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 2024Jun 30, 2024	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-381,029-45.0%	$85.34M	465,268
Q1 2024Mar 31, 2024	SEMR SEMrush Holdings, Inc.	SEMrush Holdings, Inc.	Buy	+1,045,082+37.9%	$50.46M	3,805,121
Q1 2024Mar 31, 2024	AZO AutoZone, Inc.	AutoZone, Inc.	Buy - Position Entry	+23,282	$73.38M	23,282
Q1 2024Mar 31, 2024	DHR Danaher Corporation	Danaher Corporation	Sell	-4,152-1.3%	$77.50M	310,364
Q1 2024Mar 31, 2024	WIX Wix	Wix	Sell	-10,145-1.3%	$103.86M	755,440
Q1 2024Mar 31, 2024	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-11,350-1.3%	$128.86M	846,297
Q1 2024Mar 31, 2024	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-16,258-1.3%	$81.22M	1,212,462
Q1 2024Mar 31, 2024	SMAR Smartsheet Inc.	Smartsheet Inc.	Sell	-33,704-1.3%	$96.72M	2,512,328
Q1 2024Mar 31, 2024	UPWK Upwork Inc.	Upwork Inc.	Sell	-37,059-1.3%	$33.84M	2,760,387
Q1 2024Mar 31, 2024	HRI Herc Holdings Inc.	Herc Holdings Inc.	Sell	-72,125-14.0%	$74.85M	444,769
Q1 2024Mar 31, 2024	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-98,907-25.6%	$139.47M	287,226
Q4 2023Dec 31, 2023	DHR Danaher Corporation	Danaher Corporation	Buy - Position Entry	+314,516	$72.76M	314,516
Q4 2023Dec 31, 2023	HRI Herc Holdings Inc.	Herc Holdings Inc.	Buy	+83,755+19.3%	$76.96M	516,894
Q4 2023Dec 31, 2023	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-49,963-5.5%	$120.87M	857,647
Q4 2023Dec 31, 2023	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-71,583-5.5%	$75.46M	1,228,720
Q4 2023Dec 31, 2023	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-83,051-17.7%	$136.68M	386,133
Q4 2023Dec 31, 2023	SMAR Smartsheet Inc.	Smartsheet Inc.	Sell	-148,264-5.5%	$121.75M	2,546,032
Q4 2023Dec 31, 2023	SEMR SEMrush Holdings, Inc.	SEMrush Holdings, Inc.	Sell	-226,749-7.6%	$37.70M	2,760,039
Q4 2023Dec 31, 2023	DG Dollar General Corporation	Dollar General Corporation	Sell - Position Exit	-272,822-100.0%	$0.00	-
Q4 2023Dec 31, 2023	WIX Wix	Wix	Sell	-464,042-37.7%	$94.18M	765,585
Q4 2023Dec 31, 2023	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell - Position Exit	-627,314-100.0%	$0.00	-
Q4 2023Dec 31, 2023	UPWK Upwork Inc.	Upwork Inc.	Sell	-1,676,840-37.5%	$41.60M	2,797,446
Q3 2023Sep 30, 2023	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Buy	+651,940+100.6%	$76.02M	1,300,303
Q3 2023Sep 30, 2023	DG Dollar General Corporation	Dollar General Corporation	Buy - Position Entry	+272,822	$28.86M	272,822
Q3 2023Sep 30, 2023	HRI Herc Holdings Inc.	Herc Holdings Inc.	Buy	+230,335+113.6%	$51.52M	433,139
Q3 2023Sep 30, 2023	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+169,491+23.0%	$119.67M	907,610
Q3 2023Sep 30, 2023	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-21,502-3.3%	$50.84M	627,314
Q3 2023Sep 30, 2023	SEMR SEMrush Holdings, Inc.	SEMrush Holdings, Inc.	Sell	-35,109-1.2%	$25.39M	2,986,788
Q3 2023Sep 30, 2023	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-157,115-25.1%	$140.85M	469,184
Q3 2023Sep 30, 2023	WIX Wix	Wix	Sell	-164,052-11.8%	$112.88M	1,229,627

Page 3 of 11 • 322 total trades

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