Tracking David Rolfe’s Wedgewood Partners Portfolio – Q1 2024 Update

  

• Wedgewood Partners’ 13F portfolio value increased from $475M to ~$500M this quarter.
• They increased UnitedHealth Group (UNH) while decreasing Meta Platforms (META).
• Their top five positions are at 40% of the overall portfolio.

This article is part of a series that provides an ongoing analysis of the changes made to Wedgewood Partners’ 13F stock portfolio on a quarterly basis. It is based on David Rolfe’s regulatory 13F Form filed on 5/15/2024. The 13F portfolio value increased from $475M to $500M this quarter. The holdings are concentrated with recent 13F reports showing around 30 positions. There are 19 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Alphabet (GOOG), Meta Platforms (META), Taiwan Semi (TSM), Visa (V), and Apple (AAPL). They add up to ~40% of the portfolio. Please visit our Tracking David Rolfe’s Wedgewood Partners Portfolio series to get an idea of their investment philosophy and our last update for the fund’s moves during Q4 2023. Wedgewood has generated significant alpha since its 1992 inception. David Rolfe also sub-advises Riverpark/Wedgewood Fund (RWGIX) (RWGFX) as portfolio manager, a mutual fund incepted in 2010.

The spreadsheet below highlights changes to David Rolfe’s US stock holdings in Q1 2024:

 

 

 

Source: John Vincent. Data constructed from Wedgewood Partners’ 13F filings for Q4 2023 and Q1 2024.