PAT DORSEY – DORSEY ASSET MANAGEMENT Q2 2025 PORTFOLIO


Dorsey Asset Management, a concentrated investment firm managed by Pat Dorsey, disclosed 10 security holdings in its Q2 2025 13F filing, with a total portfolio value of $1,115,187,507.

Pat Dorsey’s Portfolio

Q2 2025 Holdings and Moat-Focused Strategy Analysis

As of Q2 2025, Pat Dorsey’s Dorsey Asset Management portfolio demonstrates his signature focus on companies with durable competitive moats. The concentrated portfolio totals $1.12 billion across just 10 positions, reflecting Dorsey’s philosophy of investing in high-conviction ideas with sustainable competitive advantages. Notable changes this quarter include significant increases in technology and healthcare positions, along with a new healthcare technology investment.

Top Holdings

1
DHR
Danaher Corporation
Added 34.09%
Portfolio: 16.42% (+4.17%)
Shares: 926,992
Reported Price: $197.54
Value: $183,118,000
Danaher became the largest holding through aggressive buying, adding 235,688 shares (34% increase). This life sciences and diagnostics leader exemplifies Dorsey’s moat-focused approach with its platform of mission-critical tools and consumables that create high switching costs for customers.
2
META
Meta Platforms Inc.
Trimmed 0.79%
Portfolio: 16.22% (-0.13%)
Shares: 245,108
Reported Price: $738.09
Value: $180,911,764
Meta remains the second-largest position with minimal trimming. Dorsey’s investment thesis centers on Facebook and Instagram’s network effects moat, creating powerful switching costs as users’ social connections become deeply embedded in the platform.
3
AER
AerCap Holdings N.V.
Added 19.55%
Portfolio: 14.28% (+2.34%)
Shares: 1,361,118
Reported Price: $117.00
Value: $159,250,806
AerCap saw significant buying with 222,576 shares added, representing Dorsey’s confidence in the aircraft leasing giant. The company benefits from high switching costs and capital requirements that create barriers to entry in the aviation leasing industry.
4
AZO
AutoZone Inc.
Reduced 5.00%
Portfolio: 11.87% (-0.62%)
Shares: 35,667
Reported Price: $3,712.23
Value: $132,404,107
AutoZone experienced moderate selling with 1,876 shares removed. The automotive parts retailer maintains its position as a core holding, benefiting from convenient locations and the non-discretionary nature of auto repairs that create customer loyalty and pricing power.
5
GOOG
Alphabet Inc. Class C
Added 3.64%
Portfolio: 10.53% (+0.37%)
Shares: 661,990
Reported Price: $177.39
Value: $117,430,406
Google received modest additions of 23,239 shares, reflecting continued confidence in the search giant’s dominant market position. The company’s moat stems from network effects in search and the self-reinforcing cycle of data collection and algorithm improvement.
6
ASML
ASML Holding N.V.
Nearly Doubled (98.37%)
Portfolio: 10.06% (+4.99%)
Shares: 139,989
Reported Price: $801.39
Value: $112,185,785
ASML saw the most dramatic position increase, nearly doubling with 69,418 shares added. The Dutch semiconductor equipment maker holds a virtual monopoly in extreme ultraviolet lithography machines essential for advanced chip production, representing one of the strongest moats in technology.
7
BKNG
Booking Holdings Inc.
Added 14.53%
Portfolio: 9.49% (+1.20%)
Shares: 18,290
Reported Price: $5,789.24
Value: $105,885,200
Booking Holdings received significant additions of 2,321 shares, demonstrating confidence in the travel platform’s network effects. The company benefits from a two-sided marketplace moat where more hotels attract more customers, and vice versa.
8
ENOV
Enovis Corporation
New Position
Portfolio: 7.18% (New)
Shares: 2,553,180
Reported Price: $31.36
Value: $80,067,725
Enovis represents a significant new $80 million position in the medical technology space. The company focuses on orthopedic devices and surgical equipment, where high switching costs and regulatory barriers create competitive advantages in the healthcare sector.
9
WIX
Wix.com Ltd.
Major Reduction (54.04%)
Portfolio: 2.09% (-2.45%)
Shares: 146,777
Reported Price: $158.46
Value: $23,258,283
Wix experienced the largest reduction with 172,605 shares sold (54% decrease), suggesting concerns about the website builder’s competitive position against larger platforms or valuation considerations in the current market environment.
10
SEMR
Semrush Holdings Inc.
Added 1.23%
Portfolio: 1.85% (+0.02%)
Shares: 2,284,578
Reported Price: $9.05
Value: $20,675,431
Semrush received minor additions, maintaining its position as the smallest holding. The digital marketing platform benefits from high switching costs as businesses become dependent on its comprehensive SEO and marketing analytics tools.

