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Pat Dorsey Dorsey Asset Management

AUM $1.56B
1-Year Est. Return 25.77%
 

Pat Dorsey is the founder of Dorsey Asset Management and formerly director of equity research at Morningstar, where he helped popularize moat-based analysis. His firm invests in businesses with durable competitive advantages and clear reinvestment opportunities. Dorsey’s frameworks for economic moats and capital allocation are widely used by individual and professional investors.

This Fund
S&P 500
This Quarter Est. Return
+17.08%
1 Year Est. Return
+25.77%
3 Year Est. Return
+121.55%
5 Year Est. Return
+26.99%
10 Year Est. Return
–
AUM
$1.56B
AUM Growth
+$306M
Cap. Flow
+$108M
Cap. Flow %
6.9%
Top 10 Hldgs %
94.49%
Holding
11
New
–
Increased
8
Reduced
3
Closed
–

Top Buys

Rank Stock Value
1
APP icon
Applovin
APP
+$59.1M
2
BKNG icon
Booking.com
BKNG
+$56.4M
3
UBER icon
Uber
UBER
+$49.3M
4
SPGI icon
S&P Global
SPGI
+$39.6M
5
META icon
Meta Platforms (Facebook)
META
+$23.4M

Top Sells

Rank Stock Value
1
SUNB
Sunbelt Rentals Holdings
SUNB
+$79.1M
2
AER icon
AerCap
AER
+$50.7M
3
ASML icon
ASML
ASML
+$15.8M

Sector Composition

Rank Sector Weight
1 Communication Services 29.4%
2 Technology 24.75%
3 Healthcare 16.46%
4 Industrials 12.67%
5 Consumer Discretionary 8.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ASML icon
1
ASML
ASML
$677B
$259M 16.61%
130,364
-9,931
-7% -$15.8M
APP icon
2
Applovin
APP
$102B
$226M 14.5%
439,313
+122,361
+39% +$59.1M
RPRX icon
3
Royalty Pharma
RPRX
$27.3B
$138M 8.82%
2,456,528
+179,958
+8% +$9.37M
BKNG icon
4
Booking.com
BKNG
$158B
$132M 8.46%
741,500
+330,400
+80% +$56.4M
SPGI icon
5
S&P Global
SPGI
$127B
$129M 8.25%
316,413
+93,730
+42% +$39.6M
UBER icon
6
Uber
UBER
$161B
$127M 8.14%
1,761,941
+671,660
+62% +$49.3M
LYV icon
7
Live Nation Entertainment
LYV
$42.4B
$120M 7.69%
655,658
+48,049
+8% +$7.9M
DHR icon
8
Danaher
DHR
$154B
$119M 7.64%
626,211
+45,971
+8% +$8.35M
META icon
9
Meta Platforms (Facebook)
META
$1.4T
$113M 7.21%
199,901
+38,218
+24% +$23.4M
AER icon
10
AerCap
AER
$23B
$112M 7.16%
766,828
-356,661
-32% -$50.7M
SUNB
11
Sunbelt Rentals Holdings
SUNB
$31.5B
$86.1M 5.51%
1,150,578
-1,054,418
-48% -$79.1M

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Pat Dorsey's Q2 2026 Portfolio in Review

As of Q2 2026, Pat Dorsey held 11 positions worth $1.56B, up 24% from $1.26B the previous quarter. Its ten largest holdings account for 94% of the portfolio.

Pat Dorsey deployed $108M of net new capital in Q2 2026, adding to 8 existing holdings.

By sector, the portfolio is most concentrated in Communication Services at 29% of assets, up from 25% a quarter earlier, followed by Technology and Healthcare.

On the sell side, the largest reduction was Sunbelt Rentals Holdings, an estimated $79.1M trimmed.

  • Pat Dorsey added most to Applovin in Q2 2026, an estimated $59.1M increase.
  • Pat Dorsey's biggest Q2 2026 reduction was Sunbelt Rentals Holdings, cutting an estimated $79.1M.
  • Pat Dorsey's ten largest holdings make up 94% of its $1.56B portfolio in Q2 2026.
  • Pat Dorsey opened 0 new positions and closed 0 in Q2 2026.
  • Pat Dorsey's portfolio value rose 24% quarter-over-quarter to $1.56B.

Based on Dorsey Asset Management's 13F filing for Q2 2026, filed 14 Aug 2026.