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
Q3 2023Sep 30, 2023	UPWK Upwork Inc.	Upwork Inc.	Sell	-217,072-4.6%	$50.83M	4,474,286
Q3 2023Sep 30, 2023	SMAR Smartsheet Inc.	Smartsheet Inc.	Sell	-586,307-17.9%	$109.01M	2,694,296
Q3 2023Sep 30, 2023	ROKU Roku, Inc.	Roku, Inc.	Sell - Position Exit	-781,185-100.0%	$0.00	-
Q2 2023Jun 30, 2023	UPWK Upwork Inc.	Upwork Inc.	Buy	+2,254,331+92.5%	$43.82M	4,691,358
Q2 2023Jun 30, 2023	HRI Herc Holdings Inc.	Herc Holdings Inc.	Buy - Position Entry	+202,804	$27.75M	202,804
Q2 2023Jun 30, 2023	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-27,778-4.1%	$43.27M	648,363
Q2 2023Jun 30, 2023	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-27,797-4.1%	$57.93M	648,816
Q2 2023Jun 30, 2023	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-31,332-4.1%	$89.29M	738,119
Q2 2023Jun 30, 2023	WIX Wix	Wix	Sell	-59,730-4.1%	$109.04M	1,393,679
Q2 2023Jun 30, 2023	SEMR SEMrush Holdings, Inc.	SEMrush Holdings, Inc.	Sell	-129,586-4.1%	$28.92M	3,021,897
Q2 2023Jun 30, 2023	SMAR Smartsheet Inc.	Smartsheet Inc.	Sell	-140,514-4.1%	$125.52M	3,280,603
Q2 2023Jun 30, 2023	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-272,905-30.3%	$179.74M	626,299
Q2 2023Jun 30, 2023	ROKU Roku, Inc.	Roku, Inc.	Sell	-312,087-28.5%	$49.96M	781,185
Q1 2023Mar 31, 2023	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+198,529+34.8%	$80.02M	769,451
Q1 2023Mar 31, 2023	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-69,809-9.4%	$51.35M	676,141
Q1 2023Mar 31, 2023	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-69,856-9.4%	$67.75M	676,613
Q1 2023Mar 31, 2023	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-92,838-9.4%	$190.58M	899,204
Q1 2023Mar 31, 2023	WIX Wix	Wix	Sell	-150,169-9.4%	$145.05M	1,453,409
Q1 2023Mar 31, 2023	UPWK Upwork Inc.	Upwork Inc.	Sell	-251,584-9.4%	$27.59M	2,437,027
Q1 2023Mar 31, 2023	SEMR SEMrush Holdings, Inc.	SEMrush Holdings, Inc.	Sell	-397,460-11.2%	$31.67M	3,151,483
Q1 2023Mar 31, 2023	SMAR Smartsheet Inc.	Smartsheet Inc.	Sell	-425,434-11.1%	$163.53M	3,421,117
Q1 2023Mar 31, 2023	ROKU Roku, Inc.	Roku, Inc.	Sell	-584,439-34.8%	$71.96M	1,093,272
Q4 2022Dec 31, 2022	SMAR Smartsheet Inc.	Smartsheet Inc.	Buy	+405,065+11.8%	$151.40M	3,846,551
Q4 2022Dec 31, 2022	ROKU Roku, Inc.	Roku, Inc.	Buy	+254,665+17.9%	$68.28M	1,677,711
Q4 2022Dec 31, 2022	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+234,486+31.0%	$119.38M	992,042
Q4 2022Dec 31, 2022	SEMR SEMrush Holdings, Inc.	SEMrush Holdings, Inc.	Buy	+96,338+2.8%	$28.89M	3,548,943
Q4 2022Dec 31, 2022	UPWK Upwork Inc.	Upwork Inc.	Buy	+18,811+0.7%	$28.07M	2,688,611
Q4 2022Dec 31, 2022	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Buy	+5,394+0.7%	$53.13M	745,950
Q4 2022Dec 31, 2022	DIS Walt Disney Company (The)	Walt Disney Company (The)	Buy	+5,364+0.7%	$64.85M	746,469
Q4 2022Dec 31, 2022	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+4,003+0.7%	$50.66M	570,922

Page 4 of 11 • 322 total trades

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