Pat Dorsey Dorsey Asset Management
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Meta Platforms (Facebook)
META
|
+$18.7M |
| 2 |
SiteOne Landscape Supply
SITE
|
+$10.5M |
| 3 |
Chegg
CHGG
|
+$9.17M |
| 4 |
Cimpress
CMPR
|
+$1.42M |
| 5 |
Workiva
WK
|
+$1.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Descartes Systems
DSGX
|
+$17.9M |
| 2 |
ANSS
Ansys
ANSS
|
+$2.09M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 39.29% |
| 2 | Technology | 24.38% |
| 3 | Consumer Staples | 20.39% |
| 4 | Industrials | 15.95% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Meta Platforms (Facebook)
META
$1.4T
| $65.3M | 23.55% |
370,017
+105,930
| +40% | +$18.7M |
|
|
2
Cimpress
CMPR
$2.13B
| $32.3M | 11.66% |
269,645
+12,400
| +5% | +$1.42M |
|
|
3
Chegg
CHGG
$90.8M
| $29.4M | 10.6% |
1,800,400
+599,700
| +50% | +$9.17M |
|
4
Dollar General
DG
$27.2B
| $27.1M | 9.79% |
291,725
+13,400
| +5% | +$1.15M |
|
|
5
Workiva
WK
$4.07B
| $25.5M | 9.21% |
1,193,539
+54,790
| +5% | +$1.2M |
|
6
Alphabet (Google) Class C
GOOG
$4.18T
| $25.3M | 9.12% |
483,300
+22,200
| +5% | +$1.13M |
|
7
Roper Technologies
ROP
$40.7B
| $21.3M | 7.67% |
82,047
+3,760
| +5% | +$965K |
|
|
ANSS
8
DELISTED
Ansys
ANSS
| $20.8M | 7.5% |
140,856
-14,750
| -9% | -$2.09M |
|
9
Yelp
YELP
$1.27B
| $18.3M | 6.61% |
436,934
+20,060
| +5% | +$892K |
|
|
10
SiteOne Landscape Supply
SITE
$4.19B
| $11.9M | 4.29% |
+155,033
| New | +$10.5M |
|
|
11
Descartes Systems
DSGX
$6.7B
| – | – |
-658,158
| Closed | -$17.9M |
|
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Pat Dorsey's Q4 2017 Portfolio in Review
As of Q4 2017, Pat Dorsey held 11 positions worth $277M, up 20% from $231M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Pat Dorsey deployed $25.2M of net new capital in Q4 2017, opening 1 new position and adding to 8 existing holdings. Its largest new stake was SiteOne Landscape Supply: 155,033 shares worth $11.9M.
By sector, the portfolio is most concentrated in Communication Services at 39% of assets, up from 37% a quarter earlier, followed by Technology and Consumer Staples.
On the sell side, the largest reduction was Ansys, an estimated $2.09M trimmed.
- Pat Dorsey's largest Q4 2017 buy was SiteOne Landscape Supply: 155,033 shares worth $11.9M.
- Pat Dorsey added most to Meta Platforms (Facebook) in Q4 2017, an estimated $18.7M increase.
- Pat Dorsey's biggest Q4 2017 reduction was Ansys, cutting an estimated $2.09M.
- Pat Dorsey fully exited Descartes Systems in Q4 2017, selling an estimated $17.9M.
- Pat Dorsey's ten largest holdings make up 100% of its $277M portfolio in Q4 2017.
- Pat Dorsey opened 1 new position and closed 1 in Q4 2017.
- Pat Dorsey's portfolio value rose 20% quarter-over-quarter to $277M.
Based on Dorsey Asset Management's 13F filing for Q4 2017, filed 14 Feb 2018.