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 |
Bristol-Myers Squibb
BMY
|
+$22.4M |
| 2 |
S&P Global
SPGI
|
+$22.3M |
| 3 |
Corpay
CPAY
|
+$18.1M |
| 4 |
Copart
CPRT
|
+$16.5M |
| 5 |
NVIDIA
NVDA
|
+$7.49M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$44.6M |
| 2 |
C.H. Robinson
CHRW
|
+$39.1M |
| 3 |
CELG
Celgene Corp
CELG
|
+$39.1M |
| 4 |
Visa
V
|
+$30M |
| 5 |
Ulta Beauty
ULTA
|
+$27.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 22.48% |
| 2 | Communication Services | 20.68% |
| 3 | Consumer Discretionary | 19.74% |
| 4 | Financials | 16.03% |
| 5 | Healthcare | 14.16% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Apple
AAPL
$4.51T
| $95.5M | 9.68% |
1,300,496
-693,032
| -35% | -$44.6M |
|
2
Edwards Lifesciences
EW
$51.8B
| $87.3M | 8.85% |
1,122,186
-314,181
| -22% | -$24.5M |
|
3
Meta Platforms (Facebook)
META
$1.4T
| $78.1M | 7.92% |
380,732
-102,281
| -21% | -$19.8M |
|
|
4
Visa
V
$693B
| $76.2M | 7.72% |
405,281
-166,651
| -29% | -$30M |
|
5
Alphabet (Google) Class A
GOOGL
$4.22T
| $69.4M | 7.03% |
1,035,800
-263,400
| -20% | -$17M |
|
6
Booking.com
BKNG
$158B
| $67.4M | 6.84% |
820,975
-58,500
| -7% | -$4.59M |
|
7
Tractor Supply
TSCO
$18.2B
| $56.4M | 5.72% |
3,017,145
-459,630
| -13% | -$8.72M |
|
|
EA
8
DELISTED
Electronic Arts
EA
| $46.4M | 4.71% |
431,667
+10,139
| +2% | +$1.01M |
|
9
Fastenal
FAST
$58.8B
| $46.2M | 4.68% |
2,499,078
-1,235,900
| -33% | -$22.1M |
|
10
PayPal
PYPL
$52.7B
| $45.4M | 4.6% |
419,730
-108,132
| -20% | -$11.3M |
|
|
11
NVIDIA
NVDA
$5.2T
| $41.7M | 4.22% |
7,082,360
+1,439,680
| +26% | +$7.49M |
|
12
Starbucks
SBUX
$122B
| $41.1M | 4.17% |
467,523
-90,337
| -16% | -$7.7M |
|
13
Motorola Solutions
MSI
$79.5B
| $37.4M | 3.79% |
231,945
+26,891
| +13% | +$4.43M |
|
14
Ross Stores
ROST
$76.7B
| $29.7M | 3.02% |
255,515
-129,121
| -34% | -$14.5M |
|
15
CDW
CDW
$17.2B
| $28.6M | 2.9% |
200,439
+31,516
| +19% | +$4.17M |
|
16
Alcon
ALC
$35.6B
| $26.3M | 2.67% |
465,735
-186,632
| -29% | -$10.7M |
|
|
17
Bristol-Myers Squibb
BMY
$137B
| $25.1M | 2.55% |
+391,442
| New | +$22.4M |
|
|
18
S&P Global
SPGI
$127B
| $23.5M | 2.38% |
+86,022
| New | +$22.3M |
|
|
19
Corpay
CPAY
$27.4B
| $17.6M | 1.79% |
+61,274
| New | +$18.1M |
|
|
20
Copart
CPRT
$31.3B
| $17.6M | 1.78% |
+773,804
| New | +$16.5M |
|
21
Berkshire Hathaway Class B
BRK.B
$1.06T
| $8.94M | 0.91% |
39,490
-21,623
| -35% | -$4.7M |
|
|
22
Alphabet (Google) Class C
GOOG
$4.18T
| $8.1M | 0.82% |
121,200
-29,320
| -19% | -$1.89M |
|
23
US Bancorp
USB
$96.7B
| $2.97M | 0.3% |
50,043
-620
| -1% | -$35.8K |
|
24
Verizon
VZ
$205B
| $1.06M | 0.11% |
17,250
| – | – |
|
25
Johnson & Johnson
JNJ
$651B
| $918K | 0.09% |
6,300
| – | – |
|
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David Rolfe's Q4 2019 Portfolio in Review
As of Q4 2019, David Rolfe held 42 positions worth $986M, down 13% from $1.13B the previous quarter. Its ten largest holdings account for 68% of the portfolio.
David Rolfe withdrew a net $239M in Q4 2019, closing 3 positions and reducing 21 holdings. Its most notable exit was Celgene Corp, an estimated $39.1M position sold in full.
By sector, the portfolio is most concentrated in Technology at 22% of assets, up from 17% a quarter earlier, followed by Communication Services and Consumer Discretionary.
Against the trend, David Rolfe opened a new position in Bristol-Myers Squibb worth $25.1M.
- David Rolfe's largest Q4 2019 buy was Bristol-Myers Squibb: 391,442 shares worth $25.1M.
- David Rolfe added most to NVIDIA in Q4 2019, an estimated $7.49M increase.
- David Rolfe's biggest Q4 2019 reduction was Apple, cutting an estimated $44.6M.
- David Rolfe fully exited Celgene Corp in Q4 2019, selling an estimated $39.1M.
- David Rolfe's ten largest holdings make up 68% of its $986M portfolio in Q4 2019.
- David Rolfe opened 4 new positions and closed 3 in Q4 2019.
- David Rolfe's portfolio value fell 13% quarter-over-quarter to $986M.
Based on Wedgewood Partners's 13F filing for Q4 2019, filed 14 Feb 2020.