Dorsey Asset Management

Q1 2020 13F · by Pat Dorsey, portfolio manager

As of: Mar 31, 2020
Filed: May 15, 2020
US stock: $396M · prev $508M
Positions: 8 · prev 9
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves9 since the prior filing

+15.7 pp in · −15.7 pp out

New 0 0.00 pp
Added 5 +15.73 pp
Trimmed 3 −9.08 pp
Exited 1 −6.64 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 86% a year, about 1.2 years per position

Low
Moderate
High

Top 5 positions77% of US stock

META Meta Platforms, Inc. Class A added+7.39 pp added+7.3925.5%
WIX WIX.com Ltd. added+0.85 pp added+0.8514.1%
GOOG Alphabet Inc. Class C added+11.02 pp added+11.0213.7%
AVLR Avalara, Inc. trimmed−4.73 pp trimmed−4.7313.0%
ROKU Roku, Inc. Class A added+1.30 pp added+1.3010.9%

Positions8 in this filing · 1 exited


METAMeta Platforms, Inc. Class A	25.49%	605,377	$101M	added+35%	+7.39 pp	14 q
WIXWIX.com Ltd.	14.13%	555,291	$56M	added+1%	+0.85 pp	7 q
GOOGAlphabet Inc. Class C	13.74%	46,803	$54M	added×4.5	+11.02 pp	13 q
AVLRAvalara, Inc.	13.02%	691,309	$52M	trimmed−44%	−4.73 pp	4 q
ROKURoku, Inc. Class A	10.88%	492,874	$43M	added+36%	+1.30 pp	2 q
DESPDespegar.com Corp	8.43%	5,890,786	$33M	added+18%	−4.83 pp	5 q
AYXAlteryx, Inc.	8.19%	340,895	$32M	trimmed−29%	−1.22 pp	3 q
PYPLPayPal Holdings, Inc.	6.13%	253,557	$24M	trimmed−42%	−3.13 pp	8 q
EBAYeBay Inc	—	−934,115	—	exited	−6.64 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001398344-20-010237
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet