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 |
AerCap
AER
|
+$113M |
| 2 |
Booking.com
BKNG
|
+$76.4M |
| 3 |
Danaher
DHR
|
+$64.7M |
| 4 |
ASML
ASML
|
+$51.3M |
| 5 |
Meta Platforms (Facebook)
META
|
+$25M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SMAR
Smartsheet Inc.
SMAR
|
+$81.1M |
| 2 |
WIX.com
WIX
|
+$53.9M |
| 3 |
Herc Holdings
HRI
|
+$51.7M |
| 4 |
Upwork
UPWK
|
+$49.8M |
| 5 |
PayPal
PYPL
|
+$34.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 25.67% |
| 2 | Consumer Discretionary | 22.97% |
| 3 | Technology | 18.09% |
| 4 | Healthcare | 15.02% |
| 5 | Industrials | 12.33% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
AutoZone
AZO
$48.3B
| $143M | 15.17% |
37,543
-27
| -0.1% | -$93.2K |
|
|
2
Meta Platforms (Facebook)
META
$1.4T
| $142M | 15.09% |
247,057
+38,810
| +19% | +$25M |
|
|
3
Danaher
DHR
$154B
| $142M | 15.02% |
691,304
+296,513
| +75% | +$64.7M |
|
|
4
AerCap
AER
$23B
| $116M | 12.33% |
+1,138,542
| New | +$113M |
|
5
Alphabet (Google) Class C
GOOG
$4.18T
| $99.8M | 10.58% |
638,751
-467
| -0.1% | -$85.5K |
|
|
6
Booking.com
BKNG
$158B
| $73.6M | 7.8% |
+399,225
| New | +$76.4M |
|
|
7
PayPal
PYPL
$52.7B
| $56M | 5.93% |
858,231
-442,952
| -34% | -$34.5M |
|
|
8
WIX.com
WIX
$3.43B
| $52.2M | 5.53% |
319,382
-259,359
| -45% | -$53.9M |
|
9
Sprout Social
SPT
$607M
| $50.7M | 5.37% |
2,304,414
-1,735
| -0.1% | -$50.4K |
|
|
10
ASML
ASML
$677B
| $46.8M | 4.96% |
+70,571
| New | +$51.3M |
|
|
SEMR
11
DELISTED
Semrush
SEMR
| $21.1M | 2.23% |
2,256,733
-1,748
| -0.1% | -$23.8K |
|
|
12
Herc Holdings
HRI
$5.41B
| – | – |
-272,903
| Closed | -$51.7M |
|
|
13
Upwork
UPWK
$1.08B
| – | – |
-3,045,142
| Closed | -$49.8M |
|
|
SMAR
14
DELISTED
Smartsheet Inc.
SMAR
| – | – |
-1,447,727
| Closed | -$81.1M |
|
Similar funds
Pat Dorsey's Q1 2025 Portfolio in Review
As of Q1 2025, Pat Dorsey held 14 positions worth $944M, down 2.7% from $970M the previous quarter. Its ten largest holdings account for 98% of the portfolio.
Pat Dorsey deployed $59M of net new capital in Q1 2025, opening 3 new positions and adding to 2 existing holdings. Its largest new stake was AerCap: 1,138,542 shares worth $116M.
By sector, the portfolio is most concentrated in Communication Services at 26% of assets, down from 30% a quarter earlier, followed by Consumer Discretionary and Technology.
On the sell side, the largest reduction was WIX.com, an estimated $53.9M trimmed.
- Pat Dorsey's largest Q1 2025 buy was AerCap: 1,138,542 shares worth $116M.
- Pat Dorsey added most to Danaher in Q1 2025, an estimated $64.7M increase.
- Pat Dorsey's biggest Q1 2025 reduction was WIX.com, cutting an estimated $53.9M.
- Pat Dorsey fully exited Smartsheet Inc. in Q1 2025, selling an estimated $81.1M.
- Pat Dorsey's ten largest holdings make up 98% of its $944M portfolio in Q1 2025.
- Pat Dorsey opened 3 new positions and closed 3 in Q1 2025.
- Pat Dorsey's portfolio value fell 2.7% quarter-over-quarter to $944M.
Based on Dorsey Asset Management's 13F filing for Q1 2025, filed 15 May 2025.