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 |
M&T Bank
MTB
|
+$171M |
| 2 |
Perrigo
PRGO
|
+$44.6M |
| 3 |
ESRX
Express Scripts Holding Company
ESRX
|
+$27.1M |
| 4 |
Berkshire Hathaway Class B
BRK.B
|
+$24.5M |
| 5 |
Tapestry
TPR
|
+$22.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cognizant
CTSH
|
+$49.6M |
| 2 |
Charles Schwab
SCHW
|
+$46.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.36% |
| 2 | Financials | 19.66% |
| 3 | Healthcare | 17.48% |
| 4 | Industrials | 12.68% |
| 5 | Consumer Discretionary | 7.68% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Apple
AAPL
$5.05T
| $399M | 9.57% |
23,445,184
+1,228,892
| +6% | +$20.4M |
2013 Q2
1 quarter
|
|
|
2
Berkshire Hathaway Class B
BRK.B
$1.16T
| $279M | 6.7% |
2,460,379
+212,165
| +9% | +$24.5M |
2013 Q2
1 quarter
|
|
3
Qualcomm
QCOM
$195B
| $269M | 6.44% |
3,991,646
+301,469
| +8% | +$19.8M |
2013 Q2
1 quarter
|
|
|
4
Cognizant
CTSH
$29.9B
| $258M | 6.18% |
6,278,184
-1,336,546
| -18% | -$49.6M |
2013 Q2
1 quarter
|
|
5
DELISTED
EMC CORPORATION
EMC
| $257M | 6.15% |
10,039,909
+736,723
| +8% | +$19.1M |
2013 Q2
1 quarter
|
|
|
ESRX
6
DELISTED
Express Scripts Holding Company
ESRX
| $237M | 5.67% |
3,827,273
+418,534
| +12% | +$27.1M |
2013 Q2
1 quarter
|
|
7
Alphabet (Google) Class C
GOOG
$3.89T
| $208M | 4.99% |
9,534,805
+954,645
| +11% | +$21.1M |
2013 Q2
1 quarter
|
|
8
Cummins
CMI
$72.7B
| $204M | 4.9% |
1,537,662
+96,951
| +7% | +$12M |
2013 Q2
1 quarter
|
|
|
9
Perrigo
PRGO
$2.24B
| $172M | 4.12% |
1,393,714
+357,212
| +34% | +$44.6M |
2013 Q2
1 quarter
|
|
10
DELISTED
Stericycle Inc
SRCL
| $170M | 4.07% |
1,471,528
+125,680
| +9% | +$14.5M |
2013 Q2
1 quarter
|
|
|
11
Tapestry
TPR
$21.9B
| $166M | 3.97% |
3,037,439
+413,403
| +16% | +$22.8M |
2013 Q2
1 quarter
|
|
|
12
M&T Bank
MTB
$31.8B
| $165M | 3.96% |
+1,476,540
| New | +$171M |
2013 Q3
0 quarters
|
|
13
Visa
V
$750B
| $165M | 3.96% |
3,451,764
+301,176
| +10% | +$13.9M |
2013 Q2
1 quarter
|
|
14
SLB Ltd
SLB
$79.3B
| $163M | 3.91% |
1,843,477
+109,398
| +6% | +$8.99M |
2013 Q2
1 quarter
|
|
|
VAR
15
DELISTED
Varian Medical Systems, Inc.
VAR
| $162M | 3.89% |
2,477,545
+124,138
| +5% | +$7.86M |
2013 Q2
1 quarter
|
|
16
Gilead Sciences
GILD
$196B
| $158M | 3.79% |
2,513,914
+54,402
| +2% | +$3.25M |
2013 Q2
1 quarter
|
|
17
Booking.com
BKNG
$113B
| $155M | 3.71% |
3,825,550
+122,450
| +3% | +$4.58M |
2013 Q2
1 quarter
|
|
18
Verisk Analytics
VRSK
$24.4B
| $155M | 3.71% |
2,379,341
+143,035
| +6% | +$9.02M |
2013 Q2
1 quarter
|
|
19
NOV
NOV
$7.27B
| $128M | 3.06% |
1,813,397
+137,553
| +8% | +$9.2M |
2013 Q2
1 quarter
|
|
|
20
Charles Schwab
SCHW
$155B
| $105M | 2.53% |
4,983,463
-2,151,675
| -30% | -$46.8M |
2013 Q2
1 quarter
|
|
21
American Express
AXP
$210B
| $105M | 2.52% |
1,388,732
+101,749
| +8% | +$7.65M |
2013 Q2
1 quarter
|
|
22
Monster Beverage
MNST
$88.9B
| $91M | 2.18% |
20,896,740
+2,520,012
| +14% | +$12.4M |
2013 Q2
1 quarter
|
|
Similar funds
David Rolfe's Q3 2013 Portfolio in Review
As of Q3 2013, David Rolfe held 22 positions worth $4.17B, up 20% from $3.46B the previous quarter. Its ten largest holdings account for 59% of the portfolio.
David Rolfe deployed $377M of net new capital in Q3 2013, opening 1 new position and adding to 19 existing holdings. Its largest new stake was M&T Bank: 1,476,540 shares worth $165M.
By sector, the portfolio is most concentrated in Technology at 28% of assets, down from 29% a quarter earlier, followed by Financials and Healthcare.
On the sell side, the largest reduction was Cognizant, an estimated $49.6M trimmed.
- David Rolfe's largest Q3 2013 buy was M&T Bank: 1,476,540 shares worth $165M.
- David Rolfe added most to Perrigo in Q3 2013, an estimated $44.6M increase.
- David Rolfe's biggest Q3 2013 reduction was Cognizant, cutting an estimated $49.6M.
- David Rolfe's ten largest holdings make up 59% of its $4.17B portfolio in Q3 2013.
- David Rolfe opened 1 new position and closed 0 in Q3 2013.
- David Rolfe's portfolio value rose 20% quarter-over-quarter to $4.17B.
Based on Wedgewood Partners's 13F filing for Q3 2013, filed 14 Nov 2013.