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 Oct 2. The fund fell 0.56%, slightly more than the S&P 500's 0.25% drop, but is up 15.26% year-to-date, beating the index. The manager doesn't state a market view directly, but holdings suggest they still favor AI (Nvidia, Meta) and consumer recovery (Norwegian Cruise Line). Key holdings: Nvidia (NVDA) has a $350 price target from analysts; Norwegian Cruise Line (NCLH) reaffirmed guidance with expected revenue beat; Citigroup (C) fell below moving averages and had its target cut to $147.
At a Glance Patient Capital's Opportunity Equity Strategy fell 0.56% for the week ending October 2, underperforming the S&P 500's 0.25% decline, but remains up 15.26% year-to-date, leading the S&P 500 by 145 basis points. The report's core discussion centers on Norwegian Cruise Line (NCLH) reaffirmi
Month -0.56% vs S&P 500 -0.25%, YTD +15.26%.
| Metric | Fund | Benchmark |
|---|---|---|
| Last Week (09/25-10/02) | -0.56% | -0.25% |
| Month-to-Date | +0.24% | +0.94% |
| Year-to-Date | +15.26% | +13.81% |
| 1 Year | +20.50% | +16.35% |
| 3 Years | +30.61% | +23.27% |
| 5 Years | +8.83% | +13.74% |
| 10 Years | +13.39% | +15.44% |
| Since Inception (Annualized) | +8.80% | +8.54% |
| Position | Contribution/Detraction | One-Line Attribution |
|---|---|---|
| Precigen, Inc. Warrants 2034 | +11.9% | Derivatives surged, hitting a 5-year high |
| Precigen, Inc. | +10.2% | Common stock rose in tandem |
| Nvidia Corp (NVDA) | +3.9% | Cantor maintained a $350 target price, bullish on AI demand expansion |
| Norwegian Cruise Line Holdings Ltd. (NCLH) | +3.6% | Reaffirmed full-year guidance; 3Q revenue expected to exceed prior estimates |
| People Inc. (PPLI) | +2.9% | Broke above the 50-day and 200-day moving averages; previously withdrew its acquisition offer for MGM |
| Citigroup Inc. (C) | -4.3% | Fell below the 50-day and 100-day moving averages; JP Morgan cut its target price to $147 |
| Global Payments Inc. (GPN) | -9.4% | Fell below the 100-day moving average, but Loop maintained a $137 target price, bullish on Genius |
| Crocs, Inc. (CROX) | -6.4% | Fell below the 50-day and 100-day moving averages; no clear news |
| Coinbase Global, Inc. (COIN) | -6.2% | Fell below the 200-day moving average; Wells Fargo assigned a $200 target price and an equal-weight rating |
| Meta Platforms Inc. 01/28 540C | -9.8% | Derivatives were a drag, but the common stock received a reiterated $800 target price from Citi |
[Slightly Bullish] The report does not directly express a macro stance, but inferences can be drawn from the following clues:
The report does not disclose any new positions, additions, reductions, or liquidations. All discussions are based on the weekly performance of existing holdings and third-party analyst views. No fund flow information is available for extraction.