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
Q4 2024Dec 31, 2024	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Buy	+138,660+11.9%	$111.06M	1,301,183
Q4 2024Dec 31, 2024	DHR Danaher Corporation	Danaher Corporation	Buy	+97,299+32.7%	$90.62M	394,791
Q4 2024Dec 31, 2024	WIX Wix	Wix	Buy	+24,847+4.5%	$124.17M	578,741
Q4 2024Dec 31, 2024	AZO AutoZone, Inc.	AutoZone, Inc.	Buy	+8,112+27.5%	$120.30M	37,570
Q4 2024Dec 31, 2024	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-24,422-10.5%	$121.93M	208,247
Q4 2024Dec 31, 2024	SMAR Smartsheet Inc.	Smartsheet Inc.	Sell	-45,559-3.1%	$81.12M	1,447,727
Q4 2024Dec 31, 2024	HRI Herc Holdings Inc.	Herc Holdings Inc.	Sell	-153,157-35.9%	$51.67M	272,903
Q4 2024Dec 31, 2024	APP Applovin Corporation	Applovin Corporation	Sell - Position Exit	-698,796-100.0%	$0.00	-
Q3 2024Sep 30, 2024	APP Applovin Corporation	Applovin Corporation	Buy - Position Entry	+698,796	$91.23M	698,796
Q3 2024Sep 30, 2024	SPT Sprout Social, Inc	Sprout Social, Inc	Buy	+250,017+14.5%	$57.44M	1,975,994
Q3 2024Sep 30, 2024	AZO AutoZone, Inc.	AutoZone, Inc.	Sell	-893-2.9%	$92.79M	29,458
Q3 2024Sep 30, 2024	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-7,055-2.9%	$133.19M	232,669
Q3 2024Sep 30, 2024	DHR Danaher Corporation	Danaher Corporation	Sell	-8,928-2.9%	$82.71M	297,492
Q3 2024Sep 30, 2024	HRI Herc Holdings Inc.	Herc Holdings Inc.	Sell	-13,058-3.0%	$67.93M	426,060
Q3 2024Sep 30, 2024	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-13,650-2.9%	$75.51M	451,618
Q3 2024Sep 30, 2024	WIX Wix	Wix	Sell	-16,965-3.0%	$92.59M	553,894
Q3 2024Sep 30, 2024	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-34,525-2.9%	$90.71M	1,162,523
Q3 2024Sep 30, 2024	UPWK Upwork Inc.	Upwork Inc.	Sell	-78,148-2.9%	$27.66M	2,647,145
Q3 2024Sep 30, 2024	SMAR Smartsheet Inc.	Smartsheet Inc.	Sell	-987,103-39.8%	$82.67M	1,493,286
Q3 2024Sep 30, 2024	SEMR SEMrush Holdings, Inc.	SEMrush Holdings, Inc.	Sell	-1,444,873-40.6%	$33.21M	2,113,947
Q2 2024Jun 30, 2024	SPT Sprout Social, Inc	Sprout Social, Inc	Buy - Position Entry	+1,725,977	$61.58M	1,725,977
Q2 2024Jun 30, 2024	AZO AutoZone, Inc.	AutoZone, Inc.	Buy	+7,069+30.4%	$89.96M	30,351
Q2 2024Jun 30, 2024	DHR Danaher Corporation	Danaher Corporation	Sell	-3,944-1.3%	$76.56M	306,420
Q2 2024Jun 30, 2024	HRI Herc Holdings Inc.	Herc Holdings Inc.	Sell	-5,651-1.3%	$58.53M	439,118
Q2 2024Jun 30, 2024	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-15,414-1.3%	$69.46M	1,197,048
Q2 2024Jun 30, 2024	SMAR Smartsheet Inc.	Smartsheet Inc.	Sell	-31,939-1.3%	$109.34M	2,480,389
Q2 2024Jun 30, 2024	UPWK Upwork Inc.	Upwork Inc.	Sell	-35,094-1.3%	$29.30M	2,725,293
Q2 2024Jun 30, 2024	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-47,502-16.5%	$120.87M	239,724
Q2 2024Jun 30, 2024	WIX Wix	Wix	Sell	-184,581-24.4%	$90.81M	570,859
Q2 2024Jun 30, 2024	SEMR SEMrush Holdings, Inc.	SEMrush Holdings, Inc.	Sell	-246,301-6.5%	$47.65M	3,558,820

Page 2 of 11 • 322 total trades

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