Master Profile

David Rolfe: Investment Profile & 13F Holdings

Wedgewood Partners

David Rolfe's investment career, philosophy, and public 13F holdings through Wedgewood Partners.

Early Life and Education

David Rolfe is a native Midwestern investor whose entire career is deeply rooted in St. Louis, which endowed him with the independent thinking ability to stay away from the clamor of Wall Street. Education: He graduated from the University of Missouri-St. Louis with a Bachelor of Science in Business Administration (BSBA), majoring in Finance. Professional Qualifications: He holds the Chartered Financial Analyst (CFA) designation. Early Beginnings: Prior to joining Wedgewood, he worked as a portfolio manager at Raymond James & Associates. This early experience convinced him that traditional diversified portfolios often lead to mediocre returns, prompting his shift toward a "concentrated investment" philosophy.

Investment Career

David Rolfe is the driving force behind Wedgewood Partners, where he has worked for over 30 years, and is one of the most steadfast practitioners of "concentrated growth investing." Joining Wedgewood: He joined Wedgewood Partners in 1992 and served as its Chief Investment Officer (CIO). RiverPark Wedgewood Fund: His most notable achievement is serving as portfolio manager of the RiverPark Wedgewood Fund (RWGIX). At the fund's peak, he delivered a stellar track record significantly outperforming the S&P 500 through long-term holdings of companies such as Apple, Berkshire Hathaway, and Visa. The Famous "Divorce": His career is marked by bold decisions. The most famous one was around 2019/2020 when he completely sold off his decades-long holdings in Apple and Berkshire Hathaway, publishing a lengthy public letter explaining his reasons (overvaluation or slowing growth). Although selling Apple might have been premature in hindsight, this fully demonstrated his principled, non-conformist professional character. Long-Term Record: Despite challenges from growth stock volatility in recent years, the strategy he manages has still accumulated significant excess returns over a 30-year time frame.

Investment Philosophy

David Rolfe's investment philosophy can be summarized as "highly concentrated large-cap growth investing" (Concentrated Large-Cap Growth). He detests the mediocrity of diversification and is considered an applicator of "Buffett-style" stock selection logic in the growth stock arena. "Invest in the Few": His portfolio is extremely concentrated, typically holding only 19 to 21 stocks. He believes that in this age of information explosion, the only way to beat the index is to concentrate capital in a very small number of companies of highest conviction. Business Model First: He never forecasts the macroeconomy (interest rates, GDP) but instead focuses 100% on micro-level company analysis. He looks for companies with a "dominant market position," "high and sustainable profitability (high ROE/ROIC)," and "strong free cash flow." Low Turnover: His average turnover is extremely low, with holding periods often lasting many years or even decades. He views himself as an owner of businesses, not a trader of stocks. Core Holdings Style: His core holdings usually include industry leaders with monopoly-like characteristics such as Visa, Mastercard, Google (Alphabet), Meta Platforms, and Tractor Supply.

Personal Life

David Rolfe is an exceptionally candid investor with high professional ethics, and his personal image is closely tied to his forthright communication style. Candid Communicator: Whenever he makes an investment mistake (such as selling Nvidia too early in this cycle or misjudging certain stocks), he is quick to admit it in his public letters and dissects his psychological blind spots in detail. This "intellectual honesty" is extremely rare in the asset management industry. St. Louis Roots: He has long lived in St. Louis, Missouri, away from the echo chambers of New York and San Francisco. He believes this geographical isolation helps him maintain a clear mind. Continuous Learner: He often quotes philosophy and history books in interviews, demonstrating a deep fascination with the evolutionary patterns of business history beyond just financial statements.

Books and Writings

David Rolfe has not published any books, but his Wedgewood Partners Quarterly Client Letters are considered must-read material by many professional investors, even praised as "mini Buffett letters." The Famous "Breakup Letter": His Q3 2019 investor letter caused a stir in the global investment community. In it, he detailed the reasons for selling off his decades-long position in Berkshire Hathaway, bluntly stating that Buffett was too conservative when he should have been greedy (during 2008 and the subsequent bull market) and was "sucking his thumb" (hesitating) on tech stock investments. Market Commentary: His writing is sharp; he not only analyzes his holdings but also frequently offers in-depth commentary on Fed policy, market bubbles, and the drawbacks of passive investing. Podcast Guest: He is a popular guest on top investment podcasts such as Invest Like the Best and The Acquirers Podcast.