Dorsey Asset Management

I. Institutional Overview

Pat Dorsey, the founder of Dorsey Asset Management, is widely recognized in the investment community as one of the foremost practitioners of "moat-based" investing. Having previously served as the Director of Equity Research at Morningstar, Dorsey was instrumental in developing the framework for identifying economic moats—sustainable competitive advantages...

As of the portfolio snapshot on March 31, 2026, Dorsey Asset Management manages a reported equity portfolio valued at approximately $1.26 billion. This represents a significant pool of capital that is deployed with extreme precision. The most striking characteristic of this institution is its concentration. With only 11 holdings in the entire portfolio,...

The current state of the portfolio suggests a period of intense strategic re-evaluation. While the total portfolio value remains robust at over $1.2 billion, the internal composition has undergone a dramatic transformation this quarter. The institution has added four entirely new positions while completely exiting three others and significantly reducing...