David Rolfe portfolio & holdings
Wedgewood Partners
Historical clone performance and limitations
David Rolfe (Wedgewood Partners) discloses a $484M portfolio across 18 US-listed positions in the latest 13F filing (2026Q2, filed Aug 14, 2026). The largest holding is TSM at 10.4% of the book.
A material reported change · Q2 2026
David Rolfe increased reported MSFT shares by 21.1%.
Holdings as of Jun 30, 2026 · filed Aug 14, 2026. Position at period end: 6.9% of the reported portfolio. The filing does not reveal the trade date, price, or reason.
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Holdings (18) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | TSM | 10.4% | $50M | |||
| 2 | GOOGL | 9.4% | $45M | |||
| 3 | META | 8.9% | $43M | |||
| 4 | AAPL | 7.8% | $38M | |||
| 5 | MSFT | 6.9% | $33M | |||
| 6 | AMZN | 6.7% | $32M | |||
| 7 | V | 6.3% | $31M | |||
| 8 | MSI | 5.6% | $27M | |||
| 9 | ODFL | 4.9% | $24M | |||
| 10 | BKNG | 4.9% | $24M | |||
| 11 | PGR | 4.8% | $23M | |||
| 12 | CB | 4.8% | $23M | |||
| 13 | URI | 3.9% | $19M | |||
| 14 | ORLY | 3.3% | $16M | |||
| 15 | EW | 3.1% | $15M | |||
| 16 | TOL | 3.1% | $15M | |||
| 17 | SPGI | 2.6% | $13M | |||
| 18 | CPRT | 2.6% | $13M |
- 1TSMport10.4%val$50MTaiwan Semiconductor-sp Adrthis Q hold·21q
- port9.4%val$45MAlphabet Inc-cl Athis Q hold·40q
- 3METAport8.9%val$43MMeta Platforms Inc-class Athis Q hold·34q
- 4AAPLport7.8%val$38MApple Incthis Q hold·40q
- 5MSFTport6.9%val$33MMicrosoft Corpthis Q +21%·26q
- 6AMZNport6.7%val$32MAmazon.com Incthis Q +36%·4q
- 7Vport6.3%val$31MVisa Inc-class A Sharesthis Q hold·40q
- 8MSIport5.6%val$27MMotorola Solutions Incthis Q hold·29q
- 9ODFLport4.9%val$24MOld Dominion Freight Linethis Q hold·25q
- 10BKNGport4.9%val$24MBooking Holdings Incthis Q hold·31q
- 11PGRport4.8%val$23MProgressive Corpthis Q +27%·12q
- 12CBport4.8%val$23MChubb Limitedthis Q +26%·3q
- 13URIport3.9%val$19MUnited Rentals Incthis Q -34%·6q
- 14ORLYport3.3%val$16MO'reilly Automotive Incthis Q hold·12q
- 15EWport3.1%val$15MEdwards Lifesciences Corpthis Q hold·38q
- 16TOLport3.1%val$15MToll Brothers Incthis Q hold·2q
- 17SPGIport2.6%val$13MS&p Global Incthis Q hold·27q
- 18CPRTport2.6%val$13MCopart Incthis Q hold·27q
Beyond the 13F
as of 2026-06-30Across David Rolfe’s registered funds — $27M disclosed in SEC Form N-PORT — just 95.4% sits in US-listed equity, the only slice a 13F reports. The other $1M is cash — none of which a 13F can show.
These registered funds hold $27M against the $484M David Rolfe reports on its 13F, so this describes those funds, not the whole firm. Everything the manager runs outside a registered fund — separate accounts, private vehicles — files no N-PORT and is not counted here.
Where the hidden money is
Largest positions no 13F shows
| N/A · United States · USD | $1M |
From SEC Form N-PORT, which registered funds file with their full portfolio — every currency, asset class and short. Covers 1 fund. The percentage above is the composition of those funds, not a ratio between two filings: a 13F spans every discretionary account but only US-listed securities, while N-PORT covers only the registered funds but every asset inside them — different universes, so the totals are not comparable (the 13F itself reports $484M for 2026-06-30). None of this feeds the backtest above, which stays a pure 13F clone.
