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 weekly performance and holdings. The fund gained 0.89% last week, lagging the S&P 500's 1.23%, but is up 15.91% year-to-date, beating the index. The manager doesn't state a market view directly, but comments suggest optimism on AI-related Meta (target raised to $955 on AI agent Muse's success) and caution on rate-sensitive QXO (target cut). Key holdings: Meta (stock up 13%, options up 31.5% on AI optimism), People Inc. (up 10.5% after dropping MGM bid), and Chime Financial (down 11.7% on technical weakness).
Patient Capital’s Opportunity Equity Strategy representative account rose 0.89% last week (as of September 25, 2026), lagging the S&P 500’s 1.23% gain, but is up 15.91% year-to-date, outperforming the S&P 500 by 182 basis points. In core holdings: Loop raised its price target for Meta Platforms (MET
Month: +0.89% vs S&P 500 +1.23%; Year-to-Date: +15.91% vs Benchmark +14.09%.
| Metric | Fund | S&P 500 |
|---|---|---|
| Last Week (09/18-09/25) | 0.89% | 1.23% |
| Month-to-Date | -0.93% | 0.84% |
| Quarter-to-Date | 5.17% | 3.52% |
| Year-to-Date | 15.91% | 14.09% |
| 1 Year | 23.22% | 18.62% |
| 3 Years | 30.66% | 22.92% |
| 5 Years | 8.52% | 13.30% |
| 10 Years | 13.55% | 15.49% |
| Annualized Since Inception (Since 2000/6/26) | 8.83% | 8.55% |
Top Five Contributors: Meta Common Stock +13%, Meta Options +31.5%, People Inc. +10.5%, QXO +9.3%, United Airlines +4.9%
Top Five Detractors: Chime Financial -11.7%, Adobe -5.4%, Energy Transfer -4.5%, Seadrill -4.0%, Precigen Warrants -1.9%
| Position | Contribution/Detraction | One-Line Attribution |
|---|---|---|
| Meta Platforms (META) Common Stock | +13.0% | Loop raised its price target to $955, and the AI agent Muse achieved early success. |
| Meta Platforms 01/28 540C Options | +31.5% | The rise in the underlying stock drove a significant appreciation in call options. |
| People Inc. (PPLI) | +10.5% | The stock broke above its 50-day moving average after withdrawing its acquisition offer for MGM. |
| QXO, Inc. (QXO) | +9.3% | Despite a downward revision in its price target, the stock still recorded positive returns. |
| United Airlines (UAL) | +4.9% | Broke above its 200-day moving average; UBS raised its price target to $146. |
| Chime Financial (CHYM) | -11.7% | Fell below its 50-day moving average. |
| Adobe Inc. (ADBE) | -5.4% | Fell below its 100-day moving average after the CEO sold approximately $31 million in stock. |
| Energy Transfer LP (ET) | -4.5% | Fell below its 50-day and 100-day moving averages. |
| Seadrill Limited (SDRL) | -4.0% | Fell below its 50-day moving average, despite a 0.43% rise in Brent crude oil. |
| Precigen, Inc. Warrants (2034) | -1.9% | Pulled back after hitting a 52-week high. |
[Not Explicitly Stated] The report does not express a clear view on the overall market, only indirectly reflecting it through individual stock commentary: optimism on the AI theme (Meta) and a shift to caution on rate-sensitive positions (QXO).
The report does not disclose specific position changes, only reflecting portfolio performance. Based on the stock commentary, People Inc.'s enhanced buyback capacity after withdrawing its acquisition offer could be a rationale for adding to the position; QXO, due to demand challenges and a lowered price target, may face pressure to be reduced.