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Wedgewood Partners avatar

David Rolfe

Wedgewood Partners

Wedgewood Partners, David Rolfe's focused growth and letter-driven framework

Wedgewood is a focused growth manager whose letters often explain the balance between business quality, valuation, and portfolio concentration. David Rolfe's commentary is useful for studying both conviction and mistakes.

Sources Wedgewood Partners official site SEC EDGAR profile Wedgewood Partners team
Focused growth / business quality CIK 859804
2026-03-31 Latest 13F 20 Current holdings 85 Last 4 periods Change 0 Public materials
Latest 13F snapshot 2026-03-31 · 22 disclosed positions · $484.3M Top five 39.2%: GOOGL, TSM, META, AAPL, MSI

Performance materials

  • Wedgewood publishes letters and performance materials. Official materials are the performance reference.

Firm and key people

  • Rolfe has long represented Wedgewood's focused approach to high-quality growth businesses.
  • The firm publishes letters that discuss holdings, sells, and process lessons.
  • The 13F shows how the focused public portfolio changes over time.

Investment style

  • Prefer durable growth, strong competitive advantages, and high returns on capital.
  • Concentration requires clear thesis quality and risk control.
  • Read major changes with shareholder letters and valuation discussion.

Public materials

View timeline
Shareholder letters / memos 0
Interview 0
Public video 0
Public Q&A / speeches / presentations 0

Current holdings

13F period 2026-03-31 · Filed 2026-05-15
Stocks Shares Value Weight
GOOGL 155,701 $44.8M 9.2%
TSM 129,353 $43.7M 9.0%
META 65,805 $37.6M 7.8%
AAPL 135,128 $34.3M 7.1%
MSI 67,941 $29.5M 6.1%
MSFT 73,919 $27.4M 5.7%
V 83,010 $25.1M 5.2%
BKNG 5,517 $23.2M 4.8%
ODFL 113,941 $22.3M 4.6%
AMZN 99,907 $20.8M 4.3%
TSCO 456,094 $20.7M 4.3%
URI 25,192 $18.4M 3.8%
CB 53,886 $17.6M 3.6%
CDW 144,870 $17.5M 3.6%
PGR 83,352 $16.5M 3.4%
ORLY 178,397 $16.5M 3.4%
CPRT 462,749 $15.4M 3.2%
SPGI 32,371 $13.8M 2.8%
EW 170,969 $13.7M 2.8%
ZTS 113,541 $13.4M 2.8%

