Pat Dorsey Portfolio

Pat Dorsey is one of the brains behind Morningstar's economic moat ratings, as well as their framework for analyzing competitive advantage. He also wrote two books: “The Five Rules for Successful Stock Investing“ and "The Little Book that Builds Wealth“. He was the Director of Research for Sanibel Captiva Trust. After he quit he founded Dorsey Asset Management.
Pat Dorsey’s investment portfolio highlights a concentrated set of high-conviction stocks, reflecting a preference for durable business models and long-term compounding. Key picks include:
1) Sunbelt Rentals Holdings Inc — A core position in the rental industry, aligning with Pat Dorsey’s focus on essential infrastructure-adjacent services that can benefit from steady capital-expenditure cycles.
2) ASML Holding NV (New York Shares) — Investment exposure to semiconductor equipment leadership, emphasizing long runway demand trends driven by advanced computing and AI-related chip manufacturing.
3) AerCap Holdings N.V. — Aircraft leasing participation, indicating an interest in globally scaled asset-backed platforms with potential resilience through fleet management expertise.
4) Applovin Corp (Ordinary Shares, Class A) — Growth-oriented investment in digital advertising and app monetization software, consistent with a thesis around scalable technology platforms and strong cash-generation potential.
5) Royalty Pharma plc (Ordinary Shares, Class A) — Interest in biopharma royalties, reflecting an investor approach focused on diversified revenue streams tied to drug commercialization outcomes.
Overall, Pat Dorsey’s portfolio suggests selective stock investments across industries where competitive advantages, structural demand, and operational leverage may support sustained performance. These are notable stocks for investors tracking quality growth, infrastructure themes, tech enablement, and specialized financial/royalty models.