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David Rolfe Wedgewood Partners

AUM $484M
1-Year Est. Return 16.04%
 

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.

This Fund
S&P 500
This Quarter Est. Return
-1.39%
1 Year Est. Return
+16.04%
3 Year Est. Return
+78.15%
5 Year Est. Return
+102.72%
10 Year Est. Return
+513.7%
AUM
$418M
AUM Growth
-$202M
Cap. Flow
-$191M
Cap. Flow %
-45.73%
Top 10 Hldgs %
69.03%
Holding
38
New
2
Increased
–
Reduced
19
Closed
17

Top Buys

Rank Stock Value
1
ORLY icon
O'Reilly Automotive
ORLY
+$8.89M
2
IWF icon
iShares Russell 1000 Growth ETF
IWF
+$370K

Top Sells

Rank Stock Value
1
AAPL icon
Apple
AAPL
+$26.5M
2
V icon
Visa
V
+$13.9M
3
MSFT icon
Microsoft
MSFT
+$13.2M
4
MSI icon
Motorola Solutions
MSI
+$12.5M
5
TSCO icon
Tractor Supply
TSCO
+$11.7M

Sector Composition

Rank Sector Weight
1 Technology 32.06%
2 Communication Services 18.74%
3 Financials 13.72%
4 Consumer Discretionary 12.12%
5 Industrials 11.92%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BRK.B icon
26
Berkshire Hathaway Class B
BRK.B
$1.06T
– –
-19,300
Closed -$6.58M
BX icon
27
Blackstone
BX
$108B
– –
-16,750
Closed -$1.56M
DIS icon
28
Walt Disney
DIS
$186B
– –
-3,300
Closed -$294K
ED icon
29
Consolidated Edison
ED
$39.3B
– –
-2,750
Closed -$248K
F icon
30
Ford
F
$57.5B
– –
-15,625
Closed -$236K
JNJ icon
31
Johnson & Johnson
JNJ
$651B
– –
-4,905
Closed -$811K
KHC icon
32
Kraft Heinz
KHC
$30.3B
– –
-8,000
Closed -$284K
PEP icon
33
PepsiCo
PEP
$196B
– –
-1,750
Closed -$324K
T icon
34
AT&T
T
$173B
– –
-75,625
Closed -$1.21M
USB icon
35
US Bancorp
USB
$96.7B
– –
-61,775
Closed -$2.04M
VEA icon
36
Vanguard FTSE Developed Markets ETF
VEA
$239B
– –
-6,493
Closed -$299K
VZ icon
37
Verizon
VZ
$205B
– –
-21,290
Closed -$791K
WBD icon
38
Warner Bros
WBD
$71.6B
– –
-16,422
Closed -$205K
1
2

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David Rolfe's Q3 2023 Portfolio in Review

As of Q3 2023, David Rolfe held 38 positions worth $418M, down 33% from $620M the previous quarter. Its ten largest holdings account for 69% of the portfolio.

David Rolfe withdrew a net $191M in Q3 2023, closing 17 positions and reducing 19 holdings. Its most notable exit was Berkshire Hathaway Class B, an estimated $6.58M position sold in full.

By sector, the portfolio is most concentrated in Technology at 32% of assets, down from 34% a quarter earlier, followed by Communication Services and Financials.

Against the trend, David Rolfe opened a new position in O'Reilly Automotive worth $8.59M.

  • David Rolfe's largest Q3 2023 buy was O'Reilly Automotive: 141,780 shares worth $8.59M.
  • David Rolfe's biggest Q3 2023 reduction was Apple, cutting an estimated $26.5M.
  • David Rolfe fully exited Berkshire Hathaway Class B in Q3 2023, selling an estimated $6.58M.
  • David Rolfe's ten largest holdings make up 69% of its $418M portfolio in Q3 2023.
  • David Rolfe opened 2 new positions and closed 17 in Q3 2023.
  • David Rolfe's portfolio value fell 33% quarter-over-quarter to $418M.

Based on Wedgewood Partners's 13F filing for Q3 2023, filed 14 Nov 2023.