| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
The first quarter of 2026 tested markets from multiple directions as an escalating Iran war drove crude oil prices up 63% in a single month, creating inflationary pressures that complicated Federal Reserve policy. The S&P 500 declined 4.4% while experiencing a 9.8% peak-to-trough correction, marking the 32nd correction greater than 5% since 2009. Despite headline weakness, the quarter showed signs of market broadening with value outperforming growth for the second consecutive quarter and equal-weighted indices outperforming cap-weighted by 500 basis points. Energy led sector performance with a 38.3% gain while financials and consumer discretionary lagged. The Magnificent 7 underperformed with AI concerns triggering selloffs in private credit and software. Mid-caps outperformed both large and small caps, while bonds outperformed equities. The Federal Reserve held rates steady at 3.50-3.75% amid policy uncertainty, with futures pricing only a 29% probability of cuts in 2026. Consumer sentiment remains weak despite resilient retail spending.
The first quarter of 2026 demonstrated market resilience through multiple stress tests including geopolitical conflict, energy price shocks, and sector rotation, with value outperforming growth and market breadth improving despite headline index declines.
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 8 2026 | 2026 Q1 | - | credit, energy, Fed, inflation, Iran, Rotation, value | - | Q1 2026 saw markets navigate Iran war-driven oil price surge and inflation concerns, with S&P 500 down 4.4% but showing broadening as value outperformed growth and equal-weight beat cap-weight by 500bp. Energy soared 38% while tech lagged on AI concerns. Fed held rates steady amid policy uncertainty. |
| Jan 2 2026 | 2025 Q4 | - | AI, consumer, equities, Fed, rates, technology, Valuations | - | Strong 2025 equity performance continues despite AI bubble concerns and elevated valuations. Fed easing, resilient consumer spending, and solid economic growth support optimistic 2026 outlook. Technology leadership persists while high market skepticism historically proves constructive for further gains. |
| Oct 1 2025 | 2025 Q3 | - | Federal Reserve, growth, inflation, rates, small caps, technology | - | Q3 2025 delivered exceptional market performance with all major U.S. indexes hitting record highs, driven by AI investment, rate cut expectations, and strong retail sales. Small-caps and growth led gains while the Fed prioritized labor market concerns over inflation. However, deteriorating consumer sentiment and government shutdown signal potential challenges ahead despite robust economic fundamentals. |
| Jul 11 2025 | 2025 Q2 | AMZN, C, GOOGL, IAC, META, NCLH, NVDA, QXO, RPRX, UNH | AI, contrarian, Cruises, healthcare, small caps, technology, value |
UNH IAC QXO UNH NCLH IAC QXO RPRX C |
Samantha McLemore's contrarian value strategy outperformed in Q2 by capitalizing on market volatility to buy quality companies at discounts. Heavy weighting in undervalued healthcare and small caps, combined with selective AI exposure, positions the fund for long-term outperformance. Key holdings include QXO, UnitedHealth, and Norwegian Cruise Lines, all offering compelling risk-adjusted return potential. |
| Apr 7 2025 | 2025 Q1 | AAL, AMZN, C, CVS, DAL, GOOGL, META, MSFT, NCLH, NVDA, QXO, RPRX, UAL | AI, Airlines, Recession, semiconductors, tariffs, technology, Travel, value |
UAL DAL NCLH AMZN QXO RPRX CVS GOOGL C |
Trump's tariff policy triggered market crashes creating exceptional value opportunities. Quality companies like airlines trading at 5-6x earnings and tech leaders like Nvidia at 22x multiples fully discount recession risks. With portfolio upside estimated at 156% and historical panic conditions typically followed by strong returns, current positioning targets superior 5-year performance across economic scenarios. |
| Jan 13 2025 | 2024 Q4 | AMZN, BIIB, COST, CVS, DAL, EXPE, FBTC, GOOGL, KOS, META, NCLH, NVDA, OMF, PGEN, PLAY, RPRX, SDRL, TSLA, UAL | AI, Bull Market, Cyclical, energy, healthcare, technology, Travel, value |
PGEN OMF FBTC KOS SDRL RPRX CVS BIIB |
Patient Capital delivered 26.5% returns in 2024 through value-oriented investing in cyclical stocks and laggard sectors. The strategy maintains 48% cyclical value exposure while adding to healthcare and energy names trading at significant discounts. Travel holdings surged 35% in Q4 as recession fears faded. Manager expects lower market returns ahead but sees continued opportunities for patient investors in mispriced fundamentals. |
| Oct 8 2024 | 2024 Q3 | AAPL, AMZN, APO, EVRI, GOOGL, GXO, IBM, JPM, META, MSFT, NVDA, PLAY, QXO, RXO, TCRT, TSLA, URI, XPO | compounders, long-term, Quality, small caps, Underperformers, valuation, value |
QXO PLAY |
Patient Capital Management delivered solid Q3 returns while warning of quality compounder overvaluation reminiscent of the Nifty Fifty era. The firm added small-cap positions QXO and Dave & Busters, positioning for long-term outperformance in undervalued segments. Portfolio trades at significant discount to market with superior growth prospects, maintaining conviction in contrarian value approach. |
