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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
+6.61%
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
$544M
AUM Growth
+$12.8M
(+2.4%)
Cap. Flow
-$15.1M
Cap. Flow % of AUM
Cap. Flow %
-2.77%
Top 10 Holdings %
Top 10 Hldgs %
62.39%
Holding
43
New
3
Increased
8
Reduced
26
Closed
2
Avg Time Held
4.1
years
Top 10 Avg Time Held
3.1
years
Top 20 Avg Time Held
3.8
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
FRC
First Republic Bank
FRC
|
+$4.06M |
| 2 |
Invesco QQQ Trust
QQQ
|
+$781K |
| 3 |
TSMC
TSM
|
+$273K |
| 4 |
Tapestry
TPR
|
+$197K |
| 5 |
Berkshire Hathaway Class B
BRK.B
|
+$178K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Meta Platforms (Facebook)
META
|
+$4.82M |
| 2 |
Texas Pacific Land
TPL
|
+$4.77M |
| 3 |
Progressive
PGR
|
+$4.73M |
| 4 |
Starbucks
SBUX
|
+$1.87M |
| 5 |
Microsoft
MSFT
|
+$1.06M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 32.13% |
| 2 | Financials | 22.83% |
| 3 | Healthcare | 10.72% |
| 4 | Consumer Discretionary | 10.66% |
| 5 | Communication Services | 10.49% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Apple
AAPL
$5.07T
| $47M | 8.63% |
361,702
+1,155
| +0.3% | +$165K |
2013 Q2
38 quarters
|
|
2
Motorola Solutions
MSI
$87.2B
| $41.3M | 7.59% |
160,213
-1,137
| -0.7% | -$284K |
2019 Q2
14 quarters
|
|
3
Visa
V
$789B
| $39.5M | 7.25% |
190,076
-1,153
| -0.6% | -$233K |
2013 Q2
38 quarters
|
|
4
Tractor Supply
TSCO
$19.5B
| $39.5M | 7.25% |
877,325
-3,955
| -0.4% | -$168K |
2016 Q4
24 quarters
|
|
5
UnitedHealth
UNH
$363B
| $32.1M | 5.9% |
60,622
-245
| -0.4% | -$130K |
2021 Q3
5 quarters
|
|
|
6
Microsoft
MSFT
$3.96T
| $32M | 5.89% |
133,584
-4,402
| -3% | -$1.06M |
2020 Q1
11 quarters
|
|
7
CDW
CDW
$21.1B
| $32M | 5.87% |
178,924
-1,439
| -0.8% | -$253K |
2019 Q3
13 quarters
|
|
8
Alphabet (Google) Class A
GOOGL
$3.53T
| $28M | 5.14% |
317,379
-3,769
| -1% | -$358K |
2015 Q3
29 quarters
|
|
9
Edwards Lifesciences
EW
$59.8B
| $24.9M | 4.57% |
333,760
+2,133
| +0.6% | +$164K |
2017 Q1
23 quarters
|
|
10
Copart
CPRT
$29.9B
| $23.3M | 4.29% |
766,632
-1,372
| -0.2% | -$41.1K |
2019 Q4
12 quarters
|
|
|
FRC
11
DELISTED
First Republic Bank
FRC
| $22.4M | 4.12% |
184,096
+33,250
| +22% | +$4.06M |
2020 Q3
9 quarters
|
|
|
12
TSMC
TSM
$2.06T
| $22.4M | 4.11% |
300,283
+3,767
| +1% | +$273K |
2021 Q2
6 quarters
|
|
13
PayPal
PYPL
$48.8B
| $22.1M | 4.06% |
310,249
-1,802
| -0.6% | -$144K |
2015 Q3
29 quarters
|
|
|
14
Texas Pacific Land
TPL
$18.9B
| $19.9M | 3.65% |
76,257
-18,009
| -19% | -$4.77M |
2021 Q4
4 quarters
|
|
|
15
Meta Platforms (Facebook)
META
$1.64T
| $19.3M | 3.54% |
160,091
-41,027
| -20% | -$4.82M |
2018 Q1
19 quarters
|
|
|
16
Progressive
PGR
$134B
| $18.3M | 3.36% |
141,210
-37,320
| -21% | -$4.73M |
2020 Q4
8 quarters
|
|
17
Booking.com
BKNG
$118B
| $17.6M | 3.24% |
218,575
-13,200
| -6% | -$1M |
2021 Q1
7 quarters
|
|
18
Old Dominion Freight Line
ODFL
$34.6B
| $16M | 2.93% |
112,498
+178
| +0.2% | +$25.3K |
2021 Q1
7 quarters
|
|
19
S&P Global
SPGI
$137B
| $13.1M | 2.4% |
39,034
-263
| -0.7% | -$86.7K |
2019 Q4
12 quarters
|
|
20
Pool Corp
POOL
$7.77B
| $9.02M | 1.66% |
29,848
-375
| -1% | -$119K |
2022 Q2
2 quarters
|
|
21
Alphabet (Google) Class C
GOOG
$3.5T
| $7.14M | 1.31% |
80,530
| – | – |
2013 Q2
38 quarters
|
|
|
22
Berkshire Hathaway Class B
BRK.B
$1.24T
| $6.17M | 1.13% |
19,975
+600
| +3% | +$178K |
2013 Q2
38 quarters
|
|
23
US Bancorp
USB
$94.6B
| $1.55M | 0.28% |
35,555
-1,250
| -3% | -$53.5K |
2016 Q1
27 quarters
|
|
24
AT&T
T
$148B
| $1.42M | 0.26% |
77,075
-425
| -0.5% | -$7.61K |
2016 Q1
27 quarters
|
|
25
Blackstone
BX
$96.9B
| $1.13M | 0.21% |
15,250
+1,250
| +9% | +$108K |
2016 Q1
27 quarters
|
|
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David Rolfe's Q4 2022 Portfolio in Review
As of Q4 2022, David Rolfe held 43 positions worth $544M, up 2.4% from $532M the previous quarter. Its ten largest holdings account for 62% of the portfolio.
David Rolfe's Q4 2022 filing shows 3 new, 8 increased, 26 reduced and 2 closed positions. Its largest new stake was Invesco QQQ Trust: 2,825 shares worth $752K. The largest sale was Meta Platforms (Facebook), an estimated $4.82M.
By sector, the portfolio is most concentrated in Technology at 32% of assets, up from 31% a quarter earlier, followed by Financials and Healthcare.
- David Rolfe's largest Q4 2022 buy was Invesco QQQ Trust: 2,825 shares worth $752K.
- David Rolfe added most to First Republic Bank in Q4 2022, an estimated $4.06M increase.
- David Rolfe's biggest Q4 2022 reduction was Meta Platforms (Facebook), cutting an estimated $4.82M.
- David Rolfe fully exited ExxonMobil in Q4 2022, selling an estimated $207K.
- David Rolfe's ten largest holdings make up 62% of its $544M portfolio in Q4 2022.
- David Rolfe opened 3 new positions and closed 2 in Q4 2022.
- David Rolfe's portfolio value rose 2.4% quarter-over-quarter to $544M.
Based on Wedgewood Partners's 13F filing for Q4 2022, filed 14 Feb 2023.