PaperPanda Fund Terminal
Pat Dorsey
Dorsey Asset Management, LLC · CIK: 1671657 · Report Period: 2025-12-31 · Filed: 2026-02-17
Portfolio Concentration
Top 10 holdings by weight — hover for cross-investor insights
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Holdings
Total: $1,150,397,601 · 10 positions
| # | Ticker | Issuer | Class | % of Portfolio | Value ($) | Shares | Activity | Share Change |
|---|---|---|---|---|---|---|---|---|
| 1 |
 ASML
|
ASML HOLDING N V | COM | 17.9% | $205,780,082 | 192,343 | ADD | +19,117 |
| 2 |
 DHR
|
DANAHER CORPORATION | COM | 16.5% | $189,435,878 | 827,520 | REDUCE | -33,330 |
| 3 |
 AER
|
AERCAP HOLDINGS NV | COM | 15.2% | $174,676,882 | 1,215,059 | REDUCE | -48,939 |
| 4 |
 META
|
META PLATFORMS INC | COM | 9.2% | $105,911,441 | 160,450 | REDUCE | -31,774 |
| 5 |
 BKNG
|
BOOKING HOLDINGS INC | COM | 7.6% | $87,382,920 | 16,317 | REDUCE | -658 |
| 6 |
 RPRX
|
ROYALTY PHARMA PLC | COM | 7.6% | $87,305,882 | 2,259,469 | REDUCE | -90,980 |
| 7 |
 LYV
|
LIVE NATION ENTERTAINMENT IN | COM | 7.5% | $85,923,653 | 602,973 | NEW BUY | +602,973 |
| 8 |
 AZO
|
AUTOZONE INC | COM | 7.4% | $85,197,872 | 25,121 | REDUCE | -4,757 |
| 9 |
 GOOG
|
ALPHABET INC | COM | 5.9% | $68,065,103 | 216,906 | REDUCE | -212,412 |
| 10 |
 ENOV
|
ENOVIS CORPORATION | COM | 5.3% | $60,717,888 | 2,279,200 | REDUCE | -120,122 |
Position Changes
8 quarters available
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | AER | AERCAP HOLDINGS NV | REDUCE | -48,939 | -3.9% | 1,215,059 | $174,676,882 |
| 2 | ENOV | ENOVIS CORPORATION | REDUCE | -120,122 | -5.0% | 2,279,200 | $60,717,888 |
| 3 | BKNG | BOOKING HOLDINGS INC | REDUCE | -658 | -3.9% | 16,317 | $87,382,920 |
| 4 | AZO | AUTOZONE INC | REDUCE | -4,757 | -15.9% | 25,121 | $85,197,872 |
| 5 | GOOG | ALPHABET INC | REDUCE | -212,412 | -49.5% | 216,906 | $68,065,103 |
| 6 | ASML | ASML HOLDING N V | ADD | +19,117 | +11.0% | 192,343 | $205,780,082 |
| 7 | META | META PLATFORMS INC | REDUCE | -31,774 | -16.5% | 160,450 | $105,911,441 |
| 8 | LYV | LIVE NATION ENTERTAINMENT IN | NEW BUY | +602,973 | New | 602,973 | $85,923,653 |
| 9 | DHR | DANAHER CORPORATION | REDUCE | -33,330 | -3.9% | 827,520 | $189,435,878 |
| 10 | RPRX | ROYALTY PHARMA PLC | REDUCE | -90,980 | -3.9% | 2,259,469 | $87,305,882 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | AER | AERCAP | REDUCE | -97,120 | -7.1% | 1,263,998 | $152,943,758 |
| 2 | - | SEMRUSH HLDGS INC | SOLD | -2,284,578 | Exit | - | - |
| 3 | ENOV | ENOVIS CORPORATION | REDUCE | -153,858 | -6.0% | 2,399,322 | $72,795,429 |
| 4 | BKNG | BOOKING HOLDINGS | REDUCE | -1,315 | -7.2% | 16,975 | $91,652,608 |
| 5 | AZO | AUTOZONE | REDUCE | -5,789 | -16.2% | 29,878 | $128,183,791 |
| 6 | GOOG | ALPHABET INC CLASS C | REDUCE | -232,672 | -35.1% | 429,318 | $104,560,399 |
| 7 | ASML | ASML HOLDING N.V. | ADD | +33,237 | +23.7% | 173,226 | $167,698,358 |
| 8 | META | META PLATFORMS INC | REDUCE | -52,884 | -21.6% | 192,224 | $141,165,461 |
| 9 | - | WIX COM LTD | SOLD | -146,777 | Exit | - | - |
