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
|
+$6.85M |
| 2 |
Motorola Solutions
MSI
|
+$4.48M |
| 3 |
Copart
CPRT
|
+$2.9M |
| 4 |
CDW
CDW
|
+$1.39M |
| 5 |
AT&T
T
|
+$384K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Booking.com
BKNG
|
+$18.2M |
| 2 |
NVIDIA
NVDA
|
+$13.7M |
| 3 |
Meta Platforms (Facebook)
META
|
+$7.97M |
| 4 |
Apple
AAPL
|
+$7.91M |
| 5 |
Corpay
CPAY
|
+$7.45M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 29.04% |
| 2 | Communication Services | 22.33% |
| 3 | Financials | 18.63% |
| 4 | Healthcare | 14.81% |
| 5 | Consumer Discretionary | 12.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Apple
AAPL
$4.51T
| $67.1M | 11.37% |
735,572
-102,108
| -12% | -$7.91M |
|
|
2
Meta Platforms (Facebook)
META
$1.4T
| $49.8M | 8.44% |
219,400
-38,163
| -15% | -$7.97M |
|
3
Tractor Supply
TSCO
$18.2B
| $47.1M | 7.98% |
1,786,815
-164,075
| -8% | -$3.59M |
|
4
Edwards Lifesciences
EW
$51.8B
| $46.2M | 7.83% |
668,542
-43,058
| -6% | -$3.06M |
|
5
Visa
V
$693B
| $43.2M | 7.32% |
223,728
-17,831
| -7% | -$3.26M |
|
6
PayPal
PYPL
$52.7B
| $42.1M | 7.14% |
241,696
-19,836
| -8% | -$2.74M |
|
7
Alphabet (Google) Class A
GOOGL
$4.22T
| $41.5M | 7.04% |
585,580
-55,260
| -9% | -$3.73M |
|
|
EA
8
DELISTED
Electronic Arts
EA
| $32.6M | 5.52% |
246,511
-19,501
| -7% | -$2.3M |
|
|
9
Motorola Solutions
MSI
$79.5B
| $30.2M | 5.11% |
215,336
+31,675
| +17% | +$4.48M |
|
10
Starbucks
SBUX
$122B
| $23.8M | 4.03% |
323,117
-33,809
| -9% | -$2.54M |
|
|
11
CDW
CDW
$17.2B
| $22.3M | 3.78% |
191,809
+12,850
| +7% | +$1.39M |
|
|
12
Bristol-Myers Squibb
BMY
$137B
| $22M | 3.72% |
373,781
+114,601
| +44% | +$6.85M |
|
13
Keysight
KEYS
$53.8B
| $19.1M | 3.24% |
189,650
-15,829
| -8% | -$1.55M |
|
14
Alcon
ALC
$35.6B
| $18.4M | 3.11% |
320,342
-22,900
| -7% | -$1.3M |
|
15
S&P Global
SPGI
$127B
| $17.1M | 2.9% |
52,019
-3,949
| -7% | -$1.19M |
|
16
Microsoft
MSFT
$3.59T
| $16.5M | 2.8% |
81,296
-2,653
| -3% | -$482K |
|
|
17
NVIDIA
NVDA
$5.2T
| $15.5M | 2.63% |
1,632,720
-1,697,440
| -51% | -$13.7M |
|
|
18
Copart
CPRT
$31.3B
| $14.7M | 2.49% |
705,616
+144,456
| +26% | +$2.9M |
|
|
19
Alphabet (Google) Class C
GOOG
$4.18T
| $6.03M | 1.02% |
85,380
-240
| -0.3% | -$16.2K |
|
20
Berkshire Hathaway Class B
BRK.B
$1.06T
| $4.11M | 0.7% |
23,050
-8,150
| -26% | -$1.49M |
|
21
US Bancorp
USB
$96.7B
| $1.94M | 0.33% |
52,793
+250
| +0.5% | +$8.91K |
|
22
Blackstone
BX
$108B
| $1.12M | 0.19% |
19,750
| – | – |
|
|
23
AT&T
T
$173B
| $1M | 0.17% |
44,023
+16,881
| +62% | +$384K |
|
24
Johnson & Johnson
JNJ
$651B
| $885K | 0.15% |
6,300
| – | – |
|
25
Verizon
VZ
$205B
| $882K | 0.15% |
16,000
| – | – |
|
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David Rolfe's Q2 2020 Portfolio in Review
As of Q2 2020, David Rolfe held 42 positions worth $590M, up 12% from $527M the previous quarter. Its ten largest holdings account for 72% of the portfolio.
David Rolfe withdrew a net $74.2M in Q2 2020, closing 4 positions and reducing 21 holdings. Its most notable exit was Booking.com, an estimated $18.2M position sold in full.
By sector, the portfolio is most concentrated in Technology at 29% of assets, down from 29% a quarter earlier, followed by Communication Services and Financials.
Against the trend, David Rolfe opened a new position in Boeing worth $375K.
- David Rolfe's largest Q2 2020 buy was Boeing: 2,050 shares worth $375K.
- David Rolfe added most to Bristol-Myers Squibb in Q2 2020, an estimated $6.85M increase.
- David Rolfe's biggest Q2 2020 reduction was NVIDIA, cutting an estimated $13.7M.
- David Rolfe fully exited Booking.com in Q2 2020, selling an estimated $18.2M.
- David Rolfe's ten largest holdings make up 72% of its $590M portfolio in Q2 2020.
- David Rolfe opened 1 new position and closed 4 in Q2 2020.
- David Rolfe's portfolio value rose 12% quarter-over-quarter to $590M.
Based on Wedgewood Partners's 13F filing for Q2 2020, filed 14 Aug 2020.