Top 10 Stock Picks of Ryan Frick’s Dorsal Capital: Facebook, Snap and More

Published September 16, 2021 at 10:31 am EDT Updated September 7, 2026 at 1:35 pm EDT

In this article, we will discuss top 10 stock picks of Ryan Frick’s Dorsal Capital: Facebook, Snap and More based on Q2 holdings of the fund.

Ryan David Frick graduated from Stanford University with a master’s degree in business administration. He has worked as an analyst at Credit Suisse First Boston, a portfolio manager at SAC Capital, and a fund manager at CR Intrinsic. Dorsal Capital Management was established by Ryan David Frick and Oliver Evans. The hedge fund was founded in 2009, and its headquarters are in Redwood City, California. Frick is currently the CIO of the hedge fund.

The investing goal of Dorsal Capital Management is to produce risk-adjusted total returns that are generally uncorrelated to the movement of broad stock indexes. Dorsal Capital Management specializes in assisting pooled investment vehicles. The hedge fund’s 13F public equity portfolio is worth $2.14 billion in the second quarter of 2021.

As of the second quarter, Dorsal Capital holds significant stakes in several companies including Facebook, Inc. (NASDAQ:FB), Microsoft Corporation (NASDAQ:MSFT), and Alphabet Inc. (NASDAQ:GOOG).

Based on the latest 13F holdings for the second quarter of 2021, Dorsal Capital owns 740,000 shares in Facebook, Inc. after increasing its holding in the company by 48% in the second quarter of 2021. On September 13, Goldman Sachs analyst Eric Sheridan initiated coverage of Facebook, Inc. with a “Buy” rating and gave a price target of $455.

In Microsoft Corporation, Ryan Frick’s Dorsal Capital owns 700,000 shares. The huge investment covers an impressive 8.85% of the fund’s portfolio.

Ryan Frick of Dorsal Capital

Dorsal Capital also has a significant holding in Alphabet Inc.. The hedge fund owns 74,000 shares in Alphabet Inc., worth $180.69 million. On September 13, Goldman Sachs analyst Eric Sheridan initiated coverage of Alphabet Inc. with a “Buy” rating and gave a price target of $3,350.

Why should we pay attention to Ryan Frick’s stock picks? Insider Monkey’s research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 124 percentage points since March 2017. Between March 2017 and July 2021 our monthly newsletter’s stock picks returned 186.1%, vs. 100.1% for the SPY. Our stock picks outperformed the market by more than 115 percentage points (see the details here). That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.

Keeping all these points in mind, let’s start our list of top 10 stock picks of Ryan Frick’s Dorsal Capital. We used Frick’s 13F portfolio for the second quarter for this analysis.

Top Stock Picks of Ryan Frick’s Dorsal Capital: Facebook, Snap and More

10. Dynatrace, Inc. (NYSE: DT)

Frick’s Stake Value: $99,314,000
Percentage of Ryan Frick’s 13F Portfolio: 4.63%
Number of Hedge Fund Holders: 50

Dynatrace, Inc. (NYSE:DT) is a multinational technology firm that offers an artificial intelligence-based software intelligence platform. The company was founded in 2005 and is placed tenth on the list of top 10 stock picks of Ryan Frick’s Dorsal Capital. Dynatrace, Inc. shares have returned 80.54% to investors over the course of the past 12 months.

On September 14, Dynatrace, Inc. acquired SpectX, a company that specializes in high-speed parsing and query analytics. On July 29, Truist analyst Joel Fishbein raised the price target on Dynatrace, Inc. to $72 from $60 and kept a “Buy” rating on the shares.

Dorsal Capital holds 1.70 million shares in Dynatrace, Inc., worth over $99.314 million, representing 4.63% of their portfolio. The hedge fund has reduced its stake in the firm by 23% in the second quarter of 2021. In the second quarter of 2021, 50 hedge funds in the database of Insider Monkey held stakes worth $1.95 billion in Dynatrace, Inc., down from 52 the preceding quarter worth $1.64 billion.

In addition to Facebook, Inc., Microsoft Corporation, and Alphabet Inc., analysts are paying attention to Dynatrace, Inc. amid the company’s long-term growth potential.

