Pat Dorsey
Dorsey Asset Management
Moat-focused investor
$1.56B
Portfolio Value
11
Holdings
Q2 '26
Period
2026-08-14
Filed
About Pat Dorsey
Pat Dorsey is an American investor and founder of Dorsey Asset Management. Previously the director of equity research at Morningstar, where he developed the economic moat framework that became central to Morningstar's investment analysis methodology. Author of 'The Little Book That Builds Wealth.'
Investment Philosophy
Moat-based value investing focused on companies with durable competitive advantages. Emphasizes understanding the sources of economic moats: network effects, intangible assets, cost advantages, and switching costs. Looks for wide-moat businesses available at reasonable valuations.
Notable Facts
- •Developed the 'economic moat' rating framework at Morningstar
- •Author of 'The Little Book That Builds Wealth' and 'The Five Rules for Successful Stock Investing'
- •Former Director of Equity Research at Morningstar
- •His moat framework is used by millions of investors worldwide
Simulated 13F Return
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
📊 Sector Breakdown
Portfolio allocation by sector
💼 Holdings
11 of 11 positions · $1.56B
This quarter: increased 9, reduced 2. Net buyer.
| # | Stock | % Portfolio▼ | Activity | Shares | Reported Price | Value | Current Price | +/- Reported | 52w Low | 52w High | SEC | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | ASMLASML HLDG NV | 16.6% | Reduce 7.08% | 130364 | $1989.44 | $259.4M | — | — | — | — | 📄 | |
| 2 | APPAPPLOVIN CORP | 14.5% | Add 38.61% | 439313 | $515.23 | $226.3M | — | — | — | — | 📄 | |
| 3 | RPRXROYALTY PHARMA PLC | 8.8% | Add 7.90% | 2456528 | $56.07 | $137.7M | — | — | — | — | 📄 | |
| 4 | BKNGBOOKING HOLDINGS INC | 8.5% | Add 4409.24% | 741500 | $178.24 | $132.2M | — | — | — | — | 📄 | |
| 5 | SPGIS&P GLOBAL INC | 8.3% | Add 42.09% | 316413 | $407.26 | $128.9M | — | — | — | — | 📄 | |
| 6 | UBERUBER TECHNOLOGIES INC | 8.1% | Add 61.60% | 1761941 | $72.16 | $127.1M | — | — | — | — | 📄 | |
| 7 | LYVLIVE NATION ENTERTAINMENT IN | 7.7% | Add 7.91% | 655658 | $183.11 | $120.1M | — | — | — | — | 📄 | |
| 8 | DHRDANAHER CORP DEL | 7.6% | Add 7.92% | 626211 | $190.48 | $119.3M | — | — | — | — | 📄 | |
| 9 | METAMETA PLATFORMS INC | 7.2% | Add 23.64% | 199901 | $563.29 | $112.6M | — | — | — | — | 📄 | |
| 10 | AERAERCAP HOLDINGS NV | 7.2% | Add 31.75% | 766828 | $145.78 | $111.8M | — | — | — | — | 📄 | |
| 11 | SUNBSUNBELT RENTALS HOLDINGS INC | 5.5% | Reduce 47.82% | 1150578 | $74.81 | $86.1M | — | — | — | — | 📄 |