -13% | -$153K |
|
27
AT&T
T
$173B
| $846K | 0.08% |
29,625
-1,820
| -6% | -$48.2K |
|
28
Johnson & Johnson
JNJ
$651B
| $815K | 0.07% |
6,300
| – | – |
|
29
Blackstone
BX
$108B
| $634K | 0.06% |
13,000
-750
| -5% | -$36.6K |
|
30
Annaly Capital Management
NLY
$17.5B
| $609K | 0.05% |
17,313
+2,188
| +14% | +$78.9K |
|
31
Ameren
AEE
$29.4B
| $552K | 0.05% |
6,900
| – | – |
|
32
Paychex
PAYX
$44.3B
| $509K | 0.05% |
6,150
| – | – |
|
33
Ecolab
ECL
$78.9B
| $495K | 0.04% |
2,500
| – | – |
|
34
Consolidated Edison
ED
$39.3B
| $495K | 0.04% |
5,250
| – | – |
|
35
BP
BP
$115B
| $476K | 0.04% |
12,550
-85
| -0.7% | -$3.24K |
|
36
Boeing
BA
$169B
| $475K | 0.04% |
1,250
| – | – |
|
37
Toronto Dominion Bank
TD
$194B
| $349K | 0.03% |
6,000
-275
| -4% | -$15.6K |
|
|
MN
38
DELISTED
MANNING & NAPIER, INC.
MN
| $43K | ﹤0.01% |
23,000
| – | – |
|
39
Cognizant
CTSH
$27.9B
| – | – |
-44,800
| Closed | -$2.84M |
|
|
ABMD
40
DELISTED
Abiomed Inc
ABMD
| – | – |
-1,000
| Closed | -$260K |
|
Similar funds
David Rolfe's Q3 2019 Portfolio in Review
As of Q3 2019, David Rolfe held 40 positions worth $1.13B, down 4.5% from $1.18B the previous quarter. Its ten largest holdings account for 69% of the portfolio.
David Rolfe withdrew a net $64.9M in Q3 2019, closing 2 positions and reducing 24 holdings. Its most notable exit was Cognizant, an estimated $2.84M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 22% of assets, down from 26% a quarter earlier, followed by Communication Services and Technology.
Against the trend, David Rolfe opened a new position in NVIDIA worth $24.6M.
- David Rolfe's largest Q3 2019 buy was NVIDIA: 5,642,680 shares worth $24.6M.
- David Rolfe added most to Alphabet (Google) Class A in Q3 2019, an estimated $19M increase.
- David Rolfe's biggest Q3 2019 reduction was Berkshire Hathaway Class B, cutting an estimated $56.9M.
- David Rolfe fully exited Cognizant in Q3 2019, selling an estimated $2.84M.
- David Rolfe's ten largest holdings make up 69% of its $1.13B portfolio in Q3 2019.
- David Rolfe opened 2 new positions and closed 2 in Q3 2019.
- David Rolfe's portfolio value fell 4.5% quarter-over-quarter to $1.13B.
Based on Wedgewood Partners's 13F filing for Q3 2019, filed 14 Nov 2019.