9. US Foods Holding Corp. (NYSE:USFD)

Frick’s Stake Value: $109,326,000
Percentage of Ryan Frick’s 13F Portfolio: 5.1%
Number of Hedge Fund Holders: 35

US Foods Holding Corp. (NYSE:USFD) markets and distributes frozen, fresh, and dry food in the United States. It was incorporated in 2007 and is ranked ninth on the list of top 10 stock picks of Ryan Frick’s Dorsal Capital. US Foods Holding Corp. shares have gained about 30.38% over the last 12 months.

On August 9, US Foods Holding Corp. posted earnings for the second quarter of 2021. It declared earnings per share of $0.58, beating the estimates by $0.23. In addition, the revenue over the period was $7.66 billion, up 66.5%YoY, surpassing the predictions by $810 million. On July 29, UBS analyst Mark Carden initiated coverage of US Foods Holding Corp. with a “Neutral” rating and gave a price target of $36.

Dorsal Capital holds 2.85 million shares in US Foods Holding Corp., worth $109.33 million, representing 5.1% of their portfolio. Insider Monkey’s data shows that 35 hedge funds held stakes in US Foods Holding Corp. as of the second quarter of 2021, compared to 40 funds at the end of the first quarter of 2021.

In addition to Facebook, Inc., Microsoft Corporation, and Alphabet Inc., analysts are paying attention to US Foods Holding Corp. amid the company’s long-term growth potential.

8. Zillow Group, Inc. (NASDAQ:Z)

Frick’s Stake Value: $116,109,000
Percentage of Ryan Frick’s 13F Portfolio: 5.42%
Number of Hedge Fund Holders: 76

Zillow Group, Inc. (NASDAQ:Z) is an online real estate marketplace based in the United States. It was founded in 2004 and is ranked eighth on the list of top 10 stock picks of Ryan Frick’s Dorsal Capital. Zillow Group, Inc. currently has a $23.97 billion market capitalization.

On August 9, Zelman upgraded Zillow Group, Inc. to “Buy” from “Hold.” On August 5, Zillow Group, Inc. declared earnings for the second quarter of 2021. It posted revenue of $1.31 billion, up 70.5% YoY, beating the estimates by $40 million.

Ryan Frick’s Dorsal Capital holds 950,000 shares in Zillow Group, Inc., worth over $65.03 million. This represents 16.8% of their portfolio. Dorsal Capital’s stake in Zillow Group, Inc. decreased by 5% in the second quarter of 2021, the latest data reveals. Catherine D. Wood’s ARK Investment Management is the biggest stakeholder in Zillow Group, Inc., with 10.15 million shares worth $1.24 billion.

In addition to Facebook, Inc., Microsoft Corporation, and Alphabet Inc., analysts are paying attention to Zillow Group, Inc..

In its second-quarter, 2021 investor letter Baron Funds, mentioned Zillow Group, Inc.. Here is what the fund said:

“Zillow Group, Inc. operates leading U.S. real estate websites, a mortgage marketplace, and the Zillow Offers home-buying business. Shares were down due to rising mortgage rates and the potential adverse effects on the housing environment. Zillow also issued second quarter revenue guidance that was slightly below Street expectations. Despite this intra-quarter volatility, we continue to believe that Zillow has substantial upside in mortgages and Offers, which can grow its addressable market not only in houses bought/sold but also in leads provided to Zillow Premier Agents.”

7. Twilio Inc. (NYSE:TWLO)

Frick’s Stake Value: $130,073,000
Percentage of Ryan Frick’s 13F Portfolio: 6.07%
Number of Hedge Fund Holders: 98

Twilio Inc. (NYSE:TWLO), located in San Francisco, California, is a cloud communications platform as a service company. It was incorporated in 2008 and is ranked seventh on the list of top 10 stock picks of Ryan Frick’s Dorsal Capital. Twilio Inc. shares have offered investors returns exceeding 49.22% over the course of the past 12 months.

On July 30, Baird analyst William Power raised the price target on Twilio Inc. to $450 from $430 and kept an “Outperform” rating on the shares. On July 29, Twilio Inc. posted earnings for the second quarter of 2021. It declared earnings per share of -$0.11, beating the estimates by $0.02. In addition, the revenue over the period was $668.93 million, up 66.9% YoY, surpassing the predictions by $69.8 million.

