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 and holdings for the week. The fund gained 0.64%, beating the S&P 500's 0.13%. No clear market view is given, but key stocks are highlighted: NVIDIA is seen as strengthening its AI position by acquiring Hugging Face (an open-source AI platform); Meta rebounded after settling a child safety case; Adobe got a new CEO and a price target hike, seen as a strategic AI shift. Norwegian Cruise Line had its target cut, Amazon's was raised, while Adyen and Expedia fell.
Patient Capital's Opportunity Equity strategy rose 0.64% last week, outperforming the S&P 500's 0.13%, with a YTD return of 18.42%, leading the S&P 500 by 477 basis points. Among core holdings, NVIDIA Corp. (NVDA) had its $515 target price (124% upside) maintained by Raymond James following its $12.
Month: +0.64% vs S&P 500 +0.13%, Year-to-Date: +18.42%.
| Metric | Fund | Benchmark (S&P 500) |
|---|---|---|
| Last Week (08/28-09/04) | 0.64% | 0.13% |
| Month-to-Date | 1.22% | 0.46% |
| Quarter-to-Date | 7.45% | 3.13% |
| Year-to-Date | 18.42% | 13.65% |
| 1 Year | 25.38% | 20.11% |
| 3 Years | 28.58% | 21.15% |
| 5 Years | 8.60% | 12.82% |
| 10 Years | 14.02% | 15.38% |
| Since Inception (Annualized, from 2000/6/26) | 8.94% | 8.56% |
Top 5 Contributors (Including Derivatives):
| Ticker | Type | Weekly Return |
|---|---|---|
| Meta Platforms Inc. 01/28 540C | Derivative | 18.4% |
| Adobe Inc. | Equity | -8.6% |
| Expedia Group, Inc. | Equity | -9.5% |
| Norwegian Cruise Line Holdings Ltd. | Equity | -6.5% |
| Adyen N.V. | Equity | -5.9% |
Top 5 Detractors:
| Ticker | Type | Weekly Return |
|---|---|---|
| Adobe Inc. | Equity | -8.6% |
| Norwegian Cruise Line Holdings Ltd. | Equity | -6.5% |
| Adyen N.V. | Equity | -5.9% |
| Expedia Group, Inc. | Equity | -9.5% |
| Amazon.com, Inc. | Equity | -3.0% |
(Note: The contributor and detractor tables are sourced from Exhibits 2 and 3 of the original report, and all tickers listed in the report are included.)
[Not Disclosed] The report does not express a clear view on the overall market or industry trends, focusing solely on event-driven stock commentary.
[Not Disclosed] The report does not disclose any new positions, additions, reductions, or closures, nor does it mention net exposure, long/short ratios, or leverage changes. All commentary consists of third-party analyst views or technical observations on existing holdings.