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Pat Dorsey

Dorsey Asset Management

Moat-focused investor

📍 Chicago, ILEst. 2014💰 ~$1B AUM

$1.15B

Portfolio Value

10

Holdings

Q4 '25

Period

2026-02-17

Filed

📉

Simulated 13F Return

⚠️ Approximation

Total Return

+3.88%

Q4 '24 → Q3 '25

Annualized

+5.22%/yr

S&P: +18.77%/yr

Alpha (vs S&P)

-9.84%

3 quarters tracked

1-Year Return

—

⚠️ Approximation only. 13F filings are delayed ~45 days. Options, shorts, and intra-quarter trades not captured.

📈 Recent Activity

Changes from previous quarter

ASMLFINCREASED
17.9% of portfolio
+11% shares+2.8pp
DHRREDUCED
16.5% of portfolio
-4% shares+1.1pp
AERREDUCED
15.2% of portfolio
-4% shares+1.4pp
METAREDUCED
9.2% of portfolio
-17% shares-3.5pp
BKNGREDUCED
7.6% of portfolio
-4% shares-0.6pp
RPRXREDUCED
7.6% of portfolio
-4% shares+0.1pp
LYVNEW
7.5% of portfolio
New position
AZOREDUCED
7.4% of portfolio
-16% shares-4.1pp
GOOGREDUCED
5.9% of portfolio
-49% shares-3.5pp
ENOVREDUCED
5.3% of portfolio
-5% shares-1.3pp

📊 Sector Breakdown

Portfolio allocation by sector

Unknown 53.3%Healthcare 16.5%Technology 15.1%Consumer Discretionary 7.6%Communication Services 7.5%

💼 Holdings

🔍

10 of 10 positions · $1.15B

This quarter: 1 new position, increased 1, reduced 8. Net seller.

ASMLFINCREASED
17.9%
17.9% of portfolio (was 15.1%, added)
Filed ~$1070
—📄
DHRREDUCED
16.5%
16.5% of portfolio (was 15.3%, trimmed)
Filed ~$229
—📄
AERREDUCED
15.2%
15.2% of portfolio (was 13.7%, trimmed)
Filed ~$144
—📄
METAREDUCED
9.2%
9.2% of portfolio (was 12.7%, trimmed)
Filed ~$660
—📄
BKNGREDUCED
7.6%
7.6% of portfolio (was 8.2%, trimmed)
Filed ~$5355
—📄
RPRXREDUCED
7.6%
7.6% of portfolio (was 7.5%, trimmed)
Filed ~$39
—📄
LYVNEW
7.5%
7.5% of portfolio (new position)
Filed ~$143
—📄
AZOREDUCED
7.4%
7.4% of portfolio (was 11.5%, trimmed)
Filed ~$3392
—📄
GOOGREDUCED
5.9%
5.9% of portfolio (was 9.4%, trimmed)
Filed ~$314
—📄
ENOVREDUCED
5.3%
5.3% of portfolio (was 6.5%, trimmed)
Filed ~$27
—📄