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
|
+$23M |
| 2 |
Roku
ROKU
|
+$9.55M |
| 3 |
SMAR
Smartsheet Inc.
SMAR
|
+$7.88M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
POSH
Poshmark, Inc. Class A Common Stock
POSH
|
+$78.1M |
| 2 |
WIX.com
WIX
|
+$30M |
| 3 |
Walt Disney
DIS
|
+$3.06M |
| 4 |
PayPal
PYPL
|
+$2.56M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$2.35M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 48.16% |
| 2 | Technology | 44.12% |
| 3 | Financials | 7.72% |
| 4 | Consumer Discretionary | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
SMAR
1
DELISTED
Smartsheet Inc.
SMAR
| $151M | 22.01% |
3,846,551
+231,379
| +6% | +$7.88M |
|
|
2
WIX.com
WIX
$3.43B
| $123M | 17.91% |
1,603,578
-371,413
| -19% | -$30M |
|
|
3
Meta Platforms (Facebook)
META
$1.4T
| $119M | 17.36% |
992,042
+196,239
| +25% | +$23M |
|
|
4
Roku
ROKU
$23.4B
| $68.3M | 9.93% |
1,677,711
+182,849
| +12% | +$9.55M |
|
|
5
Walt Disney
DIS
$186B
| $64.9M | 9.43% |
746,469
-32,033
| -4% | -$3.06M |
|
|
6
PayPal
PYPL
$52.7B
| $53.1M | 7.72% |
745,950
-31,959
| -4% | -$2.56M |
|
|
7
Alphabet (Google) Class C
GOOG
$4.18T
| $50.7M | 7.36% |
570,922
-24,610
| -4% | -$2.35M |
|
|
SEMR
8
DELISTED
Semrush
SEMR
| $28.9M | 4.2% |
3,548,943
-35,639
| -1% | -$361K |
|
9
Upwork
UPWK
$1.08B
| $28.1M | 4.08% |
2,688,611
-116,050
| -4% | -$1.43M |
|
|
POSH
10
DELISTED
Poshmark, Inc. Class A Common Stock
POSH
| – | – |
-4,984,927
| Closed | -$78.1M |
|
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Pat Dorsey's Q4 2022 Portfolio in Review
As of Q4 2022, Pat Dorsey held 10 positions worth $688M, down 17% from $825M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Pat Dorsey withdrew a net $77.4M in Q4 2022, closing 1 position and reducing 6 holdings. Its most notable exit was Poshmark, Inc. Class A Common Stock, an estimated $78.1M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 48% of assets, up from 44% a quarter earlier, followed by Technology and Financials.
Against the trend, Pat Dorsey added an estimated $23M to Meta Platforms (Facebook).
- Pat Dorsey added most to Meta Platforms (Facebook) in Q4 2022, an estimated $23M increase.
- Pat Dorsey's biggest Q4 2022 reduction was WIX.com, cutting an estimated $30M.
- Pat Dorsey fully exited Poshmark, Inc. Class A Common Stock in Q4 2022, selling an estimated $78.1M.
- Pat Dorsey's ten largest holdings make up 100% of its $688M portfolio in Q4 2022.
- Pat Dorsey opened 0 new positions and closed 1 in Q4 2022.
- Pat Dorsey's portfolio value fell 17% quarter-over-quarter to $688M.
Based on Dorsey Asset Management's 13F filing for Q4 2022, filed 14 Feb 2023.