Dorsey Asset Management
Dorsey Asset Management, led by founder Pat Dorsey, manages approximately $1.26 billion in assets. Dorsey, known for his expertise in moat investing, emphasizes identifying companies with sustainable competitive advantages. The firm's investment philosophy focuses on long-term capital appreciation through concentrated equity investments.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 11 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| ASML | $185.3M | 14.76% | $1317.95 | $1730.94 | +31.3% | 14.8% | |
| AER | $154.1M | 12.27% | $136.80 | $149.97 | +9.6% | 12.3% | |
| SUNB | $143.5M | 11.43% | $65.09 | $69.31 | +6.5% | 11.4% | |
| APP | $126.2M | 10.04% | $398.00 | $530.02 | +33.2% | 10.0% | |
| DHR | $110.0M | 8.76% | $189.21 | $193.98 | +2.5% | 8.8% | |
| RPRX | $109.2M | 8.70% | $47.76 | $57.76 | +20.9% | 8.7% | |
| SPGI | $94.7M | 7.54% | $401.47 | $441.33 | +9.9% | 7.5% | |
| LYV | $92.7M | 7.38% | $152.51 | $183.80 | +20.5% | 7.4% | |
| META | $92.5M | 7.37% | $571.60 | $615.22 | +7.6% | 7.4% | |
| UBER | $78.4M | 6.24% | $71.93 | $74.31 | +3.3% | 6.2% | |
| BKNG | $69.2M | 5.51% | $167.99 | $181.59 | +8.1% | 5.5% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (4)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| SUNB | $143.5M | +6.5% | |
| APP | $126.2M | +33.2% | |
| SPGI | $94.7M | +9.9% | |
| UBER | $78.4M | +3.3% |
Exited Positions (3)
| Ticker | Issuer | Notional |
|---|---|---|
| AZO | $85.2M | |
| GOOG | $68.1M | |
| ENOV | $60.7M |
Increased (4)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| RPRX | $21.9M | +0.8% | +20.9% | |
| BKNG | $-18.1M | +0.8% | +8.1% | |
| META | $-13.4M | +0.8% | +7.6% | |
| LYV | $6.7M | +0.8% | +20.5% |
Trimmed (3)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| DHR | $-79.4M | -29.9% | +2.5% | |
| ASML | $-20.5M | -27.1% | +31.3% | |
| AER | $-20.6M | -7.5% | +9.6% |
Quarter Activity
During the quarter, Dorsey Asset Management initiated notable new positions in SUNB, APP, SPGI, and UBER, with the largest investment being $144 million in SUNB. The fund exited positions in AZO, GOOG, and ENOV, which previously held significant values. Additionally, there were meaningful reductions in the holdings of DHR, ASML, and AER, indicating a shift in the fund's investment focus.
AI Commentary
<p>Dorsey Asset Management's portfolio, with an AUM of $1.26 billion, shows a strong conviction in the technology and services sectors. The top holdings include ASML Holding NV (ASML) at 14.8% and AerCap Holdings NV (AER) at 12.3%, followed by the newly added Sunbelt Rentals Holdings Inc (SUNB) at 11.4%. Notably, the fund has significant investments in newly initiated positions such as AppLovin Corp (APP) and S&P Global Inc (SPGI), indicating a strategic diversification into mobile technology and financial information services. The portfolio's sector concentration primarily revolves around high-tech, industrial services, and financial sectors, reflecting a targeted investment approach towards growth-oriented and foundational industries.</p> <p>The recent portfolio adjustments signal a shift in Dorsey Asset Management's investment strategy. The closure of positions in AutoZone Inc (AZO), Google LLC (GOOG), and Enova International Inc (ENOV) alongside substantial reductions in ASML and Danaher Corp (DHR) suggest a reallocation away from certain tech and consumer discretionary stocks. Conversely, the establishment of significant stakes in Sunbelt Rentals (SUNB), AppLovin (APP), S&P Global (SPGI), and Uber Technologies Inc (UBER) highlights a pivot towards digital and service-based platforms with robust growth potential. These changes may reflect the fund's response to evolving market conditions or a strategic bet on sectors expected to outperform in the near future.</p>