Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供参考 · 非买入清单
Dorsey Asset Management
superinvestor_value
D
Reliability improving可靠性走强
leaderboard rank榜单排名 #46WATCH观察
Book持仓规模
$1.6B
long US listed only仅美股多头
Positions持仓数
11
73% resolved已解析
Top-10 concentration前十集中度
94%
% of book占组合%
Turnover换手
LOW
17.5% per quarter每季
Median excess中位超额
-38%
buys vs SPY, since filing买入相对SPY，自披露起 · n 35
Hit rate胜率
17%
share of buys beating SPY跑赢SPY的买入占比
Core lean — the 10-second read核心倾向 — 10秒速读
Core lean: AI Software & Platforms — added APP, META (+21.7pp of book this quarter)核心倾向：AI 软件与平台 — 本季度加仓 APP、META（占组合 +21.7pp）
AI Software & PlatformsAI 软件与平台
+21.7pp
21.7% of book held占组合持有
· 2 names标的
· AI & Technology
APP
META
AI Agents & ApplicationsAI 智能体与应用
+14.5pp
14.5% of book held占组合持有
· 1 names标的
· Artificial Intelligence
APP
Technology (Equal-Weight)信息技术（等权）
+14.5pp
14.5% of book held占组合持有
· 1 names标的
· US Sectors (EW)
APP
Travel & Experiences旅行与体验
+8.5pp
16.1% of book held占组合持有
· 2 names标的
· Consumer Cyclical
BKNG
Consumer Discretionary (Equal-Weight)非必需消费（等权）
+8.5pp
8.5% of book held占组合持有
· 1 names标的
· US Sectors (EW)
BKNG
Financials (Equal-Weight)金融（等权）
+8.2pp
8.2% of book held占组合持有
· 1 names标的
· US Sectors (EW)
SPGI
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新披露的描述性解读——主题按精选篮子聚类（Finviz 兜底），added-pp = 本季度买入占组合百分比之和。非预测。
Grade & excess history评级与超额历史
per-quarter buy cohorts, scored on public filing dates vs SPY — descriptive ranks in a curated survivor cohort按季度买入队列，以公开披露日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: improving走强 · 10 scored quarters已评分季度 · 10% positive为正 · recent-4 median近4季中位 -16% vs all-time对全期 -51%
Median excess by quarter各季度中位超额: ▁▃▂▁▃▄▅▄▇█ (oldest → newest, shifted by the series minimum so negatives render由旧到新，按序列最小值平移以呈现负值)
| Quarter季度 | Buys买入数 | Median excess中位超额 | Hit胜率 | Median fwd 63d中位前瞻63日 |
|---|---|---|---|---|
| 2023-06-30 | 2 | -90% | 0% | -5% |
| 2023-09-30 | 4 | -63% | 25% | -3% |
| 2023-12-31 | 2 | -64% | 0% | +2% |
| 2024-06-30 | 2 | -79% | 0% | -14% |
| 2024-09-30 | 2 | -53% | 0% | +35% |
| 2024-12-31 | 6 | -49% | 17% | -4% |
| 2025-03-31 | 3 | -27% | 0% | +1% |
| 2025-06-30 | 3 | -38% | 0% | -2% |
| 2026-03-31 | 4 | -6% | 25% | -1% |
| 2026-06-30 | 5 | +2% | 60% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新披露；季度环比变化对上季Current weights当前权重 · 2026-06-30
Unclassified
32.6%
▼ -3.1pp
Technology
22.6%
▲ +6.3pp
Communication Services
14.9%
▲ +0.2pp
Consumer Cyclical
14.0%
▼ -3.0pp
Financial
8.2%
▲ +0.7pp
Healthcare
7.6%
▼ -1.1pp
Theme categories主题类别
US Sectors (EW) 24.0%
AI & Technology 21.7%
Consumer Cyclical 16.1%
Rotating into (QoQ)轮入（环比）
Technology +6.3pp
Financial +0.7pp
Communication Services +0.2pp
Rotating out of (QoQ)轮出（环比）
Consumer Cyclical -3.0pp
Healthcare -1.1pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-06-30 | Unclassified 33% · Technology 23% · Communication Services 15% |
| 2026-03-31 | Unclassified 36% · Consumer Cyclical 17% · Technology 16% |
| 2025-12-31 | Unclassified 41% · Communication Services 23% · Healthcare 22% |
| 2025-09-30 | Unclassified 36% · Communication Services 22% · Healthcare 22% |
| 2025-06-30 | Unclassified 28% · Communication Services 27% · Healthcare 24% |
| 2025-03-31 | Communication Services 26% · Unclassified 25% · Consumer Cyclical 23% |
| 2024-12-31 | Communication Services 25% · Unclassified 24% · Consumer Cyclical 12% |