Last 4 quarters US 13F new / increased / reduced / sold-out positions

As of 13F 2026-03-31 · Filed 2026-05-15
Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Stocks Action 13F period Current shares Previous shares Share change 13F value change
PGR New 2026-03-31 Filed 2026-05-15 83,352 0 - +$16.5M
PYPL Sold out 2026-03-31 Filed 2026-05-15 0 215,900 -100.0% -$12.6M
TSM Major reduction 2026-03-31 Filed 2026-05-15 129,353 184,661 -30.0% -$12.4M
TOL New 2026-03-31 Filed 2026-05-15 88,275 0 - +$12.0M
MSFT Minor reduction 2026-03-31 Filed 2026-05-15 73,919 77,496 -4.6% -$10.1M
META Minor reduction 2026-03-31 Filed 2026-05-15 65,805 69,135 -4.8% -$8.0M
BKNG Minor reduction 2026-03-31 Filed 2026-05-15 5,517 5,817 -5.2% -$7.9M
AMZN Major increase 2026-03-31 Filed 2026-05-15 99,907 58,266 71.5% +$7.4M
GOOGL Minor reduction 2026-03-31 Filed 2026-05-15 155,701 163,913 -5.0% -$6.5M
V Minor reduction 2026-03-31 Filed 2026-05-15 83,010 87,151 -4.8% -$5.5M
IWF Major reduction 2026-03-31 Filed 2026-05-15 524 12,019 -95.6% -$5.5M
AAPL Minor reduction 2026-03-31 Filed 2026-05-15 135,128 142,920 -5.5% -$4.6M
SPGI Minor reduction 2026-03-31 Filed 2026-05-15 32,371 33,764 -4.1% -$3.9M
CPRT Minor reduction 2026-03-31 Filed 2026-05-15 462,749 486,085 -4.8% -$3.7M
ODFL Minor reduction 2026-03-31 Filed 2026-05-15 113,941 120,051 -5.1% +$3.4M
TSCO Minor reduction 2026-03-31 Filed 2026-05-15 456,094 481,023 -5.2% -$3.4M
CDW Minor reduction 2026-03-31 Filed 2026-05-15 144,870 151,871 -4.6% -$3.2M
URI Minor reduction 2026-03-31 Filed 2026-05-15 25,192 26,514 -5.0% -$3.1M
MSI Minor reduction 2026-03-31 Filed 2026-05-15 67,941 71,724 -5.3% +$2.0M
EW Minor reduction 2026-03-31 Filed 2026-05-15 170,969 180,882 -5.5% -$1.7M
ORLY Minor reduction 2026-03-31 Filed 2026-05-15 178,397 188,726 -5.5% -$745,871
ZTS Minor increase 2026-03-31 Filed 2026-05-15 113,541 104,701 8.4% +$248,186
CB Minor reduction 2026-03-31 Filed 2026-05-15 53,886 56,526 -4.7% -$79,722
PYPL Major reduction 2025-12-31 Filed 2026-02-17 215,900 484,651 -55.5% -$19.9M
CB New 2025-12-31 Filed 2026-02-17 56,526 0 - +$17.6M
AMZN New 2025-12-31 Filed 2026-02-17 58,266 0 - +$13.4M
POOL Sold out 2025-12-31 Filed 2026-02-17 0 32,322 -100.0% -$10.0M
ODFL Major increase 2025-12-31 Filed 2026-02-17 120,051 88,547 35.6% +$6.4M
META Minor reduction 2025-12-31 Filed 2026-02-17 69,135 70,594 -2.1% -$6.2M
IWF New 2025-12-31 Filed 2026-02-17 12,019 0 - +$5.7M
ZTS Major reduction 2025-12-31 Filed 2026-02-17 104,701 127,522 -17.9% -$5.5M
URI Minor reduction 2025-12-31 Filed 2026-02-17 26,514 26,925 -1.5% -$4.2M
TSCO Minor reduction 2025-12-31 Filed 2026-02-17 481,023 489,910 -1.8% -$3.8M
AAPL Minor reduction 2025-12-31 Filed 2026-02-17 142,920 166,890 -14.4% -$3.6M
MSFT Minor reduction 2025-12-31 Filed 2026-02-17 77,496 79,208 -2.2% -$3.5M
ORLY Minor reduction 2025-12-31 Filed 2026-02-17 188,726 191,668 -1.5% -$3.5M
CPRT Minor reduction 2025-12-31 Filed 2026-02-17 486,085 497,020 -2.2% -$3.3M
TSM Minor reduction 2025-12-31 Filed 2026-02-17 184,661 189,282 -2.4% +$3.3M
CDW Major increase 2025-12-31 Filed 2026-02-17 151,871 120,524 26.0% +$1.5M
MSI Major increase 2025-12-31 Filed 2026-02-17 71,724 57,557 24.6% +$1.2M
EW Minor reduction 2025-12-31 Filed 2026-02-17 180,882 184,701 -2.1% +$1.1M
GOOGL Major reduction 2025-12-31 Filed 2026-02-17 163,913 207,232 -20.9% +$926,743
