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.
A fund manager's weekly update says the fund gained 5.29% after fees last week, beating the S&P 500 (a U.S. large-cap index) by 1.7 percentage points; it is up 18.55% this year, still ahead of the index. No clear view on the whole market, but the tone is upbeat. Top highlights: Chime Financial jumped 26.6% after better-than-expected earnings and a raised full-year outlook; Nvidia rose 11.6% after SpaceX announced a partnership on an AI satellite project; CVS Health fell 8.4% even though its results and guidance beat, making it the biggest drag.
The author made no market-level directional call this period, but the portfolio performed strongly: +5.29% net of fees last week, outperforming the S&P by 170 basis points, and ahead by 446 basis points YTD. The report's tone is [optimistic].
Last week the portfolio returned 5.29% net of fees, outperforming the S&P 500's 3.59% by 170 basis points; YTD rose to 18.55%, leading the index by 446 basis points.
The original text uses Exhibits 2/3 to list the week's main contributors and detractors: on the contributor side, Chime Financial (+26.6%), QXO (+21.5%), Precigen warrants (+15.8%) and common shares (+15.3%), and Nvidia (+11.6%) led the gains; on the detractor side were CVS Health (-8.4%), Seadrill (-3.6%), Royalty Pharma (-2.8%), Fiserv (-2.8%), and UnitedHealth (-1.8%).
Performance Comparison:
| Period | Portfolio (Net) | S&P 500 |
|---|---|---|
| Last Week (07/31–08/07) | 5.29% | 3.59% |
| MTD | 5.29% | 3.59% |
| QTD | 7.57% | 3.52% |
| YTD | 18.55% | 14.09% |
| 1 Year | 40.49% | 23.83% |
| 3 Years | 27.57% | 21.35% |
| 5 Years | 7.82% | 13.44% |
| 10 Years | 14.47% | 15.43% |
| Since Inception (Annualized, since 06/26/2000) | 8.98% | 8.60% |
Data as of 08/07/26, sources: Bloomberg, Patient Capital. Over the long term, the portfolio still trails the index over the past 5 and 10 years, while modestly leading annualized returns since inception. The original text only shows individual stock price returns as the basis for contributions/detractors and does not disclose any portfolio-level position changes.
All five major contributors rallied: Chime hit a 52-week high on better-than-expected earnings, QXO received coverage reinitiation from a major bank, Precigen posted an earnings surprise, and Nvidia was boosted by its SpaceX partnership.
CVS fell 8.4% despite a beat-and-raise quarter, becoming the week's biggest detractor; Fiserv slid on guidance cuts, and UnitedHealth weakened in sympathy.
| Ticker | Weekly Price Return | Original Direction | Key Data/Event |
|---|---|---|---|
| Chime Financial (CHYM) | +26.6% | Not disclosed | Revenue of $670M (+30% y/y) beat expectations; raised FY26 guidance; Canaccord target price $45 |
| QXO (QXO) | +21.5% | Not disclosed | Morgan Stanley reinitiated coverage, target price $35 |
| Precigen (PGEN) | +15.3% | Not disclosed | Revenue of $55M vs. expected $28M; EPS turned positive at $0.05; HC Wainwright target price $18 |
| Precigen 2034 warrants | +15.8% | Not disclosed | Rallied with the common stock, slightly outperforming it |
| Nvidia (NVDA) | +11.6% | Not disclosed | SpaceX announced Starmind AI satellite constellation partnership |
| CVS Health (CVS) | -8.4% | Not disclosed | Fell despite earnings beat; UBS target price $126 |
| Royalty Pharma (RPRX) | -2.8% | Not disclosed | Beat expectations and raised guidance; Citi target price $70 |
| Seadrill (SDRL) | -3.6% | Not disclosed | Dragged by Brent crude -5.0% |
| UnitedHealth (UNH) | -1.8% | Not disclosed | Followed CVS below 50-day moving average |
| Fiserv (FISV) | -2.8% | Not disclosed | EPS of $1.84 missed expectations; cut FY26 guidance; RBC target price $65 |
| Ticker | Direction | Author's One-Line Take | Key Data |
|---|---|---|---|
| Chime Financial (CHYM) | Not stated | Beat on both earnings and guidance, hit a 52-week high, listed as the #1 contributor | Weekly +26.6%; revenue $670M (+30% y/y) vs. $644M expected, EPS $0.25 vs. $0.18 expected; FY26 revenue/EBITDA guidance raised by $60M/$46.5M, respectively; Canaccord target price $40→$45 (55% upside) |
| Precigen (PGEN) | Not stated | Earnings far exceeded market expectations, hit a 5-year high, listed as a major contributor | Weekly +15.3%; revenue $55M vs. $28M expected, operating profit $23M vs. -$4M expected, EPS $0.05 vs. -$0.01 expected; HC Wainwright target price $14→$18 (149% upside) |
| Precigen 2034 Warrants | Not stated | As a derivatives holding, rallied sharply with the underlying stock, listed as a major contributor | Weekly +15.8%, slightly more than the underlying stock (+15.3%); expires 2034 |
| CVS Health (CVS) | Not stated | Beat on both earnings and guidance but shares fell 8.4% instead, listed as the biggest drag of the week; UBS raised its target price | Weekly -8.4%; revenue $106B vs. $100B expected, EPS $2.31 vs. $1.56 expected; FY26 revenue guidance raised to >$414B, EPS guidance raised to $6.94; UBS target price $122→$126 (32% upside) |
| Fiserv (FISV) | Not stated | EPS missed, FY26 guidance cut, listed as a drag; RBC maintained Buy but cut its target price | Weekly -2.8%; revenue of ~$5B roughly in line, adjusted EPS $1.84 vs. $1.91 expected; FY26 EPS guidance midpoint cut from $8.15 to $7.30; RBC target price $75→$65 (24% upside) |
| Royalty Pharma (RPRX) | Not stated | Beat expectations and raised FY26 guidance but still edged lower, listed as a drag; Citi raised its target price | Weekly -2.8%; royalty receipts $773M vs. $762M expected, portfolio cash flow per share $1.46 vs. $1.26 expected; FY26 receipts guidance raised to $3,400M-$3,500M; Citi target price $66→$70 (23% upside) |
| QXO (QXO) | Not stated | Morgan Stanley resumed coverage, assigning 117% upside; shares reclaimed the 50-day moving average | Weekly +21.5%; Morgan Stanley target price $35 |
| Nvidia (NVDA) | Not stated | SpaceX announced a partnership on the Starmind AI satellite constellation project, and the news pushed the stock above the 50-day moving average | Weekly +11.6% |