David Rolfe Q1 2026 Portfolio — Cuts TSM 30%, Adds PGR, TOL

David Rolfe disclosed in his Q1 2026 13F filing that he cut his TSM position by 30% and added Progressive (PGR) and Toll Brothers (TOL) as new holdings. Wedgewood Partners manages $472M in total assets across 20 positions, with AMZN exposure expanded 71% and PayPal (PYPL) fully sold off.

Top 5 Holdings — Q1 2026

• GOOGL: $45M (9.2%)
• TSM: $44M (9.0%)
• META: $38M (7.8%)
• AAPL: $34M (7.1%)
• MSI: $29M (6.1%)

Key Trading Moves This Quarter

Wedgewood Partners' top 10 holdings are led by GOOGL (9.2%), TSM (9.0%), META (7.8%), AAPL (7.1%), and MSI (6.1%). TSM was trimmed 30% this quarter to $44M, a move attributed to semiconductor valuation concerns and profit-taking. IWF (the Russell 1000 Growth ETF) plunged 96% to just $223,434, effectively signaling a near-complete exit.

• TSM: Trimmed 30% to $44M — profit-taking amid semiconductor valuation concerns
• PGR: New position, $17M — defensive P&C insurer added to strengthen portfolio stability
• PYPL: Fully exited, $13M → $0 — complete liquidation amid fintech growth concerns

The new additions are P&C insurer PGR ($17M) and homebuilder TOL ($12M), a positioning read as targeting both defensive stability and an anticipated housing recovery. AMZN was increased 71% to $21M (4.3%), while ZTS grew 8% to $13M. PYPL, meanwhile, was fully sold and removed from the portfolio entirely, and EW was trimmed slightly by 5%.

Outlook: Core Big Tech Holdings Maintained, Diversifying into Defensives

Rolfe is maintaining top positions in Big Tech names like GOOGL, META, AAPL, and MSFT while trimming TSM and adding PGR and TOL, a move to lower semiconductor concentration and diversify into defensive and housing sectors. The expanded AMZN stake reaffirms an optimistic view on cloud and AI infrastructure, suggesting core Big Tech holdings are likely to remain intact next quarter as well.