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 |
Starbucks
SBUX
|
+$48.9M |
| 2 |
C.H. Robinson
CHRW
|
+$3.25M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Qualcomm
QCOM
|
+$71.2M |
| 2 |
SCHW
Charles Schwab
SCHW
|
+$35.3M |
| 3 |
Berkshire Hathaway Class B
BRK.B
|
+$31M |
| 4 |
Ross Stores
ROST
|
+$28.1M |
| 5 |
Edwards Lifesciences
EW
|
+$27.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.7% |
| 2 | Consumer Discretionary | 23.8% |
| 3 | Communication Services | 13.5% |
| 4 | Healthcare | 12.91% |
| 5 | Industrials | 12.55% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Edwards Lifesciences
EW
$51.8B
| $126M | 9.23% |
1,982,457
-480,939
| -20% | -$27.4M |
|
2
Apple
AAPL
$4.51T
| $123M | 8.96% |
2,582,796
-615,868
| -19% | -$26.1M |
|
|
3
Berkshire Hathaway Class B
BRK.B
$1.06T
| $118M | 8.61% |
587,002
-153,618
| -21% | -$31M |
|
4
Visa
V
$693B
| $108M | 7.91% |
693,978
-189,328
| -21% | -$27.3M |
|
5
Meta Platforms (Facebook)
META
$1.4T
| $105M | 7.67% |
630,014
-134,956
| -18% | -$21.5M |
|
6
Tractor Supply
TSCO
$18.2B
| $87M | 6.35% |
4,451,310
-1,178,950
| -21% | -$21.4M |
|
7
Fastenal
FAST
$58.8B
| $78.5M | 5.73% |
4,884,756
-1,278,416
| -21% | -$19.2M |
|
8
Booking.com
BKNG
$158B
| $78.5M | 5.73% |
1,124,175
-278,150
| -20% | -$19.9M |
|
9
Ulta Beauty
ULTA
$22.4B
| $73.5M | 5.37% |
210,774
-4,036
| -2% | -$1.22M |
|
10
Alphabet (Google) Class A
GOOGL
$4.22T
| $72.7M | 5.31% |
1,235,540
-330,340
| -21% | -$18.7M |
|
11
PayPal
PYPL
$52.7B
| $68.5M | 5% |
659,311
-178,573
| -21% | -$16.9M |
|
|
12
C.H. Robinson
CHRW
$16.5B
| $57.2M | 4.18% |
657,830
+37,009
| +6% | +$3.25M |
|
|
13
Starbucks
SBUX
$122B
| $52.9M | 3.86% |
+711,660
| New | +$48.9M |
|
|
CELG
14
DELISTED
Celgene Corp
CELG
| $49.5M | 3.62% |
525,139
-129,493
| -20% | -$11.3M |
|
15
Cognizant
CTSH
$27.9B
| $40.4M | 2.95% |
557,859
-135,615
| -20% | -$9.49M |
|
|
SCHW
16
Charles Schwab
SCHW
$194B
| $38.9M | 2.84% |
908,998
-781,645
| -46% | -$35.3M |
|
17
Old Dominion Freight Line
ODFL
$42.8B
| $35.6M | 2.6% |
739,953
-488,280
| -40% | -$22.8M |
|
|
18
Ross Stores
ROST
$76.7B
| $34M | 2.48% |
365,496
-306,151
| -46% | -$28.1M |
|
|
19
Alphabet (Google) Class C
GOOG
$4.18T
| $5.39M | 0.39% |
91,940
-11,660
| -11% | -$654K |
|
|
20
Qualcomm
QCOM
$169B
| $4.23M | 0.31% |
74,200
-1,319,663
| -95% | -$71.2M |
|
21
US Bancorp
USB
$96.7B
| $2.9M | 0.21% |
60,138
| – | – |
|
22
SLB Ltd
SLB
$79.9B
| $1.45M | 0.11% |
33,375
-1,075
| -3% | -$46.5K |
|
23
Blackstone
BX
$108B
| $1.3M | 0.1% |
37,325
| – | – |
|
24
Verizon
VZ
$205B
| $1.02M | 0.07% |
17,250
-1,500
| -8% | -$84.9K |
|
25
Johnson & Johnson
JNJ
$651B
| $880K | 0.06% |
6,300
| – | – |
|
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David Rolfe's Q1 2019 Portfolio in Review
As of Q1 2019, David Rolfe held 36 positions worth $1.37B, down 9.1% from $1.51B the previous quarter. Its ten largest holdings account for 71% of the portfolio.
David Rolfe withdrew a net $358M in Q1 2019, reducing 23 holdings. Its largest reduction was Qualcomm, cutting an estimated $71.2M.
By sector, the portfolio is most concentrated in Financials at 25% of assets, down from 27% a quarter earlier, followed by Consumer Discretionary and Communication Services.
Against the trend, David Rolfe opened a new position in Starbucks worth $52.9M.
- David Rolfe's largest Q1 2019 buy was Starbucks: 711,660 shares worth $52.9M.
- David Rolfe added most to C.H. Robinson in Q1 2019, an estimated $3.25M increase.
- David Rolfe's biggest Q1 2019 reduction was Qualcomm, cutting an estimated $71.2M.
- David Rolfe's ten largest holdings make up 71% of its $1.37B portfolio in Q1 2019.
- David Rolfe opened 1 new position and closed 0 in Q1 2019.
- David Rolfe's portfolio value fell 9.1% quarter-over-quarter to $1.37B.
Based on Wedgewood Partners's 13F filing for Q1 2019, filed 15 May 2019.