In a significant portfolio adjustment, Dorsey Asset Management, led by renowned investor Pat Dorsey, dramatically increased its stake in online travel giant Booking Holdings (BKNG). According to a recent SEC disclosure, the firm boosted its share count by over 4,400%, taking its total reported investment value to $132.16 million. This quarterly 13F filing, made public on August 14, 2026, reflects trading activity that occurred during the second quarter ending on June 30, 2026.
The substantial purchase aligns with Dorsey's well-documented investment philosophy of focusing on companies with durable competitive advantages, or "economic moats." Booking Holdings, which operates a portfolio of leading travel brands like Booking.com, Priceline, and Kayak, benefits from a powerful network effect; more travelers use its platforms because of the vast selection, and more hotels list on them because of the large customer base. This asset-light, commission-based business model generates significant cash flow, making it a classic example of a company with a strong moat.