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 |
Microsoft
MSFT
|
+$16.7M |
| 2 |
FRC
First Republic Bank
FRC
|
+$15.5M |
| 3 |
Keysight
KEYS
|
+$6.61M |
| 4 |
Copart
CPRT
|
+$5.74M |
| 5 |
Bristol-Myers Squibb
BMY
|
+$3.94M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$28.4M |
| 2 |
NVIDIA
NVDA
|
+$15.5M |
| 3 |
Meta Platforms (Facebook)
META
|
+$9.61M |
| 4 |
Tractor Supply
TSCO
|
+$2.9M |
| 5 |
Edwards Lifesciences
EW
|
+$2.87M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.21% |
| 2 | Financials | 20.3% |
| 3 | Communication Services | 20.11% |
| 4 | Healthcare | 15.07% |
| 5 | Consumer Discretionary | 11.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Apple
AAPL
$4.51T
| $55M | 8.7% |
475,033
-260,539
| -35% | -$28.4M |
|
|
2
Edwards Lifesciences
EW
$51.8B
| $50.4M | 7.97% |
631,718
-36,824
| -6% | -$2.87M |
|
|
3
Tractor Supply
TSCO
$18.2B
| $48.3M | 7.64% |
1,685,980
-100,835
| -6% | -$2.9M |
|
|
4
Meta Platforms (Facebook)
META
$1.4T
| $47.7M | 7.54% |
182,136
-37,264
| -17% | -$9.61M |
|
5
PayPal
PYPL
$52.7B
| $45.5M | 7.19% |
230,701
-10,995
| -5% | -$2.07M |
|
6
Visa
V
$693B
| $42.4M | 6.71% |
212,149
-11,579
| -5% | -$2.31M |
|
7
Alphabet (Google) Class A
GOOGL
$4.22T
| $40.7M | 6.44% |
555,840
-29,740
| -5% | -$2.27M |
|
8
Motorola Solutions
MSI
$79.5B
| $37.2M | 5.88% |
237,250
+21,914
| +10% | +$3.2M |
|
|
9
Microsoft
MSFT
$3.59T
| $33.8M | 5.35% |
160,696
+79,400
| +98% | +$16.7M |
|
|
EA
10
DELISTED
Electronic Arts
EA
| $30.7M | 4.86% |
235,457
-11,054
| -4% | -$1.51M |
|
11
CDW
CDW
$17.2B
| $26.7M | 4.22% |
223,339
+31,530
| +16% | +$3.61M |
|
|
12
Bristol-Myers Squibb
BMY
$137B
| $26.5M | 4.19% |
439,319
+65,538
| +18% | +$3.94M |
|
13
Starbucks
SBUX
$122B
| $26.2M | 4.15% |
305,048
-18,069
| -6% | -$1.44M |
|
|
14
Keysight
KEYS
$53.8B
| $25.4M | 4.01% |
256,910
+67,260
| +35% | +$6.61M |
|
|
15
Copart
CPRT
$31.3B
| $24.8M | 3.92% |
942,752
+237,136
| +34% | +$5.74M |
|
16
S&P Global
SPGI
$127B
| $17.8M | 2.82% |
49,485
-2,534
| -5% | -$894K |
|
17
Alcon
ALC
$35.6B
| $17.4M | 2.75% |
305,660
-14,682
| -5% | -$864K |
|
|
FRC
18
DELISTED
First Republic Bank
FRC
| $15.2M | 2.41% |
+139,827
| New | +$15.5M |
|
|
19
Alphabet (Google) Class C
GOOG
$4.18T
| $6.18M | 0.98% |
84,080
-1,300
| -2% | -$99.2K |
|
20
Berkshire Hathaway Class B
BRK.B
$1.06T
| $4.56M | 0.72% |
21,400
-1,650
| -7% | -$338K |
|
21
US Bancorp
USB
$96.7B
| $1.89M | 0.3% |
52,793
| – | – |
|
22
Blackstone
BX
$108B
| $965K | 0.15% |
18,500
-1,250
| -6% | -$66.9K |
|
23
Verizon
VZ
$205B
| $951K | 0.15% |
16,000
| – | – |
|
24
Johnson & Johnson
JNJ
$651B
| $937K | 0.15% |
6,300
| – | – |
|
25
AT&T
T
$173B
| $912K | 0.14% |
42,368
-1,655
| -4% | -$37K |
|
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David Rolfe's Q3 2020 Portfolio in Review
As of Q3 2020, David Rolfe held 39 positions worth $632M, up 7.1% from $590M the previous quarter. Its ten largest holdings account for 68% of the portfolio.
David Rolfe's Q3 2020 filing shows 1 new, 7 increased, 20 reduced and 4 closed positions. Its largest new stake was First Republic Bank: 139,827 shares worth $15.2M. The largest sale was Apple, an estimated $28.4M.
By sector, the portfolio is most concentrated in Technology at 28% of assets, down from 29% a quarter earlier, followed by Financials and Communication Services.
- David Rolfe's largest Q3 2020 buy was First Republic Bank: 139,827 shares worth $15.2M.
- David Rolfe added most to Microsoft in Q3 2020, an estimated $16.7M increase.
- David Rolfe's biggest Q3 2020 reduction was Apple, cutting an estimated $28.4M.
- David Rolfe fully exited NVIDIA in Q3 2020, selling an estimated $15.5M.
- David Rolfe's ten largest holdings make up 68% of its $632M portfolio in Q3 2020.
- David Rolfe opened 1 new position and closed 4 in Q3 2020.
- David Rolfe's portfolio value rose 7.1% quarter-over-quarter to $632M.
Based on Wedgewood Partners's 13F filing for Q3 2020, filed 13 Nov 2020.