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 |
Qualcomm
QCOM
|
+$133M |
| 2 |
Cognizant
CTSH
|
+$87.1M |
| 3 |
LKQ Corp
LKQ
|
+$79.9M |
| 4 |
ESRX
Express Scripts Holding Company
ESRX
|
+$30.7M |
| 5 |
M&T Bank
MTB
|
+$26.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$113M |
| 2 |
DNOW Inc
DNOW
|
+$17.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 29.33% |
| 2 | Financials | 18.23% |
| 3 | Healthcare | 14.81% |
| 4 | Consumer Discretionary | 12.11% |
| 5 | Industrials | 11.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Berkshire Hathaway Class B
BRK.B
$1.06T
| $585M | 9.45% |
4,234,269
+186,103
| +5% | +$24.8M |
|
|
2
Qualcomm
QCOM
$169B
| $496M | 8.02% |
6,637,080
+1,739,291
| +36% | +$133M |
|
|
3
Apple
AAPL
$4.51T
| $492M | 7.94% |
19,514,600
-4,592,136
| -19% | -$113M |
|
|
EMC
4
DELISTED
EMC CORPORATION
EMC
| $427M | 6.89% |
14,576,412
+610,573
| +4% | +$17.6M |
|
|
ESRX
5
DELISTED
Express Scripts Holding Company
ESRX
| $421M | 6.8% |
5,957,369
+430,795
| +8% | +$30.7M |
|
|
6
Cognizant
CTSH
$27.9B
| $400M | 6.47% |
8,944,176
+1,850,129
| +26% | +$87.1M |
|
|
7
M&T Bank
MTB
$34.7B
| $327M | 5.28% |
2,650,981
+215,571
| +9% | +$26.5M |
|
8
Tapestry
TPR
$26B
| $304M | 4.91% |
8,533,938
+687,095
| +9% | +$24.6M |
|
|
SRCL
9
DELISTED
Stericycle Inc
SRCL
| $295M | 4.76% |
2,528,949
+135,802
| +6% | +$16M |
|
10
Perrigo
PRGO
$1.98B
| $269M | 4.34% |
1,788,328
+45,929
| +3% | +$6.85M |
|
11
Alphabet (Google) Class C
GOOG
$4.18T
| $253M | 4.09% |
8,692,299
+284,458
| +3% | +$8.23M |
|
12
SLB Ltd
SLB
$79.9B
| $234M | 3.78% |
2,298,360
+138,449
| +6% | +$15.1M |
|
|
MJN
13
DELISTED
Mead Johnson Nutrition Company
MJN
| $230M | 3.72% |
2,394,115
+12,270
| +0.5% | +$1.16M |
|
|
VAR
14
DELISTED
Varian Medical Systems, Inc.
VAR
| $227M | 3.67% |
3,229,780
+263,179
| +9% | +$19.4M |
|
|
15
LKQ Corp
LKQ
$6.52B
| $223M | 3.6% |
8,379,275
+2,970,927
| +55% | +$79.9M |
|
16
Booking.com
BKNG
$158B
| $223M | 3.6% |
4,805,775
+425,975
| +10% | +$21M |
|
17
Visa
V
$693B
| $216M | 3.49% |
4,047,732
+256,920
| +7% | +$13.8M |
|
18
Verisk Analytics
VRSK
$24.4B
| $210M | 3.39% |
3,442,817
+226,162
| +7% | +$14.1M |
|
19
Cummins
CMI
$80.9B
| $180M | 2.91% |
1,361,740
+159,595
| +13% | +$23M |
|
20
NOV
NOV
$7.28B
| $177M | 2.87% |
2,332,028
+135,968
| +6% | +$11.2M |
|
|
21
DNOW Inc
DNOW
$2.83B
| – | – |
-478,947
| Closed | -$17.3M |
|
Similar funds
David Rolfe's Q3 2014 Portfolio in Review
As of Q3 2014, David Rolfe held 21 positions worth $6.19B, up 7.9% from $5.73B the previous quarter. Its ten largest holdings account for 65% of the portfolio.
David Rolfe deployed $444M of net new capital in Q3 2014, adding to 19 existing holdings.
By sector, the portfolio is most concentrated in Technology at 29% of assets, up from 29% a quarter earlier, followed by Financials and Healthcare.
On the sell side, the largest reduction was Apple, an estimated $113M trimmed.
- David Rolfe added most to Qualcomm in Q3 2014, an estimated $133M increase.
- David Rolfe's biggest Q3 2014 reduction was Apple, cutting an estimated $113M.
- David Rolfe fully exited DNOW Inc in Q3 2014, selling an estimated $17.3M.
- David Rolfe's ten largest holdings make up 65% of its $6.19B portfolio in Q3 2014.
- David Rolfe opened 0 new positions and closed 1 in Q3 2014.
- David Rolfe's portfolio value rose 7.9% quarter-over-quarter to $6.19B.
Based on Wedgewood Partners's 13F filing for Q3 2014, filed 14 Nov 2014.