Guru David Rolfe (Trades, Portfolio), CFA and chief investment officer of Wedgewood Partners, has a small portfolio compared to many gurus, but he adheres to Westwood’s investment philosophy – significant long-term wealth can be created by investing as "owners" in companies.
In the fourth quarter, Rolfe invested in only one company that is new to his portfolio – Core Laboratories NV (CLB, Financial) – but he made three separate purchases in it.
In all, Rolfe acquired 2,220,875 shares of Core Laboratories, a Houston-based provider of core and fluid analysis for the petroleum industry, for between $112.52 and $131.3 per share.
Nine gurus – Wallace Weitz (Trades, Portfolio), Chuck Royce (Trades, Portfolio), Tom Gayner (Trades, Portfolio), Manning & Napier Advisors Inc, Jim Simons (Trades, Portfolio), John Rogers (Trades, Portfolio), Columbia Wanger (Trades, Portfolio), Ron Baron (Trades, Portfolio) and Meridian Funds (Trades, Portfolio) – have Core Laboratories in their portfolios. Two gurus – Ray Dalio (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) – sold their stakes in the company in the second half of 2014.
Rolfe added to his holdings in 16 companies – National Oilwell Varco Inc (NOV, Financial), Schlumberger NV (SLB, Financial), Qualcomm Inc (QCOM, Financial), Express Scripts (ESRX, Financial), Coach Inc (COH, Financial), Cognizant Technology Solutions Corp (CTSH, Financial), M&T Bank Corp (MTB, Financial), Verisk Analytics Inc (VRSK, Financial), Stericycle Inc (SRCL, Financial), Google Inc (GOOGL, Financial), Priceline Group Inc (PCLN), Varian Medical Systems Inc (VAR), LKQ Corp (LKQ), Cummins Inc (CMI), Visa Inc (V) and Mead Johnson Nutrition Co (MJN).
He more than doubled his stake in National Oilwell Varco, a Houston-based provider of equipment and components used in oil and gas drilling and production operations, oilfield services and supply chain integration services, by purchasing 2,414,308 shares for an average price of $69.63 per share. The purchase had 2.14% impact on his portfolio.
Twenty-two gurus – John Rogers (Trades, Portfolio), Robert Olstein (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Jean-Marie Eveillard (Trades, Portfolio), Tom Gayner (Trades, Portfolio), Dodge & Cox, PRIMECAP Management (Trades, Portfolio), Chuck Royce (Trades, Portfolio), Tweedy Browne (Trades, Portfolio) Global Value, Pioneer Investments (Trades, Portfolio), Tweedy Browne (Trades, Portfolio), Frank Sands (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Ron Baron (Trades, Portfolio), Paul Singer (Trades, Portfolio), Bill Nygren (Trades, Portfolio), Sarah Ketterer (Trades, Portfolio), Larry Robbins (Trades, Portfolio), Warren Buffett (Trades, Portfolio) and David Dreman (Trades, Portfolio) – hav shares of National Oilwell Varco in their portfolios. Six gurus – Jim Simons (Trades, Portfolio), John Hussman (Trades, Portfolio), Ken Fisher (Trades, Portfolio), David Einhorn (Trades, Portfolio), George Soros (Trades, Portfolio) and Leon Cooperman (Trades, Portfolio) – sold their stakes in the second half of 2014.
Rolfe acquired 1,840,183 shares of Schlumberger, a Houston-based oilfield services company, for an average price of $91.94 per share. The transaction had a 2.13% impact on Rolfe’s portfolio.
Twenty-eight gurus – Steven Cohen (Trades, Portfolio), T Boone Pickens (Trades, Portfolio), John Rogers (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Jim Simons (Trades, Portfolio), Dodge & Cox, Tom Gayner (Trades, Portfolio), Frank Sands (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Bill Frels (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), Jean-Marie Eveillard (Trades, Portfolio), Chuck Royce (Trades, Portfolio), John Keeley (Trades, Portfolio), Tom Russo (Trades, Portfolio), Steven Cohen (Trades, Portfolio), John Burbank (Trades, Portfolio), Brian Rogers (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Manning & Napier Advisors Inc, RS Investment Management (Trades, Portfolio), Jim Chanos (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), John Burbank (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Signature Select Canadian Fund (Trades, Portfolio) – have Schlumberger in their portfolios. David Tepper (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio) and John Hussman (Trades, Portfolio) sold their stakes in Schlumberger in the fourth quarter.
Reductions
Rolfe reduced his stakes in four companies – EMC Corp (EMC), Apple Inc (AAPL), Perrigo Co PLC (PRGO) and Berkshire Hathaway Inc (BRK.B).
He sold 6,580,489 shares of EMC, a Massachusetts-based information management company, for an average price of $29.14 per share. The sale had a -3.11% impact on his portfolio.
Twenty-one gurus – Jim Simons (Trades, Portfolio), Daniel Loeb (Trades, Portfolio), Ray Dalio (Trades, Portfolio), David Einhorn (Trades, Portfolio), John Rogers (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Dodge & Cox, PRIMECAP Management (Trades, Portfolio), Charles Brandes (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Michael Price (Trades, Portfolio), Manning & Napier Advisors Inc, Mario Gabelli (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Paul Singer (Trades, Portfolio), Sarah Ketterer (Trades, Portfolio), Zeke Ashton (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio) and Mark Hillman (Trades, Portfolio) – own shares of EMC. Arnold Van Den Berg (Trades, Portfolio) and Howard Marks (Trades, Portfolio) sold their stakes in the fourth quarter. John Burbank (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Steven Cohen (Trades, Portfolio) sold their stakes in the third quarter.
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