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Funds (13F)

Dorsey Asset Management, LLC

Backtest from 20 Jan 2017 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+20.5%
S&P 500 +14.9%
Last 12 months
+3.9%
S&P 500 +12.1%
Sharpe ratio
0.66
S&P 500 0.69
Biggest drop
−68.9%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 20172019202120232025 $62.1k$38.8k
Dorsey Asset Management, LLCS&P 500 $10,000 in Dorsey Asset Management, LLC from 20 Jan 2017 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Dorsey Asset Management, LLC's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Dorsey Asset Management, LLC's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+20.5%+14.9%
Total return+521%+288%
Last 12 months+3.9%+12.1%
Last 3 months−2.0%—
Last month−1.4%—
This year so far+2.0%—
Volatility a year29.6%17.5%
Sharpe ratio0.660.69
Biggest drop−68.9%−31.8%
Beta to the S&P 5001.221.00
Alpha a year (t-statistic)+4.8% (0.74)—
Share of weeks up57%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
ASML16.6%——
APP14.5%——
RPRX8.8%——
BKNG8.5%——
SPGI8.3%——
UBER8.1%——
LYV7.7%——
DHR7.6%——
META7.2%——
AER7.2%——
SUNB5.5%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest20 Jan 2017 to 2 Nov 2026+20.5%+14.9%0.660.69−68.9%1.22+4.8% (0.74)
2018 onwards5 Jan 2018 to 2 Nov 2026+17.9%+13.9%0.570.61−68.9%1.22+3.8% (0.54)
Last three years3 Nov 2023 to 2 Nov 2026+22.4%+21.8%0.881.16−25.4%1.12−0.4% (−0.05)
Last year7 Nov 2025 to 2 Nov 2026+6.6%+14.2%0.230.84−10.9%1.06−6.7% (−0.57)
DateCompanyAction
22 May 2026UBERBought
22 May 2026SUNBBought
22 May 2026SPGIBought
22 May 2026APPBought
20 Feb 2026LYVBought
21 Nov 2025RPRXBought
15 Aug 2025ENOVBought
16 May 2025BKNGBought
16 May 2025ASMLBought
16 May 2025AERBought
15 Nov 2024WIXBought
15 Nov 2024UPWKBought
15 Nov 2024SPTBought
15 Nov 2024PYPLBought
15 Nov 2024METABought
15 Nov 2024HRIBought
15 Nov 2024DHRBought
15 Nov 2024AZOBought
15 Nov 2024APPBought

Dated at the rebalance that made the change.

DateCompanyAction
22 May 2026ENOVSold
22 May 2026AZOSold
21 Nov 2025WIXSold
15 Aug 2025SPTSold
15 Aug 2025PYPLSold
16 May 2025UPWKSold
16 May 2025HRISold
21 Feb 2025APPSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest