Patient Capital Management is a Baltimore asset manager founded in 2020 by Samantha McLemore, CFA — Bill Miller's long-time co-manager (working together since 2002, running the flagship Opportunity Equity strategy since 2014). Continuing the Miller-school contrarian tradition, it practices "time arbitrage": exploiting behavioral mispricing to concentrate in controversial growth names (tech, healthcare, Bitcoin-related) at deep discounts to intrinsic value. Its site preserves Bill Miller's complete 1995-2022 market letters, alongside ongoing quarterly letters and webinars.
This weekly update from an asset manager's Opportunity Equity strategy shows the portfolio rose 1.56% last week, slightly behind the S&P 500, though it still leads the index by about 2% year-to-date. The author gives no clear bullish or bearish view. Among the names highlighted: Alphabet (Google's parent) gained 6.7% and retook a key moving average; Amazon rose 4.3%, with an analyst seeing possible upside in its cloud business; QXO fell 8.8% due to a weak housing market, and while its price target was cut, the analyst kept an 'overweight' rating.
Over the period, the portfolio’s YTD return led the S&P 500 by 197 basis points, but it slightly underperformed by 22 basis points last week; the author makes no clear directional judgment on the market [Neutral].
Last week the portfolio rose 1.56%, underperforming the S&P 500's 1.78% by roughly 22 basis points; year-to-date it gained 11.95%, leading the S&P 500 by 197 basis points.
Performance Comparison: As of July 2, 2026, returns for the Opportunity Equity representative account (net of fees) versus the S&P 500 for each period:
| Period | Opportunity Equity | S&P 500 |
|---|---|---|
| Last Week (06/26–07/02) | 1.56% | 1.78% |
| Month-to-Date | 1.58% | -0.21% |
| Quarter-to-Date | 1.58% | -0.21% |
| Year-to-Date | 11.95% | 9.98% |
| 1 Year | 33.28% | 21.62% |
| 3 Year | 26.35% | 20.53% |
| 5 Year | 5.15% | 13.07% |
| 10 Year | 15.21% | 15.46% |
| Since Inception (annualized, from 2000/6/26) | 8.77% | 8.48% |
The author uses the contributor/detractor list to explain the week's performance: five positive contributors rose between 4.3% and 12.6% for the week, but the four main detractors fell by a larger combined amount, leaving a positive net effect yet still underperforming the benchmark. The table also shows that the strategy has lagged the S&P 500 by roughly 792 basis points on a 5-year annualized basis (5.15% vs. 13.07%), while the excess returns are most pronounced over the past 1 year (33.28% vs. 21.62%) and 3 years (26.35% vs. 20.53%).
This week's main positive contributors were Alphabet (+6.7%), Global Payments (+12.6%), Coinbase (+11.0%), Amazon (+4.3%), and Adobe (+8.2%), with several names breaking above key moving averages; analyst price targets were mixed over the period. The original report does not disclose portfolio buy or sell actions for these names.
This week's main detractors were QXO (-8.8%), Norwegian Cruise Line (-6.9%), Precigen (-3.8%), and Citigroup (-1.3%), with Precigen's 2034 warrants an additional drag of 1.6%; among these, Precigen's CFO selling approximately $1.1 million in shares was the only specific negative stock-level event. The original report does not disclose portfolio buy or sell actions for these names.
| Instrument | Direction | Author's One-Line Stance | Key Data |
|---|---|---|---|
| Alphabet Inc. (GOOGL) | Not specified | Contributor; institution maintains Overweight | Weekly +6.7%; Wells Fargo target price 435→416 (16% upside) |
| Global Payments Inc. (GPN) | Not specified | Contributor; broke above key moving averages | Weekly +12.6%; broke above 100-day and 200-day moving averages |
| Coinbase Global, Inc. (COIN) | Not specified | Contributor; institution lowers target price | Weekly +11.0%; Goldman target price 220→212 (28% upside) |
| Amazon.com, Inc. (AMZN) | Not specified | Contributor; institution raises target price | Weekly +4.3%; Wells Fargo target price 312→313 (29% upside); expects FY27 AWS to beat expectations |
| Adobe Inc. (ADBE) | Not specified | Contributor; rose on light news flow | Weekly +8.2% |
| QXO, Inc. (QXO) | Not specified | Largest detractor; institution maintains Overweight | Weekly -8.8%; KeyBanc target price 32→28 (73% upside) |
| Norwegian Cruise Line Holdings Ltd. (NCLH) | Not specified | Detractor; institution raises target price | Weekly -6.9%; Wells Fargo target price 19→25 (26% upside) |
| Precigen, Inc. (PGEN) | Not specified | Detractor; CFO reduces holdings | Weekly -3.8%; CFO sold approximately $1.1 million of shares |
| Precigen, Inc. Warrant 2034 | Not specified | Detractor; derivatives position | Weekly -1.6% |
| Citigroup Inc. (C) | Not specified | Detractor; light news flow | Weekly -1.3% |