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 the Opportunity Equity fund's performance for the week of October 2-9, 2026. The fund fell 0.40% while the S&P 500 rose 1.17%. No direct market view from the manager, but the 10-year Treasury yield hitting a 20-year high pressured some holdings. Key holdings: Chime Financial (CHYM) up 10.4% after Deutsche Bank raised its price target; Seadrill (SDRL) up 5.2% on higher oil prices; QXO (QXO) down 9.8% due to rising rates and a target cut.
Patient Capital's Opportunity Equity Strategy fell 0.40% for the week ending October 9, underperforming the S&P 500's 1.17% gain, and is up 14.80% year-to-date, trailing the benchmark by 34 basis points. The top contributor was Chime Financial Inc (CHYM), after Deutsche Bank raised its price target
Month -0.40% vs S&P 500 +1.17%, YTD cumulative +14.80%.
| Metric | Fund | Benchmark |
|---|---|---|
| Last Week (10/02-10/09) | -0.40% | 1.17% |
| Month-to-Date | -0.16% | 2.13% |
| Quarter-to-Date | -0.16% | 2.13% |
| Year-to-Date | 14.80% | 15.14% |
| 1 Year | 21.02% | 17.35% |
| 3 Years | 30.76% | 23.28% |
| 5 Years | 8.47% | 13.82% |
| 10 Years | 8.47% | 15.65% |
| Since Inception (Annualized, from 2000/6/26) | 8.78% | 8.58% |
| Position | Contribution/Detraction | One-Line Attribution |
|---|---|---|
| Chime Financial Inc (CHYM) | +10.4% | Deutsche Bank raised target to $35 and upgraded to "Buy," citing growth potential in MyPay and Chime Prime. |
| Seadrill Limited (SDRL) | +5.2% | Brent crude rose 2.4% to a 52-week high, driving the stock higher. |
| Global Payments Inc. (GPN) | +4.9% | No clear news catalyst; stock rebounded above the 100-day moving average. |
| Amazon.com, Inc. (AMZN) | +4.3% | Broke above the 50-day and 100-day moving averages; Wells Fargo lowered target to $329 due to rising fuel and wage costs. |
| Alphabet Inc. (GOOGL) | +2.4% | Recovered the 50-day moving average; Wells Fargo raised target to $417 on stronger TPU sales expectations. |
| QXO, Inc. (QXO) | -9.8% | 10-year Treasury yield rose to a 20-year high, sending the stock to a 52-week low; Truist sharply cut target to $15. |
| Precigen, Inc. (PGEN) | -8.5% | No clear news catalyst; pulled back from a 5-year high. |
| Precigen, Inc. Warrant 2034 | -8.2% | Followed the common stock decline. |
| United Airlines Holdings, Inc. (UAL) | -4.5% | Fell below the 200-day moving average; JPMorgan maintained a $203 target, citing favorable industry trends. |
| Nvidia Corp (NVDA) | -2.0% | Per the Financial Times, the company is exploring an acquisition or further investment in AI startup Reflection AI. |
[Cautious] The report does not directly provide the manager's market view, but indirectly reflects macro pressures through position performance and external commentary:
1. Interest Rate Environment Under Pressure: The 10-year Treasury yield rose to a 20-year high, directly dragging down high-valuation/high-leverage positions like QXO.
2. Cost Inflation and Consumer Weakness: Crude oil cost inflation and mortgage rates near 7.5% weakened consumer demand, impacting consumer-related positions like QXO.
3. Energy vs. Tech Divergence: Brent crude hitting new highs benefited energy stocks like Seadrill, while tech stocks (e.g., NVDA) were driven by AI investment narratives, but overall market sentiment remained cautious.
The report does not disclose specific position changes (new builds/additions/reductions/liquidations) or net exposure/leverage changes. Based solely on position performance, Chime Financial (Deutsche Bank upgrade) and Seadrill (oil-driven) were the week's main positive contributors, while QXO (rate-sensitive) and Precigen (decline without news) were the main detractors. Nvidia attracted attention due to AI investment rumors, but no position adjustment direction was indicated.