Notable Investors / Q1 2026
Pat Dorsey’s Portfolio — Dorsey Asset Management, LLC
Founder & CIO, Dorsey Asset Management
CIK 0001671657 · 150 NORTH WACKER DR. SUITE 960, CHICAGO, IL, 60606 · 312-982-2543
About Pat Dorsey
Pat Dorsey literally wrote the book on moats — The Little Book That Builds Wealth — as Morningstar's director of equity research, then founded Dorsey Asset Management to run a concentrated global portfolio of wide-moat businesses.
Dorsey's 13F holds roughly ten names, historically internet platforms and capital-light software with network effects, each an applied case study from his moat framework.
Portfolio data below is from Dorsey Asset Management, LLC’s SEC 13F filings. View the full filer page →
Summary
Dorsey Asset Management, LLC reported $1.3B in U.S.-listed holdings across 11 positions for Q1 2026.
Its largest position, Asml Hldg, represents 14.8% of the portfolio.
Compared with Q4 2025, the fund opened 4 new positions and exited 3.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Common Stock · 64.3% · $807M
- Other · 35.7% · $449M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| SUNBSUNBELT RENTALS HOLDINGS INC | NEW | +2.20M | 2.20M | +$144M | $144M |
| APPAPPLOVIN CORP | NEW | +317.0K | 317.0K | +$126M | $126M |
| SPGIS&P GLOBAL INC | NEW | +222.7K | 222.7K | +$95M | $95M |
| UBERUBER TECHNOLOGIES INC | NEW | +1.09M | 1.09M | +$78M | $78M |
| AZOAUTOZONE INC | SOLD OUT | −25.1K | 0 | −$85M | $0 |
| GOOGALPHABET INC | SOLD OUT | −216.9K | 0 | −$68M | $0 |
| ENOVENOVIS CORPORATION | SOLD OUT | −2.28M | 0 | −$61M | $0 |
| DHRDANAHER CORP DEL | TRIMMED | −247.3K | 580.2K | −$79M | $110M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2026
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | ASML HLDG NV | N Y REGISTRY SHS | 14.76% | $185M | 140.3K |
| 2 | AERCAP HOLDINGS NV | SHS | 12.27% | $154M | 1.12M |
| 3 | SUNBSUNBELT RENTALS HOLDINGS INChistory → | SHS | 11.43% | $144M | 2.20M |
| 4 | APPAPPLOVIN CORPhistory → | COM CL A | 10.04% | $126M | 317.0K |
| 5 | DHRDANAHER CORP DELhistory → | COM | 8.76% | $110M | 580.2K |
| 6 | ROYALTY PHARMA PLC | SHS CLASS A | 8.70% | $109M | 2.28M |
| 7 | SPGIS&P GLOBAL INChistory → | COM | 7.54% | $95M | 222.7K |
| 8 | LYVLIVE NATION ENTERTAINMENT INhistory → | COM | 7.38% | $93M | 607.6K |
| 9 | METAMETA PLATFORMS INChistory → | CL A | 7.37% | $93M | 161.7K |
| 10 | UBERUBER TECHNOLOGIES INChistory → | COM | 6.24% | $78M | 1.09M |
| 11 | BKNGBOOKING HOLDINGS INChistory → | COM | 5.51% | $69M | 16.4K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $1.3B | 11 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $1.2B | 10 | Feb 17, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $1.1B | 9 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $1.1B | 10 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $944M | 11 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $970M | 11 | Feb 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $928M | 12 | Nov 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $839M | 11 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $860M | 10 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $778M | 9 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $766M | 10 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $755M | 10 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $829M | 9 | May 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $688M | 9 | Feb 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $786M | 10 | Nov 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $801M | 10 | Aug 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $1.0B | 11 | May 13, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $1.2B | 10 | Feb 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $1.1B | 9 | Nov 15, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $1.3B | 9 | Aug 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $956M | 8 | May 14, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $764M | 9 | Feb 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $673M | 11 | Nov 13, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $619M | 10 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $396M | 8 | May 15, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $508M | 9 | Feb 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $426M | 9 | Nov 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $447M | 10 | Aug 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $398M | 9 | May 15, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q4 2018 | $360M | 11 | Feb 14, 2019 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.