Pat Dorsey
Dorsey Asset Management
Pat Dorsey (Dorsey Asset Management) discloses a $1.26B portfolio across 11 US-listed positions in the latest 13F filing (2026Q1, filed May 15, 2026). The largest holding is ASML at 14.8% of the book. The biggest move of the quarter: trimmed the ASML share count by 27% (position now $185M). Latticework's clone backtest puts this 13F book at +3.7%/yr vs SPY over 9.3 years.
About Pat Dorsey
Pat Dorsey ran equity research at Morningstar for over a decade, where he developed and systematized the firm's economic-moat framework before founding Dorsey Asset Management in 2014. His published work — particularly The Little Book That Builds Wealth — gave the moat concept wider retail circulation, but the actual portfolio reflects something more demanding: a concentrated, long-only book of typically 10–15 global equities selected for durable competitive advantages, with holding periods long enough that quarterly 13F snapshots are reasonably representative of conviction. The current filing, with eleven positions and roughly 57% in the top five — including ASML, AER, and APP — is consistent with that posture. Because Dorsey Asset Management does not operate a short book or rely on derivatives as a structural element, the 45-day disclosure lag introduces less signal distortion than it would for a macro or event-driven manager; what you see in the filing is broadly what the firm owns.
2026Q1 brief
Pat Dorsey's $1.26B, 11-position portfolio underwent its most dramatic reshaping in recent memory, with four new positions consuming nearly 35% of assets and three full exits removing names that had anchored the book. SUNB (Sun Bancorp, 11.4%), APP (Applovin, 10.0%), SPGI (S&P Global, 7.5%), and UBER (6.2%) were all initiated, reflecting a pivot toward marketplace/network-effect franchises with durable pricing power — very much in Dorsey's Morningstar-era moat-investing wheelhouse. AZO (previously 7.4%), GOOG (5.9%), and ENOV (5.3%) were exited entirely, freeing capital for the new cluster. Existing core positions ASML and DHR were trimmed 27% and 30% respectively — valuation discipline rather than thesis abandonment, likely given macro sensitivity of semiconductor capex. RPRX (Royalty Pharma, 8.7%) and LYV (Live Nation, 7.4%) remain as high-conviction moat names. The concentrated 11-position structure means the new quartet immediately becomes portfolio-defining. Watch whether SUNB — an unusual community-bank-ish name for Dorsey — is built toward a top-3 weight or proves a smaller-scale exploratory bet next quarter.
AI-generated. Not investment advice.
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Holdings (11) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | ASML | 14.8% | $185M | |||
| 2 | AER | 12.3% | $154M | |||
| 3 | SUNB | 11.4% | $144M | |||
| 4 | APP | 10.0% | $126M | |||
| 5 | DHR | 8.8% | $110M | |||
| 6 | RPRX | 8.7% | $109M | |||
| 7 | SPGI | 7.5% | $95M | |||
| 8 | LYV | 7.4% | $93M | |||
| 9 | META | 7.4% | $93M | |||
| 10 | UBER | 6.2% | $78M | |||
| 11 | BKNG | 5.5% | $69M |
- 1ASMLport14.8%val$185MAsml Hldg NVthis Q -27%·5q
- 2AERport12.3%val$154MAercap Holdings NVthis Q hold·5q
- 3SUNBport11.4%val$144MSunbelt Rentals Holdings Incthis Q New·—1q
- 4APPport10.0%val$126MApplovin Corp-class Athis Q New·2q
- 5DHRport8.8%val$110MDanaher Corpthis Q -30%·10q
- 6RPRXport8.7%val$109MRoyalty Pharma Plcthis Q hold·3q
- 7SPGIport7.5%val$95MS&p Global Incthis Q New·—1q
- 8LYVport7.4%val$93MLive Nation Entertainment INthis Q hold·2q
- 9METAport7.4%val$93MMeta Platforms Inc-class Athis Q hold·38q
- 10UBERport6.2%val$78MUber Technologies Incthis Q New·—1q
- 11BKNGport5.5%val$69MBooking Holdings Incthis Q hold·5q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| ASML | Asml Hldg NV | TRIM | 14.8% | -27% | $185M |
| DHR | Danaher Corp | TRIM | 8.8% | -30% | $110M |
| SUNB | Sunbelt Rentals Holdings Inc | NEW | 11.4% | +100% | $144M |
| APP | Applovin Corp-class A | NEW | 10.0% | +100% | $126M |
| SPGI | S&p Global Inc | NEW | 7.5% | +100% | $95M |
| AZO | Autozone Inc | EXIT | 7.4% | -100% | $0 |
| UBER | Uber Technologies Inc | NEW | 6.2% | +100% | $78M |
| GOOG | Alphabet Inc-cl C | EXIT | 5.9% | -100% | $0 |
| ENOV | Enovis Corp | EXIT | 5.3% | -100% | $0 |
- TRIMASML14.8%Asml Hldg NVΔ -27%·$185M
- TRIMDHR8.8%Danaher CorpΔ -30%·$110M
- NEWSUNB11.4%Sunbelt Rentals Holdings IncΔ +100%·$144M
- NEWAPP10.0%Applovin Corp-class AΔ +100%·$126M
- NEWSPGI7.5%S&p Global IncΔ +100%·$95M
- EXITAZO7.4%Autozone IncΔ -100%·$0
- NEWUBER6.2%Uber Technologies IncΔ +100%·$78M
- EXITGOOG5.9%Alphabet Inc-cl CΔ -100%·$0
- EXITENOV5.3%Enovis CorpΔ -100%·$0
Frequently asked questions
- What stocks does Pat Dorsey own?
- As of 2026Q1, Pat Dorsey's 13F discloses 11 positions worth $1.26B. The top five holdings: ASML (14.8%), AER (12.3%), SUNB (11.4%), APP (10.0%), DHR (8.8%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Pat Dorsey buy this quarter?
- In 2026Q1, the filing shows 4 new positions and 0 additions to existing holdings. The largest positions touched by buying: SUNB, APP, SPGI, UBER.
- How big is Pat Dorsey's portfolio?
- $1.26B across 11 positions per the latest 13F (filed May 15, 2026). The top five holdings account for 57% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001671657). Not investment advice.