Dorsey Asset Management

Dorsey Asset Management, LLC, established in 2013 by Patrick W. Dorsey, is an SEC-registered investment adviser based in Chicago, Illinois. The firm specializes in providing investment advisory services to individuals, high-net-worth individuals, charitable organizations, and institutions, as well as managing private funds such as the Global Moat Fund, LP. Dorsey offers separately managed accounts with a long-only concentrated strategy primarily focused on U.S. and non-U.S. equities, including global equities and American Depository Receipts. The firm's investment philosophy centers on fundamental research to identify companies with sustainable competitive advantages and potential for above-average returns. Dorsey's investment advisory agreements grant the firm discretion to make investment decisions on behalf of clients, with fees typically based on a percentage of assets under management. For separately managed accounts, the annual fee is generally 1%, subject to negotiation. The firm does not charge performance-based fees and emphasizes fair treatment of all clients, with policies in place to mitigate conflicts of interest. Dorsey's investment strategies involve a long-term view, focusing on individual securities and their prospective value over multi-year periods. Clients are informed about the risks associated with market fluctuations, concentration, currency, inflation, interest rates, credit, liquidity, and other factors. Dorsey's brokerage practices prioritize best execution and may involve commission sharing arrangements to access research and brokerage services. The firm does not receive third-party compensation for client referrals and maintains strict ethical standards, including a Code of Ethics and cyber-security policy. Clients receive regular account reviews and reporting, with proxy voting services available for discretionary accounts. Dorsey does not have custody of client funds in separately managed accounts, which are held with qualified custodians. The firm's financial condition is sound, with no bankruptcy proceedings or financial impairments reported. For more detailed information, clients can contact Dorsey Asset Management directly.