In its second-quarter 13F filing, Pat Dorsey's Dorsey Asset Management reported a portfolio value of $1.56 billion, an increase from the prior quarter. The firm, known for its focused strategy of investing in companies with durable competitive advantages, or "moats," maintained ASML Holding as its top position, accounting for 16.61% of the portfolio. The filing reveals a concentrated portfolio, with the top five holdings representing over 56% of its total value.
The most significant moves of the quarter were high-conviction additions to existing holdings. The firm dramatically increased its stake in Booking Holdings (BKNG), raising its share count by over 44-fold and boosting the position's weight to 8.46% of the portfolio. Dorsey also substantially added to its investments in Uber, AppLovin, and S&P Global, increasing its share counts by 62%, 39%, and 42% respectively. These additions signal a bullish outlook on the travel, mobile technology, and financial data sectors.
Conversely, the asset manager made significant reductions in two key holdings. It trimmed its position in industrial equipment rental company Sunbelt Rentals by 48% and cut its stake in aircraft leasing firm AerCap Holdings by 32%. These sales represent a notable shift in capital, moving away from industrials and leasing towards technology and consumer-facing platforms. No new positions were initiated, and no holdings were fully exited during the quarter.