David Rolfe

David Rolfe's Wedgewood Partners ($480M, 22 positions) made focused but meaningful changes to a concentrated quality-growth portfolio. AMZN was the quarter's biggest add, surging +71% to 4.3% of assets — now a top-tier position and consistent with Rolfe's appreciation for platform compounders with improving margin profiles. TSM was trimmed ~30% to 9.0%, remaining the second-largest holding but reflecting some profit-taking or risk management around geopolitical Taiwan exposure — a move mirrored by Daniel Loeb this quarter. Two new positions stand out: PGR (Progressive, 3.4%) brings insurance underwriting discipline into the mix, and TOL (Toll Brothers, 2.5%) is a homebuilder bet — notable given macro rate uncertainty. PYPL was exited entirely (was 2.4%), closing out a fintech position that underperformed peers. The portfolio's top cluster — GOOGL (9.2%), TSM (9.0%), META (7.8%), AAPL (7.1%) — remains a high-quality tech-heavy core. Watch whether PGR and TOL scale toward top-five weights, and whether TSM trimming continues.