Pat Dorsey – Dorsey Asset Management Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Dorsey Asset Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 14, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys – Enovis Corporation (ENOV)

Increases – Danaher Corporation (DHR), AerCap (AER), ASML (ASML), SEMrush Holdings, Inc. (SEMR), Alphabet Inc. (GOOG), and 1 more

Reductions – AutoZone, Inc. (AZO), Meta Platforms, Inc. (META), Wix (WIX)

Complete Exits – PayPal Holdings, Inc. (PYPL), Sprout Social, Inc (SPT)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Dorsey Asset Management Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q2 2025Jun 30, 2025	ENOV Enovis Corporation	Enovis Corporation	Buy - Position Entry	+2,553,180	$80.07M	2,553,180
Q2 2025Jun 30, 2025	DHR Danaher Corporation	Danaher Corporation	Buy	+235,688+34.1%	$183.12M	926,992
Q2 2025Jun 30, 2025	AER AerCap	AerCap	Buy	+222,576+19.5%	$159.25M	1,361,118
Q2 2025Jun 30, 2025	ASML ASML	ASML	Buy	+69,418+98.4%	$112.19M	139,989
Q2 2025Jun 30, 2025	SEMR SEMrush Holdings, Inc.	SEMrush Holdings, Inc.	Buy	+27,845+1.2%	$20.68M	2,284,578
Q2 2025Jun 30, 2025	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+23,239+3.6%	$117.43M	661,990
Q2 2025Jun 30, 2025	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Buy	+2,321+14.5%	$105.89M	18,290
Q2 2025Jun 30, 2025	AZO AutoZone, Inc.	AutoZone, Inc.	Sell	-1,876-5.0%	$132.40M	35,667
Q2 2025Jun 30, 2025	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-1,949-0.8%	$180.91M	245,108
Q2 2025Jun 30, 2025	WIX Wix	Wix	Sell	-172,605-54.0%	$23.26M	146,777
Q2 2025Jun 30, 2025	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell - Position Exit	-858,231-100.0%	$0.00	-
Q2 2025Jun 30, 2025	SPT Sprout Social, Inc	Sprout Social, Inc	Sell - Position Exit	-2,304,414-100.0%	$0.00	-
Q1 2025Mar 31, 2025	AER AerCap	AerCap	Buy - Position Entry	+1,138,542	$116.32M	1,138,542
Q1 2025Mar 31, 2025	DHR Danaher Corporation	Danaher Corporation	Buy	+296,513+75.1%	$141.72M	691,304
Q1 2025Mar 31, 2025	ASML ASML	ASML	Buy - Position Entry	+70,571	$46.76M	70,571
Q1 2025Mar 31, 2025	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+38,810+18.6%	$142.39M	247,057
Q1 2025Mar 31, 2025	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Buy - Position Entry	+15,969	$73.57M	15,969
Q1 2025Mar 31, 2025	AZO AutoZone, Inc.	AutoZone, Inc.	Sell	-27-0.1%	$143.14M	37,543
Q1 2025Mar 31, 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-467-0.1%	$99.79M	638,751
Q1 2025Mar 31, 2025	SPT Sprout Social, Inc	Sprout Social, Inc	Sell	-1,735-0.1%	$50.67M	2,304,414
Q1 2025Mar 31, 2025	SEMR SEMrush Holdings, Inc.	SEMrush Holdings, Inc.	Sell	-1,748-0.1%	$21.06M	2,256,733
Q1 2025Mar 31, 2025	WIX Wix	Wix	Sell	-259,359-44.8%	$52.18M	319,382
Q1 2025Mar 31, 2025	HRI Herc Holdings Inc.	Herc Holdings Inc.	Sell - Position Exit	-272,903-100.0%	$0.00	-
Q1 2025Mar 31, 2025	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-442,952-34.0%	$56.00M	858,231
Q1 2025Mar 31, 2025	SMAR Smartsheet Inc.	Smartsheet Inc.	Sell - Position Exit	-1,447,727-100.0%	$0.00	-
Q1 2025Mar 31, 2025	UPWK Upwork Inc.	Upwork Inc.	Sell - Position Exit	-3,045,142-100.0%	$0.00	-
Q4 2024Dec 31, 2024	UPWK Upwork Inc.	Upwork Inc.	Buy	+397,997+15.0%	$49.79M	3,045,142
Q4 2024Dec 31, 2024	SPT Sprout Social, Inc	Sprout Social, Inc	Buy	+330,155+16.7%	$70.82M	2,306,149
Q4 2024Dec 31, 2024	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+187,600+41.5%	$121.73M	639,218
Q4 2024Dec 31, 2024	SEMR SEMrush Holdings, Inc.	SEMrush Holdings, Inc.	Buy	+144,534+6.8%	$26.83M	2,258,481

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