In a significant portfolio shift, Dorsey Asset Management, led by noted "economic moat" investor Pat Dorsey, reduced its holding in Sunbelt Rentals Holdings by nearly 48%. According to a quarterly SEC filing, the firm's stake was cut from 2.20 million shares to 1.15 million during the period ending June 30, 2026. This disclosure, filed on August 14th, reflects trades made sometime in the second quarter and is not indicative of current-day activity.
The reduction lowered Sunbelt's weight in Dorsey's highly concentrated portfolio from 11.43% to 5.51%. The move came during a quarter where Sunbelt reported record full-year revenue for its fiscal year ending in April, but also saw its net income decline. No specific commentary from Dorsey on the trade has been made public.