David Rolfe
Wedgewood Partners
David Rolfe (Wedgewood Partners) discloses a $484M portfolio across 22 US-listed positions in the latest 13F filing (2026Q1, filed May 15, 2026). The largest holding is GOOGL at 9.2% of the book. The biggest move of the quarter: trimmed the TSM share count by 30% (position now $44M). Latticework's clone backtest puts this 13F book at -2.5%/yr vs SPY over 12.0 years.
About David Rolfe
David Rolfe is the Chief Investment Officer of Wedgewood Partners, a St. Louis-based concentrated equity manager whose strategy sits squarely in the quality-growth-at-a-reasonable-price tradition. Wedgewood runs a deliberately tight book — 22 positions as of the latest filing, with the top five names accounting for roughly 39% of assets — and Rolfe has been outspoken about the intellectual case for concentration, arguing publicly that overdiversification is a drag on long-term returns. The firm is known for its candid quarterly client letters, which double as plainspoken commentary on portfolio companies and market conditions, and which have built Rolfe a following among practitioners who track manager thinking as closely as manager holdings. The 13F reflects the strategy faithfully: Wedgewood does not run a significant short book or derivatives overlay, so disclosed long equities are a reasonable proxy for the actual portfolio. A reader should note, however, that a simulated clone lagging SPY by roughly 2.5% annually over twelve years illustrates the well-documented gap between a manager's stated thesis and the replicable signal embedded in quarterly disclosures alone.
2026Q1 brief
David Rolfe's Wedgewood Partners ($480M, 22 positions) made targeted additions this quarter while keeping the portfolio's tech-heavy character intact. AMZN was the most significant move, added 71% to reach 4.3% — a meaningful conviction increase on cloud and retail economics at a time when AWS growth is reaccelerating. Two new names joined the book: PGR (Progressive Insurance, 3.4%) and TOL (Toll Brothers, 2.5%), an interesting pairing that looks like a bet on housing-adjacent demand — Progressive benefits from rising auto/home insurance premiums while Toll targets the affluent new-home buyer less affected by rate sensitivity. On the exit side, PYPL (PayPal, previously 2.4%) was fully eliminated, a clean break from a name that has frustrated many quality-growth managers for years. TSM was trimmed ~30% to 9.0% but remains the second-largest holding alongside GOOGL at 9.2%. The top-five concentration (39.2%) remains relatively modest for a 22-stock portfolio. The PGR + TOL duo suggests Rolfe sees durable pricing power in insurance and resilient luxury housing demand. Watch whether TOL and PGR are built toward the 5%+ weights that characterize Rolfe's highest-conviction names.
AI-generated. Not investment advice.
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Holdings (22) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | GOOGL | 9.2% | $45M | |||
| 2 | TSM | 9.0% | $44M | |||
| 3 | META | 7.8% | $38M | |||
| 4 | AAPL | 7.1% | $34M | |||
| 5 | MSI | 6.1% | $29M | |||
| 6 | MSFT | 5.7% | $27M | |||
| 7 | V | 5.2% | $25M | |||
| 8 | BKNG | 4.8% | $23M | |||
| 9 | ODFL | 4.6% | $22M | |||
| 10 | AMZN | 4.3% | $21M | |||
| 11 | TSCO | 4.3% | $21M | |||
| 12 | URI | 3.8% | $18M | |||
| 13 | CB | 3.6% | $18M | |||
| 14 | CDW | 3.6% | $18M | |||
| 15 | PGR | 3.4% | $17M | |||
| 16 | ORLY | 3.4% | $16M | |||
| 17 | CPRT | 3.2% | $15M | |||
| 18 | SPGI | 2.8% | $14M | |||
| 19 | EW | 2.8% | $14M | |||
| 20 | ZTS | 2.8% | $13M | |||
| 21 | TOL | 2.5% | $12M | |||
| 22 | IWF | <0.1% | $223K |
- port9.2%val$45MAlphabet Inc-cl Athis Q hold·40q
- 2TSMport9.0%val$44MTaiwan Semiconductor-sp Adrthis Q -30%·20q
- 3METAport7.8%val$38MMeta Platforms Inc-class Athis Q hold·33q
- 4AAPLport7.1%val$34MApple Incthis Q hold·40q
- 5MSIport6.1%val$29MMotorola Solutions Incthis Q hold·28q
- 6MSFTport5.7%val$27MMicrosoft Corpthis Q hold·25q
- 7Vport5.2%val$25MVisa Inc-class A Sharesthis Q hold·40q
- 8BKNGport4.8%val$23MBooking Holdings Incthis Q hold·30q
- 9ODFLport4.6%val$22MOld Dominion Freight Linethis Q hold·24q
- 10AMZNport4.3%val$21MAmazon.com Incthis Q +71%·3q
- 11TSCOport4.3%val$21MTractor Supply Companythis Q hold·38q
- 12URIport3.8%val$18MUnited Rentals Incthis Q hold·5q
- 13CBport3.6%val$18MChubb Ltd Switzthis Q hold·2q
- 14CDWport3.6%val$18MCdw Corp/dethis Q hold·27q
- 15PGRport3.4%val$17MProgressive Corpthis Q New·11q
- 16ORLYport3.4%val$16MO'reilly Automotive Incthis Q hold·11q
- 17CPRTport3.2%val$15MCopart Incthis Q hold·26q
- 18SPGIport2.8%val$14MS&p Global Incthis Q hold·26q
- 19EWport2.8%val$14MEdwards Lifesciences Corpthis Q hold·37q
- 20ZTSport2.8%val$13MZoetis Incthis Q hold·4q
- 21TOLport2.5%val$12MToll Brothers Incthis Q New·—1q
- 22IWFport<0.1%val$223KIshares Russell 1000 Growththis Q -96%·5q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| TSM | Taiwan Semiconductor-sp Adr | TRIM | 9.0% | -30% | $44M |
| AMZN | Amazon.com Inc | ADD | 4.3% | +71% | $21M |
| PGR | Progressive Corp | NEW | 3.4% | +100% | $17M |
| TOL | Toll Brothers Inc | NEW | 2.5% | +100% | $12M |
| PYPL | Paypal Holdings Inc | EXIT | 2.4% | -100% | $0 |
| IWF | Ishares Russell 1000 Growth | TRIM | <0.1% | -96% | $223K |
- TRIMTSM9.0%Taiwan Semiconductor-sp AdrΔ -30%·$44M
- ADDAMZN4.3%Amazon.com IncΔ +71%·$21M
- NEWPGR3.4%Progressive CorpΔ +100%·$17M
- NEWTOL2.5%Toll Brothers IncΔ +100%·$12M
- EXITPYPL2.4%Paypal Holdings IncΔ -100%·$0
- TRIMIWF<0.1%Ishares Russell 1000 GrowthΔ -96%·$223K
Frequently asked questions
- What stocks does David Rolfe own?
- As of 2026Q1, David Rolfe's 13F discloses 22 positions worth $484M. The top five holdings: GOOGL (9.2%), TSM (9.0%), META (7.8%), AAPL (7.1%), MSI (6.1%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did David Rolfe buy this quarter?
- In 2026Q1, the filing shows 2 new positions and 1 addition to existing holdings. The largest positions touched by buying: AMZN, PGR, TOL.
- How big is David Rolfe's portfolio?
- $484M across 22 positions per the latest 13F (filed May 15, 2026). The top five holdings account for 39% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0000859804). Not investment advice.