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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
+10.07%
1 Year Est. Return
+25.77%
3 Year Est. Return
+121.55%
5 Year Est. Return
+26.99%
10 Year Est. Return
–
AUM
$508M
AUM Growth
+$82.1M
Cap. Flow
+$50.8M
Cap. Flow %
10%
Top 10 Hldgs %
100%
Holding
10
New
1
Increased
6
Reduced
2
Closed
1

Top Buys

Rank Stock Value
1
ROKU icon
Roku
ROKU
+$50M
2
AYX
Alteryx Inc
AYX
+$26.8M
3
AVLR
Avalara, Inc.
AVLR
+$20.6M
4
DESP
Despegar.com
DESP
+$10.2M
5
WIX icon
WIX.com
WIX
+$5M

Top Sells

Rank Stock Value
1
GOOG icon
Alphabet (Google) Class C
GOOG
+$33.9M
2
CMPR icon
Cimpress
CMPR
+$25M
3
META icon
Meta Platforms (Facebook)
META
+$8.69M

Sector Composition

Rank Sector Weight
1 Technology 40.44%
2 Communication Services 30.4%
3 Consumer Discretionary 19.9%
4 Financials 9.26%
5 Industrials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
META icon
1
Meta Platforms (Facebook)
META
$1.4T
$92M 18.1%
448,037
-44,865
-9% -$8.69M
AVLR
2
DELISTED
Avalara, Inc.
AVLR
$90.2M 17.75%
1,231,614
+283,200
+30% +$20.6M
WIX icon
3
WIX.com
WIX
$3.43B
$67.5M 13.28%
551,405
+40,866
+8% +$5M
DESP
4
DELISTED
Despegar.com
DESP
$67.4M 13.26%
4,999,428
+863,186
+21% +$10.2M
ROKU icon
5
Roku
ROKU
$23.4B
$48.7M 9.58%
+363,488
New +$50M
AYX
6
DELISTED
Alteryx Inc
AYX
$47.8M 9.41%
477,906
+263,257
+123% +$26.8M
PYPL icon
7
PayPal
PYPL
$52.7B
$47.1M 9.26%
435,147
+32,246
+8% +$3.36M
EBAY icon
8
eBay
EBAY
$46.3B
$33.7M 6.64%
934,115
+69,183
+8% +$2.51M
GOOG icon
9
Alphabet (Google) Class C
GOOG
$4.18T
$13.8M 2.72%
206,860
-524,600
-72% -$33.9M
CMPR icon
10
Cimpress
CMPR
$2.13B
– –
-189,480
Closed -$25M

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Pat Dorsey's Q4 2019 Portfolio in Review

As of Q4 2019, Pat Dorsey held 10 positions worth $508M, up 19% from $426M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Pat Dorsey deployed $50.8M of net new capital in Q4 2019, opening 1 new position and adding to 6 existing holdings. Its largest new stake was Roku: 363,488 shares worth $48.7M.

By sector, the portfolio is most concentrated in Technology at 40% of assets, up from 34% a quarter earlier, followed by Communication Services and Consumer Discretionary.

On the sell side, the largest reduction was Alphabet (Google) Class C, an estimated $33.9M trimmed.

  • Pat Dorsey's largest Q4 2019 buy was Roku: 363,488 shares worth $48.7M.
  • Pat Dorsey added most to Alteryx Inc in Q4 2019, an estimated $26.8M increase.
  • Pat Dorsey's biggest Q4 2019 reduction was Alphabet (Google) Class C, cutting an estimated $33.9M.
  • Pat Dorsey fully exited Cimpress in Q4 2019, selling an estimated $25M.
  • Pat Dorsey's ten largest holdings make up 100% of its $508M portfolio in Q4 2019.
  • Pat Dorsey opened 1 new position and closed 1 in Q4 2019.
  • Pat Dorsey's portfolio value rose 19% quarter-over-quarter to $508M.

Based on Dorsey Asset Management's 13F filing for Q4 2019, filed 14 Feb 2020.