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Pat Dorsey

Dorsey Asset Management

Moat-focused investor

📍 Chicago, ILEst. 2014💰 ~$1B AUM

$1.26B

Portfolio Value

11

Holdings

Q1 '26

Period

2026-05-15

Filed

📉

Simulated 13F Return

⚠️ Approximation

Total Return

+3.88%

Q4 '24Q3 '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

ASMLFREDUCED
14.8% of portfolio
-27% shares-3.1pp
AERREDUCED
12.3% of portfolio
-8% shares-2.9pp
SUNBNEW
11.4% of portfolio
New position
APPNEW
10.0% of portfolio
New position
DHRREDUCED
8.8% of portfolio
-30% shares-7.7pp
RPRXINCREASED
8.7% of portfolio
+1% shares+1.1pp
SPGINEW
7.5% of portfolio
New position
LYVINCREASED
7.4% of portfolio
+1% shares-0.1pp
METAINCREASED
7.4% of portfolio
+1% shares-1.8pp
UBERNEW
6.2% of portfolio
New position
BKNGINCREASED
5.5% of portfolio
+1% shares-2.1pp
AZOSOLD
was 7.4%
Sold out position
Filing price: $3391.50
GOOGSOLD
was 5.9%
Sold out position
Filing price: $313.80
ENOVSOLD
was 5.3%
Sold out position
Filing price: $26.64

Sold Out (3)

SOLDGOOGALPHABET INCwas 5.92%@$313.80
SOLDAZOAUTOZONE INCwas 7.41%@$3391.50
SOLDENOVENOVIS CORPORATIONwas 5.28%@$26.64

📊 Sector Breakdown

Portfolio allocation by sector

Unknown 57.2%Technology 13.6%Healthcare 8.8%Financials 7.5%Communication Services 7.4%+1 more (5.5%)

💼 Holdings

🔍

11 of 11 positions · $1.26B

This quarter: 4 new positions, increased 4, reduced 3, sold 3. Net buyer.

ASMLFREDUCED
14.8%
14.8% of portfolio (was 17.9%, trimmed)
Filed ~$1321
📄
AERREDUCED
12.3%
12.3% of portfolio (was 15.2%, trimmed)
Filed ~$137
📄
SUNBNEW
11.4%
11.4% of portfolio (new position)
Filed ~$65
📄
APPNEW
10.0%
10.0% of portfolio (new position)
Filed ~$398
📄
DHRREDUCED
8.8%
8.8% of portfolio (was 16.5%, trimmed)
Filed ~$190
📄
RPRXINCREASED
8.7%
8.7% of portfolio (was 7.6%, added)
Filed ~$48
📄
SPGINEW
7.5%
7.5% of portfolio (new position)
Filed ~$425
📄
LYVINCREASED
7.4%
7.4% of portfolio (was 7.5%, added)
Filed ~$153
📄
METAINCREASED
7.4%
7.4% of portfolio (was 9.2%, added)
Filed ~$572
📄
UBERNEW
6.2%
6.2% of portfolio (new position)
Filed ~$72
📄
BKNGINCREASED
5.5%
5.5% of portfolio (was 7.6%, added)
Filed ~$4210
📄

🚫 Sold Out (3 positions)

SOLDGOOGALPHABET INCwas 5.92%@$313.80216906 shares · $68.1M
SOLDAZOAUTOZONE INCwas 7.41%@$3391.5025121 shares · $85.2M
SOLDENOVENOVIS CORPORATIONwas 5.28%@$26.642279200 shares · $60.7M