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 report covers Patient Capital's fund performance for the week ending August 21. The fund gained 0.51% vs the S&P 500's -1.39%. No explicit market view from the manager, but holdings show bets on crypto and biotech. Top performers: Coinbase (COIN, up 25.6% as Bitcoin rose 23%), Precigen (PGEN, hit a 52-week high), and its warrant (a derivative like a stock option). Laggards: United Airlines (UAL, fell 9.7% as oil rose 6.6%) and Norwegian Cruise Line (NCLH, broke below its 100-day average).
Patient Capital’s Opportunity Equity Strategy representative account rose 0.51% last week, outperforming the S&P 500, which fell 1.39%, bringing the year-to-date return to 17.63%, leading the benchmark by 468 basis points. The core theme was cryptocurrency-related assets strengthening alongside Bitc
Month: +0.51% vs S&P 500 -1.39%, Year-to-Date: +17.63%.
| Metric | Fund | Benchmark (S&P 500) |
|---|---|---|
| Last Week (08/14-08/21) | 0.51% | -1.39% |
| Month-to-Date | 4.47% | 2.55% |
| Quarter-to-Date | 6.73% | 2.48% |
| Year-to-Date | 17.63% | 12.95% |
| 1 Year | 32.57% | 21.90% |
| 3 Years | 30.37% | 21.98% |
| 5 Years | 9.70% | 13.17% |
| 10 Years | 14.04% | 15.29% |
| Since Inception (Annualized, from 06/26/2000) | 8.93% | 8.55% |
| Position | Contribution/Detraction | One-Line Attribution |
|---|---|---|
| Precigen, Inc. Warrant 2034 | Contribution +21.2% | Derivative followed the common stock to a 52-week high |
| Precigen, Inc. (PGEN) | Contribution +18.0% | Common stock hit a 52-week high |
| Coinbase Global, Inc. (COIN) | Contribution +25.6% | Driven by Bitcoin's 23.3% gain; broke above the 50/100-day moving averages |
| Fidelity Wise Origin Bitcoin Fund (FBTC) | Contribution +22.4% | Driven by Bitcoin's 23.3% gain; reclaimed the 50/100/200-day moving averages |
| Royalty Pharma plc (RPRX) | Contribution +4.6% | Hit a 52-week high |
| Citigroup Inc. (C) | Detraction -5.5% | Fell below the 50/100-day moving averages |
| Norwegian Cruise Line Holdings Ltd. (NCLH) | Detraction -9.3% | Fell below the 100-day moving average; UBS raised its price target to $20 (16% upside) but lowered fuel cost expectations |
| United Airlines Holdings, Inc. (UAL) | Detraction -9.7% | Dragged by Brent crude's 6.6% rise; fell below the 50-day moving average |
| Nvidia Corp (NVDA) | Detraction -4.6% | JP Morgan expects it to beat estimates again and raise guidance, but acknowledges ASIC competitive threats |
| Crocs, Inc. (CROX) | Detraction -7.3% | Fell below the 50-day moving average |
[Neutral to Slightly Bullish] The report does not provide an explicit market stance from the manager, but based on position performance:
The report does not disclose any new positions, additions, reductions, or liquidations. All mentioned positions reflect only price fluctuations of existing holdings during the week, with no capital flow information.