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.
Patient Capital's Opportunity Equity strategy fell 0.79% in the week ended October 23, 2026, underperforming the S&P 500. The fund noted Seadrill rose on higher oil prices, and Biogen hit a 52-week high after an analyst raised its price target. Meta and GM fell despite beating earnings estimates. The report offered no market outlook and disclosed no trades.
At a Glance Patient Capital's Opportunity Equity strategy's representative account fell 0.79% in the week ended October 23, 2026, underperforming the S&P 500 (-0.46%), but remains up 11.01% year-to-date. Last week, Seadrill Limited (SDRL) rose 10.8% alongside a 6.2% increase in Brent crude oil price
Last week (10/16-10/23) Representative Account -0.79% vs S&P 500 -0.46%, YTD cumulative +11.01% vs Benchmark +12.40%.
| Period | Fund | Benchmark |
|---|---|---|
| Last Week | -0.79% | -0.46% |
| Month-to-Date | -3.46% | -0.31% |
| Year-to-Date | 11.01% | 12.40% |
| 1 Year | 15.21% | 14.46% |
| 3 Year | 31.82% | 23.42% |
| 5 Year | 7.42% | 12.49% |
| 10 Year | 13.19% | 15.43% |
| Since Inception (Annualized, since 6/26/2000) | 8.63% | 8.47% |
Top 5 contributors last week: Royalty Pharma (+4.8%), Seadrill (+10.8%), UnitedHealth (+4.1%), Adobe (+7.6%), Biogen (+7.8%); Bottom 5 detractors: Meta Stock (-9.4%), Alphabet (-6.0%), Meta Call Options (-22.1%), Citi (-2.9%), GM (-9.6%).
| Position | Contribution/Detraction | One-Line Attribution |
|---|---|---|
| Seadrill Limited (SDRL) | +10.8% | Rose alongside a 6.2% increase in Brent crude oil |
| Biogen Inc. (BIIB) | +7.8% | Wells Fargo raised its price target to $310 (+24%), significantly increasing felzartamab peak sales estimates to $4 billion |
| Adobe Inc. (ADBE) | +7.6% | Broke above the 50-day and 200-day moving averages; announced a partnership with the BWT Alpine F1 team |
| Royalty Pharma plc (RPRX) | +4.8% | Continued to rise on limited news |
| UnitedHealth Group (UNH) | +4.1% | Extended the prior week's post-earnings beat rally; RBC raised its price target to $498 (+19%) |
| Meta Platforms, Inc. (META) | -9.4% | Despite revenue of $64.6 billion beating estimates and adjusted EPS of $10.26 beating estimates, the stock fell below its 50-day moving average |
| General Motors Co (GM) | -9.6% | Despite revenue of $50 billion beating estimates and EPS of $3.70 beating estimates along with raised guidance, the stock fell below its 100-day and 200-day moving averages |
| Alphabet Inc. (GOOGL) | -6.0% | KeyBanc lowered its price target to $410 (+28%), arguing that strong cloud performance has been priced in and search faces base effect pressure |
| Citigroup Inc. (C) | -2.9% | Declined on limited news |
| Meta Platforms Inc. 01/28 C540 | -22.1% | The decline in Meta's stock caused the call option to decline. |
The report did not make a judgment on the overall market direction.
The report did not disclose any new positions, additions, reductions, or liquidations.