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 |
NOV
NOV
|
+$120M |
| 2 |
Qualcomm
QCOM
|
+$89.3M |
| 3 |
M&T Bank
MTB
|
+$55.4M |
| 4 |
Core Laboratories
CLB
|
+$32.8M |
| 5 |
Tapestry
TPR
|
+$18.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SRCL
Stericycle Inc
SRCL
|
+$181M |
| 2 |
Cognizant
CTSH
|
+$129M |
| 3 |
VAR
Varian Medical Systems, Inc.
VAR
|
+$95M |
| 4 |
Visa
V
|
+$2.81M |
| 5 |
MJN
Mead Johnson Nutrition Company
MJN
|
+$2.18M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 25.4% |
| 2 | Financials | 17.76% |
| 3 | Healthcare | 13.72% |
| 4 | Energy | 12.99% |
| 5 | Consumer Discretionary | 12.87% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Qualcomm
QCOM
$169B
| $660M | 8.86% |
9,521,542
+1,267,646
| +15% | +$89.3M |
|
2
Berkshire Hathaway Class B
BRK.B
$1.06T
| $590M | 7.92% |
4,086,954
+89,529
| +2% | +$13.2M |
|
|
ESRX
3
DELISTED
Express Scripts Holding Company
ESRX
| $575M | 7.71% |
6,622,442
+2,366
| +0% | +$198K |
|
4
Apple
AAPL
$4.51T
| $541M | 7.26% |
17,396,172
+139,924
| +0.8% | +$4.23M |
|
|
5
Cognizant
CTSH
$27.9B
| $481M | 6.46% |
7,709,509
-2,192,227
| -22% | -$129M |
|
|
6
M&T Bank
MTB
$34.7B
| $445M | 5.97% |
3,501,498
+457,717
| +15% | +$55.4M |
|
|
7
Tapestry
TPR
$26B
| $432M | 5.8% |
10,436,200
+474,699
| +5% | +$18.9M |
|
8
SLB Ltd
SLB
$79.9B
| $356M | 4.77% |
4,262,624
+124,081
| +3% | +$10.3M |
|
|
9
NOV
NOV
$7.28B
| $348M | 4.67% |
6,961,169
+2,214,833
| +47% | +$120M |
|
10
Verisk Analytics
VRSK
$24.4B
| $300M | 4.02% |
4,194,784
+87,154
| +2% | +$5.88M |
|
11
Alphabet (Google) Class C
GOOG
$4.18T
| $289M | 3.88% |
10,497,783
+418,045
| +4% | +$11.2M |
|
|
12
Visa
V
$693B
| $289M | 3.88% |
4,416,811
-42,457
| -1% | -$2.81M |
|
13
Booking.com
BKNG
$158B
| $270M | 3.63% |
5,803,650
+241,625
| +4% | +$10.8M |
|
|
14
Core Laboratories
CLB
$574M
| $264M | 3.55% |
2,528,819
+307,944
| +14% | +$32.8M |
|
|
MJN
15
DELISTED
Mead Johnson Nutrition Company
MJN
| $261M | 3.5% |
2,594,166
-21,626
| -0.8% | -$2.18M |
|
16
LKQ Corp
LKQ
$6.52B
| $256M | 3.44% |
10,017,255
+594,781
| +6% | +$15.4M |
|
17
Perrigo
PRGO
$1.98B
| $246M | 3.3% |
1,485,634
+29,953
| +2% | +$4.78M |
|
18
Cummins
CMI
$80.9B
| $227M | 3.05% |
1,638,237
+74,417
| +5% | +$10.5M |
|
|
EMC
19
DELISTED
EMC CORPORATION
EMC
| $210M | 2.82% |
8,234,507
+238,584
| +3% | +$6.57M |
|
|
SRCL
20
DELISTED
Stericycle Inc
SRCL
| $209M | 2.81% |
1,491,671
-1,343,696
| -47% | -$181M |
|
|
VAR
21
DELISTED
Varian Medical Systems, Inc.
VAR
| $202M | 2.71% |
2,449,390
-1,184,110
| -33% | -$95M |
|
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David Rolfe's Q1 2015 Portfolio in Review
As of Q1 2015, David Rolfe held 21 positions worth $7.45B, up 0.47% from $7.42B the previous quarter. Its ten largest holdings account for 63% of the portfolio.
Trading was light in Q1 2015: portfolio turnover was 0%. David Rolfe opened no new positions and made no exits, leaving the 21-position portfolio largely intact.
By sector, the portfolio is most concentrated in Technology at 25% of assets, up from 25% a quarter earlier, followed by Financials and Healthcare.
- David Rolfe added most to NOV in Q1 2015, an estimated $120M increase.
- David Rolfe's biggest Q1 2015 reduction was Stericycle Inc, cutting an estimated $181M.
- David Rolfe's ten largest holdings make up 63% of its $7.45B portfolio in Q1 2015.
- David Rolfe opened 0 new positions and closed 0 in Q1 2015.
- David Rolfe's portfolio value rose 0.47% quarter-over-quarter to $7.45B.
Based on Wedgewood Partners's 13F filing for Q1 2015, filed 15 May 2015.