Dorsal Capital holds 330,000 shares in Twilio Inc. worth over $130.07 million, representing 6.07% of their investment portfolio. The hedge fund has increased its stake in Twilio Inc. by 32% in the second quarter of 2021. As of the second quarter of 2021, 98 hedge funds in Insider Monkey’s database of 873 funds held stakes in Twilio Inc. compared to 99 funds in the first quarter.

In addition to Facebook, Inc., Microsoft Corporation, and Alphabet Inc., Twilio Inc. is one of the top picks of Ryan Frick.

Lakehouse Capital, in its second-quarter 2021 investor letter, mentioned Twilio Inc.. Here is what the fund said:

“The Fund held 20 positions as of the end of June and exited four during the year (including) Twilio. The companies we exited were sold almost entirely on the basis of their valuations getting stretched well past their norms and to levels where the return profile no longer offered the asymmetric upside that led us to invest in the first place. We dislike selling on valuation as great growth companies are hard to find and letting winners run is an important facet of a winning growth strategy, however, we’re not gluttons for punishment either and in each of those cases we redeployed capital towards other high-quality growth companies with less demanding valuations.”

6. Costco Wholesale Corporation (NASDAQ:COST)

Frick’s Stake Value: $138,485,000
Percentage of Ryan Frick’s 13F Portfolio: 6.46%
Number of Hedge Fund Holders: 54

Costco Wholesale Corporation (NASDAQ:COST) owns and operates a chain of membership-only big-box retail shops. It was founded in 1976 and is placed sixth on the list of top 10 stock picks of Ryan Frick’s Dorsal Capital. Costco Wholesale Corporation shares have gained about 33.20% in value over the last 12 months.

On September 9, Morgan Stanley analyst Simeon Gutman raised the price target on Costco Wholesale Corporation to $500 from $425 and maintained an “Overweight” rating on the shares.

The hedge fund chaired by Ryan Frick holds 350,000 shares in Costco Wholesale Corporation worth $138.49 million. In addition, Dorsal Capital’s stake in Costco Wholesale Corporation shares increased by 28% in the second quarter of 2021. Out of the hedge funds being tracked by Insider Monkey, Fisher Asset Management is a leading shareholder in Costco Wholesale Corporation, with 3.75 million shares worth more than $1.48 billion.

In addition to Facebook, Inc., Microsoft Corporation, and Alphabet Inc., Costco Wholesale Corporation is one of the top stocks in Ryan Frick’s portfolio.

ClearBridge Investments, in its first-quarter 2021 investor letter, mentioned Costco Wholesale Corporation. Here is what the fund said:

“To take a more discretionary stance in retailing and make room for our additional purchases where we see better opportunities, we closed our position in Costco Wholesale. Costco was a big winner during the most restrictive periods of the COVID-19 lockdowns with its focus on staples, larger basket size, necessities and bulk items, and it remains an exceptional retailer in its category, with a sticky subscription base and non-U.S. growth ahead. However, the company is facing very tough comparisons as well as margin pressure in its core business and we believe its valuation has become stretched.”

5. Snap Inc. (NYSE:SNAP)

Frick’s Stake Value: $175,461,000
Percentage of Ryan Frick’s 13F Portfolio: 8.19%
Number of Hedge Fund Holders: 64

Snap Inc. (NYSE:SNAP) is an American camera and social media company. It was incorporated in 2010 and is ranked fifth on the list of top 10 stock picks of Ryan Frick’s Dorsal Capital. Snap Inc. shares have offered investors more than 192.32% in returns over the past 12 months.

On September 13, Goldman Sachs analyst Eric Sheridan initiated coverage of Snap Inc. with a “Buy” rating and gave a price target of $90. On July 22, Snap Inc. posted earnings for the second quarter of 2021. It reported earnings per share of $0.10, beating the market predictions by $0.11. In addition, the revenue over the period was $982 million, surpassing the estimates by 135.43 million.

The hedge fund managed by Ryan Frick owns 2.58 million shares in Snap Inc. worth over $175.46 million, representing 8.19% of their portfolio. As of the second quarter of 2021, 64 hedge funds held stakes in Snap Inc. compared to 73 funds in the first quarter.

