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 portfolio highlights five direct stock investments that reflect a focused, research-driven investment approach across growth, quality technology, and durable cash-flow businesses. Key investment themes include strong competitive positioning, scalable business models, and long-term market demand—captured through a portfolio concentrated in high-conviction stocks rather than broad diversification.
1) Sunbelt Rentals Holdings Inc — An equipment rental leader positioned to benefit from infrastructure and non-residential construction cycles, supported by scale, fleet utilization, and recurring service revenue; a core investment in industrial/services exposure within Pat Dorsey’s portfolio of stocks.
2) ASML Holding NV (New York Shares) — A critical enabler of semiconductor manufacturing (lithography systems), reflecting a long-duration investment thesis around technology leadership, supply constraints, and secular chip demand; a key tech investment in Pat Dorsey’s stock portfolio.
3) Booking Holdings Inc — A global online travel platform with strong brand and distribution advantages, representing a growth-oriented investment tied to travel recovery, travel spend resilience, and platform economics.
4) Royalty Pharma plc (Class A) — A unique royalty/asset model with diversified income streams from life sciences, aligning with an investment approach focused on durability, contract structures, and risk-managed cash flow generation.
5) Applovin Corp (Class A) — A performance advertising and app-monetization platform reflecting Pat Dorsey’s interest in technology-enabled growth, data-driven efficiency, and scalable demand generation in the digital economy.
Together, these stocks outline Pat Dorsey’s investment preference for high-quality, industry-leading businesses within a concentrated portfolio of premium investment opportunities.