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Dorsey Asset Management

Pat Dorsey

In Q2 2026, Dorsey Asset Management held 11 US-listed stocks worth $1.6bn. Its biggest move was cutting Sunbelt Rentals Holdings (48% fewer shares, now 5.5%), followed by cutting Aercap Holdings (32% fewer shares, now 7.2%). Its largest holding is ASML Holding at 17%.

Source: SEC Form 13F for Q2 2026, filed 14 Aug 2026. How we use them

Latest 13F
Q2 2026
Filed 14 Aug 2026
US holdings
$1.6bn
11 companies
See holdings
Q3 2026 13F due
26 days
Expected Mon 16 Nov

What changed in Q2 2026

Added to

Trimmed

Against Q1 2026, by number of shares and adjusted for splits. Up to five of each, largest first; the full list is below.

US holdings from the 13F

Q2 2026, filed 14 Aug 2026 (filing): 0 new, 8 added to, 3 trimmed, 0 sold out. Select a row to see it over time. How this works
Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.
13F holdings with change from the previous quarter

Download the Q2 2026 holdings: CSV · JSON · Markdown

How the portfolio has changed

Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions. How this works
Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.
2017
2019
2021
2023
Q4 ’24
Q2 ’25
Q4 ’25
Q2 ’26

METAWIXGOOGDHRSMARPYPLEverything else

2016: Meta Platforms 20.1%, Wix.com 0.0%, Alphabet 0.0%, Danaher 0.0%, Smartsheet 0.0%, Paypal Holdings 0.0%; 2017: Meta Platforms 23.6%, Wix.com 0.0%, Alphabet 9.1%, Danaher 0.0%, Smartsheet 0.0%, Paypal Holdings 0.0%; 2018: Meta Platforms 23.4%, Wix.com 15.0%, Alphabet 9.9%, Danaher 0.0%, Smartsheet 0.0%, Paypal Holdings 11.2%; 2019: Meta Platforms 18.1%, Wix.com 13.3%, Alphabet 2.7%, Danaher 0.0%, Smartsheet 0.0%, Paypal Holdings 9.3%; 2020: Meta Platforms 21.8%, Wix.com 16.4%, Alphabet 10.8%, Danaher 0.0%, Smartsheet 11.7%, Paypal Holdings 7.8%; 2021: Meta Platforms 16.6%, Wix.com 20.0%, Alphabet 6.2%, Danaher 0.0%, Smartsheet 18.5%, Paypal Holdings 9.2%; 2022: Meta Platforms 17.4%, Wix.com 17.9%, Alphabet 7.4%, Danaher 0.0%, Smartsheet 22.0%, Paypal Holdings 7.7%; 2023: Meta Platforms 17.6%, Wix.com 12.1%, Alphabet 15.5%, Danaher 9.3%, Smartsheet 15.7%, Paypal Holdings 9.7%; Q3 ’24: Meta Platforms 14.4%, Wix.com 10.0%, Alphabet 8.1%, Danaher 8.9%, Smartsheet 8.9%, Paypal Holdings 9.8%; Q4 ’24: Meta Platforms 12.6%, Wix.com 12.8%, Alphabet 12.6%, Danaher 9.3%, Smartsheet 8.4%, Paypal Holdings 11.4%; Q1 ’25: Meta Platforms 15.1%, Wix.com 5.5%, Alphabet 10.6%, Danaher 15.0%, Smartsheet 0.0%, Paypal Holdings 5.9%; Q2 ’25: Meta Platforms 16.2%, Wix.com 2.1%, Alphabet 10.5%, Danaher 16.4%, Smartsheet 0.0%, Paypal Holdings 0.0%; Q3 ’25: Meta Platforms 12.7%, Wix.com 0.0%, Alphabet 9.4%, Danaher 15.3%, Smartsheet 0.0%, Paypal Holdings 0.0%; Q4 ’25: Meta Platforms 9.2%, Wix.com 0.0%, Alphabet 5.9%, Danaher 16.5%, Smartsheet 0.0%, Paypal Holdings 0.0%; Q1 ’26: Meta Platforms 7.4%, Wix.com 0.0%, Alphabet 0.0%, Danaher 8.8%, Smartsheet 0.0%, Paypal Holdings 0.0%; Q2 ’26: Meta Platforms 7.2%, Wix.com 0.0%, Alphabet 0.0%, Danaher 7.6%, Smartsheet 0.0%, Paypal Holdings 0.0%
Q2 2026
  1. ASML Holding16.6%
  2. Applovin14.5%
  3. Royalty Pharma8.8%
  4. Booking Holdings8.5%
  5. S&P Global8.3%
  6. Uber Technologies8.1%
  7. Live Nation Entertainment7.7%
  8. Danaher7.6%
  9. Meta Platforms7.2%
  10. Aercap Holdings7.2%
  11. Sunbelt Rentals Holdings5.5%
Q4 2016Q2 2026