RiverPark Funds, in its second-quarter 2021 investor letter, mentioned Snap Inc.. Here is what the fund said:

“Snap shares were a top contributor for the quarter as well, also driven by strong first quarter results. The company reported accelerating revenue growth of 66% for the period (up from 62% fourth quarter growth), driven by user growth of 22%, and a 36% expansion in average revenue per user (ARPU). The company also guided to stronger-than-expected and accelerating 81%-85% revenue growth for second quarter 2021. Adjusted EBITDA improved by $79 million year over year for a break-even margin, up 1,800 basis points, and free cash flow improved dramatically, turning positive for the period to $126 million. Snap also continued to roll-out products that should help drive further expansion in user growth and ARPU, including Spotlight, a TikTok-like experience, with more than 125 million Snapchatters using it during March, and original programming starring Ryan Reynolds.

With TTM of $2.8 billion in revenue and an ARPU that is about 1/2 that of Twitter and 1/3 that of Facebook, we believe Snap has a long runway for both revenue growth and expanded profitability as it improves its platform functionality, grows its audience, and continues to advance its monetization.”

4. Alphabet Inc. (NASDAQ:GOOG)

Frick’s Stake Value: $180,692,000
Percentage of Ryan Frick’s 13F Portfolio: 8.43%
Number of Hedge Fund Holders: 190

Alphabet Inc. provides online advertising services. It was founded in 1998 and is placed fourth on the list of top 10 stock picks of Ryan Frick’s Dorsal Capital. Shares of Alphabet Inc. surged 86.51% in the past 12 months.

On September 1, C3.ai, Inc. (NYSE:AI) announced a collaboration with Alphabet Inc.. C3 AI’s enterprise artificial intelligence solutions running on Google Cloud will be co-sold by both firms’ sales teams as part of the new relationship.

Ryan Frick’s Dorsal Capital increased its holding in Alphabet Inc. by 3% in the second quarter of 2021, ending the period with 74,000 shares of the company, worth $180.69 million. The company is getting the attention of the smart money, as 190 hedge funds tracked by Insider Monkey reported owning stakes in Alphabet Inc. in the second quarter of 2021, up from 185 funds a quarter earlier.

Qualivian Investment Partners, in its second-quarter 2021 investor letter mentioned Alphabet Inc.. Here is what the fund said:

“The opportunity in online advertising remains very attractive for Alphabet’s subsidiary Google. In the recent June quarter, Google’s ad sales grew 69%. Alphabet’s subsidiary YouTube’s ad revenue soared 84%, to $7 billion, in the second quarter, putting the business on par with Netflix, which reported quarterly revenue of $7.3 billion. Netflix is expected to grow sales by 19%, to $29.7 billion this year, while YouTube’s ad revenue is forecast to rise 45%, to $28.7 billion.

Alphabet slashed operating losses for the Google Cloud by more than half, as the business continues to scale, growing at 50%+ clips. Furthermore, the company continues to have potentially new growth options via its investments in autonomous driving (Waymo) and various healthcare businesses such as Verily and Calico.”

3. Microsoft Corporation (NASDAQ:MSFT)

Frick’s Stake Value: $189,630,000
Percentage of Ryan Frick’s 13F Portfolio: 8.85%
Number of Hedge Fund Holders: 238

Microsoft Corporation is a global technology company that makes computer software, consumer devices, computers, and associated services. It was incorporated in 2009 and is ranked third on the list of top 10 stock picks of Ryan Frick’s Dorsal Capital. Microsoft Corporation shares have offered investors more than 44.02% in returns over the course of the past 12 months.

On September 14, Morgan Stanley analyst Keith Weiss raised the price target on Microsoft Corporation to $331 from $305 and kept an “Overweight” rating on the shares.

Dorsal Capital holds 700,000 shares in Microsoft Corporation, worth over $189.63 million, representing 8.85% of their portfolio. The hedge fund has decreased its stake in the firm by 25% in the second quarter of 2021. Martin Taylor’s Crake Asset Management is a leading shareholder in Microsoft Corporation, with 404,700 shares worth $109.63 billion.

