Dorsey Asset Management

Q1 2021 13F · by Pat Dorsey, portfolio manager

As of: Mar 31, 2021
Filed: May 14, 2021
US stock: $956M · prev $764M
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

+13.3 pp in · −13.3 pp out

New 0 0.00 pp
Added 5 +13.32 pp
Trimmed 3 −7.74 pp
Exited 1 −5.59 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 41% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions78% of US stock

META Meta Platforms, Inc. Class A added+1.15 pp added+1.1523.0%
SMAR Smartsheet Inc. added+6.52 pp added+6.5218.2%
WIX WIX.com Ltd. trimmed−3.93 pp trimmed−3.9312.4%
EBAY eBay Inc added+2.20 pp added+2.2012.4%
PYPL PayPal Holdings, Inc. added+3.97 pp added+3.9711.8%

Positions8 in this filing · 1 exited


METAMeta Platforms, Inc. Class A	22.99%	746,378	$220M	added+22%	+1.15 pp	18 q
SMARSmartsheet Inc.	18.19%	2,720,798	$174M	added×2.1	+6.52 pp	4 q
WIXWIX.com Ltd.	12.44%	426,002	$119M	trimmed−15%	−3.93 pp	11 q
EBAYeBay Inc	12.40%	1,935,576	$119M	added+25%	+2.20 pp	3 q
PYPLPayPal Holdings, Inc.	11.82%	465,266	$113M	added+82%	+3.97 pp	12 q
UPWKUpwork Inc.	8.57%	1,829,472	$82M	trimmed−3%	+0.05 pp	4 q
GOOGAlphabet Inc. Class C	6.98%	32,271	$67M	trimmed−32%	−3.86 pp	17 q
DESPDespegar.com Corp	6.61%	4,639,434	$63M	added+9%	−0.52 pp	9 q
ROKURoku, Inc. Class A	—	−128,601	—	exited	−5.59 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001398344-21-010692
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet