Profil et philosophie d'investissement

Pat Dorsey continue de gérer un portefeuille ultra-concentré d'entreprises dotées de fortes barrières concurrentielles. Au premier trimestre 2026, ASML Holding est devenue sa première position, suivie d'AerCap et de Sunbelt Rentals. La sortie de Dorsey d'Alphabet traduit son adhésion stricte à son cadre de « barrière concurrentielle », privilégiant les entreprises aux avantages structurels qui ne sont pas encore pleinement valorisés au regard de leur potentiel de croissance composée à long terme.

Track Record

Pat Dorsey ran equity research at Morningstar for a decade, where he was the chief architect of the firm's economic-moat rating framework — arguably the most widely cited structural-quality methodology in retail investing. He left Morningstar in 2011 and founded Dorsey Asset Management in 2014, applying the moat framework as a concentrated long-only manager running ten to fifteen positions for institutional clients. The firm is small by hedge fund standards and intentionally so: capacity is the enemy of concentration. Dorsey publishes selectively, writes one of the better books on competitive advantage in print, and has built a reputation as one of the cleanest pure-play moat investors operating today. Benchmark: MSCI ACWI or S&P 500, depending on vehicle.

Trades emblématiques

Stratégie actuelle (2026)

Dorsey's 2026 13F shows a major reshuffle: ASML leads at 14.8%, AerCap at 12.3%, United Rentals at 11.4% (new) and AppLovin at 10.0% (new). Four of the top ten are entirely new positions — an unusually high turnover for a moat investor who typically holds positions for years. The unifying theme is asset-heavy businesses with structural cost advantages: ASML owns lithography monopoly, AerCap is the global aircraft-leasing duopolist, United Rentals dominates equipment rental with route density, and AppLovin runs the mobile-ad tech stack. The shift suggests Dorsey is finding more moat opportunities in industrial-cyclical and infrastructure names than in classic consumer-staples territory. The book remains highly concentrated — top four positions over 48% — which is the Dorsey signature.

Dorsey is the manager we recommend to investors who want to learn how to think, not just what to buy. The current reshuffle is interesting precisely because it breaks his usual pattern: four new top-ten names in one filing window is uncharacteristic, and it suggests either a tactical view that current valuations in industrials and infrastructure offer better moat-adjusted entry points, or a genuine evolution in what he counts as a moat. Either way, the four-position 48% concentration tells you everything about his risk tolerance: he believes the analysis or he does not own the name. Worth following — and worth reading his book before copying any single position.

Dernière déclaration SEC Form 13F. Valeur totale du portefeuille: 1,10 Md €. Positions: 11 positions.