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Q2 2026 holdings · 8 filings on record

Dorsey Asset Management LLC

Pat Dorsey

Dorsey Asset Management is a Chicago investment adviser founded by Pat Dorsey, its portfolio manager and managing member. It runs a single concentrated global equity strategy. It limits itself to businesses with sustainable competitive advantages, or economic moats, and seeks minority stakes in companies with substantial room to reinvest and managers who allocate capital well. Dorsey was Morningstar's director of equity research from 2000 to 2011, where he helped develop its economic moat ratings, and he wrote The Five Rules for Successful Stock Investing and The Little Book That Builds Wealth. Before starting the firm, he was director of research at Sanibel Captiva Trust.

AI-written, awaiting an editor · as of Oct 31, 2026 · not from the filings · 3 sources
  1. Dorsey Asset Management: Home dorseyasset.com ↗
  2. Dorsey Asset Management: Who we are dorseyasset.com ↗
  3. SEC: Form ADV, Dorsey Asset Management reports.adviserinfo.sec.gov ↗
Held on Jun 30, now 124 days oldReported to the SEC Aug 14, 2026Next filing due Nov 16 · 15 days
US-listed stocks held$1.6B
Positions11
Behaves like9.8equal-sized positions
Top 10 holdings94.5%of the total

Holdings

On June 30, 2026, Dorsey Asset Management LLC held 11 positions in US-listed stocks worth $1.6 billion. The ten largest were 94.5% of it.

  1. 1ASML HLDG NVASMLN Y REGISTRY SHS$259.4M16.6%
  2. 2AppLovin CorporationAPPCOM CL A$226.3M14.5%
  3. 3Royalty Pharma plcRPRXSHS CLASS A$137.7M8.8%
  4. 4Booking Holdings Inc.BKNG$132.2M8.5%
  5. 5S&P Global Inc.SPGI$128.9M8.3%
  6. 6Uber Technologies, IncUBER$127.1M8.1%
  7. 7Live Nation Entertainment, Inc.LYV$120.1M7.7%
  8. 8DANAHER CORP DELDHR$119.3M7.6%
  9. 9Meta Platforms, Inc.METACL A$112.6M7.2%
  10. 10AerCap Holdings N.V.AER$111.8M7.2%

What this filing cannot show

A 13F is a partial picture. Here is the part that is missing.

It lists long positions in US-listed stocks and options only. Not short positions, cash, ordinary bonds, anything listed only abroad, anything private, or anything bought and sold inside the quarter.

What is a 13F?

A quarterly SEC filing where large investment managers list the long positions in US-listed stocks and options they held at the end of the quarter. It is a snapshot, filed up to 45 days after that date.

Why is this list weeks old?

Managers have 45 days after each quarter ends to file, and most of the funds we track file on the last permitted day. So the newest list still describes where the fund stood weeks ago, and the market has moved since.

What does “behaves like” mean?

How many equal-sized positions would be exactly this concentrated. Ten positions of the same size behave like 10. Ten positions where one holds most of the money behave like fewer than 2. It is 1 divided by the sum of each position’s squared share of the total.

Why are two lines sometimes the same company?

Each line is one security as the manager filed it. Two share classes of one company, or a company’s stock and its convertible notes, are separate lines in the filing, and they stay separate here.

Filing history

8 filings on record.

Quarter endedReported to the SECPositionsSource
Jun 30, 2026Aug 14, 202611Open the SEC filing ↗
Mar 31, 2026May 15, 202611Open the SEC filing ↗
Dec 31, 2025Feb 17, 202610Open the SEC filing ↗
Sep 30, 2025Nov 14, 20259Open the SEC filing ↗
Jun 30, 2025Aug 14, 202510Open the SEC filing ↗
Mar 31, 2025May 15, 202511Open the SEC filing ↗
Dec 31, 2024Feb 14, 202511Open the SEC filing ↗
Sep 30, 2024Nov 14, 202412Open the SEC filing ↗

Where a manager later amended a filing, the date shown is the amendment’s. Every filing from this fund at the SEC ↗

⚠️ Public information, sourced from SEC 13F filings. A 13F shows long US-listed positions only; it cannot show shorts, cash, ordinary bonds, foreign lines, or anything bought and sold within the quarter. Values are the manager’s own quarter-end figures, filed up to 45 days later. Not financial advice.