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 review from patient_capital says its portfolio was basically flat last week (-0.02%), slightly behind the S&P 500 (+1.26%), but still ahead for the year by about 0.57 percentage points. The biggest winner was Meta, up 14.8% after it said it would make its own AI chips and start charging for its Muse Spark AI model. Nvidia gained 8.3% after Bank of America stuck to a $350 price target. QXO fell 7.5% to a one-year low after Citi cut its target to $25. No buys or sells were disclosed.
The author reviews the week from a position-review perspective; the AI monetization narrative and newly established derivatives positions contributed the bulk of gains, while oil prices and stocks hitting 52-week lows weighed on performance. Year-to-date, the portfolio still leads the S&P 500 by 57 basis points (neutral).
The representative account fell 0.02% last week, underperforming the S&P 500's 1.26% gain; it is up 11.93% year-to-date, still ahead of the S&P 500 by 57 basis points.
Performance Comparison: Last week (07/02-07/10), the Opportunity Equity representative account returned -0.02% after fees, versus +1.26% for the S&P 500; month-to-date and quarter-to-date it is +1.56% (S&P 500: +1.05%); year-to-date it is 11.93% vs. 11.36%. Over longer horizons, it clearly outperformed over 1 year (29.27% vs. 22.07%) and 3 years (25.59% vs. 21.39%), but lagged over 5 years (5.63% vs. 13.25%) and 10 years (14.92% vs. 15.45%); since inception (annualized, from 2000/6/26) it is 8.76% vs. 8.53%.
| Period | Opportunity Equity Representative Account (After Fees) | S&P 500 |
|---|---|---|
| Last week (07/02-07/10) | -0.02% | 1.26% |
| Month-to-date | 1.56% | 1.05% |
| Quarter-to-date | 1.56% | 1.05% |
| Year-to-date | 11.93% | 11.36% |
| 1 Year | 29.27% | 22.07% |
| 3 Years | 25.59% | 21.39% |
| 5 Years | 5.63% | 13.25% |
| 10 Years | 14.92% | 15.45% |
| Since inception (annualized, from 2000/6/26) | 8.76% | 8.53% |
This week's return structure was polarized: AI heavyweight stocks and a derivatives position newly established within the quarter, the name of which has not yet been disclosed, contributed the bulk of gains, while drags came from names hitting 52-week lows, airlines impacted by crude oil prices, and pharma/royalty holdings with no major news. The author explains individual stock moves through events and sell-side rating changes, and discloses no buys or sells throughout—this is a weekly attribution review from a holder's perspective.
Meta rose 14.8% for the week, breaking above its 50-day, 100-day, and 200-day moving averages in one stroke, fully igniting the AI monetization narrative.
Nvidia rose 8.3% for the week and broke above its 50/100-day moving averages; BofA maintained its $350 price target (66% upside); Crocs hit a 52-week high; FBTC strengthened alongside Bitcoin's 3.7% gain.
QXO fell 7.5% for the week to a 52-week low; Citi cut its price target from $28 to $25, but maintained a Buy rating.
UAL fell 5.5% for the week, with Brent crude's 5.9% weekly gain serving as the direct trigger; Precigen (including its 2034 warrants) and Royalty Pharma also closed lower.
| Ticker | Direction | Author's One-Sentence View | Key Data |
|---|---|---|---|
| Meta Platforms Inc. (META) | Not disclosed | Views it as the largest single positive contributor of the week, driven by a re-rating of AI monetization potential | +14.8% w/w, broke above 50/100/200-day moving averages; plans to develop proprietary AI chips, doubles data center capacity to 14GW by 2027, launched Muse Spark API priced below competitors |
| Nvidia Corp (NVDA) | Not disclosed | Earned Bank of America's support, which believes its pricing power and scale advantages are undervalued | +8.3% w/w, broke above 50/100-day moving averages; BofA target price $350, implying 66% upside |
| Crocs, Inc. (CROX) | Not disclosed | Hit new highs amid subdued news flow, positive price action | +6.0% w/w, made a 52-week high |
| Fidelity Wise Origin Bitcoin Fund (FBTC) | Not disclosed | Strengthened in line with bitcoin's rise | +3.9% w/w; bitcoin +3.7% w/w |
| New position (derivative, name not disclosed) | Newly established | Built during the quarter, one of the largest single positive contributors, but details undisclosed | +44.8% w/w; the original text marks it only as "New Security*" |
| QXO Inc. (QXO) | Not disclosed | Broker target-price cuts coincided with a new stock low; price momentum is weak | -7.5% w/w, hit a 52-week low; Citi target price $28→$25, implying 67% upside, Buy maintained |
| United Airlines Holdings, Inc. (UAL) | Not disclosed | Rising oil prices pressured the stock, but the sell side still has earnings expectations | -5.5% w/w; Brent crude +5.9% w/w; Morgan Stanley target price $182→$185, implying 47% upside |
| Precigen, Inc. (PGEN) | Not disclosed | Subdued news flow, no company-specific negative catalyst behind the decline | -5.7% w/w |
| Precigen, Inc. Warrant 2034 | Not disclosed | Weakened in line with the underlying stock | -6.2% w/w |
| Royalty Pharma plc (RPRX) | Not disclosed | Pulled back from a 52-week high on subdued news flow, closer to a technical correction | -2.3% w/w |