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 |
Enovis
ENOV
|
+$84.5M |
| 2 |
ASML
ASML
|
+$49.8M |
| 3 |
Danaher
DHR
|
+$45.7M |
| 4 |
AerCap
AER
|
+$24.1M |
| 5 |
Booking.com
BKNG
|
+$11.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
PayPal
PYPL
|
+$56M |
| 2 |
Sprout Social
SPT
|
+$50.7M |
| 3 |
WIX.com
WIX
|
+$27.8M |
| 4 |
AutoZone
AZO
|
+$6.92M |
| 5 |
Meta Platforms (Facebook)
META
|
+$1.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 26.75% |
| 2 | Healthcare | 23.6% |
| 3 | Consumer Discretionary | 21.37% |
| 4 | Industrials | 14.28% |
| 5 | Technology | 14% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Danaher
DHR
$154B
| $183M | 16.42% |
926,992
+235,688
| +34% | +$45.7M |
|
|
2
Meta Platforms (Facebook)
META
$1.4T
| $181M | 16.22% |
245,108
-1,949
| -0.8% | -$1.2M |
|
|
3
AerCap
AER
$23B
| $159M | 14.28% |
1,361,118
+222,576
| +20% | +$24.1M |
|
|
4
AutoZone
AZO
$48.3B
| $132M | 11.87% |
35,667
-1,876
| -5% | -$6.92M |
|
5
Alphabet (Google) Class C
GOOG
$4.18T
| $117M | 10.53% |
661,990
+23,239
| +4% | +$3.84M |
|
|
6
ASML
ASML
$677B
| $112M | 10.06% |
139,989
+69,418
| +98% | +$49.8M |
|
|
7
Booking.com
BKNG
$158B
| $106M | 9.49% |
457,250
+58,025
| +15% | +$11.9M |
|
|
8
Enovis
ENOV
$1.5B
| $80.1M | 7.18% |
+2,553,180
| New | +$84.5M |
|
|
9
WIX.com
WIX
$3.43B
| $23.3M | 2.09% |
146,777
-172,605
| -54% | -$27.8M |
|
|
SEMR
10
DELISTED
Semrush
SEMR
| $20.7M | 1.85% |
2,284,578
+27,845
| +1% | +$270K |
|
|
11
PayPal
PYPL
$52.7B
| – | – |
-858,231
| Closed | -$56M |
|
|
12
Sprout Social
SPT
$607M
| – | – |
-2,304,414
| Closed | -$50.7M |
|
Similar funds
Pat Dorsey's Q2 2025 Portfolio in Review
As of Q2 2025, Pat Dorsey held 12 positions worth $1.12B, up 18% from $944M the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Pat Dorsey deployed $77.4M of net new capital in Q2 2025, opening 1 new position and adding to 6 existing holdings. Its largest new stake was Enovis: 2,553,180 shares worth $80.1M.
By sector, the portfolio is most concentrated in Communication Services at 27% of assets, up from 26% a quarter earlier, followed by Healthcare and Consumer Discretionary.
On the sell side, the largest reduction was WIX.com, an estimated $27.8M trimmed.
- Pat Dorsey's largest Q2 2025 buy was Enovis: 2,553,180 shares worth $80.1M.
- Pat Dorsey added most to ASML in Q2 2025, an estimated $49.8M increase.
- Pat Dorsey's biggest Q2 2025 reduction was WIX.com, cutting an estimated $27.8M.
- Pat Dorsey fully exited PayPal in Q2 2025, selling an estimated $56M.
- Pat Dorsey's ten largest holdings make up 100% of its $1.12B portfolio in Q2 2025.
- Pat Dorsey opened 1 new position and closed 2 in Q2 2025.
- Pat Dorsey's portfolio value rose 18% quarter-over-quarter to $1.12B.
Based on Dorsey Asset Management's 13F filing for Q2 2025, filed 14 Aug 2025.