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Livermore
Livermore
ZHEN

Dorsey Asset Management

Superinvestor

Dorsey Asset Management, LLC

SEC CIK
0001671657
Manager
Pat Dorsey
Style
Quality
Latest filing
Aug 14, 2026

The latest 13F from Dorsey Asset Management covers Q2 2026 (filed Aug 14, 2026): 11 long positions worth $1.56B. The top 10 holdings make up 94.5% of the portfolio, and the largest is ASML Holding NV (ASML) at 16.6%. Livermore has 24 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
0
Added
8
Est. +$257.7M
Reduced
3
Est. −$150.6M
Sold out
0

Top 5 holdings

Share of this quarter's portfolio value

  1. ASMLASML Holding NV
    16.6%$259.4MHistory
  2. APPAppLovin Corp
    14.5%$226.3MHistory
  3. RPRXRoyalty Pharma plc
    8.8%$137.7MHistory
  4. BKNGBooking Holdings Inc.
    8.5%$132.2MHistory
  5. SPGIS&P Global Inc.
    8.3%$128.9MHistory

Share of portfolio

Top 5 holdings and the other 6 positions, by share of portfolio value

  1. ASML16.6%
  2. APP14.5%
  3. RPRX8.8%
  4. BKNG8.5%
  5. SPGI8.3%
  6. Other 6 positions43.4%

Biggest buys

New and added positions, by estimated amount bought

  1. APPAppLovin Corp
    +$63.0MAddedHistory
  2. BKNGBooking Holdings Inc.
    +$58.9MAddedConverted for a 25-for-1 splitHistory
  3. UBERUber Technologies, Inc
    +$48.5MAddedHistory
  4. SPGIS&P Global Inc.
    +$38.2MAddedHistory
  5. METAMeta Platforms, Inc.
    +$21.5MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. APPAppLovin Corp
    +4.45 pp10.0% → 14.5%History
  2. BKNGBooking Holdings Inc.
    +2.95 pp5.5% → 8.5%History
  3. UBERUber Technologies, Inc
    +1.90 pp6.2% → 8.1%History
  4. SPGIS&P Global Inc.
    +0.71 pp7.5% → 8.3%History
  5. LYVLive Nation Entertainment, Inc.
    +0.31 pp7.4% → 7.7%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. SUNBSunbelt Rentals Holdings, Inc.
    −$78.9MReducedHistory
  2. AERAerCap Holdings N.V.
    −$52.0MReducedHistory
  3. ASMLASML Holding NV
    −$19.8MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. SUNBSunbelt Rentals Holdings, Inc.
    −5.92 pp11.4% → 5.5%History
  2. AERAerCap Holdings N.V.
    −5.11 pp12.3% → 7.2%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$1.56B
+$305.5M (+24.3%) vs. prior quarter
Positions
11
0 vs. prior quarter
Top 10 concentration
94.5%
Top 10 as share of value
Turnover
10.7%
Q2 2026, one quarter
Average holding period
5.7 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $1.56B (Q2 2026)

Q1 2021: $956.1MQ2 2021: $1.33BQ3 2021: $1.15BQ4 2021: $1.17BQ1 2022: $1.04BQ2 2022: $801.1MQ3 2022: $825.2MQ4 2022: $687.9MQ1 2023: $882.0MQ2 2023: $755.2MQ3 2023: $765.9MQ4 2023: $778.0MQ1 2024: $860.2MQ2 2024: $839.4MQ3 2024: $927.6MQ4 2024: $970.0MQ1 2025: $943.6MQ2 2025: $1.12BQ3 2025: $1.11BQ4 2025: $1.15BQ1 2026: $1.26BQ2 2026: $1.56B
Q1 2021Q2 2026
13F filings of Dorsey Asset Management by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202611$1.56BASMLAPPRPRXvs. Q1 2026SEC
Q1 2026May 15, 202611$1.26BASMLAERSUNBvs. Q4 2025SEC
Q4 2025Feb 17, 202610$1.15BASMLDHRAERvs. Q3 2025SEC
Q3 2025Nov 14, 20259$1.11BDHRASMLAERvs. Q2 2025SEC
Q2 2025Aug 14, 202510$1.12BDHRMETAAERvs. Q1 2025SEC
Q1 2025May 15, 202511$943.6MAZOMETADHRvs. Q4 2024SEC
Q4 2024Feb 14, 202511$970.0MWIXMETAGOOGvs. Q3 2024SEC
Q3 2024Nov 14, 202412$927.6MMETAAZOWIXvs. Q2 2024SEC
Q2 2024Aug 14, 202411$839.4MMETASMARWIXvs. Q1 2024SEC
Q1 2024May 15, 202410$860.2MMETAGOOGWIXvs. Q4 2023SEC
Q4 2023Feb 14, 20249$778.0MMETASMARGOOGvs. Q3 2023SEC
Q3 2023Nov 14, 202310$765.9MMETAGOOGWIXvs. Q2 2023SEC
Q2 2023Aug 14, 202310$755.2MMETASMARWIXvs. Q1 2023SEC
Q1 2023Jul 20, 2023Amended9$882.0MMETASMARWIXvs. Q4 2022SEC
Q4 2022Feb 14, 20239$687.9MSMARWIXMETAvs. Q3 2022SEC
Q3 2022Jul 20, 2023Amended10$825.2MWIXSMARMETAvs. Q2 2022SEC
Q2 2022Aug 15, 202210$801.1MWIXMETAROKUvs. Q1 2022SEC
Q1 2022May 13, 202211$1.04BMETASMARWIXvs. Q4 2021SEC
Q4 2021Feb 14, 202210$1.17BWIXSMARMETAvs. Q3 2021SEC
Q3 2021Nov 15, 20219$1.15BMETASMARWIXvs. Q2 2021SEC
Q2 2021Aug 16, 20219$1.33BMETASMARWIXvs. Q1 2021SEC
Q1 2021May 14, 20218$956.1MMETASMARWIX–SEC

13D and 13G filings

Companies where Dorsey Asset Management reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

Dorsey Asset Management does not currently report owning 5% or more of any company.

Latest filings

11 filings on file made by Dorsey Asset Management or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by Dorsey Asset Management
CompanyFiled (ET)FormStakeChangeEvent dateFiling
SEMRSEMrush Holdings, Inc.Apr 10, 202313G/AOld format–––SEC
POSHPoshmark, Inc.Feb 14, 202313G/AOld format–––SEC
SEMRSEMrush Holdings, Inc.Feb 14, 202313G/AOld format–––SEC
SEMRSEMrush Holdings, Inc.May 4, 202213G/AOld format–––SEC
POSHPoshmark, Inc.Feb 14, 202213GOld format–New–SEC
SEMRSEMrush Holdings, Inc.Feb 14, 202213G/AOld format–––SEC
SEMRSEMrush Holdings, Inc.Dec 10, 202113G/AOld format–––SEC
SEMRSEMrush Holdings, Inc.Oct 8, 202113G/AOld format–––SEC
SEMRSEMrush Holdings, Inc.Sep 10, 202113GOld format–New–SEC
Despegar.com, Corp.Sep 10, 202113G/AOld format–––SEC
Despegar.com, Corp.Feb 16, 202113G/AOld format–––SEC