Dorsey Asset Management
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Pat Dorsey's Dorsey Asset Management reported 9 stock positions worth $1.1 billion. Its top holding was Danaher (DHR) at 15.3% of the portfolio, followed by ASML Holding NV-NY Reg SHS (ASML, 15.1%) and Aercap (AER, 13.7%). Compared with Q2 2025, it opened 1 new position, sold out of 2, added to 1 and reduced 7. The biggest buy was a new position in Royalty Pharma Class A (RPRX) and the biggest sale Meta Platforms Class A (META, shares −22%).
- Most Recent 13F
- Q2 2026
- Notable People
- Pat Dorsey
- Location
- CHICAGO, IL
- CIK
- 0001671657
- Portfolio Value
- $1.1B (Q3 2025)
- SEC Filing
- 0001398344-25-020887 ↗ filed Nov 14, 2025
Holdings Value
Holdings 9 stocks · $1.1B
| DHR Danaher Corp. | 15.34% | 860,850 | $170.7M | Reduce -7.1% |
| ASML ASML Holding NV-NY Reg SHS | 15.07% | 173,226 | $167.7M | Add +23.7% |
| AER Aercap Holdings NV | 13.75% | 1,263,998 | $152.9M | Reduce -7.1% |
| META Meta Platforms Inc. Class A | 12.69% | 192,224 | $141.2M | Reduce -21.6% |
| AZO AutoZone Inc. | 11.52% | 29,878 | $128.2M | Reduce -16.2% |
| GOOG Alphabet Inc. Class C | 9.40% | 429,318 | $104.6M | Reduce -35.1% |
| BKNG Booking Holdings Inc. | 8.24% | 16,975 | $91.7M | Reduce -7.2% |
| RPRX Royalty Pharma PLC Class A | 7.45% | 2,350,449 | $82.9M | New |
| ENOV Enovis Corp. | 6.54% | 2,399,322 | $72.8M | Reduce -6.0% |
Portfolio Sells Q2 2025 → Q3 2025
| META Meta Platforms Inc. Class A | Reduce -21.6% | 12.69% | −3.53 |
| WIX Wix.com Ltd. | Sold out | 0.00% | −2.09 |
| SEMR Semrush Holdings Inc. Class A | Sold out | 0.00% | −1.85 |
| BKNG Booking Holdings Inc. | Reduce -7.2% | 8.24% | −1.26 |
| GOOG Alphabet Inc. Class C | Reduce -35.1% | 9.40% | −1.13 |
| DHR Danaher Corp. | Reduce -7.1% | 15.34% | −1.08 |
| ENOV Enovis Corp. | Reduce -6.0% | 6.54% | −0.64 |
| AER Aercap Holdings NV | Reduce -7.1% | 13.75% | −0.53 |
| AZO AutoZone Inc. | Reduce -16.2% | 11.52% | −0.35 |
Portfolio Buys Q2 2025 → Q3 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 11 | $1.6B | ASML, APP, RPRX, BKNG, SPGI |
| Q1 2026 | 11 | $1.3B | ASML, AER, SUNB, APP, DHR |
| Q4 2025 | 10 | $1.2B | ASML, DHR, AER, META, BKNG |
| Q3 2025 | 9 | $1.1B | DHR, ASML, AER, META, AZO |
| Q2 2025 | 10 | $1.1B | DHR, META, AER, AZO, GOOG |
| Q1 2025 | 11 | $943.6M | AZO, META, DHR, AER, GOOG |
| Q4 2024 | 11 | $970.0M | WIX, META, GOOG, AZO, PYPL |
| Q3 2024 | 12 | $927.6M | META, AZO, WIX, APP, PYPL |
| Q2 2024 | 11 | $839.4M | META, SMAR, WIX, AZO, GOOG |
| Q1 2024 | 10 | $860.2M | META, GOOG, WIX, SMAR, PYPL |