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Pat Dorsey

Dorsey Asset Management

Dorsey Asset Management, moat research and concentrated quality compounding

Dorsey Asset Management is useful because Pat Dorsey's background in moat research shapes a concentrated portfolio of high-quality compounders. The key is whether a company's competitive advantage can sustain high returns for years.

Sources Dorsey Asset Management official site SEC EDGAR profile
Moat investing / quality compounders CIK 1671657
2026-03-31 Latest 13F 11 Current holdings 35 Last 3 periods Change 2 Public materials
Latest 13F snapshot 2026-03-31 · 11 disclosed positions · $1.3B Top five 57.3%: ASML, AER, SUNB, APP, DHR

Performance materials

  • Dorsey Asset Management does not publish a continuous public fund-level return table. Filings and public materials provide context.

Firm and key people

  • Dorsey is known for his work on economic moats before founding Dorsey Asset Management.
  • The firm runs a concentrated portfolio, so each major holding should have a clear moat thesis.
  • Public materials and position changes show how the firm weighs growth durability against valuation.

Investment style

  • Focus on network effects, switching costs, intangible assets, scale, and other moat sources.
  • Prefer businesses that can reinvest at high returns for a long time.
  • Large position changes should be read as changes in moat durability, valuation, or opportunity cost.

Public materials

View timeline
Shareholder letters / memos 0
Interview 1
Public video 0
Public Q&A / speeches / presentations 1

Current holdings

13F period 2026-03-31 · Filed 2026-05-15
Stocks Shares Value Weight
ASML 140,295 $185.3M 14.8%
AER 1,123,489 $154.1M 12.3%
SUNB 2,204,996 $143.5M 11.4%
APP 316,952 $126.1M 10.0%
DHR 580,240 $110.0M 8.8%
RPRX 2,276,570 $109.2M 8.7%
SPGI 222,683 $94.7M 7.5%
LYV 607,609 $92.7M 7.4%
META 161,683 $92.5M 7.4%
UBER 1,090,281 $78.4M 6.2%
BKNG 16,444 $69.2M 5.5%

