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 |
O'Reilly Automotive
ORLY
|
+$8.89M |
| 2 |
iShares Russell 1000 Growth ETF
IWF
|
+$370K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$26.5M |
| 2 |
Visa
V
|
+$13.9M |
| 3 |
Microsoft
MSFT
|
+$13.2M |
| 4 |
Motorola Solutions
MSI
|
+$12.5M |
| 5 |
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 | Held Since | |
|---|---|---|---|---|---|---|---|
1
Meta Platforms (Facebook)
META
$1.64T
| $41.6M | 9.95% |
138,510
-28,755
| -17% | -$8.66M |
2018 Q1
22 quarters
|
|
2
Alphabet (Google) Class A
GOOGL
$3.58T
| $36.5M | 8.74% |
279,250
-63,208
| -18% | -$8.18M |
2015 Q3
32 quarters
|
|
|
3
Apple
AAPL
$5.09T
| $31.7M | 7.59% |
185,289
-144,673
| -44% | -$26.5M |
2013 Q2
41 quarters
|
|
|
4
Motorola Solutions
MSI
$86.6B
| $29.2M | 6.98% |
107,202
-43,893
| -29% | -$12.5M |
2019 Q2
17 quarters
|
|
|
5
Visa
V
$790B
| $27.3M | 6.54% |
118,841
-57,824
| -33% | -$13.9M |
2013 Q2
41 quarters
|
|
6
CDW
CDW
$20.4B
| $26.7M | 6.39% |
132,362
-40,622
| -23% | -$8.1M |
2019 Q3
16 quarters
|
|
7
UnitedHealth
UNH
$356B
| $25.3M | 6.05% |
50,171
-23,246
| -32% | -$11.4M |
2021 Q3
8 quarters
|
|
8
Copart
CPRT
$30B
| $23.8M | 5.69% |
551,647
-166,365
| -23% | -$7.4M |
2019 Q4
15 quarters
|
|
|
9
Microsoft
MSFT
$4.02T
| $23.3M | 5.57% |
73,672
-39,903
| -35% | -$13.2M |
2020 Q1
14 quarters
|
|
10
TSMC
TSM
$2.02T
| $23.1M | 5.53% |
265,848
-72,194
| -21% | -$6.83M |
2021 Q2
9 quarters
|
|
|
11
Tractor Supply
TSCO
$19.5B
| $21.8M | 5.22% |
537,635
-269,640
| -33% | -$11.7M |
2016 Q4
27 quarters
|
|
12
PayPal
PYPL
$50B
| $20.4M | 4.89% |
349,512
-133,356
| -28% | -$8.68M |
2015 Q3
32 quarters
|
|
13
Booking.com
BKNG
$121B
| $20.2M | 4.85% |
164,150
-64,175
| -28% | -$7.77M |
2021 Q1
10 quarters
|
|
14
Edwards Lifesciences
EW
$59.8B
| $13.4M | 3.21% |
193,797
-121,376
| -39% | -$9.8M |
2017 Q1
26 quarters
|
|
15
Old Dominion Freight Line
ODFL
$35B
| $13.2M | 3.17% |
64,748
-47,276
| -42% | -$9.6M |
2021 Q1
10 quarters
|
|
16
Pool Corp
POOL
$7.79B
| $12.8M | 3.06% |
35,916
-8,822
| -20% | -$3.21M |
2022 Q2
5 quarters
|
|
17
S&P Global
SPGI
$136B
| $9.6M | 2.29% |
26,247
-10,733
| -29% | -$4.22M |
2019 Q4
15 quarters
|
|
18
Texas Pacific Land
TPL
$19.5B
| $8.72M | 2.09% |
43,029
-18,288
| -30% | -$3.45M |
2021 Q4
7 quarters
|
|
|
19
O'Reilly Automotive
ORLY
$71.9B
| $8.59M | 2.06% |
+141,780
| New | +$8.89M |
2023 Q3
0 quarters
|
|
|
20
iShares Russell 1000 Growth ETF
IWF
$117B
| $356K | 0.09% |
+5,356
| New | +$370K |
2023 Q3
0 quarters
|
|
21
Alphabet (Google) Class C
GOOG
$3.56T
| $205K | 0.05% |
1,552
-68,075
| -98% | -$8.85M |
2013 Q2
41 quarters
|
|
22
Ameren
AEE
$31.5B
| – | – |
-6,900
| Closed | -$563K | – |
|
23
Amazon
AMZN
$2.91T
| – | – |
-1,600
| Closed | -$208K | – |
|
24
Boeing
BA
$139B
| – | – |
-2,775
| Closed | -$585K | – |
|
25
BP
BP
$115B
| – | – |
-6,875
| Closed | -$242K | – |
|
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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.