22% CAGR Returns For Dorsey Over Past Three Years Pat Explains Why We Ban Stock Charts [Letter]
Pat Dorsey has built a reputation for himself as a leading expert in the field of business moats. Several years ago, he left his job at Morningstar, where he was the head of equity research, to start Dorsey Asset Management his own investment management business.
Dorsey focuses on finding companies with broad moats, strong competitive advantages and good records of capital allocation. He invests with a concentrated portfolio that he believes embodies these ideas.
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The returns speak for themselves. Since inception (January 2014) the Dorsey Global Moat Composite Index has produced an annual return net of fees for investors of 12% vs. 7.7% for the MSCI All-Country World Index, according to Dorsey Asset Management's third-quarter letter to investors, a copy of which has been reviewed by ValueWalk. Year-to-date, the firm has produced a net return of 24% for its investors and 32.4% over the last 12 months and 22% CAGR over the past 3 years, and 12-15.4% CAGR since inception.
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