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Value GiantsValue investors’ 13F holdings, as a whole
Q2 2026 13FData as of Aug 18, 2026
Quality value

Pat Dorsey

Q2 2026 13F: 11 holdings worth about $1.6B; that quarter 0 new, 8 added, 3 trimmed, 0 sold out.

Firm: Dorsey Asset Management, LLC
Filer: Dorsey Asset Management, LLC CIK 1671657
Last filed: Aug 14, 2026 | Quality value | Counted in this quarter’s totals

13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.

Why This Giant Is Included

  • Rule numbers (Q2 2026): 11 holdings, top 10 = 94%, stocks $1.6B, options 0%; all four rules met
  • Source for the value approach: What We Do (Dorsey Asset Management, LLC): “We purchase these businesses at what we believe to be reasonable discounts to a rational assessment of intrinsic value” (checked 2026-10-11)

Full selection rules →

13F value
$1.6B
previous $1.3B (+24.3%)
Holdings
11
0 new / 0 sold out
Net deploymentest.
+8.6%
est. net buying ÷ last quarter’s portfolio
Top-10 concentration
94%
overlap with the composite 6%
Turnoverest.
10.0%
held 8 quarters on average
I

Trades in Q2 2026

Sorted by position shift: how many percentage points of the portfolio the trade moved.

How to Read This

Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.

MoveCompanyChange in sharesChange %Position shift (pts)Start → end priceEst. trade price
TrimmedSUNBSunbelt Rentals Holdings, Inc−1.05M−48%−5.05$65.09 → $74.81$69.95
AddedAPPAppLovin Corp+122.4K+39%+4.04$398.00 → $515.23$456.62
AddedBKNGBooking Holdings Inc+330.4K+80%+3.77$4,210 → $178.24$2,194
TrimmedAERAerCap Holdings N.V−356.7K−32%−3.33$137.18 → $145.78$141.48
AddedUBERUber Technologies, Inc+671.7K+62%+3.10$71.93 → $72.16$72.05
AddedSPGIS&P Global Inc+93.7K+42%+2.44$425.34 → $407.26$416.30
AddedMETAMeta Platforms, Inc+38.2K+24%+1.38$572.13 → $563.29$567.71
TrimmedASMLASML Holding NV−9.9K−7%−1.27$1,321 → $1,989$1,655
AddedRPRXRoyalty Pharma plc+180.0K+8%+0.65$47.97 → $56.07$52.02
AddedLYVLive Nation Entertainment, Inc+48.0K+8%+0.56$152.51 → $183.11$167.81
AddedDHRDanaher Corp+46.0K+8%+0.56$189.60 → $190.48$190.04
II

All Holdings (11 Companies)

Share classes of one company are combined; click a heading to re-sort.

How to Read This

Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.

CompanySectorWeight (prev.)SharesValueThis quarterFirst boughtQuarters heldEst. avg costQuarter-end pricevs costHistory
ASMLASML Holding NVInformation technology16.6%14.8%130.4K$259.4MTrimmed −7%Q1 20256$767.05est.$1,989+159%History
APPAppLovin CorpInformation technology14.5%10.0%439.3K$226.3MAdded +39%Q1 20262$513.83est.$515.23+0%History
RPRXRoyalty Pharma plcHealth care8.8%8.7%2.46M$137.7MAdded +8%Q3 20254$36.91est.$56.07+52%History
BKNGBooking Holdings IncConsumer discretionary8.5%5.5%741.5K$132.2MAdded +80%Q1 20256$184.55est.$178.24−3%History
SPGIS&P Global IncFinancials8.3%7.5%316.4K$128.9MAdded +42%Q1 20262$456.88est.$407.26−11%History
UBERUber Technologies, IncIndustrials8.1%6.2%1.76M$127.1MAdded +62%Q1 20262$75.00est.$72.16−4%History
LYVLive Nation Entertainment, IncConsumer discretionary7.7%7.4%655.7K$120.1MAdded +8%Q4 20253$154.00est.$183.11+19%History
DHRDanaher CorpInformation technology7.6%8.8%626.2K$119.3MAdded +8%Q4 202311$221.73est.$190.48−14%History
METAMeta Platforms, IncInformation technology7.2%7.4%199.9K$112.6MAdded +24%Q4 201639$312.61est.start point$563.29+80%History
AERAerCap Holdings N.VIndustrials7.2%12.3%766.8K$111.8MTrimmed −32%Q1 20256$100.68est.$145.78+45%History
SUNBSunbelt Rentals Holdings, IncIndustrials5.5%11.4%1.15M$86.1MTrimmed −48%Q1 20262$65.09est.$74.81+15%History
III

Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost

How to Read This

Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.

above costbelow costwithin 5%
Portfolio MapASMLASML Holding NVAPPAppLovin CorpRPRXRoyalty Pharma plcBKNGBooking Holdings In…SPGIS&P Global IncUBERUber Technologies, IncLYVLive Nation Entertainment, I…DHRDanaher CorpMETAMeta Platforms,…AERAerCap Holdings…SUNBSunbelt Rentals Holdings, Inc
IV

Over Time

From Q4 2016, 39 quarters (this giant’s electronic 13F filings).

13F Value

13F Value$0$500.0M$1.0B$1.5BQ4 2016Q4 2017Q4 2018Q4 2019Q4 2020Q4 2021Q4 2022Q4 2023Q4 2024Q2 2026

Holdings

Holdings0510Q4 2016Q4 2017Q4 2018Q4 2019Q4 2020Q4 2021Q4 2022Q4 2023Q4 2024Q2 2026

Top-10 Concentration

Top-10 Concentration0%25%50%75%100%Q4 2016Q4 2017Q4 2018Q4 2019Q4 2020Q4 2021Q4 2022Q4 2023Q4 2024Q2 2026

Turnover (Est.)

