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 |
PayPal
PYPL
|
+$42.5M |
| 2 |
Dollar General
DG
|
+$40.7M |
| 3 |
Herc Holdings
HRI
|
+$30.1M |
| 4 |
Alphabet (Google) Class C
GOOG
|
+$22M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Roku
ROKU
|
+$50M |
| 2 |
Meta Platforms (Facebook)
META
|
+$47.3M |
| 3 |
SMAR
Smartsheet Inc.
SMAR
|
+$24.1M |
| 4 |
WIX.com
WIX
|
+$14.7M |
| 5 |
Upwork
UPWK
|
+$2.69M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 47.29% |
| 2 | Technology | 32.29% |
| 3 | Financials | 9.93% |
| 4 | Industrials | 6.73% |
| 5 | Consumer Staples | 3.77% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Meta Platforms (Facebook)
META
$1.4T
| $141M | 18.39% |
469,184
-157,115
| -25% | -$47.3M |
|
|
2
Alphabet (Google) Class C
GOOG
$4.18T
| $120M | 15.63% |
907,610
+169,491
| +23% | +$22M |
|
|
3
WIX.com
WIX
$3.43B
| $113M | 14.74% |
1,229,627
-164,052
| -12% | -$14.7M |
|
|
SMAR
4
DELISTED
Smartsheet Inc.
SMAR
| $109M | 14.23% |
2,694,296
-586,307
| -18% | -$24.1M |
|
|
5
PayPal
PYPL
$52.7B
| $76M | 9.93% |
1,300,303
+651,940
| +101% | +$42.5M |
|
|
6
Herc Holdings
HRI
$5.41B
| $51.5M | 6.73% |
433,139
+230,335
| +114% | +$30.1M |
|
7
Walt Disney
DIS
$186B
| $50.8M | 6.64% |
627,314
-21,502
| -3% | -$1.84M |
|
|
8
Upwork
UPWK
$1.08B
| $50.8M | 6.64% |
4,474,286
-217,072
| -5% | -$2.69M |
|
|
9
Dollar General
DG
$27.2B
| $28.9M | 3.77% |
+272,822
| New | +$40.7M |
|
|
SEMR
10
DELISTED
Semrush
SEMR
| $25.4M | 3.31% |
2,986,788
-35,109
| -1% | -$327K |
|
|
11
Roku
ROKU
$23.4B
| – | – |
-781,185
| Closed | -$50M |
|
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Pat Dorsey's Q3 2023 Portfolio in Review
As of Q3 2023, Pat Dorsey held 11 positions worth $766M, up 1.4% from $755M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Pat Dorsey's Q3 2023 filing shows 1 new, 3 increased, 6 reduced and 1 closed positions. Its largest new stake was Dollar General: 272,822 shares worth $28.9M. The largest sale was Roku, an estimated $50M.
By sector, the portfolio is most concentrated in Communication Services at 47% of assets, down from 56% a quarter earlier, followed by Technology and Financials.
- Pat Dorsey's largest Q3 2023 buy was Dollar General: 272,822 shares worth $28.9M.
- Pat Dorsey added most to PayPal in Q3 2023, an estimated $42.5M increase.
- Pat Dorsey's biggest Q3 2023 reduction was Meta Platforms (Facebook), cutting an estimated $47.3M.
- Pat Dorsey fully exited Roku in Q3 2023, selling an estimated $50M.
- Pat Dorsey's ten largest holdings make up 100% of its $766M portfolio in Q3 2023.
- Pat Dorsey opened 1 new position and closed 1 in Q3 2023.
- Pat Dorsey's portfolio value rose 1.4% quarter-over-quarter to $766M.
Based on Dorsey Asset Management's 13F filing for Q3 2023, filed 14 Nov 2023.