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 |
eBay
EBAY
|
+$34.7M |
| 2 |
WIX.com
WIX
|
+$23.7M |
| 3 |
SMAR
Smartsheet Inc.
SMAR
|
+$23.3M |
| 4 |
Meta Platforms (Facebook)
META
|
+$1.24M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$584K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Upwork
UPWK
|
+$59M |
| 2 |
Roku
ROKU
|
+$45.8M |
| 3 |
AVLR
Avalara, Inc.
AVLR
|
+$37.4M |
| 4 |
AYX
Alteryx Inc
AYX
|
+$10.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 46.78% |
| 2 | Technology | 28.03% |
| 3 | Consumer Discretionary | 17.33% |
| 4 | Financials | 7.85% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Meta Platforms (Facebook)
META
$1.4T
| $167M | 21.84% |
611,130
+4,518
| +0.7% | +$1.24M |
|
|
2
WIX.com
WIX
$3.43B
| $125M | 16.37% |
500,446
+90,031
| +22% | +$23.7M |
|
|
SMAR
3
DELISTED
Smartsheet Inc.
SMAR
| $89.2M | 11.67% |
1,287,190
+397,203
| +45% | +$23.3M |
|
|
4
Alphabet (Google) Class C
GOOG
$4.18T
| $82.9M | 10.84% |
945,860
+6,920
| +0.7% | +$584K |
|
|
5
eBay
EBAY
$46.3B
| $78M | 10.2% |
1,551,307
+680,231
| +78% | +$34.7M |
|
|
6
Upwork
UPWK
$1.08B
| $65.1M | 8.52% |
1,886,146
-2,064,205
| -52% | -$59M |
|
7
PayPal
PYPL
$52.7B
| $60M | 7.85% |
256,241
+1,900
| +0.7% | +$394K |
|
|
DESP
8
DELISTED
Despegar.com
DESP
| $54.5M | 7.13% |
4,255,213
+31,515
| +0.7% | +$303K |
|
|
9
Roku
ROKU
$23.4B
| $42.7M | 5.59% |
128,601
-174,772
| -58% | -$45.8M |
|
|
AYX
10
DELISTED
Alteryx Inc
AYX
| – | – |
-94,189
| Closed | -$10.7M |
|
|
AVLR
11
DELISTED
Avalara, Inc.
AVLR
| – | – |
-293,390
| Closed | -$37.4M |
|
Similar funds
Pat Dorsey's Q4 2020 Portfolio in Review
As of Q4 2020, Pat Dorsey held 11 positions worth $764M, up 14% from $673M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Pat Dorsey withdrew a net $68.7M in Q4 2020, closing 2 positions and reducing 2 holdings. Its most notable exit was Avalara, Inc., an estimated $37.4M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 47% of assets, down from 53% a quarter earlier, followed by Technology and Consumer Discretionary.
Against the trend, Pat Dorsey added an estimated $34.7M to eBay.
- Pat Dorsey added most to eBay in Q4 2020, an estimated $34.7M increase.
- Pat Dorsey's biggest Q4 2020 reduction was Upwork, cutting an estimated $59M.
- Pat Dorsey fully exited Avalara, Inc. in Q4 2020, selling an estimated $37.4M.
- Pat Dorsey's ten largest holdings make up 100% of its $764M portfolio in Q4 2020.
- Pat Dorsey opened 0 new positions and closed 2 in Q4 2020.
- Pat Dorsey's portfolio value rose 14% quarter-over-quarter to $764M.
Based on Dorsey Asset Management's 13F filing for Q4 2020, filed 16 Feb 2021.