Turnover0%10%20%Q4 2016Q4 2017Q4 2018Q4 2019Q4 2020Q4 2021Q4 2022Q4 2023Q4 2024Q2 2026

Sector Mix

Information technologyFinancialsCommunication & mediaConsumer discretionaryIndustrialsHealth careEnergyOther (incl. unclassified)
Sector Mix0%25%50%75%100%Q4 2016Q4 2017Q4 2018Q4 2019Q4 2020Q4 2021Q4 2022Q4 2023Q4 2024Q2 2026
V

Quarter by Quarter, with the Original Filings

* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.

Show 39 Quarters
QuarterHoldingsNewSold out13F valueTurnoverNet deploymentSEC
Q2 20261100$1.6B10.0%+8.6%13F-HR
Q1 20261143$1.3B27.7%+15.0%13F-HR
Q4 20251010$1.2B9.9%−1.1%13F-HR
Q3 2025912$1.1B10.2%−7.2%13F-HR
Q2 20251012$1.1B14.2%+8.6%13F-HR
Q1 20251133$943.6M26.4%+7.4%13F-HR
Q4 20241101$970.0M12.4%−9.1%13F-HR
Q3 20241210$927.6M10.1%+1.2%13F-HR
Q2 20241110$839.4M12.2%−2.2%13F-HR
Q1 20241010$860.2M7.3%+2.7%13F-HR
Q4 2023912$778.0M11.2%−15.6%13F-HR
Q3 20231011$765.9M17.0%−1.1%13F-HR
Q2 20231010$755.2M5.8%−12.8%13F-HR
Q1 2023900$882.0M3.0%−4.5%13F-HR 13F-HR/A
Q4 2022901$687.9M5.6%−9.6%13F-HR
Q3 20221000$825.2M0.0%+5.0%13F-HR 13F-HR/A
Q2 20221001$801.1M7.0%+9.7%13F-HR
Q1 20221110$1.0B0.4%+22.1%13F-HR
Q4 20211010$1.2B4.6%+1.6%13F-HR
Q3 2021911$1.1B10.5%−3.8%13F-HR
Q2 2021910$1.3B5.0%+23.4%13F-HR
Q1 2021801$956.1M10.8%+15.3%13F-HR
Q4 2020902$764.4M11.6%−10.3%13F-HR
Q3 20201110$673.0M10.9%+0.8%13F-HR
Q2 20201020$618.9M25.0%+0.8%13F-HR
Q1 2020801$396.2M21.7%−0.9%13F-HR
Q4 2019911$508.2M14.1%+10.7%13F-HR
Q3 2019912$426.1M13.0%+0.1%13F-HR
Q2 20191010$447.4M17.9%+1.7%13F-HR
Q1 2019913$398.1M18.7%−13.0%13F-HR
Q4 20181101$359.8M18.5%+1.3%13F-HR
Q3 20181210$426.8M5.7%+7.5%13F-HR
Q2 2018 *1120$378.7M9.5%+18.4%13F-HR
Q1 2018 *912$295.6M24.3%+2.4%13F-HR
Q4 2017 *1011$277.2M7.8%+10.8%13F-HR
Q3 2017 *1011$230.6M11.8%−3.1%13F-HR
Q2 2017 *1010$213.1M3.6%+11.5%13F-HR
Q1 2017 *930$176.8M0.4%+53.8%13F-HR
Q4 2016 *600$106.9M——13F-HR
VI

Large Positions Sold Out

Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.

How to Read This

Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.

CompanyHeldPeak weightCompany since
GOOGLAlphabet IncQ1 2017 – Q1 202616%—
AZOAutoZone IncQ1 2024 – Q1 202615%—
ENOVEnovis CorpQ2 2025 – Q1 20267%—
WIXWix.com LtdQ3 2018 – Q3 202520%—
SEMRSemrush Holdings IncQ3 2021 – Q3 20256%—
PYPLPayPal Holdings, IncQ2 2018 – Q2 202513%—
SPTSprout Social, IncQ2 2024 – Q2 20257%—
SMARSmartsheet IncQ2 2020 – Q1 202522%Acquired or delisted Jan 22, 2025
UPWKUpwork IncQ2 2020 – Q1 202510%—
HRIHerc Holdings IncQ2 2023 – Q1 202510%—
APPAppLovin CorpQ3 2024 – Q4 202410%—
DISWalt Disney CoQ2 2021 – Q4 202311%—
DGDollar General CorpQ3 2023 – Q4 20234%—
ROKURoku IncQ1 2022 – Q3 202315%Still filing with the SEC
POSHPoshmark IncQ4 2021 – Q4 20229%—
EBAYeBay IncQ3 2020 – Q2 202212%—
DESPDespegar.com CorpQ1 2019 – Q3 202113%—
ROKURoku IncQ4 2019 – Q1 202111%Still filing with the SEC
AVLRAvalara IncQ2 2019 – Q4 202018%—
AYXAlteryx IncQ3 2019 – Q4 20209%—
EBAYeBay IncQ1 2018 – Q1 202012%—
CMPRCimpress PLCQ4 2016 – Q4 201920%Still filing with the SEC
ANSSAnsys IncQ4 2016 – Q3 201913%Acquired or delisted Jul 29, 2025
TTDTrade Desk, IncQ2 2018 – Q3 201911%—
ROPRoper Technologies IncQ4 2016 – Q1 201916%—
DGDollar General CorpQ1 2017 – Q1 201912%—
WKWorkiva IncQ1 2017 – Q1 201910%—
SITESiteOne Landscape Supply, IncQ4 2017 – Q4 201811%—