| 2024-09-30 | Communication Services 22% · Unclassified 22% · Technology 16% |
| 2024-06-30 | Unclassified 30% · Communication Services 25% · Consumer Cyclical 11% |
| 2024-03-31 | Communication Services 31% · Unclassified 29% · Industrials 13% |
| 2023-12-31 | Communication Services 33% · Unclassified 33% · Industrials 15% |
| 2023-09-30 | Communication Services 41% · Unclassified 32% · Industrials 13% |
Full book完整持仓
every resolved position as filed — click a column header to sort. Conviction is a descriptive composite, not a forecast.截至披露日的全部已解析持仓——点击列头排序。信念分为描述性综合指标，非预测。8 positions shown项持仓 · resolved已解析 8/11 (73%) · unresolved CUSIPs are excluded from this table but counted in book totals未解析CUSIP不列入本表，但计入组合总额
| #↕ | Ticker标的 ↕ | Company公司 ↕ | % book仓位% ↕ | Value金额 ↕ | Action动作 ↕ | Δ sharesΔ股数 ↕ | Add streak连加季数 ↕ | Conviction信念分 ↕ | Sector行业 ↕ | Themes主题 | Since filing自披露 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | APP |
Applovin Corp | 14.5% | $226M | add | +39% | 2q | 80 · HIGH | Technology | AI Software & Platforms, AI Agents & Applications, Technology (Equal-Weight) | +8% |
| 2 | BKNG |
Booking Holdings Inc | 8.5% | $132M | add | +4409% | 1q | 71 · HIGH | Consumer Cyclical | Travel & Experiences, Consumer Discretionary (Equal-Weight) | -15% |
| 3 | SPGI |
S&p Global Inc | 8.2% | $129M | add | +42% | 2q | 61 · MODERATE | Financial | Financials (Equal-Weight) | +2% |
| 4 |  UBER |
Uber Technologies Inc | 8.1% | $127M | add | +62% | 2q | 57 · MODERATE | Technology | Industrials (Equal-Weight) | -2% |
| 5 |  LYV |
Live Nation Entertainment In | 7.7% | $120M | hold | +8% | — | 42 · LOW | Communication Services | Travel & Experiences, Communication Services (Equal-Weight) | -7% |
| 6 |  DHR |
Danaher Corp Del | 7.6% | $119M | hold | +8% | — | 38 · LOW | Healthcare | Health Care (Equal-Weight) | +2% |
| 7 | META |
Meta Platforms Inc | 7.2% | $113M | add | +24% | 1q | 39 · LOW | Communication Services | Magnificent Seven, AI Software & Platforms, Communication Services (Equal-Weight) | +15% |
| 8 |  SUNB |
Sunbelt Rentals Holdings Inc | 5.5% | $86M | trim | -48% | — | 29 · LOW | Consumer Cyclical | — | -11% |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本披露周期，不设上限——新建/加仓与减持取自已解析持仓，清仓取自轮动数据Rotated into轮入 (5)
| APP add |
14.5% | +8% |
| BKNG add |
8.5% | -15% |
| SPGI add |
8.2% | +2% |
| UBER add |
8.1% | -2% |
| META add |
7.2% | +15% |
Rotated out of轮出 (1)
| SUNB trim |
-48% | -11% |
Trade log交易记录
last 40 graded trades, filing-date anchored, newest first — variable hold vs SPY最近40笔已评分交易，以披露日为锚，最新在前——持有期不定，相对SPYNo graded trades available for this fund.该基金暂无已评分交易。
Caveats注意事项 —
13F = quarterly, ~45-day lag, reported long positions from managers with at least $100M in Section 13(f) securities. No shorts, no cash, no non-US positions. This desk is context — ownership is never a directional signal here.13F = 季度披露，约45天滞后，仅含美股多头且持仓≥1亿美元。不含空头、现金或非美股仓位。本台仅为背景参考——持仓数据在此永远不是方向性信号。
Grades and reliability are descriptive ranks within a curated survivor cohort — they measure what filings did after their filing dates, not a manager-selection edge. Conviction and core-lean reads are descriptive composites earning a forward record via the pre-registered ledger (L5); sector/theme classification applies the current map to history.评级与可靠性为精选幸存者队列中的描述性排名——衡量披露日之后持仓的表现，而非经理选择能力。信念分与核心倾向为描述性综合指标，通过预注册账本（L5）积累前瞻记录；行业/主题分类将当前映射应用于历史。