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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
+16.55%
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
$590M
AUM Growth
+$45.3M
(+8.3%)
Cap. Flow
-$4.21M
Cap. Flow % of AUM
Cap. Flow %
-0.71%
Top 10 Holdings %
Top 10 Hldgs %
67.48%
Holding
42
New
1
Increased
13
Reduced
20
Closed
4
Avg Time Held
4.5
years
Top 10 Avg Time Held
2.8
years
Top 20 Avg Time Held
3.8
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
UnitedHealth
UNH
|
+$7.05M |
| 2 |
Pool Corp
POOL
|
+$5.25M |
| 3 |
Meta Platforms (Facebook)
META
|
+$4.45M |
| 4 |
Alphabet (Google) Class A
GOOGL
|
+$3.62M |
| 5 |
TSMC
TSM
|
+$3.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Progressive
PGR
|
+$19M |
| 2 |
Microsoft
MSFT
|
+$3.82M |
| 3 |
Texas Pacific Land
TPL
|
+$2.56M |
| 4 |
Tractor Supply
TSCO
|
+$1.24M |
| 5 |
Invesco QQQ Trust
QQQ
|
+$752K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 34.62% |
| 2 | Financials | 15.83% |
| 3 | Communication Services | 14.87% |
| 4 | Consumer Discretionary | 10.81% |
| 5 | Healthcare | 10.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Apple
AAPL
$5.18T
| $58.8M | 9.98% |
356,885
-4,817
| -1% | -$711K |
2013 Q2
39 quarters
|
|
2
Motorola Solutions
MSI
$87.8B
| $45.1M | 7.65% |
157,713
-2,500
| -2% | -$660K |
2019 Q2
15 quarters
|
|
3
Visa
V
$794B
| $42.2M | 7.15% |
187,058
-3,018
| -2% | -$672K |
2013 Q2
39 quarters
|
|
|
4
Tractor Supply
TSCO
$18.9B
| $40M | 6.78% |
849,995
-27,330
| -3% | -$1.24M |
2016 Q4
25 quarters
|
|
|
5
Meta Platforms (Facebook)
META
$1.64T
| $39.5M | 6.69% |
186,239
+26,148
| +16% | +$4.45M |
2018 Q1
20 quarters
|
|
|
6
Alphabet (Google) Class A
GOOGL
$3.64T
| $36.8M | 6.25% |
355,124
+37,745
| +12% | +$3.62M |
2015 Q3
30 quarters
|
|
|
7
UnitedHealth
UNH
$365B
| $35.6M | 6.03% |
75,228
+14,606
| +24% | +$7.05M |
2021 Q3
6 quarters
|
|
8
CDW
CDW
$21.4B
| $34.3M | 5.81% |
175,926
-2,998
| -2% | -$589K |
2019 Q3
14 quarters
|
|
|
9
Microsoft
MSFT
$3.89T
| $34.2M | 5.8% |
118,615
-14,969
| -11% | -$3.82M |
2020 Q1
12 quarters
|
|
|
10
TSMC
TSM
$2.07T
| $31.4M | 5.33% |
338,110
+37,827
| +13% | +$3.4M |
2021 Q2
7 quarters
|
|
11
Copart
CPRT
$29.5B
| $28.4M | 4.81% |
754,404
-12,228
| -2% | -$416K |
2019 Q4
13 quarters
|
|
12
Edwards Lifesciences
EW
$61.6B
| $27.3M | 4.63% |
330,070
-3,690
| -1% | -$290K |
2017 Q1
24 quarters
|
|
13
PayPal
PYPL
$49.2B
| $25.1M | 4.26% |
330,436
+20,187
| +7% | +$1.55M |
2015 Q3
30 quarters
|
|
14
Booking.com
BKNG
$119B
| $23.6M | 4.01% |
222,600
+4,025
| +2% | +$392K |
2021 Q1
8 quarters
|
|
15
Old Dominion Freight Line
ODFL
$36B
| $18.9M | 3.2% |
110,808
-1,690
| -2% | -$283K |
2021 Q1
8 quarters
|
|
|
16
Pool Corp
POOL
$7.72B
| $15.3M | 2.59% |
44,631
+14,783
| +50% | +$5.25M |
2022 Q2
3 quarters
|
|
17
S&P Global
SPGI
$137B
| $13.3M | 2.26% |
38,714
-320
| -0.8% | -$113K |
2019 Q4
13 quarters
|
|
|
18
Texas Pacific Land
TPL
$20.1B
| $12.1M | 2.05% |
63,981
-12,276
| -16% | -$2.56M |
2021 Q4
5 quarters
|
|
19
Alphabet (Google) Class C
GOOG
$3.6T
| $8.55M | 1.45% |
82,177
+1,647
| +2% | +$159K |
2013 Q2
39 quarters
|
|
20
Berkshire Hathaway Class B
BRK.B
$1.26T
| $6.17M | 1.05% |
19,975
| – | – |
2013 Q2
39 quarters
|
|
|
FRC
21
DELISTED
First Republic Bank
FRC
| $2.82M | 0.48% |
201,834
+17,738
| +10% | +$1.82M |
2020 Q3
10 quarters
|
|
22
US Bancorp
USB
$95B
| $1.82M | 0.31% |
50,450
+14,895
| +42% | +$663K |
2016 Q1
28 quarters
|
|
23
AT&T
T
$149B
| $1.48M | 0.25% |
76,875
-200
| -0.3% | -$3.82K |
2016 Q1
28 quarters
|
|
24
Blackstone
BX
$95B
| $1.4M | 0.24% |
16,000
+750
| +5% | +$66.2K |
2016 Q1
28 quarters
|
|
25
Verizon
VZ
$192B
| $823K | 0.14% |
21,175
+425
| +2% | +$16.8K |
2016 Q1
28 quarters
|
|
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David Rolfe's Q1 2023 Portfolio in Review
As of Q1 2023, David Rolfe held 42 positions worth $590M, up 8.3% from $544M the previous quarter. Its ten largest holdings account for 67% of the portfolio.
David Rolfe's Q1 2023 filing shows 1 new, 13 increased, 20 reduced and 4 closed positions. The largest sale was Progressive, an estimated $19M.
By sector, the portfolio is most concentrated in Technology at 35% of assets, up from 32% a quarter earlier, followed by Financials and Communication Services.
- David Rolfe added most to UnitedHealth in Q1 2023, an estimated $7.05M increase.
- David Rolfe's biggest Q1 2023 reduction was Progressive, cutting an estimated $19M.
- David Rolfe fully exited Invesco QQQ Trust in Q1 2023, selling an estimated $752K.
- David Rolfe's ten largest holdings make up 67% of its $590M portfolio in Q1 2023.
- David Rolfe opened 1 new position and closed 4 in Q1 2023.
- David Rolfe's portfolio value rose 8.3% quarter-over-quarter to $590M.
Based on Wedgewood Partners's 13F filing for Q1 2023, filed 15 May 2023.