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
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
Investment Philosophy & Strategy Analysis
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.
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.
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.
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.
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’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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