Pat Dorsey's Concentrated Portfolio: Tech & Healthcare Dominance in Q1 2026

Pat Dorsey's Dorsey Asset Management portfolio, as of March 31, 2026, exhibits a clear investment thesis favoring select Technology and Healthcare companies, with a significant allocation to foreign holdings. The portfolio's structure suggests a strategy focused on high-growth potential and established industry leaders.

Top Holdings Analysis

The portfolio's largest position by value is held by ASML (ASML Holding NV), accounting for 14.76% of the total. This is followed closely by AER (AerCap Holdings NV) at 12.27% and Applovin Corp (APP) at 10.04%. Notably, the portfolio includes a substantial position in Booking Holdings (BKNG) at 5.51% and S&P Global (SPGI) at 7.54%.

The top holdings demonstrate a preference for large-cap, established players in specific sectors. The inclusion of multiple Technology and Healthcare stocks points towards a core conviction in these industries. The significant allocation to foreign companies (ASML, AER, BKNG) indicates a global investment approach.

Concentration in Key Sectors

The portfolio shows strong concentration in the Technology and Healthcare sectors. Technology is represented by major holdings like ASML, Applovin Corp (APP), Uber Technologies (UBER), and META Platforms Inc. (META). Healthcare is dominated by Danaher Corp (DHR). This sector concentration suggests a targeted approach focusing on innovation and growth within these specific areas.

While the Technology and Healthcare sectors are the primary focus, the portfolio also includes diversifying holdings in Financial Services (S&P Global) and Communication Services (META, LYV). However, the significant allocation to Technology and Healthcare indicates these are the core pillars of the investment strategy.

Recent Changes in Holdings

The portfolio has seen notable changes in its holdings composition during the reporting period. Several top holdings experienced significant share decreases: Applovin Corp saw a massive 54.64% reduction in shares, DanaHER Corp experienced a 32.6% decline, and AerCap Holdings saw an 11.12% reduction. These decreases could reflect realized gains, strategic rebalancing, or shifts in the investment outlook for these specific companies.

Conversely, there were substantial increases in holdings for certain stocks. S&P Global and Live Nation Entertainment both saw a 100% increase in shares during the period, suggesting a strong conviction in these companies or a tactical decision to add to these positions. The decrease in Booking Holdings shares, albeit small (-3.13%), also warrants attention.

Investment Strategy and Outlook

Pat Dorsey's Dorsey Asset Management appears to employ a concentrated investment strategy, favoring specific sectors (Technology, Healthcare) and individual stocks with significant weightings. The portfolio's structure, with its top three holdings accounting for nearly 37% of the total value, underscores this concentrated approach. The strategy seems to balance exposure to established global leaders (ASML, DHR) with bets on high-growth technology companies (APP, UBER, META).

The portfolio's performance likely depends on the continued success of its core holdings, particularly in the Technology and Healthcare sectors. The recent share changes indicate active management, with adjustments made based on performance, market conditions, or investment theses updates. The focus on select, high-quality companies suggests a long-term investment horizon for these core positions.