Pat Dorsey - Dorsey Asset Management 13F Activity & Position Changes (Q3 2025)

As of Sep 30, 2025, the Dorsey Asset Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 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 Q3 2025, the filing reported:

New Buys - Royalty Pharma

Increases - ASML

Reductions - AerCap, AutoZone, Inc., Booking Holdings Inc. Common St, Danaher Corporation, Enovis Corporation, and 2 more

Complete Exits - SEMrush Holdings, Inc., Wix

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

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q3 2025	AER AerCap	AerCap	Sell	-97,120	-7.1%	$152.94M	1,263,998
Q3 2025	ASML ASML	ASML	Buy	+33,237	+23.7%	$167.70M	173,226
Q3 2025	AZO AutoZone, Inc.	AutoZone, Inc.	Sell	-5,789	-16.2%	$128.18M	29,878
Q3 2025	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Sell	-1,315	-7.2%	$91.65M	16,975
Q3 2025	DHR Danaher Corporation	Danaher Corporation	Sell	-66,142	-7.1%	$170.67M	860,850
Q3 2025	ENOV Enovis Corporation	Enovis Corporation	Sell	-153,858	-6.0%	$72.80M	2,399,322
Q3 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-232,672	-35.1%	$104.56M	429,318
Q3 2025	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-52,884	-21.6%	$141.17M	192,224
Q3 2025	RPRX Royalty Pharma	Royalty Pharma	Buy - Position Entry	+2,350,449	-	$82.92M	2,350,449
Q3 2025	SEMR SEMrush Holdings, Inc.	SEMrush Holdings, Inc.	Sell - Position Exit	-2,284,578	-100.0%	$0.00	-
Q3 2025	WIX Wix	Wix	Sell - Position Exit	-146,777	-100.0%	$0.00	-