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 |
PayPal
PYPL
|
+$9.83M |
| 2 |
Edwards Lifesciences
EW
|
+$3.96M |
| 3 |
Visa
V
|
+$3.54M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Meta Platforms (Facebook)
META
|
+$11.9M |
| 2 |
Motorola Solutions
MSI
|
+$7.55M |
| 3 |
CDW
CDW
|
+$6.74M |
| 4 |
Alphabet (Google) Class A
GOOGL
|
+$1.07M |
| 5 |
Apple
AAPL
|
+$887K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 30.64% |
| 2 | Communication Services | 18.22% |
| 3 | Financials | 16.4% |
| 4 | Consumer Discretionary | 12.26% |
| 5 | Industrials | 11.17% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Meta Platforms (Facebook)
META
$1.4T
| $47M | 9.89% |
102,120
-36,390
| -26% | -$11.9M |
|
|
2
Alphabet (Google) Class A
GOOGL
$4.22T
| $39.4M | 8.29% |
271,299
-7,951
| -3% | -$1.07M |
|
|
3
Visa
V
$693B
| $36.7M | 7.73% |
133,223
+14,382
| +12% | +$3.54M |
|
|
4
Apple
AAPL
$4.51T
| $33.4M | 7.03% |
180,484
-4,805
| -3% | -$887K |
|
5
TSMC
TSM
$2.17T
| $33M | 6.94% |
258,459
-7,389
| -3% | -$705K |
|
|
6
PayPal
PYPL
$52.7B
| $30.4M | 6.39% |
521,119
+171,607
| +49% | +$9.83M |
|
7
Microsoft
MSFT
$3.59T
| $29.1M | 6.13% |
71,706
-1,966
| -3% | -$700K |
|
8
Copart
CPRT
$31.3B
| $26.5M | 5.59% |
539,163
-12,484
| -2% | -$590K |
|
|
9
Motorola Solutions
MSI
$79.5B
| $26.3M | 5.52% |
82,252
-24,950
| -23% | -$7.55M |
|
10
UnitedHealth
UNH
$350B
| $25.4M | 5.35% |
49,224
-947
| -2% | -$505K |
|
11
Tractor Supply
TSCO
$18.2B
| $24.6M | 5.17% |
526,525
-11,110
| -2% | -$454K |
|
12
Booking.com
BKNG
$158B
| $24M | 5.06% |
160,350
-3,800
| -2% | -$474K |
|
|
13
CDW
CDW
$17.2B
| $23.9M | 5.02% |
100,556
-31,806
| -24% | -$6.74M |
|
|
14
Edwards Lifesciences
EW
$51.8B
| $21.6M | 4.55% |
250,652
+56,855
| +29% | +$3.96M |
|
15
Old Dominion Freight Line
ODFL
$42.8B
| $13.4M | 2.82% |
63,254
-1,494
| -2% | -$296K |
|
16
Pool Corp
POOL
$6.83B
| $13.1M | 2.76% |
34,915
-1,001
| -3% | -$351K |
|
17
S&P Global
SPGI
$127B
| $10.8M | 2.28% |
25,605
-642
| -2% | -$253K |
|
18
O'Reilly Automotive
ORLY
$72.1B
| $9.64M | 2.03% |
139,170
-2,610
| -2% | -$165K |
|
19
Texas Pacific Land
TPL
$26.5B
| $6.71M | 1.41% |
42,390
-639
| -1% | -$121K |
|
|
20
Alphabet (Google) Class C
GOOG
$4.18T
| $227K | 0.05% |
1,552
| – | – |
|
21
iShares Russell 1000 Growth ETF
IWF
$125B
| – | – |
-5,356
| Closed | -$356K |
|
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David Rolfe's Q4 2023 Portfolio in Review
As of Q4 2023, David Rolfe held 21 positions worth $475M, up 14% from $418M the previous quarter. Its ten largest holdings account for 69% of the portfolio.
David Rolfe withdrew a net $15.7M in Q4 2023, closing 1 position and reducing 16 holdings. Its most notable exit was iShares Russell 1000 Growth ETF, an estimated $356K position sold in full.
By sector, the portfolio is most concentrated in Technology at 31% of assets, down from 32% a quarter earlier, followed by Communication Services and Financials.
Against the trend, David Rolfe added an estimated $9.83M to PayPal.
- David Rolfe added most to PayPal in Q4 2023, an estimated $9.83M increase.
- David Rolfe's biggest Q4 2023 reduction was Meta Platforms (Facebook), cutting an estimated $11.9M.
- David Rolfe fully exited iShares Russell 1000 Growth ETF in Q4 2023, selling an estimated $356K.
- David Rolfe's ten largest holdings make up 69% of its $475M portfolio in Q4 2023.
- David Rolfe opened 0 new positions and closed 1 in Q4 2023.
- David Rolfe's portfolio value rose 14% quarter-over-quarter to $475M.
Based on Wedgewood Partners's 13F filing for Q4 2023, filed 14 Feb 2024.