2026Q2 moves, by size (9)(expand ↓)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| MSFT | Microsoft Corp | ADD | 6.9% | +21% | $33M |
| AMZN | Amazon.com Inc | ADD | 6.7% | +36% | $32M |
| PGR | Progressive Corp | ADD | 4.8% | +27% | $23M |
| CB | Chubb Limited | ADD | 4.8% | +26% | $23M |
| TSCO | Tractor Supply Company | EXIT | 4.3% | -100% | $0 |
| URI | United Rentals Inc | TRIM | 3.9% | -34% | $19M |
| CDW | Cdw Corp/de | EXIT | 3.6% | -100% | $0 |
| ZTS | Zoetis Inc | EXIT | 2.8% | -100% | $0 |
| IWF | Ishares Russell 1000 Growth | EXIT | <0.1% | -100% | $0 |
- ADDMSFT6.9%Microsoft CorpΔ +21%·$33M
- ADDAMZN6.7%Amazon.com IncΔ +36%·$32M
- ADDPGR4.8%Progressive CorpΔ +27%·$23M
- ADDCB4.8%Chubb LimitedΔ +26%·$23M
- EXITTSCO4.3%Tractor Supply CompanyΔ -100%·$0
- TRIMURI3.9%United Rentals IncΔ -34%·$19M
- EXITCDW3.6%Cdw Corp/deΔ -100%·$0
- EXITZTS2.8%Zoetis IncΔ -100%·$0
- EXITIWF<0.1%Ishares Russell 1000 GrowthΔ -100%·$0
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.
2026Q2 brief
David Rolfe's $480M Wedgewood Partners book — among the most concentrated GARP portfolios in the super-investor universe — underwent meaningful pruning this quarter, with TSCO, CDW, and ZTS all fully exited (combined ~10.7% of prior book), freeing capital that was redeployed into existing compounders. MSFT was added (+21.1% to 6.9%) and AMZN (+35.6% to 6.7%), reinforcing Rolfe's conviction in mega-cap tech platforms; together with GOOGL (9.4%) and META (8.9%), the Big Four account for over a third of the portfolio. A quieter but notable theme: both PGR (+27.5% to 4.8%) and CB (+26.3% to 4.8%) were added meaningfully, giving insurance nearly 10% combined weight — unusual for Wedgewood and suggesting Rolfe sees durable underwriting quality as undervalued by the market. URI was trimmed 33.6% to 3.9%, likely on valuation after a strong run. With only 18 positions, any new name next quarter would be a high-conviction signal worth tracking closely.
AI-generated. Not investment advice.
Filing history
David Rolfe's disclosed 13F portfolio value and position count by quarter — the trajectory across every SEC filing.
| Quarter | Positions | Portfolio value |
|---|---|---|
| Q2 2026 — what changed → | 18 | $484M |
| Q1 2026 — what changed → | 22 | $484M |
| Q4 2025 — what changed → | 21 | $535M |
| Q3 2025 holdings | 19 | $548M |
| Q2 2025 — what changed → | 19 | $515M |
| Q1 2025 — what changed → | 20 | $496M |
| Q4 2024 holdings | 19 | $508M |
| Q3 2024 holdings | 19 | $551M |
| Q2 2024 holdings | 19 | $490M |
| Q1 2024 holdings | 19 | $500M |
| Q4 2023 holdings | 20 | $475M |
| Q3 2023 holdings | 21 | $418M |
Values as disclosed at each quarter end. Older filings on EDGAR.
Manager evidence
10 material decisions, preserved in sequence.
See what David Rolfe bought, added, trimmed, or exited across eight quarters—plus disclosure lag, SEC sources, and observed outcomes versus SPY. No guru grade.
Open David Rolfe's decision evidence →Frequently asked questions
- What stocks does David Rolfe own?
- As of 2026Q2, David Rolfe's 13F discloses 18 positions worth $484M. The top five holdings: TSM (10.4%), GOOGL (9.4%), META (8.9%), AAPL (7.8%), MSFT (6.9%). 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 2026Q2, the filing shows 0 new positions and 4 additions to existing holdings. The largest positions touched by buying: MSFT, AMZN, PGR, CB.
- How big is David Rolfe's portfolio?
- $484M across 18 positions per the latest 13F (filed Aug 14, 2026). The top five holdings account for 43% of the disclosed book.
Similar portfolios
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0000859804). Not investment advice.