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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
+19.24%
1 Year Est. Return
+25.77%
3 Year Est. Return
+121.55%
5 Year Est. Return
+26.99%
10 Year Est. Return
–
AUM
$778M
AUM Growth
+$12.1M
Cap. Flow
-$115M
Cap. Flow %
-14.83%
Top 10 Hldgs %
100%
Holding
11
New
1
Increased
1
Reduced
7
Closed
2

Top Buys

Rank Stock Value
1
DHR icon
Danaher
DHR
+$66.9M
2
HRI icon
Herc Holdings
HRI
+$10.3M

Top Sells

Rank Stock Value
1
DIS icon
Walt Disney
DIS
+$50.8M
2
WIX icon
WIX.com
WIX
+$44.8M
3
DG icon
Dollar General
DG
+$28.9M
4
META icon
Meta Platforms (Facebook)
META
+$27M
5
UPWK icon
Upwork
UPWK
+$21.6M

Sector Composition

Rank Sector Weight
1 Communication Services 38.45%
2 Technology 32.6%
3 Industrials 9.89%
4 Financials 9.7%
5 Healthcare 9.35%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
META icon
1
Meta Platforms (Facebook)
META
$1.4T
$137M 17.57%
386,133
-83,051
-18% -$27M
SMAR
2
DELISTED
Smartsheet Inc.
SMAR
$122M 15.65%
2,546,032
-148,264
-6% -$6.32M
GOOG icon
3
Alphabet (Google) Class C
GOOG
$4.18T
$121M 15.54%
857,647
-49,963
-6% -$6.78M
WIX icon
4
WIX.com
WIX
$3.43B
$94.2M 12.11%
765,585
-464,042
-38% -$44.8M
HRI icon
5
Herc Holdings
HRI
$5.41B
$77M 9.89%
516,894
+83,755
+19% +$10.3M
PYPL icon
6
PayPal
PYPL
$52.7B
$75.5M 9.7%
1,228,720
-71,583
-6% -$4.1M
DHR icon
7
Danaher
DHR
$154B
$72.8M 9.35%
+314,516
New +$66.9M
UPWK icon
8
Upwork
UPWK
$1.08B
$41.6M 5.35%
2,797,446
-1,676,840
-37% -$21.6M
SEMR
9
DELISTED
Semrush
SEMR
$37.7M 4.85%
2,760,039
-226,749
-8% -$2.24M
DG icon
10
Dollar General
DG
$27.2B
– –
-272,822
Closed -$28.9M
DIS icon
11
Walt Disney
DIS
$186B
– –
-627,314
Closed -$50.8M

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Pat Dorsey's Q4 2023 Portfolio in Review

As of Q4 2023, Pat Dorsey held 11 positions worth $778M, up 1.6% from $766M the previous quarter. Its ten largest holdings account for 100% of the portfolio.

Pat Dorsey withdrew a net $115M in Q4 2023, closing 2 positions and reducing 7 holdings. Its most notable exit was Walt Disney, an estimated $50.8M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 38% of assets, down from 47% a quarter earlier, followed by Technology and Industrials.

Against the trend, Pat Dorsey opened a new position in Danaher worth $72.8M.

  • Pat Dorsey's largest Q4 2023 buy was Danaher: 314,516 shares worth $72.8M.
  • Pat Dorsey added most to Herc Holdings in Q4 2023, an estimated $10.3M increase.
  • Pat Dorsey's biggest Q4 2023 reduction was WIX.com, cutting an estimated $44.8M.
  • Pat Dorsey fully exited Walt Disney in Q4 2023, selling an estimated $50.8M.
  • Pat Dorsey's ten largest holdings make up 100% of its $778M portfolio in Q4 2023.
  • Pat Dorsey opened 1 new position and closed 2 in Q4 2023.
  • Pat Dorsey's portfolio value rose 1.6% quarter-over-quarter to $778M.

Based on Dorsey Asset Management's 13F filing for Q4 2023, filed 14 Feb 2024.