David Rolfe

Across 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.

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.

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.