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 Opportunity Equity fund performance for the week of September 11-18, 2026. The manager doesn't give a clear market view, but notes that the Fed's first rate hike since July 2023 hurt some holdings like QXO, which hit a 52-week low. Three key holdings: Coinbase (COIN) rose as Bitcoin gained 4.9%, with analysts saying a failed bill won't hurt its business; Alphabet (GOOGL) crossed above its 50-day moving average, with analysts saying AI is enhancing search; Crocs (CROX) rebounded above its 100-day moving average after two directors bought shares.
Patient Capital's Opportunity Equity Strategy posted a net return of 0.14% last week (09/11-09/18), outperforming the S&P 500's -0.06%, with a YTD return of 14.89%, leading the S&P 500 by approximately 218 basis points. Among core holdings, Coinbase (COIN) broke above its 200-day moving average as B
Month: +0.14% vs S&P 500 -0.06%, Year-to-Date: +14.89%.
| Metric | Fund | Benchmark (S&P 500) |
|---|---|---|
| Last Week (09/11-09/18) | 0.14% | -0.06% |
| Month-to-Date | -1.80% | -0.38% |
| Quarter-to-Date | 4.25% | 2.27% |
| Year-to-Date | 14.89% | 12.71% |
| 1 Year | 17.61% | 16.71% |
| 3 Years | 28.84% | 21.35% |
| 5 Years | 8.64% | 13.14% |
| 10 Years | 13.69% | 15.49% |
| Since Inception (Annualized, since 2000/6/26) | 8.80% | 8.51% |
Top Five Contributors: Precigen Warrants (+14.0%), Precigen Stock (+13.6%), Coinbase (+10.8%), Crocs (+8.7%), Alphabet (+3.3%).
| Ticker | Type | Weekly Return |
|---|---|---|
| Precigen, Inc. Warrants 2034 | Derivative | 14.0% |
| Precigen, Inc. | Stock | 13.6% |
| Coinbase Global, Inc. | Stock | 10.8% |
| Crocs, Inc. | Stock | 8.7% |
| Alphabet Inc. | Stock | 3.3% |
Bottom Five Detractors: Chime Financial (-8.1%), QXO (-7.4% and -6.1%), Adyen (-6.6%), Citigroup (-5.1%).
| Ticker | Type | Weekly Return |
|---|---|---|
| Chime Financial Inc | Stock | -8.1% |
| Citigroup Inc. | Stock | -5.1% |
| QXO, Inc. | Stock | -7.4% |
| QXO, Inc. | Stock | -6.1% |
| Adyen N.V. | Stock | -6.6% |
[Cautious] The report does not provide an explicit macro judgment, but inferences can be drawn from position performance and event commentary:
1. The Fed rate hike (the first since July 2023) was the key macro event of the week, directly causing QXO to hit a 52-week low, indicating pressure on interest-rate-sensitive holdings.
2. The Bitcoin rally drove Coinbase through a technical level, but the report does not express an overall view on crypto assets.
3. The report does not disclose position structure data such as net exposure, leverage, or long/short ratios.
The report does not disclose any new positions, additions, reductions, or liquidations. All mentioned tickers are existing holdings whose price movements are driven by market factors, not active portfolio adjustments.