| 10 | DHR | DANAHER CORP | REDUCE | -66,142 | -7.1% | 860,850 | $170,672,121 |
| 11 | RPRX | ROYALTY PHARMA PLC | NEW BUY | +2,350,449 | New | 2,350,449 | $82,923,841 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | AER | AERCAP HOLDINGS NV | ADD | +222,576 | +19.5% | 1,361,118 | $159,250,806 |
| 2 | - | SPROUT SOCIAL INC | SOLD | -2,304,414 | Exit | - | - |
| 3 | - | SEMRUSH HLDGS INC | ADD | +27,845 | +1.2% | 2,284,578 | $20,675,431 |
| 4 | ENOV | ENOVIS CORPORATION | NEW BUY | +2,553,180 | New | 2,553,180 | $80,067,725 |
| 5 | BKNG | BOOKING HOLDINGS INC | ADD | +2,321 | +14.5% | 18,290 | $105,885,200 |
| 6 | AZO | AUTOZONE INC | REDUCE | -1,876 | -5.0% | 35,667 | $132,404,107 |
| 7 | GOOG | ALPHABET INC | ADD | +23,239 | +3.6% | 661,990 | $117,430,406 |
| 8 | ASML | ASML HOLDING N V | ADD | +69,418 | +98.4% | 139,989 | $112,185,785 |
| 9 | META | META PLATFORMS INC | REDUCE | -1,949 | -0.8% | 245,108 | $180,911,764 |
| 10 | - | WIX COM LTD | REDUCE | -172,605 | -54.0% | 146,777 | $23,258,283 |
| 11 | DHR | DANAHER CORPORATION | ADD | +235,688 | +34.1% | 926,992 | $183,118,000 |
| 12 | - | PAYPAL HLDGS INC | SOLD | -858,231 | Exit | - | - |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | UPWORK INC | SOLD | -3,045,142 | Exit | - | - |
| 2 | AER | AERCAP HOLDINGS NV | NEW BUY | +1,138,542 | New | 1,138,542 | $116,324,836 |
| 3 | - | SMARTSHEET INC | SOLD | -1,447,727 | Exit | - | - |
| 4 | - | SPROUT SOCIAL INC | REDUCE | -1,735 | -0.1% | 2,304,414 | $50,674,064 |
| 5 | - | SEMRUSH HLDGS INC | REDUCE | -1,748 | -0.1% | 2,256,733 | $21,055,319 |
| 6 | BKNG | BOOKING HOLDINGS INC | NEW BUY | +15,969 | New | 15,969 | $73,567,746 |
| 7 | AZO | AUTOZONE INC | REDUCE | -27 | -0.1% | 37,543 | $143,143,200 |
| 8 | GOOG | ALPHABET INC | REDUCE | -467 | -0.1% | 638,751 | $99,792,069 |
| 9 | ASML | ASML HOLDING N V | NEW BUY | +70,571 | New | 70,571 | $46,762,462 |
| 10 | META | META PLATFORMS INC | ADD | +38,810 | +18.6% | 247,057 | $142,393,773 |
| 11 | - | WIX COM LTD | REDUCE | -259,359 | -44.8% | 319,382 | $52,180,631 |
| 12 | DHR | DANAHER CORPORATION | ADD | +296,513 | +75.1% | 691,304 | $141,717,320 |
| 13 | - | HERC HLDGS INC | SOLD | -272,903 | Exit | - | - |
| 14 | - | PAYPAL HLDGS INC | REDUCE | -442,952 | -34.0% | 858,231 | $55,999,573 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | UPWORK INC | ADD | +397,997 | +15.0% | 3,045,142 | $49,788,072 |
| 2 | - | SMARTSHEET INC | REDUCE | -45,559 | -3.1% | 1,447,727 | $81,116,144 |
| 3 | - | SPROUT SOCIAL INC | ADD | +330,155 | +16.7% | 2,306,149 | $70,821,836 |
| 4 | - | SEMRUSH HLDGS INC | ADD | +144,534 | +6.8% | 2,258,481 | $26,830,754 |
| 5 | AZO | AUTOZONE INC | ADD | +8,112 | +27.5% | 37,570 | $120,299,140 |
| 6 | - | APPLOVIN CORP | SOLD | -698,796 | Exit | - | - |
| 7 | GOOG | ALPHABET INC | ADD | +187,600 | +41.5% | 639,218 | $121,732,676 |
| 8 | META | META PLATFORMS INC | REDUCE | -24,422 | -10.5% | 208,247 | $121,930,701 |
| 9 | - | WIX COM LTD | ADD | +24,847 | +4.5% | 578,741 | $124,168,882 |