Last 3 quarters US 13F new / increased / reduced / sold-out positions

As of 13F 2026-03-31 · Filed 2026-05-15
Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Stocks Action 13F period Current shares Previous shares Share change 13F value change
SUNB New 2026-03-31 Filed 2026-05-15 2,204,996 0 - +$143.5M
APP New 2026-03-31 Filed 2026-05-15 316,952 0 - +$126.1M
SPGI New 2026-03-31 Filed 2026-05-15 222,683 0 - +$94.7M
AZO Sold out 2026-03-31 Filed 2026-05-15 0 25,121 -100.0% -$85.2M
DHR Major reduction 2026-03-31 Filed 2026-05-15 580,240 827,520 -29.9% -$79.4M
UBER New 2026-03-31 Filed 2026-05-15 1,090,281 0 - +$78.4M
GOOG Sold out 2026-03-31 Filed 2026-05-15 0 216,906 -100.0% -$68.1M
ENOV Sold out 2026-03-31 Filed 2026-05-15 0 2,279,200 -100.0% -$60.7M
RPRX Minor increase 2026-03-31 Filed 2026-05-15 2,276,570 2,259,469 0.8% +$21.9M
AER Minor reduction 2026-03-31 Filed 2026-05-15 1,123,489 1,215,059 -7.5% -$20.6M
ASML Major reduction 2026-03-31 Filed 2026-05-15 140,295 192,343 -27.1% -$20.5M
BKNG Minor increase 2026-03-31 Filed 2026-05-15 16,444 16,317 0.8% -$18.1M
META Minor increase 2026-03-31 Filed 2026-05-15 161,683 160,450 0.8% -$13.4M
LYV Minor increase 2026-03-31 Filed 2026-05-15 607,609 602,973 0.8% +$6.7M
LYV New 2025-12-31 Filed 2026-02-17 602,973 0 - +$85.9M
AZO Major reduction 2025-12-31 Filed 2026-02-17 25,121 29,878 -15.9% -$43.0M
ASML Minor increase 2025-12-31 Filed 2026-02-17 192,343 173,226 11.0% +$38.1M
GOOG Major reduction 2025-12-31 Filed 2026-02-17 216,906 429,318 -49.5% -$36.5M
META Major reduction 2025-12-31 Filed 2026-02-17 160,450 192,224 -16.5% -$35.3M
AER Minor reduction 2025-12-31 Filed 2026-02-17 1,215,059 1,263,998 -3.9% +$21.7M
DHR Minor reduction 2025-12-31 Filed 2026-02-17 827,520 860,850 -3.9% +$18.8M
ENOV Minor reduction 2025-12-31 Filed 2026-02-17 2,279,200 2,399,322 -5.0% -$12.1M
RPRX Minor reduction 2025-12-31 Filed 2026-02-17 2,259,469 2,350,449 -3.9% +$4.4M
BKNG Minor reduction 2025-12-31 Filed 2026-02-17 16,317 16,975 -3.9% -$4.3M
RPRX New 2025-09-30 Filed 2025-11-14 2,350,449 0 - +$82.9M
ASML Major increase 2025-09-30 Filed 2025-11-14 173,226 139,989 23.7% +$55.5M
META Major reduction 2025-09-30 Filed 2025-11-14 192,224 245,108 -21.6% -$39.7M
WIX Sold out 2025-09-30 Filed 2025-11-14 0 146,777 -100.0% -$23.3M
SEMR Sold out 2025-09-30 Filed 2025-11-14 0 2,284,578 -100.0% -$20.7M
BKNG Minor reduction 2025-09-30 Filed 2025-11-14 16,975 18,290 -7.2% -$14.2M
GOOG Major reduction 2025-09-30 Filed 2025-11-14 429,318 661,990 -35.1% -$12.9M
DHR Minor reduction 2025-09-30 Filed 2025-11-14 860,850 926,992 -7.1% -$12.4M
ENOV Minor reduction 2025-09-30 Filed 2025-11-14 2,399,322 2,553,180 -6.0% -$7.3M
AER Minor reduction 2025-09-30 Filed 2025-11-14 1,263,998 1,361,118 -7.1% -$6.3M
AZO Major reduction 2025-09-30 Filed 2025-11-14 29,878 35,667 -16.2% -$4.2M

Public video / Interview / Shareholder letter / Public Q&A

2 reliable public materials
Investment presentation

Dorsey Asset Management Investment Philosophy

Dorsey Asset Management's official website describes its long-term, focused, quality-oriented investment philosophy and can be used as the basis for Pat Dorsey's page.

  • Official website information confirms Dorsey's institutional identity and quality growth/moat orientation.
  • It can be combined with podcast interviews to form a data link from theory to institutional practice.
  • The official website is not a specific opinion or position letter, but it is suitable for explaining why 13F portfolios are generally concentrated in compounding companies.
  • It is necessary to separate the official website framework from the changes in positions during the quarter, and do not regard a piece of philosophy as a buying and selling signal.
  • This information explains Dorsey Asset Management's investment approach.
Interview

Pat Dorsey on Moat Investing

Pat Dorsey's investing podcast about moats, capital returns, competitive advantage, and long-term compounding is a public gateway to understanding his Morningstar background and Dorsey Asset Management style.

  • The interview broke down the moat into dimensions such as brand, switching costs, network effects, cost advantages and intangible assets.
  • Dorsey emphasized that high returns on capital are meaningful only if the competitive advantage is sustainable.
  • Materials help explain Dorsey's 13F preferences for companies in the software, platform, payments, and ratings/data categories.
  • It is important to note that a moat is not a valuation exemption and excessive prices will still depress future returns.
  • This material theme is highly consistent with Dorsey's investment style and is representative of his public interviews.