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 |
Royalty Pharma
RPRX
|
+$85.1M |
| 2 |
ASML
ASML
|
+$26.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class C
GOOG
|
+$48.9M |
| 2 |
Meta Platforms (Facebook)
META
|
+$39.4M |
| 3 |
WIX.com
WIX
|
+$23.3M |
| 4 |
AutoZone
AZO
|
+$23.2M |
| 5 |
SEMR
Semrush
SEMR
|
+$20.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 29.34% |
| 2 | Communication Services | 22.09% |
| 3 | Consumer Discretionary | 19.76% |
| 4 | Technology | 15.07% |
| 5 | Industrials | 13.75% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Danaher
DHR
$154B
| $171M | 15.34% |
860,850
-66,142
| -7% | -$13.2M |
|
|
2
ASML
ASML
$677B
| $168M | 15.07% |
173,226
+33,237
| +24% | +$26.1M |
|
3
AerCap
AER
$23B
| $153M | 13.75% |
1,263,998
-97,120
| -7% | -$11.3M |
|
|
4
Meta Platforms (Facebook)
META
$1.4T
| $141M | 12.69% |
192,224
-52,884
| -22% | -$39.4M |
|
|
5
AutoZone
AZO
$48.3B
| $128M | 11.52% |
29,878
-5,789
| -16% | -$23.2M |
|
|
6
Alphabet (Google) Class C
GOOG
$4.18T
| $105M | 9.4% |
429,318
-232,672
| -35% | -$48.9M |
|
7
Booking.com
BKNG
$158B
| $91.7M | 8.24% |
424,375
-32,875
| -7% | -$7.34M |
|
|
8
Royalty Pharma
RPRX
$27.3B
| $82.9M | 7.45% |
+2,350,449
| New | +$85.1M |
|
9
Enovis
ENOV
$1.5B
| $72.8M | 6.54% |
2,399,322
-153,858
| -6% | -$4.67M |
|
|
SEMR
10
DELISTED
Semrush
SEMR
| – | – |
-2,284,578
| Closed | -$20.7M |
|
|
11
WIX.com
WIX
$3.43B
| – | – |
-146,777
| Closed | -$23.3M |
|
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Pat Dorsey's Q3 2025 Portfolio in Review
As of Q3 2025, Pat Dorsey held 11 positions worth $1.11B, down 0.23% from $1.12B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Pat Dorsey withdrew a net $80.7M in Q3 2025, closing 2 positions and reducing 7 holdings. Its most notable exit was WIX.com, an estimated $23.3M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 29% of assets, up from 24% a quarter earlier, followed by Communication Services and Consumer Discretionary.
Against the trend, Pat Dorsey opened a new position in Royalty Pharma worth $82.9M.
- Pat Dorsey's largest Q3 2025 buy was Royalty Pharma: 2,350,449 shares worth $82.9M.
- Pat Dorsey added most to ASML in Q3 2025, an estimated $26.1M increase.
- Pat Dorsey's biggest Q3 2025 reduction was Alphabet (Google) Class C, cutting an estimated $48.9M.
- Pat Dorsey fully exited WIX.com in Q3 2025, selling an estimated $23.3M.
- Pat Dorsey's ten largest holdings make up 100% of its $1.11B portfolio in Q3 2025.
- Pat Dorsey opened 1 new position and closed 2 in Q3 2025.
- Pat Dorsey's portfolio value fell 0.23% quarter-over-quarter to $1.11B.
Based on Dorsey Asset Management's 13F filing for Q3 2025, filed 14 Nov 2025.