| Nov 7 2022 | 2024 Q2 | AAPL, AMZN, BIIB, CVS, DAL, EVRI, EXPE, GOOGL, IAC, ILMN, KOS, META, MSFT, NCLH, NVDA, RPRX, TSLA, UAL | AI, energy, healthcare, small caps, technology, Travel, value |
NVDA IAC KOS EVRI EXPE |
Patient Capital underperformed in Q2 as small caps lagged mega-cap tech, but maintains conviction in unloved value opportunities. Portfolio concentrated in small-to-mid cap names, travel, and healthcare while avoiding AI bubble. Expects Fed rate cuts to benefit laggards in second half despite growing recession risks from policy tightness. |
| Apr 25 2024 | 2024 Q1 | AMZN, BIIB, C, CLF, COIN, CROX, EXPE, GOOGL, KOS, META, NVDA, PTON, SOFI | AI, Biotechnology, Buybacks, crypto, growth, large cap, technology |
NVDA BIIB |
Patient Capital delivered 11.8% net returns in Q1, outperforming through concentrated positions in AI leaders Nvidia and Meta, crypto infrastructure play Coinbase, and financial turnaround story Citigroup. The manager rejects bubble concerns around mega-cap tech, citing strong fundamentals and reasonable forward valuations. New positions in Nvidia and Biogen reflect conviction in AI dominance and undervalued healthcare assets. |
| Jan 17 2024 | 2023 Q4 | AMZN, COIN, EXPE, FTCH, GOOGL, KRTX, META, SPLK, UBER, UBS, WAL | Banking, growth, Long/Short, Opportunistic, Quality, technology, value |
HUBS WAL EXPE FTCH |
Patient Capital delivered 37.6% net returns in Q4 2023, outperforming the S&P 500 through opportunistic value investing. Manager McLemore capitalized on banking sector dislocations while trimming overvalued winners. She expects continued bull market with modest returns, seeing significant opportunity in beaten-down value stocks after their worst performance in history. |
| Nov 10 2023 | 2023 Q3 | AMZN, ANGI, C, ET, EXPE, GOOGL, IAC, META, MGM, OMF, UBS | banks, dividends, Expectations, Opportunities, Patience, value | ^GSPC | Patient Capital sees exceptional value opportunities in the current market pullback, particularly in mature companies with basement-level expectations. The portfolio is concentrated in high-yielding value stocks like Citigroup, which trades at post-crisis lows despite improved fundamentals. Manager believes patient capital will be rewarded as value investing emerges from its worst historical period. |
| Jul 14 2023 | 2023 Q2 | ANGI, C, COST, DAL, EXPE, FTCH, GM, IAC, JPM, MAT, META, MGM, OMF, WAL | Behavioral Edge, capital returns, financials, large cap, Travel, value |
IAC WAL ^GSPC |
Patient Capital delivered strong Q2 performance while completing its transition from Miller Value. The strategy capitalizes on behavioral mispricings in large caps, particularly travel and financial stocks. Recent travel outperformance validates the thesis after patient waiting. Value stocks remain attractive versus expensive growth names. Portfolio shows nearly 90% upside potential with high management confidence despite expected volatility. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
OilIran war drove crude oil prices surging 63% in a single month, the largest monthly gain on record. WTI crude went parabolic, soaring 76.6% while Brent crude rose 94.5%. This created meaningful inflationary pressures with average US gas prices rising 35% over the month. |
WTI Brent Energy Inflation Geopolitical |
InflationThe Iran war led to historic surge in crude oil and increased inflation risk, creating meaningful uncertainty for Federal Reserve policy. Headline CPI came in at 2.4% for February while PCE rose slightly to 3.1% in January. Higher energy costs are expected to weigh on consumers going forward. |
CPI PCE Energy Fed Consumer | |
ValueValue outperformed growth for the second consecutive quarter with the Russell 1000 Value Index rising 2.1% versus the Russell 1000 Growth Index's decline of -9.8%. The market appeared to broaden with equal weighted indices outperforming cap weighted by 500 basis points. |
Russell Growth Rotation Broadening | |
Private CreditAI concerns led to a selloff in private credit along with a collapse in software and sharp rotation away from last year's market leaders. Business development companies fell -16% from their January highs as credit markets faced pressure. |
BDC Credit AI Selloff | |
| 2025 Q4 |
AIConcerns around an AI-driven bubble and elevated equity valuations have increased. However, high levels of skepticism have historically been a constructive force for markets, often supporting continued upside. |
AI Bubble Valuations Technology |
GoldGold continued its impressive climb gaining 55.5% over the year, demonstrating strong performance amid market volatility and economic uncertainty. |
Gold Commodities Performance | |
RatesThe Federal Reserve continued to ease monetary policy, cutting rates by 25 basis points in both October and December. The year ended with the federal funds target range at 3.50%–3.75%. Markets are now fully pricing in two additional rate cuts in 2026. |
Federal Reserve Interest Rates Monetary Policy | |
| 2025 Q3 |