SPGI Minor reduction 2025-12-31 Filed 2026-02-17 33,764 34,724 -2.8% +$743,766
BKNG Minor reduction 2025-12-31 Filed 2026-02-17 5,817 5,900 -1.4% -$703,645
V Minor reduction 2025-12-31 Filed 2026-02-17 87,151 89,120 -2.2% +$140,711
GOOGL Minor increase 2025-09-30 Filed 2025-11-14 207,232 201,303 2.9% +$11.1M
AAPL Minor increase 2025-09-30 Filed 2025-11-14 166,890 161,857 3.1% +$9.6M
TSM Minor reduction 2025-09-30 Filed 2025-11-14 189,282 197,500 -4.2% +$5.7M
URI Minor increase 2025-09-30 Filed 2025-11-14 26,925 26,063 3.3% +$3.1M
SPGI Minor increase 2025-09-30 Filed 2025-11-14 34,724 33,482 3.7% -$2.0M
ORLY Minor increase 2025-09-30 Filed 2025-11-14 191,668 185,210 3.5% +$1.9M
MSI Minor increase 2025-09-30 Filed 2025-11-14 57,557 55,591 3.5% +$1.9M
META Minor increase 2025-09-30 Filed 2025-11-14 70,594 68,330 3.3% -$1.2M
V Minor increase 2025-09-30 Filed 2025-11-14 89,120 85,603 4.1% +$1.1M
BKNG Minor increase 2025-09-30 Filed 2025-11-14 5,900 5,655 4.3% +$888,484
PYPL Minor increase 2025-09-30 Filed 2025-11-14 484,651 465,841 4.0% +$818,850
CDW Minor increase 2025-09-30 Filed 2025-11-14 120,524 116,123 3.8% -$792,375
CPRT Minor increase 2025-09-30 Filed 2025-11-14 497,020 480,291 3.5% +$382,479
POOL Minor increase 2025-09-30 Filed 2025-11-14 32,322 31,244 3.5% +$342,453
TSCO Minor increase 2025-09-30 Filed 2025-11-14 489,910 472,766 3.6% -$268,392
ODFL Minor increase 2025-09-30 Filed 2025-11-14 88,547 85,320 3.8% +$148,753
EW Minor increase 2025-09-30 Filed 2025-11-14 184,701 178,034 3.7% +$105,454
ZTS Minor increase 2025-09-30 Filed 2025-11-14 127,522 123,343 3.4% -$65,715
MSFT Minor increase 2025-09-30 Filed 2025-11-14 79,208 76,605 3.4% -$7,320
ZTS New 2025-06-30 Filed 2025-08-14 123,343 0 - +$18.7M
CPRT Minor reduction 2025-06-30 Filed 2025-08-14 480,291 488,407 -1.7% -$8.5M
META Minor reduction 2025-06-30 Filed 2025-08-14 68,330 69,553 -1.8% +$7.2M
MSFT Minor reduction 2025-06-30 Filed 2025-08-14 76,605 77,161 -0.7% +$6.1M
URI Minor increase 2025-06-30 Filed 2025-08-14 26,063 24,829 5.0% +$4.9M
TSCO Minor reduction 2025-06-30 Filed 2025-08-14 472,766 480,065 -1.5% +$3.5M
UNH Sold out 2025-06-30 Filed 2025-08-14 0 10,302 -100.0% -$3.2M
IWF Sold out 2025-06-30 Filed 2025-08-14 0 7,588 -100.0% -$3.0M
PYPL Minor reduction 2025-06-30 Filed 2025-08-14 465,841 473,775 -1.7% -$2.8M
V Minor reduction 2025-06-30 Filed 2025-08-14 85,603 89,688 -4.6% -$2.7M
AAPL Minor reduction 2025-06-30 Filed 2025-08-14 161,857 165,093 -2.0% -$2.1M
ORLY Major increase 2025-06-30 Filed 2025-08-14 185,210 12,593 1370.7% +$2.1M
CDW Minor increase 2025-06-30 Filed 2025-08-14 116,123 115,264 0.7% -$1.8M
ODFL Minor increase 2025-06-30 Filed 2025-08-14 85,320 82,371 3.6% -$1.8M
GOOGL Major reduction 2025-06-30 Filed 2025-08-14 201,303 247,928 -18.8% -$1.7M
SPGI Minor reduction 2025-06-30 Filed 2025-08-14 33,482 34,091 -1.8% +$1.4M
TSM Major reduction 2025-06-30 Filed 2025-08-14 197,500 236,813 -16.6% +$1.1M
MSI Minor reduction 2025-06-30 Filed 2025-08-14 55,591 56,589 -1.8% +$962,522
BKNG Minor reduction 2025-06-30 Filed 2025-08-14 5,655 5,811 -2.7% +$654,091
EW Minor reduction 2025-06-30 Filed 2025-08-14 178,034 191,818 -7.2% -$463,289
POOL Minor increase 2025-06-30 Filed 2025-08-14 31,244 30,276 3.2% +$323,892

Public video / Interview / Shareholder letter / Public Q&A

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