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DR

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
+11.82%
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
$4.81B
AUM Growth
+$638M
Cap. Flow
+$162M
Cap. Flow %
3.37%
Top 10 Hldgs %
63.32%
Holding
22
New
–
Increased
19
Reduced
2
Closed
1

Top Buys

Rank Stock Value
1
MTB icon
M&T Bank
MTB
+$74.5M
2
EMC
EMC CORPORATION
EMC
+$53.8M
3
QCOM icon
Qualcomm
QCOM
+$28.6M
4
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$27.6M
5
AAPL icon
Apple
AAPL
+$20.9M

Top Sells

Rank Stock Value
1
SCHW
Charles Schwab
SCHW
+$105M
2
GILD icon
Gilead Sciences
GILD
+$49.6M
3
BKNG icon
Booking.com
BKNG
+$34.1M

Sector Composition

Rank Sector Weight
1 Technology 30.25%
2 Financials 18.82%
3 Healthcare 17.12%
4 Industrials 12.19%
5 Consumer Discretionary 6.7%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AAPL icon
1
Apple
AAPL
$4.51T
$492M 10.23%
24,549,336
+1,104,152
+5% +$20.9M
CTSH icon
2
Cognizant
CTSH
$27.9B
$327M 6.81%
6,485,548
+207,364
+3% +$9.44M
QCOM icon
3
Qualcomm
QCOM
$169B
$326M 6.79%
4,396,586
+404,940
+10% +$28.6M
BRK.B icon
4
Berkshire Hathaway Class B
BRK.B
$1.06T
$320M 6.66%
2,698,966
+238,587
+10% +$27.6M
EMC
5
DELISTED
EMC CORPORATION
EMC
$308M 6.41%
12,259,831
+2,219,922
+22% +$53.8M
ESRX
6
DELISTED
Express Scripts Holding Company
ESRX
$287M 5.96%
4,080,938
+253,665
+7% +$16.6M
GOOG icon
7
Alphabet (Google) Class C
GOOG
$4.18T
$278M 5.78%
9,961,639
+426,834
+4% +$10.8M
MTB icon
8
M&T Bank
MTB
$34.7B
$248M 5.16%
2,131,941
+655,401
+44% +$74.5M
CMI icon
9
Cummins
CMI
$80.9B
$233M 4.86%
1,656,312
+118,650
+8% +$15.8M
PRGO icon
10
Perrigo
PRGO
$1.98B
$224M 4.66%
1,459,279
+65,565
+5% +$9.45M
V icon
11
Visa
V
$693B
$200M 4.17%
3,599,240
+147,476
+4% +$7.44M
SRCL
12
DELISTED
Stericycle Inc
SRCL
$186M 3.87%
1,602,436
+130,908
+9% +$15.3M
TPR icon
13
Tapestry
TPR
$26B
$180M 3.74%
3,203,502
+166,063
+5% +$8.97M
VAR
14
DELISTED
Varian Medical Systems, Inc.
VAR
$177M 3.68%
2,599,146
+121,601
+5% +$8.1M
SLB icon
15
SLB Ltd
SLB
$79.9B
$175M 3.64%
1,943,361
+99,884
+5% +$9.02M
VRSK icon
16
Verisk Analytics
VRSK
$24.4B
$166M 3.46%
2,529,002
+149,661
+6% +$9.83M
BKNG icon
17
Booking.com
BKNG
$158B
$142M 2.96%
3,059,350
-766,200
-20% -$34.1M
NOV icon
18
NOV
NOV
$7.28B
$138M 2.87%
1,924,104
+110,707
+6% +$8.05M
AXP icon
19
American Express
AXP
$227B
$136M 2.83%
1,501,341
+112,609
+8% +$9.25M
GILD icon
20
Gilead Sciences
GILD
$181B
$135M 2.81%
1,800,984
-712,930
-28% -$49.6M
MNST icon
21
Monster Beverage
MNST
$93.6B
$127M 2.64%
22,459,056
+1,562,316
+7% +$7.67M
SCHW
22
Charles Schwab
SCHW
$194B
– –
-4,983,463
Closed -$105M

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FC
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AA
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FMB
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SCH
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David Rolfe's Q4 2013 Portfolio in Review

As of Q4 2013, David Rolfe held 22 positions worth $4.81B, up 15% from $4.17B the previous quarter. Its ten largest holdings account for 63% of the portfolio.

David Rolfe deployed $162M of net new capital in Q4 2013, adding to 19 existing holdings.

By sector, the portfolio is most concentrated in Technology at 30% of assets, up from 28% a quarter earlier, followed by Financials and Healthcare.

On the sell side, the largest reduction was Gilead Sciences, an estimated $49.6M trimmed.

  • David Rolfe added most to M&T Bank in Q4 2013, an estimated $74.5M increase.
  • David Rolfe's biggest Q4 2013 reduction was Gilead Sciences, cutting an estimated $49.6M.
  • David Rolfe fully exited Charles Schwab in Q4 2013, selling an estimated $105M.
  • David Rolfe's ten largest holdings make up 63% of its $4.81B portfolio in Q4 2013.
  • David Rolfe opened 0 new positions and closed 1 in Q4 2013.
  • David Rolfe's portfolio value rose 15% quarter-over-quarter to $4.81B.

Based on Wedgewood Partners's 13F filing for Q4 2013, filed 14 Feb 2014.