Investment Philosophy & Strategy Analysis

1
Danaher Ascends to Top Position Through Conviction Buying

Danaher became the largest holding through aggressive accumulation, adding over 235,000 shares. This healthcare and life sciences powerhouse exemplifies Dorsey’s moat-focused approach, with its mission-critical diagnostic tools and consumables creating high customer switching costs and recurring revenue streams.

2
ASML Position Nearly Doubled on Monopolistic Moat

The most dramatic move was nearly doubling the ASML position, reflecting confidence in the company’s virtual monopoly in extreme ultraviolet lithography. This technology is essential for producing the most advanced semiconductors, creating an almost insurmountable competitive moat in the capital-intensive chip equipment industry.

3
New Healthcare Technology Investment with Enovis

The addition of Enovis as an $80 million new position demonstrates Dorsey’s continued focus on healthcare companies with durable competitive advantages. Enovis operates in orthopedic devices where regulatory barriers, customer relationships, and switching costs create sustainable moats.

4
Strategic Wix Reduction Signals Competitive Concerns

The major 54% reduction in Wix suggests reassessment of the website builder’s competitive position. While Wix benefits from switching costs, the dramatic selling indicates concerns about intensifying competition from larger tech platforms or changing market dynamics in the website creation space.

5
Concentrated Portfolio Reflects High-Conviction Investing

With only 10 positions totaling $1.12 billion, Dorsey maintains his concentrated approach focused on companies with identifiable competitive moats. The top 7 holdings comprise over 92% of the portfolio, demonstrating strong conviction in businesses with durable competitive advantages across technology, healthcare, and consumer sectors.

Moat Analysis by Sector

Technology (META, GOOG, ASML, WIX, SEMR): Represents the largest sector allocation with companies benefiting from network effects, data advantages, and technological monopolies. Meta and Google leverage massive user networks, while ASML holds a technological monopoly in advanced chip-making equipment.


Healthcare & Life Sciences (DHR, ENOV): Growing emphasis on companies with mission-critical products and high switching costs. Danaher’s diagnostic tools and Enovis’s orthopedic devices both benefit from regulatory barriers and customer stickiness.


Consumer & Travel (AZO, BKNG, AER): Focus on companies with location advantages, network effects, and high capital requirements. AutoZone’s convenient locations, Booking’s platform network effects, and AerCap’s capital-intensive aircraft leasing all create competitive barriers.

Key Investment Themes

Mission-Critical Business Models: The portfolio emphasizes companies providing essential services or products where customers face high switching costs. From Danaher’s diagnostic equipment to ASML’s chip-making machines, these businesses are deeply embedded in their customers’ operations.


Network Effects and Platform Advantages: Significant investments in Meta, Google, and Booking reflect the power of network effects where the value proposition strengthens as more users join the platform, creating self-reinforcing competitive advantages.


Technology Monopolies and Oligopolies: ASML’s near-monopoly in EUV lithography and Google’s search dominance represent Dorsey’s willingness to pay for companies with truly dominant market positions that are difficult to replicate or disrupt.

Conclusion

Pat Dorsey’s Q2 2025 portfolio demonstrates his unwavering commitment to investing in companies with durable competitive moats. The significant increases in Danaher and ASML highlight his focus on businesses with mission-critical products and technological advantages that create high barriers to competition.


The addition of Enovis in healthcare technology and the major reduction in Wix show active portfolio management based on evolving competitive dynamics. The concentrated nature of the portfolio, with just 10 positions, reflects high conviction in each investment’s moat durability.


With a total value of $1.12 billion, Dorsey Asset Management continues to exemplify focused investing in businesses with sustainable competitive advantages, demonstrating that the economic moat framework remains highly relevant in identifying long-term investment opportunities across diverse sectors from technology to healthcare to consumer services.

Pat Dorsey Portfolio Analysis – Dorsey Asset Management

Pat Dorsey’s Moat-Focused Portfolio

Based on 13F filing for reporting period: Q2, 2025

Portfolio Manager

Pat Dorsey (Dorsey Asset Management)

Filing Date

August 14, 2025

Total Value

$1,115,187,507

Number of Positions

10

Portfolio Allocation by Economic Moat

Holdings Breakdown & Moat Analysis

Rank Company Name Economic Moat % of Portfolio Q2 Activity Ticker Shares Market Value ($)
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