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 |
Microsoft
MSFT
|
+$16.7M |
| 2 |
FRC
First Republic Bank
FRC
|
+$15.5M |
| 3 |
Keysight
KEYS
|
+$6.61M |
| 4 |
Copart
CPRT
|
+$5.74M |
| 5 |
Bristol-Myers Squibb
BMY
|
+$3.94M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$28.4M |
| 2 |
NVIDIA
NVDA
|
+$15.5M |
| 3 |
Meta Platforms (Facebook)
META
|
+$9.61M |
| 4 |
Tractor Supply
TSCO
|
+$2.9M |
| 5 |
Edwards Lifesciences
EW
|
+$2.87M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.21% |
| 2 | Financials | 20.3% |
| 3 | Communication Services | 20.11% |
| 4 | Healthcare | 15.07% |
| 5 | Consumer Discretionary | 11.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Annaly Capital Management
NLY
$17.5B
| $697K | 0.11% |
24,500
+312
| +1% | +$9.03K |
|
27
Ameren
AEE
$29.4B
| $545K | 0.09% |
6,900
| – | – |
|
28
Ecolab
ECL
$78.9B
| $499K | 0.08% |
2,500
| – | – |
|
29
Consolidated Edison
ED
$39.3B
| $408K | 0.06% |
5,250
| – | – |
|
30
Boeing
BA
$169B
| $338K | 0.05% |
2,050
| – | – |
|
31
Tapestry
TPR
$26B
| $332K | 0.05% |
21,250
-1,250
| -6% | -$18.4K |
|
32
BP
BP
$115B
| $317K | 0.05% |
18,175
-3,750
| -17% | -$81.2K |
|
33
Qualcomm
QCOM
$169B
| $311K | 0.05% |
2,650
-1,750
| -40% | -$187K |
|
34
SLB Ltd
SLB
$79.9B
| $308K | 0.05% |
19,825
-500
| -2% | -$9.3K |
|
|
BMY.RT
35
DELISTED
Bristol-Myers Squibb Company Contingent Value Rights
BMY.RT
| $295K | 0.05% |
131,557
-3,172
| -2% | -$9.06K |
|
|
36
NVIDIA
NVDA
$5.2T
| – | – |
-1,632,720
| Closed | -$15.5M |
|
37
Paychex
PAYX
$44.3B
| – | – |
-3,500
| Closed | -$265K |
|
38
Toronto Dominion Bank
TD
$194B
| – | – |
-6,225
| Closed | -$277K |
|
|
MN
39
DELISTED
MANNING & NAPIER, INC.
MN
| – | – |
-13,000
| Closed | -$37K |
|
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David Rolfe's Q3 2020 Portfolio in Review
As of Q3 2020, David Rolfe held 39 positions worth $632M, up 7.1% from $590M the previous quarter. Its ten largest holdings account for 68% of the portfolio.
David Rolfe's Q3 2020 filing shows 1 new, 7 increased, 20 reduced and 4 closed positions. Its largest new stake was First Republic Bank: 139,827 shares worth $15.2M. The largest sale was Apple, an estimated $28.4M.
By sector, the portfolio is most concentrated in Technology at 28% of assets, down from 29% a quarter earlier, followed by Financials and Communication Services.
- David Rolfe's largest Q3 2020 buy was First Republic Bank: 139,827 shares worth $15.2M.
- David Rolfe added most to Microsoft in Q3 2020, an estimated $16.7M increase.
- David Rolfe's biggest Q3 2020 reduction was Apple, cutting an estimated $28.4M.
- David Rolfe fully exited NVIDIA in Q3 2020, selling an estimated $15.5M.
- David Rolfe's ten largest holdings make up 68% of its $632M portfolio in Q3 2020.
- David Rolfe opened 1 new position and closed 4 in Q3 2020.
- David Rolfe's portfolio value rose 7.1% quarter-over-quarter to $632M.
Based on Wedgewood Partners's 13F filing for Q3 2020, filed 13 Nov 2020.