Wedgewood Partners Portfolio in 2026: Top Holdings & Recent Changes
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Wedgewood Partners, led by veteran fund manager David Rolfe, showcases its disciplined growth-at-a-reasonable-price strategy in the latest 13F filing. Their $547.9M portfolio features heavy tech concentration with notable adjustments across top positions, including a trim in semiconductors and broad additions to megacap leaders, signaling confidence in AI-driven winners amid market rotations.
Portfolio Overview: Tech-Dominated Concentration with Proven Longevity
Portfolio Highlights (Q3’2025): - Market Value: $547.9M - Top 10 Holdings: 70.7% - Portfolio Size: 19 +0 - Average Holding Period: 26 quarters - Turnover: 0.0%
Wedgewood Partners' Q3 2025 portfolio exemplifies a high-conviction, concentrated approach where the top 10 holdings command over 70% of assets, leaving limited room for speculative bets. With a portfolio size steady at 19 positions and zero turnover, the firm demonstrates patience, holding winners for an average of 26 quarters—over six years—reflecting a buy-and-hold philosophy rooted in durable competitive advantages.
This structure underscores Wedgewood's focus on quality growth names, particularly in technology, where moats like network effects and scale drive compounding returns. The lack of turnover amid active position tweaks (all within the top 10) suggests tactical rebalancing rather than wholesale shifts, optimizing for current market dynamics like AI enthusiasm and economic resilience. Investors tracking via Wedgewood's portfolio page can see how this discipline has sustained performance through cycles.
David Rolfe's strategy prioritizes businesses with strong management and predictable cash flows, avoiding high-flyers without fundamentals. The steady portfolio size +0 indicates no rushed entries or exits, reinforcing a low-volatility profile despite tech tilt.
Top Holdings: Megacap Tech Core with Fintech and Retail Flair
The portfolio leads with TSM (Taiwan Semiconductor Manufacturing Company Limited) at 9.6% after a "Reduce 4.16%" move, potentially locking in gains amid chip sector volatility while maintaining exposure to foundry dominance. Close behind, META (Meta Platforms, Inc.) rose to 9.5% via "Add 3.31%", betting on advertising resilience and AI investments, followed by GOOGL (Alphabet Inc.) at 9.2% with an "Add 2.95%" boost, highlighting search and cloud conviction.
AAPL (Apple Inc.) holds 7.8% after "Add 3.11%", signaling faith in services growth and ecosystem lock-in, while MSFT (Microsoft Corporation) at 7.5% saw "Add 3.40%", emphasizing Azure and AI synergies. Deeper in, PYPL (PayPal Holdings, Inc.) claims 5.9% via "Add 4.04%", a fintech play on payment volume recovery, and BKNG (Booking Holdings Inc.) at 5.8% with "Add 4.33%" reflects travel rebound optimism.
Rounding out key moves, V (Visa Inc.) stands at 5.6% post "Add 4.11%", underscoring payments network durability, TSCO (Tractor Supply Company) at 5.1% after "Add 3.63%" adds rural retail stability, and MSI (Motorola Solutions, Inc.) at 4.8% via "Add 3.54%" brings mission-critical communications exposure. These adjustments across all top 10 positions blend megacap stability with selective growth pockets.
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What the Portfolio Reveals
Wedgewood's Q3 moves paint a clear picture of quality growth persistence in a high-valuation environment: - Tech sector dominance: Over 60% implied in top holdings, focused on AI enablers like semiconductors, cloud, and platforms, with trims only on overextended names like TSM. - Fintech and consumer resilience: Additions to PYPL, V, BKNG, and TSCO diversify beyond pure tech, targeting transaction volume and discretionary spending recovery. - Risk management via tweaks: Uniform "Add" actions (except TSM reduce) and 0.0% turnover show fine-tuning for conviction, not panic selling. - Long-horizon bias: 26-quarter average hold balances growth premiums with compounding potential, ignoring short-term noise.
