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 9-16, 2026. The fund fell 0.82%, slightly more than the S&P 500's 0.36% decline, but its long-term returns still beat the index. The report doesn't give a clear market view from the manager, but holdings suggest optimism on healthcare and AI, while caution on rising oil costs. Key holdings: UnitedHealth Group (beat earnings, stock up 5.8%), Crocs (Barclays raised target and upgraded rating, stock up 7.1%), and Nvidia (fell 6.6% on AI bond spread concerns, CEO downplayed worries).
At a Glance Patient Capital's Opportunity Equity Strategy fell 0.82% last week (10/09-10/16), underperforming the S&P 500's 0.36% decline, with a YTD return of 12.10%, lagging the benchmark by 128 basis points. Key thesis: UnitedHealth Group (UNH) rose on better-than-expected earnings, with revenue
Month: -0.82% vs S&P 500 -0.36%; Year-to-Date: 12.10% vs 13.38%.
| Metric | Fund | S&P 500 |
|---|---|---|
| Last Week (10/09-10/16) | -0.82% | -0.36% |
| Month-to-Date | -2.51% | 0.56% |
| Quarter-to-Date | -2.51% | 0.56% |
| Year-to-Date | 12.10% | 13.38% |
| 1 Year | 18.73% | 16.75% |
| 3 Years | 31.44% | 23.18% |
| 5 Years | 7.37% | 12.81% |
| 10 Years | 13.28% | 15.51% |
| Since Inception (Annualized, from 2000/6/26) | 8.67% | 8.51% |
| Position | Contribution/Detraction | One-Line Attribution |
|---|---|---|
| Adyen N.V. | +7.5% | Driven by limited news; reclaimed the 100-day moving average |
| CVS Health Corp | +7.2% | Followed UNH's earnings strength; reclaimed above the 50-day and 200-day moving averages |
| Royalty Pharma plc | +7.1% | Driven by limited news; broke above the 50-day and 100-day moving averages |
| Crocs, Inc. | +7.1% | Barclays raised the price target and upgraded to Overweight |
| UnitedHealth Group | +5.8% | Reclaimed the 50-day and 100-day moving averages after a better-than-expected earnings report |
| United Airlines Holdings, Inc. | -10.6% | Dragged down by a 10.4% rise in WTI crude oil |
| Precigen, Inc. Warrant 2034 | -19.8% | Declined on limited news |
| Precigen, Inc. | -18.2% | Declined on limited news; broke below the 50-day moving average |
| Nvidia Corp | -6.6% | CoreWeave bond spread widening sparked AI concerns |
| Amazon.com, Inc. | -4.7% | Wells Fargo lowered margin expectations |
[Cautious] The report does not express a clear view on the overall market, but indirectly reflects optimism toward specific sectors (healthcare, AI) and vigilance toward macro costs (oil prices) through position performance and external commentary. Position structure data such as net exposure, leverage, and long/short ratio were not disclosed.
The report did not disclose any new positions, additions, reductions, or closures. All mentioned positions are existing holdings, with price fluctuations driven by market events rather than portfolio adjustments. No sector, theme, or geographic capital movements were mentioned. Changes in net exposure, long/short ratio, or leverage were not disclosed.
The report did not disclose any changes in fund size, investor communications, or risk warnings.