Pat Dorsey
Dorsey Asset Management
Pat Dorsey (Dorsey Asset Management) discloses a $1.56B portfolio across 11 US-listed positions in the latest 13F filing (2026Q2, filed Aug 14, 2026). The largest holding is ASML at 16.6% of the book. The biggest move of the quarter: added 39% to the APP share count (position now $226M). Mechanically cloning this 13F returned 18.7%/yr over the past 9.5 years, versus 15.0%/yr for the S&P 500 across that identical 9.5-year window.
Holdings (11) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | ASML | 16.6% | $259M | |||
| 2 | APP | 14.5% | $226M | |||
| 3 | RPRX | 8.8% | $138M | |||
| 4 | BKNG | 8.5% | $132M | |||
| 5 | SPGI | 8.3% | $129M | |||
| 6 | UBER | 8.1% | $127M | |||
| 7 | LYV | 7.7% | $120M | |||
| 8 | DHR | 7.6% | $119M | |||
| 9 | META | 7.2% | $113M | |||
| 10 | AER | 7.2% | $112M | |||
| 11 | SUNB | 5.5% | $86M |
- 1ASMLport16.6%val$259MAsml Hldg NVthis Q hold·6q
- 2APPport14.5%val$226MApplovin Corp-class Athis Q +39%·3q
- 3RPRXport8.8%val$138MRoyalty Pharma Plcthis Q hold·4q
- 4BKNGport8.5%val$132MBooking Holdings Incthis Q +80%·6q
- 5SPGIport8.3%val$129MS&p Global Incthis Q +42%·2q
- 6UBERport8.1%val$127MUber Technologies Incthis Q +62%·2q
- 7LYVport7.7%val$120MLive Nation Entertainment INthis Q hold·3q
- 8DHRport7.6%val$119MDanaher Corpthis Q hold·11q
- 9METAport7.2%val$113MMeta Platforms Inc-class Athis Q +24%·39q
- 10AERport7.2%val$112MAercap Holdings NVthis Q -32%·6q
- 11SUNBport5.5%val$86MSunbelt Rentals Holdings Incthis Q -48%·2q
2026Q2 moves, by size (7)(expand ↓)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| APP | Applovin Corp-class A | ADD | 14.5% | +39% | $226M |
| AER | Aercap Holdings NV | TRIM | 7.2% | -32% | $112M |
| SUNB | Sunbelt Rentals Holdings Inc | TRIM | 5.5% | -48% | $86M |
| BKNG | Booking Holdings Inc | ADD | 8.5% | +80% | $132M |
| SPGI | S&p Global Inc | ADD | 8.3% | +42% | $129M |
| UBER | Uber Technologies Inc | ADD | 8.1% | +62% | $127M |
| META | Meta Platforms Inc-class A | ADD | 7.2% | +24% | $113M |
- ADDAPP14.5%Applovin Corp-class AΔ +39%·$226M
- TRIMAER7.2%Aercap Holdings NVΔ -32%·$112M
- TRIMSUNB5.5%Sunbelt Rentals Holdings IncΔ -48%·$86M
- ADDBKNG8.5%Booking Holdings IncΔ +80%·$132M
- ADDSPGI8.3%S&p Global IncΔ +42%·$129M
- ADDUBER8.1%Uber Technologies IncΔ +62%·$127M
- ADDMETA7.2%Meta Platforms Inc-class AΔ +24%·$113M
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.
2026Q2 brief
Pat Dorsey's 11-position, $1.56B moat-focused portfolio at Dorsey Asset Management was notably active in 2026Q2, with five existing positions receiving meaningful adds. The standout is BKNG (Booking Holdings), nearly doubled (+80.4% to 8.5% / ~$132M) — a strong endorsement of online travel's network-effect durability post-pandemic normalization. UBER was added 61.6% to 8.1% and APP (AppLovin) grew 38.6% to 14.5%, now the second-largest position, reflecting conviction in ad-tech platform economics. SPGI (+42% to 8.3%) deepens the financial-data moat theme Dorsey shares with Chris Hohn. On the trim side, AER (AerCap) was cut 31.8% to 7.2% and SUNB reduced 47.8% to 5.5% — likely capital recycled into the high-conviction adds. The portfolio's 84% weight in 11 names and no new initiations reinforces Dorsey's style: concentrated, patient, moat-obsessed. META at 7.2% (+24%) sits just outside the top five. Watch whether BKNG displaces RPRX (Royalty Pharma, 8.8%) as the third-largest position in the next filing.
AI-generated. Not investment advice.
Filing history
Pat Dorsey's disclosed 13F portfolio value and position count by quarter — the trajectory across every SEC filing.
| Quarter | Positions | Portfolio value |
|---|---|---|
| Q2 2026 — what changed → | 11 | $1.56B |
| Q1 2026 — what changed → | 11 | $1.26B |
| Q4 2025 — what changed → | 10 | $1.15B |
| Q3 2025 — what changed → | 9 | $1.11B |
| Q2 2025 — what changed → | 10 | $1.12B |
| Q1 2025 — what changed → | 11 | $944M |
| Q4 2024 holdings | 11 | $970M |
| Q3 2024 holdings | 12 | $928M |
| Q2 2024 holdings | 11 | $839M |
| Q1 2024 holdings | 10 | $860M |
| Q4 2023 holdings | 9 | $778M |
| Q3 2023 holdings | 10 | $766M |
Values as disclosed at each quarter end. Older filings on EDGAR.
Multibaggers Pat Dorsey held
Stocks up 5x or more since Pat Dorsey first held them at conviction size — the holding record behind the returns. Longest unbroken run and largest book weight are shown for each.
- ASML21.3xASML HLDG NV5q straight · peak 17.89% · still holds
- GOOG10.6xALPHABET INC-CL C36q straight · peak 15.63%
- META10.0xMETA PLATFORMS INC-CLASS A38q straight · peak 25.49% · still holds
- LYV8.1xLIVE NATION ENTERTAINMENT IN2q straight · peak 7.47% · still holds
- DHR6.3xDANAHER CORP10q straight · peak 16.47% · still holds
- EBAY5.3xEBAY INC8q straight · peak 12.4%
Six biggest of 7. Price multiple since the first quarter we observed a conviction holding (2014Q1 at the earliest), not Pat Dorsey's realized return — entry price and trades between filings aren't disclosed. Peak weight is share of disclosed US 13F book. All 129 multibaggers the cohort held →
Frequently asked questions
- What stocks does Pat Dorsey own?
- As of 2026Q2, Pat Dorsey's 13F discloses 11 positions worth $1.56B. The top five holdings: ASML (16.6%), APP (14.5%), RPRX (8.8%), BKNG (8.5%), SPGI (8.3%). 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 2026Q2, the filing shows 0 new positions and 5 additions to existing holdings. The largest positions touched by buying: APP, BKNG, SPGI, UBER, META.
- How big is Pat Dorsey's portfolio?
- $1.56B across 11 positions per the latest 13F (filed Aug 14, 2026). The top five holdings account for 57% of the disclosed book.
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Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001671657). Not investment advice.