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David Rolfe Wedgewood Partners
AUM
$484M
Turnover
18.18%
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
+2.64%
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
$1.13B
AUM Growth
-$53.2M
(-4.5%)
Cap. Flow
-$64.9M
Cap. Flow % of AUM
Cap. Flow %
-5.76%
Top 10 Holdings %
Top 10 Hldgs %
68.92%
Holding
40
New
2
Increased
4
Reduced
24
Closed
2
Avg Time Held
3.1
years
Top 10 Avg Time Held
2
years
Top 20 Avg Time Held
2.5
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$23.7M |
| 2 |
CDW
CDW
|
+$19.4M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$19M |
| 4 |
Electronic Arts
EA
|
+$14M |
| 5 |
Alcon
ALC
|
+$12.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Berkshire Hathaway Class B
BRK.B
|
+$56.9M |
| 2 |
Ulta Beauty
ULTA
|
+$20.5M |
| 3 |
C.H. Robinson
CHRW
|
+$12M |
| 4 |
Edwards Lifesciences
EW
|
+$8.75M |
| 5 |
Apple
AAPL
|
+$8.22M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 22.22% |
| 2 | Communication Services | 19.29% |
| 3 | Technology | 17.38% |
| 4 | Healthcare | 16.24% |
| 5 | Financials | 15.37% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Apple
AAPL
$4.84T
| $112M | 9.89% |
1,993,528
-157,272
| -7% | -$8.22M |
2013 Q2
25 quarters
|
|
|
2
Edwards Lifesciences
EW
$54.9B
| $105M | 9.33% |
1,436,367
-124,512
| -8% | -$8.75M |
2017 Q1
10 quarters
|
|
3
Visa
V
$786B
| $98.4M | 8.72% |
571,932
-35,656
| -6% | -$6.35M |
2013 Q2
25 quarters
|
|
4
Meta Platforms (Facebook)
META
$1.62T
| $86M | 7.62% |
483,013
-33,740
| -7% | -$6.41M |
2018 Q1
6 quarters
|
|
|
5
Alphabet (Google) Class A
GOOGL
$3.44T
| $79.3M | 7.03% |
1,299,200
+320,700
| +33% | +$19M |
2015 Q3
16 quarters
|
|
6
Booking.com
BKNG
$117B
| $69M | 6.12% |
879,475
-62,600
| -7% | -$4.85M |
2013 Q2
25 quarters
|
|
7
Tractor Supply
TSCO
$18.3B
| $62.9M | 5.57% |
3,476,775
-257,410
| -7% | -$5.33M |
2016 Q4
11 quarters
|
|
8
Fastenal
FAST
$60B
| $61M | 5.41% |
3,734,978
-260,180
| -7% | -$4.05M |
2016 Q4
11 quarters
|
|
9
PayPal
PYPL
$48.4B
| $54.7M | 4.85% |
527,862
-35,804
| -6% | -$3.94M |
2015 Q3
16 quarters
|
|
10
Starbucks
SBUX
$119B
| $49.3M | 4.37% |
557,860
-37,244
| -6% | -$3.45M |
2019 Q1
2 quarters
|
|
11
Ross Stores
ROST
$74B
| $42.3M | 3.74% |
384,636
-27,469
| -7% | -$2.9M |
2016 Q2
13 quarters
|
|
|
12
C.H. Robinson
CHRW
$15.5B
| $42M | 3.72% |
495,718
-143,099
| -22% | -$12M |
2018 Q3
4 quarters
|
|
|
13
DELISTED
Electronic Arts
EA
| $41.2M | 3.65% |
421,528
+149,496
| +55% | +$14M |
2019 Q2
1 quarter
|
|
|
CELG
14
DELISTED
Celgene Corp
CELG
| $39.1M | 3.47% |
393,967
-39,293
| -9% | -$3.73M |
2017 Q1
10 quarters
|
|
|
15
Alcon
ALC
$35B
| $38M | 3.37% |
652,367
+201,343
| +45% | +$12.1M |
2019 Q2
1 quarter
|
|
16
Motorola Solutions
MSI
$81.3B
| $34.9M | 3.1% |
205,054
-5,829
| -3% | -$1M |
2019 Q2
1 quarter
|
|
|
17
Ulta Beauty
ULTA
$27.1B
| $27.2M | 2.41% |
108,539
-66,934
| -38% | -$20.5M |
2018 Q3
4 quarters
|
|
|
18
NVIDIA
NVDA
$4.99T
| $24.6M | 2.18% |
+5,642,680
| New | +$23.7M |
2019 Q3
0 quarters
|
|
|
19
CDW
CDW
$18.7B
| $20.8M | 1.85% |
+168,923
| New | +$19.4M |
2019 Q3
0 quarters
|
|
|
20
Berkshire Hathaway Class B
BRK.B
$1.19T
| $12.7M | 1.13% |
61,113
-276,293
| -82% | -$56.9M |
2013 Q2
25 quarters
|
|
21
Alphabet (Google) Class C
GOOG
$3.42T
| $9.17M | 0.81% |
150,520
-7,060
| -4% | -$418K |
2013 Q2
25 quarters
|
|
22
Charles Schwab
SCHW
$154B
| $3.8M | 0.34% |
90,925
-7,475
| -8% | -$302K |
2016 Q1
14 quarters
|
|
23
Qualcomm
QCOM
$176B
| $3.67M | 0.33% |
48,075
-2,500
| -5% | -$188K |
2013 Q2
25 quarters
|
|
24
US Bancorp
USB
$93.3B
| $2.8M | 0.25% |
50,663
-9,475
| -16% | -$512K |
2016 Q1
14 quarters
|
|
25
Verizon
VZ
$188B
| $1.04M | 0.09% |
17,250
| – | – |
2016 Q1
14 quarters
|
|
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David Rolfe's Q3 2019 Portfolio in Review
As of Q3 2019, David Rolfe held 40 positions worth $1.13B, down 4.5% from $1.18B the previous quarter. Its ten largest holdings account for 69% of the portfolio.
David Rolfe withdrew a net $64.9M in Q3 2019, closing 2 positions and reducing 24 holdings. Its most notable exit was Cognizant, an estimated $2.84M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 22% of assets, down from 26% a quarter earlier, followed by Communication Services and Technology.
Against the trend, David Rolfe opened a new position in NVIDIA worth $24.6M.
- David Rolfe's largest Q3 2019 buy was NVIDIA: 5,642,680 shares worth $24.6M.
- David Rolfe added most to Alphabet (Google) Class A in Q3 2019, an estimated $19M increase.
- David Rolfe's biggest Q3 2019 reduction was Berkshire Hathaway Class B, cutting an estimated $56.9M.
- David Rolfe fully exited Cognizant in Q3 2019, selling an estimated $2.84M.
- David Rolfe's ten largest holdings make up 69% of its $1.13B portfolio in Q3 2019.
- David Rolfe opened 2 new positions and closed 2 in Q3 2019.
- David Rolfe's portfolio value fell 4.5% quarter-over-quarter to $1.13B.
Based on Wedgewood Partners's 13F filing for Q3 2019, filed 14 Nov 2019.