Dorsey Asset Management LLC 13F holdings and portfolio analysis

已就緒Dorsey Asset Management LLC · Pat Dorsey

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Baseline

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策略問答參考3 條參考問答

基於這隻基金最新一期數據預生成的問答，可直接作為對話上下文使用。

baseline13FChat AI
What does directly following the disclosed baseline portfolio expose an investor to?

Directly following the baseline means accepting a very top-heavy 10-name book. The strategy artifact shows top 5 concentration at 64.42% and top 10 at 100.01%, with Danaher at 17.41%, AerCap at 16.05%, and Sunbelt Rentals at 13.19% leading the portfolio. Sector exposure is also focused in Health Care at 31.02%, Industrials at 29.24%, and Communication Services at 23.9%. The artifact additionally flags filing-delay implementation risk and notes 187 trades with 1.5007 total estimated cost, so the exposure is not just concentrated but also dependent on delayed public disclosures.

↳Show how the baseline concentration and sector mix changed over time so I can judge whether this current structure is unusually aggressive.
baseline13FChat AI
Which recent baseline periods best explain the risk-return trade-off?

The recent baseline periods that best show the trade-off are 2024-09-30, 2024-06-30, and 2025-03-31. In 2024-09-30 the baseline returned 8.38% versus SPY at 2.76%, a +5.62 pt excess return with 14.4 turnover and 6 trades. But in 2024-06-30 the baseline returned only 3.86% versus SPY at 9.83%, a -5.97 pt excess return despite lower 9.06 turnover. In 2025-03-31 the baseline still returned 8.14%, but lagged SPY’s 9.22% by -1.08 pt while turnover rose to 25.12. Those periods show the pattern: concentrated stock selection can produce strong bursts of excess return, but it can also lag badly when leadership shifts.

↳Plot the baseline’s period excess returns against turnover so I can see whether higher activity actually improved outcomes.
baseline13FChat AI
What should a user inspect next before deciding whether the baseline is acceptable?

A user should inspect three things next: concentration, drawdown behavior, and implementation lag. Concentration is severe, with the top 5 at 64.42% and the portfolio fully concentrated in 10 names. Drawdown is still large at -36.2% even though beta is just 0.55, so lower market sensitivity did not eliminate painful losses. Finally, the baseline artifact explicitly notes filing-delay trading windows and 505 recovery days, which means copycat investors need to understand how stale disclosures and long recovery periods affect real-world replication.

↳Walk me through the worst baseline drawdown and the holdings in place at that time so I can decide whether that risk is tolerable.
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