This reveals Rolfe's view of tech as indispensable amid AI and digital shifts, tempered by non-cyclical picks for downside protection.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Taiwan Semiconductor Manufacturing Company Limited | $52.9M | 9.6% | Reduce 4.16% |
| Meta Platforms, Inc. | $51.8M | 9.5% | Add 3.31% |
| Alphabet Inc. | $50.4M | 9.2% | Add 2.95% |
| Apple Inc. | $42.5M | 7.8% | Add 3.11% |
| Microsoft Corporation | $41.0M | 7.5% | Add 3.40% |
| PayPal Holdings, Inc. | $32.5M | 5.9% | Add 4.04% |
| Booking Holdings Inc. | $31.9M | 5.8% | Add 4.33% |
| Visa Inc. | $30.4M | 5.6% | Add 4.11% |
| Tractor Supply Company | $27.9M | 5.1% | Add 3.63% |
| Motorola Solutions, Inc. | $26.3M | 4.8% | Add 3.54% |
This table highlights Wedgewood's hallmark concentration, with the top 10 devouring 70.7% of the $547.9M portfolio—a deliberate choice amplifying returns from high-conviction ideas. The single reduce in TSM contrasts nine adds, suggesting profit-taking on a leader while doubling down on software and services giants, which collectively exceed 45% weighting.
Such positioning leverages correlated tech upside but introduces sector risk; however, the 26-quarter hold period and zero turnover mitigate this through proven durability. For retail investors, it validates sizing bets where deep research meets market tailwinds.
Investment Lessons from Wedgewood Partners' Approach
Wedgewood Partners' Q3 portfolio demonstrates timeless principles from David Rolfe's playbook: - Concentrate on understood moats: 70.7% in top 10 demands intimate knowledge of tech ecosystems, not diversification for its own sake. - Tweak actively, hold patiently: Zero turnover with precise adds/reduces shows position sizing as an ongoing art, paired with multi-year horizons. - Favor quality growth at discipline: Additions to META, MSFT, and AAPL prioritize compounding over cheapness, accepting premiums for predictability. - Balance megacaps with niches: PYPL, TSCO, and MSI add uncorrelated alpha, reducing blind tech reliance. - Ignore noise, chase durability: 26-quarter average tenure proves conviction trumps quarterly volatility.
Looking Ahead: What Comes Next?
Wedgewood's steady 19-position book and full top-10 activity position it for AI-fueled tech rallies, with adds to META, GOOGL, and MSFT aligning with cloud/AI spending surges. The TSM trim hints at caution on hardware cycles, potentially freeing capital for dips in fintech like PYPL or consumer plays like BKNG/TSCO amid economic softening.
With no new positions and low turnover, expect continuity unless macro shifts (e.g., rate cuts boosting Visa) prompt opportunistic buys. The portfolio's tech tilt sets up for 2026 growth, but watch semiconductors for re-entry. Track via ValueSense for real-time 13F updates.
FAQ about Wedgewood Partners Portfolio
Q: What were the most significant changes in Wedgewood Partners' Q3 2025 13F?
A: All top 10 saw moves: TSM reduced 4.16%, while META +3.31%, MSFT +3.40%, PYPL +4.04%, BKNG +4.33%, and others received adds, reflecting tactical optimization without new buys or sells.
Q: Why does Wedgewood maintain such high concentration in its top 10 holdings?
A: At 70.7%, this allows outsized exposure to high-conviction quality growth names like tech leaders, backed by 26-quarter holds and deep research, prioritizing returns over broad diversification.
Q: What sectors dominate Wedgewood's strategy?
A: Technology overwhelmingly leads (TSM, META, GOOGL, AAPL, MSFT), blended with fintech (PYPL, V) and consumer/retail (BKNG, TSCO), targeting durable moats in digital and essential spending.
Q: How can I track Wedgewood Partners' portfolio and 13F filings?
A: Use ValueSense's dedicated tracker at https://valuesense.io/superinvestors/wedgewood for historical changes, visualizations, and alerts—note the 45-day 13F lag means real-time positions may differ.
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