| 10 | DHR | DANAHER CORPORATION | ADD | +97,299 | +32.7% | 394,791 | $90,624,274 |
| 11 | - | HERC HLDGS INC | REDUCE | -153,157 | -35.9% | 272,903 | $51,668,725 |
| 12 | - | PAYPAL HLDGS INC | ADD | +138,660 | +11.9% | 1,301,183 | $111,055,969 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | UPWORK INC | REDUCE | -78,148 | -2.9% | 2,647,145 | $27,662,665 |
| 2 | - | SMARTSHEET INC | REDUCE | -987,103 | -39.8% | 1,493,286 | $82,668,313 |
| 3 | - | SPROUT SOCIAL INC | ADD | +250,017 | +14.5% | 1,975,994 | $57,442,146 |
| 4 | - | SEMRUSH HLDGS INC | REDUCE | -1,444,873 | -40.6% | 2,113,947 | $33,210,107 |
| 5 | AZO | AUTOZONE INC | REDUCE | -893 | -2.9% | 29,458 | $92,793,878 |
| 6 | - | APPLOVIN CORP | NEW BUY | +698,796 | New | 698,796 | $91,227,818 |
| 7 | GOOG | ALPHABET INC | REDUCE | -13,650 | -2.9% | 451,618 | $75,506,013 |
| 8 | META | META PLATFORMS INC | REDUCE | -7,055 | -2.9% | 232,669 | $133,189,042 |
| 9 | - | WIX COM LTD | REDUCE | -16,965 | -3.0% | 553,894 | $92,594,460 |
| 10 | DHR | DANAHER CORPORATION | REDUCE | -8,928 | -2.9% | 297,492 | $82,708,726 |
| 11 | - | HERC HLDGS INC | REDUCE | -13,058 | -3.0% | 426,060 | $67,926,746 |
| 12 | - | PAYPAL HLDGS INC | REDUCE | -34,525 | -2.9% | 1,162,523 | $90,711,670 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | UPWORK INC | REDUCE | -35,094 | -1.3% | 2,725,293 | $29,296,900 |
| 2 | - | SMARTSHEET INC | REDUCE | -31,939 | -1.3% | 2,480,389 | $109,335,547 |
| 3 | - | SPROUT SOCIAL INC | NEW BUY | +1,725,977 | New | 1,725,977 | $61,582,859 |
| 4 | - | SEMRUSH HLDGS INC | REDUCE | -246,301 | -6.5% | 3,558,820 | $47,652,600 |
| 5 | AZO | AUTOZONE INC | ADD | +7,069 | +30.4% | 30,351 | $89,963,399 |
| 6 | GOOG | ALPHABET INC | REDUCE | -381,029 | -45.0% | 465,268 | $85,339,457 |
| 7 | META | META PLATFORMS INC | REDUCE | -47,502 | -16.5% | 239,724 | $120,873,635 |
| 8 | - | WIX COM LTD | REDUCE | -184,581 | -24.4% | 570,859 | $90,806,541 |
| 9 | DHR | DANAHER CORPORATION | REDUCE | -3,944 | -1.3% | 306,420 | $76,559,037 |
| 10 | - | HERC HLDGS INC | REDUCE | -5,651 | -1.3% | 439,118 | $58,530,038 |
| 11 | - | PAYPAL HLDGS INC | REDUCE | -15,414 | -1.3% | 1,197,048 | $69,464,695 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | UPWORK INC | REDUCE | -37,059 | -1.3% | 2,760,387 | $33,842,345 |
| 2 | - | SMARTSHEET INC | REDUCE | -33,704 | -1.3% | 2,512,328 | $96,724,628 |
| 3 | - | SEMRUSH HLDGS INC | ADD | +1,045,082 | +37.9% | 3,805,121 | $50,455,904 |
| 4 | AZO | AUTOZONE INC | NEW BUY | +23,282 | New | 23,282 | $73,376,715 |
| 5 | GOOG | ALPHABET INC | REDUCE | -11,350 | -1.3% | 846,297 | $128,857,181 |
| 6 | META | META PLATFORMS INC | REDUCE | -98,907 | -25.6% | 287,226 | $139,471,201 |
| 7 | - | WIX COM LTD | REDUCE | -10,145 | -1.3% | 755,440 | $103,857,891 |
| 8 | DHR | DANAHER CORPORATION | REDUCE | -4,152 | -1.3% | 310,364 | $77,504,098 |
| 9 | - | HERC HLDGS INC | REDUCE | -72,125 | -14.0% | 444,769 | $74,854,623 |
| 10 | - | PAYPAL HLDGS INC | REDUCE | -16,258 | -1.3% | 1,212,462 | $81,222,829 |
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