Look-through earnings

Dorsey Asset Management’s share of the profits of the US companies it holds. How this works
For each holding, the fraction of the company it owns times the company’s net income. Look-through earnings explained.
Look-through earnings, Q2 2026
$39.0m
Last 12 months, holdings with SEC financials
Price paid for those earnings
28.3×
Value of those holdings ÷ their earnings
Earnings per share growth
+3.4%
Same holdings, against a year earlier
Portfolio covered
71%
Of the 13F value
$4.7m2017
$9.7m2018
$5.8m2019
$9.1m2020
$52.9m2021
$380k2022
$20.8m2023
$26.0m2024
−$27.3m2025
$14.8m2026*
2017: $4.7m; 2018: $9.7m; 2019: $5.8m; 2020: $9.1m; 2021: $52.9m; 2022: $380k; 2023: $20.8m; 2024: $26.0m; 2025: −$27.3m; 2026 (2 quarters): $14.8m

Q1 Q2 Q3 Q4 · each quarter is that quarter’s profits times the stake reported at its end. *2026 so far: 2 quarters. Click a quarter to see its holdings.

Look-through earnings by holding, Q2 2026
Uber TechnologiesUBER0.09%$9.6bn$8.2m$2.1m-21.3%
Booking HoldingsBKNG0.1%$7.2bn$6.9m$1.9m+58.5%
ApplovinAPP0.1%$4.4bn$5.7m$1.7m+84.3%
S&P GlobalSPGI0.1%$4.9bn$5.3m$1.3m+27.1%
Meta PlatformsMETA0.01%$68bn$5.3m$1.2m-4.6%
Live Nation EntertainmentLYV0.3%$135m$362k$791k-85.9%
DanaherDHR0.09%$4.0bn$3.5m$770k+19.2%
Royalty PharmaRPRX0.4%$812m$3.6m$79k-19.9%

Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained. Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.

US holdings by sector

  • Industrials45.1%
  • Consumer discretionary16.2%
  • Technology14.5%
  • Health care8.8%
  • Financials8.3%
  • Communication and media7.2%

Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.

US portfolio value by quarter

$766mQ3 ’23
$778mQ4 ’23
$860mQ1 ’24
$839mQ2 ’24
$928mQ3 ’24
$970mQ4 ’24
$944mQ1 ’25
$1.1bnQ2 ’25
$1.1bnQ3 ’25
$1.2bnQ4 ’25
$1.3bnQ1 ’26
$1.6bnQ2 ’26
Q3 ’23: $766m; Q4 ’23: $778m; Q1 ’24: $860m; Q2 ’24: $839m; Q3 ’24: $928m; Q4 ’24: $970m; Q1 ’25: $944m; Q2 ’25: $1.1bn; Q3 ’25: $1.1bn; Q4 ’25: $1.2bn; Q1 ’26: $1.3bn; Q2 ’26: $1.6bn

From each quarter’s 13F. Changes reflect both trading and share-price moves.