Dorsal Capital Management, LLC

Hedge Fund • Long/Short

Dorsal Capital Management, LLC is a Long/Short Hedge Fund based in Redwood City, CA led by Ryan David Frick, reporting $6.6B in AUM as of Q3 2025 with 36% Technology concentration and 63% concentrated in top 10 holdings.

CIORyan David Frick

Portfolio Value: $3.7B
Positions: 23
Top Holding: SE at 7.85%
Last Reported: Q3 2025

Address203 Redwood Shores Parkway, Redwood City, CA, 94065, United States

Top Holdings

Largest long holdings in Dorsal Capital Management, LLC's portfolio (62.8% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Sea Limited SE	Unknown Unknown	$290.4M	7.85%	+$290.4M New	— 1.6M shares	Q3 2025 Held for 2 months
2 Wix.com WIX	Software - Infrastructure Technology	$279.8M	7.56%	+$93.3M Bought	2.83% 1.6M shares	Q1 2024 Held for 1y 8m
3 Taiwan Semiconductor Manufacturing Company TSM	Semiconductors Technology	$258.3M	6.98%	-$41.9M Sold	— 925.0K shares	Q2 2025 Held for 5 months
4 Planet Fitness PLNT	Leisure Consumer Cyclical	$241.3M	6.52%	-$15.6M Sold	2.77% 2.3M shares	Q1 2023 Held for 2y 8m
5 Microsoft MSFT	Software - Infrastructure Technology	$230.5M	6.23%	-$28.5M Sold	0.01% 445.0K shares	Q3 2014 Held for 11y 2m
6 Coupang CPNG	Specialty Retail Consumer Cyclical	$225.4M	6.09%	-$9.7M Sold	0.38% 7.0M shares	Q1 2024 Held for 1y 8m
7 Zillow Group, Inc. Z	Internet Content & Information Communication Services	$206.6M	5.58%	+$17.8M Bought	1.11% 2.7M shares	Q4 2019 Held for 5y 11m
8 Burlington Stores BURL	Apparel - Retail Consumer Cyclical	$203.6M	5.50%	+$12.7M Bought	1.27% 800.0K shares	Q2 2019 Held for 6y 5m
9 US Foods USFD	Food Distribution Consumer Defensive	$193.5M	5.23%	-$17.2M Sold	1.12% 2.5M shares	Q1 2021 Held for 4y 8m
10 Home Depot HD	Home Improvement Consumer Cyclical	$192.5M	5.20%	-$20.3M Sold	0.05% 475.0K shares	Q2 2024 Held for 1y 5m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Dorsal Capital Management, LLC's latest filing

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Market Value

$3.7B

Prior: $3.2B

Q/Q Change

+15.02%

+$483.2M

Net Flows % of MV

+9.79%

Turnover Ratio

11.77%

New Purchases

2 stocks

$364.6M

Added To

10 stocks

+$251.9M

Sold Out Of

1 stocks

$3.6M

Reduced Holdings

11 stocks

-$290.9M

Increased Positions

Position	Shares Δ	Change
1 Sea Limited SE	New	0 → 1.6M +$290.4M
2 Nexstar Media Group, Inc. NXST	New	0 → 375.0K +$74.2M
3 Qorvo QRVO	+146.91%	405.0K → 1.0M +$54.2M
4 Wix.com WIX	+50.0%	1.1M → 1.6M +$93.3M
5 Nutanix, Inc. NTNX	+50.0%	900.0K → 1.4M +$33.5M

Decreased Positions

Position	Shares Δ	Change
1 Hinge Health, Inc. HNGE	Sold	70.0K → 0 −$3.6M
2 Amazon AMZN	-27.66%	1.2M → 850.0K −$71.4M
3 Flutter Entertainment FLUT	-23.81%	525.0K → 400.0K −$31.8M
4 Taiwan Semiconductor Manufacturing Company TSM	-13.95%	1.1M → 925.0K −$41.9M
5 Sea Limited SE	-12.16%	0 → 1.6M +$290.4M