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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
+1.28%
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
$5.4B
AUM Growth
+$593M
Cap. Flow
+$511M
Cap. Flow %
9.46%
Top 10 Hldgs %
65.15%
Holding
23
New
2
Increased
17
Reduced
2
Closed
2

Top Buys

Rank Stock Value
1
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$193M
2
MJN
Mead Johnson Nutrition Company
MJN
+$188M
3
LKQ icon
LKQ Corp
LKQ
+$142M
4
SRCL
Stericycle Inc
SRCL
+$71.1M
5
ESRX
Express Scripts Holding Company
ESRX
+$65.8M

Top Sells

Rank Stock Value
1
AXP icon
American Express
AXP
+$136M
2
MNST icon
Monster Beverage
MNST
+$127M
3
V icon
Visa
V
+$64.3M
4
GOOG icon
Alphabet (Google) Class C
GOOG
+$58.4M

Sector Composition

Rank Sector Weight
1 Technology 29.12%
2 Financials 17.72%
3 Healthcare 17.5%
4 Industrials 12.74%
5 Consumer Discretionary 8.63%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BRK.B icon
1
Berkshire Hathaway Class B
BRK.B
$1.06T
$543M 10.06%
4,347,827
+1,648,861
+61% +$193M
AAPL icon
2
Apple
AAPL
$4.51T
$514M 9.51%
26,804,484
+2,255,148
+9% +$42.9M
ESRX
3
DELISTED
Express Scripts Holding Company
ESRX
$372M 6.9%
4,959,737
+878,799
+22% +$65.8M
QCOM icon
4
Qualcomm
QCOM
$169B
$369M 6.83%
4,677,079
+280,493
+6% +$21.1M
EMC
5
DELISTED
EMC CORPORATION
EMC
$353M 6.53%
12,876,644
+616,813
+5% +$16M
CTSH icon
6
Cognizant
CTSH
$27.9B
$337M 6.25%
6,666,189
+180,641
+3% +$9.03M
MTB icon
7
M&T Bank
MTB
$34.7B
$282M 5.22%
2,326,332
+194,391
+9% +$22.4M
CMI icon
8
Cummins
CMI
$80.9B
$265M 4.9%
1,777,284
+120,972
+7% +$16.8M
SRCL
9
DELISTED
Stericycle Inc
SRCL
$252M 4.66%
2,217,344
+614,908
+38% +$71.1M
PRGO icon
10
Perrigo
PRGO
$1.98B
$231M 4.28%
1,494,779
+35,500
+2% +$5.6M
GOOG icon
11
Alphabet (Google) Class C
GOOG
$4.18T
$221M 4.09%
7,955,548
-2,006,091
-20% -$58.4M
VAR
12
DELISTED
Varian Medical Systems, Inc.
VAR
$206M 3.82%
2,799,811
+200,665
+8% +$14.5M
SLB icon
13
SLB Ltd
SLB
$79.9B
$204M 3.78%
2,091,930
+148,569
+8% +$13.4M
MJN
14
DELISTED
Mead Johnson Nutrition Company
MJN
$192M 3.56%
+2,315,336
New +$188M
TPR icon
15
Tapestry
TPR
$26B
$177M 3.27%
3,560,821
+357,319
+11% +$17.8M
VRSK icon
16
Verisk Analytics
VRSK
$24.4B
$172M 3.18%
2,862,059
+333,057
+13% +$21.1M
BKNG icon
17
Booking.com
BKNG
$158B
$155M 2.87%
3,256,250
+196,900
+6% +$9.72M
NOV icon
18
NOV
NOV
$7.28B
$154M 2.85%
2,194,173
+270,069
+14% +$18.5M
GILD icon
19
Gilead Sciences
GILD
$181B
$135M 2.5%
1,907,287
+106,303
+6% +$8.34M
LKQ icon
20
LKQ Corp
LKQ
$6.52B
$134M 2.48%
+5,090,458
New +$142M
V icon
21
Visa
V
$693B
$132M 2.44%
2,442,032
-1,157,208
-32% -$64.3M
AXP icon
22
American Express
AXP
$227B
– –
-1,501,341
Closed -$136M
MNST icon
23
Monster Beverage
MNST
$93.6B
– –
-22,459,056
Closed -$127M

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David Rolfe's Q1 2014 Portfolio in Review

As of Q1 2014, David Rolfe held 23 positions worth $5.4B, up 12% from $4.81B the previous quarter. Its ten largest holdings account for 65% of the portfolio.

David Rolfe deployed $511M of net new capital in Q1 2014, opening 2 new positions and adding to 17 existing holdings. Its largest new stake was Mead Johnson Nutrition Company: 2,315,336 shares worth $192M.

By sector, the portfolio is most concentrated in Technology at 29% of assets, down from 30% a quarter earlier, followed by Financials and Healthcare.

On the sell side, the largest reduction was Visa, an estimated $64.3M trimmed.

  • David Rolfe's largest Q1 2014 buy was Mead Johnson Nutrition Company: 2,315,336 shares worth $192M.
  • David Rolfe added most to Berkshire Hathaway Class B in Q1 2014, an estimated $193M increase.
  • David Rolfe's biggest Q1 2014 reduction was Visa, cutting an estimated $64.3M.
  • David Rolfe fully exited American Express in Q1 2014, selling an estimated $136M.
  • David Rolfe's ten largest holdings make up 65% of its $5.4B portfolio in Q1 2014.
  • David Rolfe opened 2 new positions and closed 2 in Q1 2014.
  • David Rolfe's portfolio value rose 12% quarter-over-quarter to $5.4B.

Based on Wedgewood Partners's 13F filing for Q1 2014, filed 16 May 2014.