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 September 11, 2026. The fund lost 3.12%, underperforming the benchmark's 0.78% drop, but is up 14.72% year-to-date. The manager doesn't give a clear market view, but AI stocks like Meta, Broadcom, and Nvidia drove gains, while rising interest rates hurt QXO. Key holdings: Meta (launched an AI assistant, stock rose, JPMorgan raised target to $820), Royalty Pharma (a drug trial failed, stock fell 8.4%), and Nvidia (analyst sees attractive valuation, target $300).
Patient Capital's Opportunity Equity Strategy representative account fell 3.12% last week, underperforming the S&P 500's 0.78% decline, but is still up 14.72% year-to-date, leading the S&P 500 by 195 basis points. Among core holdings, Meta Platforms (META) broke above its 200-day moving average foll
Month: -3.12% vs Benchmark -0.78%, Year-to-Date: +14.72%.
| Metric | Fund | Benchmark |
|---|---|---|
| Last Week (09/04-09/11) | -3.12% | -0.78% |
| Month-to-Date | -1.94% | -0.32% |
| Quarter-to-Date | +4.10% | +2.33% |
| Year-to-Date | +14.72% | +12.77% |
| 1 Year | +19.02% | +17.61% |
| 3 Years | +28.30% | +21.08% |
| 5 Years | +8.51% | +13.03% |
| 10 Years | +13.94% | +15.56% |
| Since Inception (Annualized) | +8.81% | +8.52% |
Top Contributors: Meta Stock +5.1%, Meta Options +17.0%, Broadcom +1.2%, Citigroup +0.8%, Energy Transfer +0.2%. Top Detractors: Adyen -9.5%, Royalty Pharma -8.4%, QXO -7.7%, Nvidia -5.2%, UnitedHealth -4.5%.
| Position | Contribution/Detraction | One-Sentence Attribution |
|---|---|---|
| Meta Platforms (META) | +5.1% (Stock) / +17.0% (Options) | Launched a personal assistant, broke above the 200-day moving average, JPMorgan raised its price target to $820. |
| Broadcom (AVGO) | +1.2% | Piper Sandler initiated coverage with a Buy rating and a $460 target, noting it holds ~75% of the ASIC chip market. |
| Citigroup (C) | +0.8% | Goldman Sachs raised its price target to $175, arguing large banks benefit from increased trading volumes driven by AI buildout. |
| Energy Transfer (ET) | +0.2% | Hit a 52-week high; Stifel resumed coverage with a Buy rating and a $25 target. |
| Adyen (ADYEN) | -9.5% | No clear news catalyst; broke below the 50-day moving average but found support at the 100-day moving average. |
| Royalty Pharma (RPRX) | -8.4% | Phase 3 trial failure for its asset Pelacarsen; broke below the 50-day moving average. |
| QXO (QXO) | -7.7% | 10-year Treasury yield hit a new high; stock fell to a 52-week low. |
| Nvidia (NVDA) | -5.2% | Piper Sandler initiated coverage with a Buy rating and a $300 target, citing attractive current valuation. |
| UnitedHealth (UNH) | -4.5% | No clear news catalyst; broke below the 100-day moving average. |
Meta Platforms (META): Thesis — JPMorgan believes Meta is in the early stages of monetizing frontier AI models, and its 4 billion user base offers significant long-term potential for customer-facing AI products. Key Numbers: Price target raised from $640 to $820 (27% upside), rating upgraded from Neutral to Overweight. Quote: "JPM sees significant long-term potential for customer-facing AI products to become a meaningful revenue stream."
Royalty Pharma (RPRX): Thesis — The Phase 3 trial failure of Pelacarsen was the main drag, but UBS notes this asset represents only a very small percentage of expected revenue. Key Numbers: UBS maintains a $66 price target (13% upside) and a Buy rating. Quote: "noting this was a very small percentage of expected revenue."
Broadcom (AVGO): Thesis — Piper Sandler views Broadcom as a key player in AI inference, arguing that market concerns over increased competition have led to an excessive selloff. Key Numbers: Price target $460 (27% upside), Buy rating, holds ~75% of the ASIC chip market.
Nvidia (NVDA): Thesis — Piper Sandler sees product innovation, leading market share, and a $2T total addressable market by 2030 as growth drivers, with the current P/E at a significant discount to its five-year average offering an attractive entry point. Key Numbers: Price target $300 (37% upside), Buy rating.
Energy Transfer (ET): Thesis — Stifel believes its diversified portfolio benefits from rising natural gas demand from the power sector, increased Permian Basin production, and global LNG export growth. Key Numbers: Price target $25 (16% upside), Buy rating.
Citigroup (C): Thesis — Goldman Sachs argues that increased trading volumes and the capital-intensive nature of AI buildout favor large banks. Key Numbers: Price target raised from $161 to $175 (26% upside).
QXO (QXO): Thesis — The stock decline is linked to the macro interest rate environment. Key Numbers: Morgan Stanley maintains a $35 price target (184% upside).
UnitedHealth (UNH): Thesis — Wells Fargo maintains a positive view after discussions with OptumHealth management. Key Numbers: Price target $526 (39% upside), mentions earlier-than-expected margin improvement and a return to revenue growth by 2027.
[Neutral to Cautious] The report does not make an overall macro market judgment, but observations from position performance and stock commentary suggest:
1. AI Theme Remains Core Driver: AI-related positions like Meta, Broadcom, and Nvidia received positive analyst reviews and were the main contributors to the portfolio.
2. Interest Rate Sensitivity Rising: QXO declined as the 10-year Treasury yield hit a new high, indicating that the interest rate environment is pressuring some holdings.
3. Idiosyncratic Risk Events Dominate Short-Term Volatility: Royalty Pharma's clinical failure and Adyen's decline without news show that short-term portfolio performance is heavily influenced by non-systematic factors.
The report does not disclose specific position adjustments (new positions/additions/reductions/liquidations), only providing position performance data. Inferences can be drawn indirectly from analyst rating changes:
Net Exposure/Long-Short Ratio/Leverage Changes: Not disclosed.