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DR

David Rolfe Wedgewood Partners

AUM $484M
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
-1.39%
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
$418M
AUM Growth
-$202M
Cap. Flow
-$191M
Cap. Flow %
-45.73%
Top 10 Hldgs %
69.03%
Holding
38
New
2
Increased
–
Reduced
19
Closed
17

Top Buys

Rank Stock Value
1
ORLY icon
O'Reilly Automotive
ORLY
+$8.89M
2
IWF icon
iShares Russell 1000 Growth ETF
IWF
+$370K

Top Sells

Rank Stock Value
1
AAPL icon
Apple
AAPL
+$26.5M
2
V icon
Visa
V
+$13.9M
3
MSFT icon
Microsoft
MSFT
+$13.2M
4
MSI icon
Motorola Solutions
MSI
+$12.5M
5
TSCO icon
Tractor Supply
TSCO
+$11.7M

Sector Composition

Rank Sector Weight
1 Technology 32.06%
2 Communication Services 18.74%
3 Financials 13.72%
4 Consumer Discretionary 12.12%
5 Industrials 11.92%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
META icon
1
Meta Platforms (Facebook)
META
$1.4T
$41.6M 9.95%
138,510
-28,755
-17% -$8.66M
GOOGL icon
2
Alphabet (Google) Class A
GOOGL
$4.22T
$36.5M 8.74%
279,250
-63,208
-18% -$8.18M
AAPL icon
3
Apple
AAPL
$4.51T
$31.7M 7.59%
185,289
-144,673
-44% -$26.5M
MSI icon
4
Motorola Solutions
MSI
$79.5B
$29.2M 6.98%
107,202
-43,893
-29% -$12.5M
V icon
5
Visa
V
$693B
$27.3M 6.54%
118,841
-57,824
-33% -$13.9M
CDW icon
6
CDW
CDW
$17.2B
$26.7M 6.39%
132,362
-40,622
-23% -$8.1M
UNH icon
7
UnitedHealth
UNH
$350B
$25.3M 6.05%
50,171
-23,246
-32% -$11.4M
CPRT icon
8
Copart
CPRT
$31.3B
$23.8M 5.69%
551,647
-166,365
-23% -$7.4M
MSFT icon
9
Microsoft
MSFT
$3.59T
$23.3M 5.57%
73,672
-39,903
-35% -$13.2M
TSM icon
10
TSMC
TSM
$2.17T
$23.1M 5.53%
265,848
-72,194
-21% -$6.83M
TSCO icon
11
Tractor Supply
TSCO
$18.2B
$21.8M 5.22%
537,635
-269,640
-33% -$11.7M
PYPL icon
12
PayPal
PYPL
$52.7B
$20.4M 4.89%
349,512
-133,356
-28% -$8.68M
BKNG icon
13
Booking.com
BKNG
$158B
$20.2M 4.85%
164,150
-64,175
-28% -$7.77M
EW icon
14
Edwards Lifesciences
EW
$51.8B
$13.4M 3.21%
193,797
-121,376
-39% -$9.75M
ODFL icon
15
Old Dominion Freight Line
ODFL
$42.8B
$13.2M 3.17%
64,748
-47,276
-42% -$9.56M
POOL icon
16
Pool Corp
POOL
$6.83B
$12.8M 3.06%
35,916
-8,822
-20% -$3.21M
SPGI icon
17
S&P Global
SPGI
$127B
$9.59M 2.29%
26,247
-10,733
-29% -$4.22M
TPL icon
18
Texas Pacific Land
TPL
$26.5B
$8.72M 2.09%
43,029
-18,288
-30% -$3.45M
ORLY icon
19
O'Reilly Automotive
ORLY
$72.1B
$8.59M 2.06%
+141,780
New +$8.89M
IWF icon
20
iShares Russell 1000 Growth ETF
IWF
$125B
$356K 0.09%
+5,356
New +$370K
GOOG icon
21
Alphabet (Google) Class C
GOOG
$4.18T
$205K 0.05%
1,552
-68,075
-98% -$8.85M
AEE icon
22
Ameren
AEE
$29.4B
– –
-6,900
Closed -$563K
AMZN icon
23
Amazon
AMZN
$2.79T
– –
-1,600
Closed -$208K
BA icon
24
Boeing
BA
$169B
– –
-2,775
Closed -$585K
BP icon
25
BP
BP
$115B
– –
-6,875
Closed -$242K
1
2

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David Rolfe's Q3 2023 Portfolio in Review

As of Q3 2023, David Rolfe held 38 positions worth $418M, down 33% from $620M the previous quarter. Its ten largest holdings account for 69% of the portfolio.

David Rolfe withdrew a net $191M in Q3 2023, closing 17 positions and reducing 19 holdings. Its most notable exit was Berkshire Hathaway Class B, an estimated $6.58M position sold in full.

By sector, the portfolio is most concentrated in Technology at 32% of assets, down from 34% a quarter earlier, followed by Communication Services and Financials.

Against the trend, David Rolfe opened a new position in O'Reilly Automotive worth $8.59M.

  • David Rolfe's largest Q3 2023 buy was O'Reilly Automotive: 141,780 shares worth $8.59M.
  • David Rolfe's biggest Q3 2023 reduction was Apple, cutting an estimated $26.5M.
  • David Rolfe fully exited Berkshire Hathaway Class B in Q3 2023, selling an estimated $6.58M.
  • David Rolfe's ten largest holdings make up 69% of its $418M portfolio in Q3 2023.
  • David Rolfe opened 2 new positions and closed 17 in Q3 2023.
  • David Rolfe's portfolio value fell 33% quarter-over-quarter to $418M.

Based on Wedgewood Partners's 13F filing for Q3 2023, filed 14 Nov 2023.