Baron Opportunity Fund, in its second-quarter 2021 Investor Letter, the fund highlighted a few stocks and Microsoft Corporation is one of them. Here is what the fund said:

“Shares of Microsoft Corporation, a cloud-software leader and provider of software productivity tools and infrastructure, rose during the quarter following a strong earnings report highlighting solid demand for its broad product stack and continued momentum migrating its business to the cloud. Microsoft was a top contributor in the period because it trades at reasonable free cash flow and earnings valuations, has cloud and digital transformation tailwinds at its back, reported a solid March quarter, and beat Street expectations by a wide margin. Microsoft’s results continued to be strong across the board, with Azure cloud computing revenues up 46% in constantcurrency (“cc”) terms and commercial cloud bookings growth of 38% cc, the best in years. Microsoft also reported robust profitability growth, with operating income expanding 31% and GAAP earnings up 45%. We believe the company is well positioned for continued solid growth and profitability through market share gains as more companies look to transform and digitize their businesses as they move operations to the cloud.”

2. Facebook, Inc. (NASDAQ:FB)

Frick’s Stake Value: $257,305,000
Percentage of Ryan Frick’s 13F Portfolio: 12.01%
Number of Hedge Fund Holders: 266

Facebook, Inc. is a tech company based in the United States. It was founded in 2004, and it stands second on the list of top 10 stock picks of Ryan Frick’s Dorsal Capital. Shares of Facebook, Inc. surged 38.66% in the past 12 months.

On September 9, Facebook, Inc. joined the big-tech party by creating in-house semiconductors to manufacture more powerful and energy-efficient processors that will be cheaper and give more long-term savings for firms that run power-hungry data centres.

Dorsal Capital holds 740,000 shares in Facebook, Inc., worth $257.31 million. This represents 12.01% of their portfolio. The hedge fund increased its stake in the firm by 48% in the second quarter of 2021. The company saw an increase in hedge fund sentiment recently. The number of hedge fund positions climbed to 266 in the second quarter of 2021, compared to 257 positions in the previous quarter.

Polen Capital, in its second-quarter 2021 investor mentioned Facebook, Inc.. Here is what the fund said:

“Facebook was the top contributor to our return for the second consecutive quarter. The company has over $1 trillion market capitalizations. Yet, based on first quarter 2021 results, FB is currently still growing revenue at over 30% organically! In fact, last quarter Facebook grew revenue 48% year over year. Facebook has generated earnings and intrinsic value growth for many years, driven largely by the mostly free services the company provide to people who can easily choose to stop using them and spend their time elsewhere.

That said, we are regularly asked about the perceived high regulatory risk around Facebook. We examine risks to businesses and, in particular, regulatory risks through a lens of risk exposure versus actual risk. For instance, the antitrust complaints globally against Facebook based on their size, influence, and strong competitive positioning, definitionally exposes these companies to more regulatory risk than much smaller businesses. However, we do not believe risk exposure is the same as actual risk…” (Click here to see the full text)

1. Liberty Broadband Corporation (NASDAQ:LBRDA)

Frick’s Stake Value: $303,905,000
Percentage of Ryan Frick’s 13F Portfolio: 14.19%
Number of Hedge Fund Holders: 28

Liberty Broadband Corporation (NASDAQ:LBRDA) owns communications companies that include cable, internet, wireless, video, phone, and managed services. It was established in 2014 and is ranked first on the list of top 10 stock picks of Ryan Frick’s Dorsal Capital. Liberty Broadband Corporation currently has a $33.44 billion market capitalization and was able to deliver a 22.90% return in the past 12 months.

On August 24, Pivotal Research rated the stock as “Street-High,” raising the price target to $1,000 from $820. On August 6, Liberty Broadband Corporation posted earnings for the second quarter of 2021. It reported earnings per share of $0.30, missing the estimates by $1.33.

Ryan Frick’s hedge fund owns 1.75 million shares of Liberty Broadband Corporation, worth $303.91 million. There were 28 hedge funds in our database that held stakes in Liberty Broadband Corporation in the second quarter of 2021, compared to 23 funds in the first quarter.

In its second-quarter 2021 investor letter, Alphyn Capital Management mentioned Liberty Broadband Corporation. Here is what the fund said:

“Liberty Broadband completed its merger with GCI, thereby collapsing one layer of the double discount to Charter Communications, presenting a good opportunity to trim that position as well.”

You can also take a peek at 10 Best Stock Picks and Investments Of Billionaire Chamath Palihapitiya and Cathie Wood’s Top 5 Stock Picks and ARK Portfolio Updates