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 the Patient Capital fund's performance for the week ending August 28. The fund was flat (0.03%), lagging the S&P 500 (0.50%), but is up 17.67% year-to-date, beating the index by 4.16 percentage points. Key holdings mentioned: Nvidia (NVDA) beat earnings estimates and got a big price target hike to $515; Adobe, Amazon, and Meta also got target upgrades from analysts; Precigen (PGEN) fell after a director sold about $1.4 million in stock. The report doesn't give the manager's market view or any portfolio changes.
Patient Capital's Opportunity Equity Strategy rose 0.03% for the week ending August 28, 2026, underperforming the S&P 500's 0.50% gain, but is up 17.67% year-to-date, outperforming the S&P 500 by 416 basis points. The report highlights Nvidia (NVDA), which rose on better-than-expected earnings, with
Month-to-date: 0.03% vs. S&P 500's 0.50%; year-to-date: 17.67%, outperforming by 416 basis points.
| Metric | Fund | Benchmark (S&P 500) |
|---|---|---|
| Last Week (08/21-08/28) | 0.03% | 0.50% |
| Month-to-Date | 4.50% | 3.06% |
| Quarter-to-Date | 6.76% | 3.00% |
| Year-to-Date | 17.67% | 13.51% |
| 1 Year | 26.16% | 20.01% |
| 3 Years | 29.91% | 21.87% |
| 5 Years | 8.51% | 12.93% |
| 10 Years | 14.11% | 15.43% |
| Since Inception (Annualized, from 06/26/2000) | 8.92% | 8.56% |
Contributors: Adobe, Meta (including options), Amazon, Nvidia; Detractors: Precigen (including warrants), Coinbase, Norwegian Cruise Line, Tempus AI.
| Position | Contribution/Detraction | One-Sentence Attribution |
|---|---|---|
| Adobe Inc. (ADBE) | +5.9% | Stock price increase |
| Amazon.com, Inc. (AMZN) | +3.0% | Stock price increase |
| Meta Platforms, Inc. (META) | +5.1% | Stock price increase |
| Meta Platforms Inc. 01/28 540 (Option) | +12.0% | Option value increase |
| Nvidia Corp (NVDA) | +1.3% | Earnings beat drove stock price |
| Precigen, Inc. Warrant 2034 (Warrant) | -5.0% | Warrant price decline |
| Precigen, Inc. (PGEN) | -3.2% | Director sold approximately $1.4 million in stock |
| Coinbase Global, Inc. (COIN) | -4.2% | Stock price decline |
| Norwegian Cruise Line Holdings Ltd. (NCLH) | -3.4% | Decline without clear news |
| Tempus AI, Inc. (TEM) | -11.9% | Decline without clear news |
Nvidia's earnings beat expectations, with Raymond James significantly raising its price target to $515; Precigen fell due to insider selling; multiple investment banks raised price targets for Adobe, Amazon, Meta, and Coinbase.
[Not Disclosed] The report does not provide the manager's assessment of the overall market direction, nor does it disclose clues regarding position structure changes such as net exposure, leverage, or long/short ratios. Readers should note that the report primarily relies on external investment bank research reports to support position logic, rather than the manager's own views.
The report does not disclose any position changes (new positions, additions, reductions, or liquidations). All discussion revolves around the stock price performance of existing holdings and adjustments to price targets by external investment banks, with no information on capital flows.