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 |
AT&T
T
|
+$564K |
| 2 |
ExxonMobil
XOM
|
+$217K |
| 3 |
Boeing
BA
|
+$157K |
| 4 |
Blackstone
BX
|
+$121K |
| 5 |
US Bancorp
USB
|
+$116K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TSMC
TSM
|
+$4.38M |
| 2 |
Meta Platforms (Facebook)
META
|
+$2.7M |
| 3 |
Keysight
KEYS
|
+$2.12M |
| 4 |
Starbucks
SBUX
|
+$1.89M |
| 5 |
PayPal
PYPL
|
+$1.77M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.38% |
| 2 | Financials | 22.78% |
| 3 | Communication Services | 12.85% |
| 4 | Healthcare | 11.21% |
| 5 | Consumer Discretionary | 9.43% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Apple
AAPL
$5.03T
| $49.8M | 9.37% |
360,547
-6,728
| -2% | -$1.06M |
2013 Q2
37 quarters
|
|
2
Motorola Solutions
MSI
$81.3B
| $36.1M | 6.8% |
161,350
-5,913
| -4% | -$1.4M |
2019 Q2
13 quarters
|
|
3
Visa
V
$773B
| $34M | 6.39% |
191,229
-5,316
| -3% | -$1.08M |
2013 Q2
37 quarters
|
|
4
Tractor Supply
TSCO
$17.7B
| $32.8M | 6.16% |
881,280
-18,320
| -2% | -$713K |
2016 Q4
23 quarters
|
|
5
Microsoft
MSFT
$3.88T
| $32.1M | 6.05% |
137,986
-3,240
| -2% | -$856K |
2020 Q1
10 quarters
|
|
6
UnitedHealth
UNH
$365B
| $30.7M | 5.78% |
60,867
-1,619
| -3% | -$851K |
2021 Q3
4 quarters
|
|
7
Alphabet (Google) Class A
GOOGL
$3.44T
| $30.7M | 5.78% |
321,148
-8,092
| -2% | -$897K |
2015 Q3
28 quarters
|
|
8
CDW
CDW
$19.2B
| $28.2M | 5.3% |
180,363
-5,133
| -3% | -$880K |
2019 Q3
12 quarters
|
|
9
Edwards Lifesciences
EW
$53B
| $27.4M | 5.16% |
331,627
-9,062
| -3% | -$872K |
2017 Q1
22 quarters
|
|
|
10
Meta Platforms (Facebook)
META
$1.6T
| $27.3M | 5.13% |
201,118
-16,638
| -8% | -$2.7M |
2018 Q1
18 quarters
|
|
|
11
PayPal
PYPL
$47.4B
| $26.9M | 5.05% |
312,051
-19,936
| -6% | -$1.77M |
2015 Q3
28 quarters
|
|
12
Progressive
PGR
$134B
| $20.7M | 3.9% |
178,530
-5,311
| -3% | -$640K |
2020 Q4
7 quarters
|
|
13
Copart
CPRT
$27.9B
| $20.4M | 3.84% |
768,004
-22,180
| -3% | -$660K |
2019 Q4
11 quarters
|
|
|
14
TSMC
TSM
$2.11T
| $20.3M | 3.82% |
296,516
-53,026
| -15% | -$4.38M |
2021 Q2
5 quarters
|
|
|
FRC
15
DELISTED
First Republic Bank
FRC
| $19.7M | 3.7% |
150,846
-2,397
| -2% | -$368K |
2020 Q3
8 quarters
|
|
16
Texas Pacific Land
TPL
$22.9B
| $18.6M | 3.5% |
94,266
-3,303
| -3% | -$636K |
2021 Q4
3 quarters
|
|
17
Booking.com
BKNG
$111B
| $15.2M | 2.87% |
231,775
-13,425
| -5% | -$1.01M |
2021 Q1
6 quarters
|
|
18
Old Dominion Freight Line
ODFL
$35.8B
| $14M | 2.63% |
112,320
-3,716
| -3% | -$514K |
2021 Q1
6 quarters
|
|
19
S&P Global
SPGI
$135B
| $12M | 2.26% |
39,297
-1,042
| -3% | -$373K |
2019 Q4
11 quarters
|
|
20
Pool Corp
POOL
$7.36B
| $9.6M | 1.81% |
30,223
-495
| -2% | -$177K |
2022 Q2
1 quarter
|
|
21
Alphabet (Google) Class C
GOOG
$3.42T
| $7.74M | 1.46% |
80,530
-370
| -0.5% | -$41.3K |
2013 Q2
37 quarters
|
|
22
Berkshire Hathaway Class B
BRK.B
$1.16T
| $5.17M | 0.97% |
19,375
| – | – |
2013 Q2
37 quarters
|
|
|
23
Starbucks
SBUX
$118B
| $2.14M | 0.4% |
25,390
-22,222
| -47% | -$1.89M |
2019 Q1
14 quarters
|
|
|
24
US Bancorp
USB
$92.6B
| $1.48M | 0.28% |
36,805
+2,500
| +7% | +$116K |
2016 Q1
26 quarters
|
|
|
25
AT&T
T
$144B
| $1.19M | 0.22% |
77,500
+31,000
| +67% | +$564K |
2016 Q1
26 quarters
|
|
Similar funds
David Rolfe's Q3 2022 Portfolio in Review
As of Q3 2022, David Rolfe held 41 positions worth $532M, down 8.2% from $579M the previous quarter. Its ten largest holdings account for 62% of the portfolio.
David Rolfe withdrew a net $24.5M in Q3 2022, closing 1 position and reducing 24 holdings. Its most notable exit was Keysight, an estimated $2.12M position sold in full.
By sector, the portfolio is most concentrated in Technology at 31% of assets, down from 31% a quarter earlier, followed by Financials and Communication Services.
Against the trend, David Rolfe opened a new position in ExxonMobil worth $207K.
- David Rolfe's largest Q3 2022 buy was ExxonMobil: 2,375 shares worth $207K.
- David Rolfe added most to AT&T in Q3 2022, an estimated $564K increase.
- David Rolfe's biggest Q3 2022 reduction was TSMC, cutting an estimated $4.38M.
- David Rolfe fully exited Keysight in Q3 2022, selling an estimated $2.12M.
- David Rolfe's ten largest holdings make up 62% of its $532M portfolio in Q3 2022.
- David Rolfe opened 1 new position and closed 1 in Q3 2022.
- David Rolfe's portfolio value fell 8.2% quarter-over-quarter to $532M.
Based on Wedgewood Partners's 13F filing for Q3 2022, filed 14 Nov 2022.