AIContinued capital expenditure on artificial intelligence was one of the key drivers fueling the market rally during the third quarter. AI investment remained a significant factor supporting market strength and contributing to record highs. |
Artificial Intelligence Capital Expenditure Technology Investment |
RatesThe Federal Reserve cut rates by 25 basis points in September, prioritizing signs of a weakening labor market over recent inflation uptick. Markets are fully pricing in another 25bps cut in October with 89% probability of a larger 50bps cut in December. |
Federal Reserve Rate Cuts Monetary Policy Interest Rates | |
InflationBoth CPI and PCE index rose to 2.9% year-over-year in August as the impact of tariffs continued to filter through the data. The Fed prioritized labor market weakness over this recent inflation uptick in their rate decision. |
Consumer Price Index PCE Tariffs Price Pressures | |
| 2025 Q2 |
AIAI companies have delivered approximately 50-60% of the market's returns over the past 2.5 years. The fund maintains 21.6% exposure to Mag 7 AI leaders including Amazon, Google, NVIDIA, and Meta. If current AI trends continue as expected, these companies should perform well. |
Artificial Intelligence Technology Growth Mag 7 |
HealthcareHealthcare trades at the lowest relative valuation to the market in the past 50 years and tends to be less economically sensitive. The fund's healthcare weight of 21.3% is significantly above the market's 9.3%. UnitedHealth Group represents a classic underwriting cycle opportunity that can be remedied over time. |
Healthcare Valuation Defensive Underwriting | |
Small CapsSmall cap value is the only equity style box that still trades at a discount to its historical valuation. This group now represents 28.6% of the portfolio. The fund's largest small cap investments include Norwegian Cruise Lines and IAC. |
Small Cap Value Discount Opportunity | |
ValueValue investing has lagged for nearly the entirety of this bull market, but the manager has confidence this won't always be the case. After previous market peaks with elevated valuations, value led. The fund's contrarian value approach provides protection against lower potential returns. |
Value Investing Contrarian Undervalued Mean Reversion | |
CruisesNorwegian Cruise Lines got hit hard during the selloff due to concerns about cyclicality and debt. The manager believes NCLH can grow earnings power double digits for the next decade or more. Other large cruise lines have already made it back to post-pandemic record prices. |
Cruise Lines Recovery Cyclical Travel | |
| 2025 Q1 |
AIThe manager views AI as a transformational technology comparable to electricity or the Internet, with every knowledgeable tech CEO believing we are in early stages. Despite recent selloffs in AI stocks, the manager sees current valuations as reasonable given growth prospects and emphasizes that AI compute demand exceeds supply unlike the tech bubble peak. |
Artificial Intelligence Transformation Compute Hyperscaler GPU |
TravelAirlines and cruise lines are viewed as attractive cyclical investments trading at depressed valuations that fully price in recession risk. The manager believes these companies are better positioned than historically and could benefit from capacity reductions if weaker competitors fail during economic stress. |
Airlines Cruises Cyclical Capacity Recovery | |
Trade PolicyTrump's tariff announcements caused market crashes with tariffs representing over $700B in costs equal to 2.4% of GDP. The manager sees tariffs as disastrous policy errors that could undermine US reserve currency status and believes negotiated deals limiting retaliatory tariffs are the most likely way out. |
Tariffs Trade War Policy Error Negotiations Economic Impact | |
ValueThe portfolio focuses on companies with attractive risk-return profiles across various scenarios, avoiding expensive market areas while targeting names trading at significant discounts to intrinsic value. The manager estimates current portfolio upside of 156%, on the high end of historical range. |
Intrinsic Value Discount Risk-Return Valuation Upside | |
| 2024 Q4 |
AIManager believes we are in the midst of a technological revolution driven by AI. The most brilliant technology experts agree AI will transform the world, with massive data and capital requirements creating advantages for scaled incumbents like the Mag 7. This supports the manager's view that we're still early in the AI cycle. |
Technology Revolution Data Capital Incumbents |
ValueManager maintains significant exposure to cyclical value stocks (48% of portfolio), focusing on companies with low multiples that have perceived problems like cyclical earnings. The strategy is to monetize volatility by buying quality cyclicals when the market discounts them more than warranted, expecting conditions to eventually improve. |
Cyclical Multiples Volatility Quality Discount | |
TravelTravel names were a major success story, with holdings like Expedia, United Airlines, Norwegian Cruise Line, and Delta Air Lines returning an average of 35% in Q4 versus SPX's 2%. The manager had been enthusiastic about travel for years despite lagging performance until the market finally reassessed recession odds in the fourth quarter. |
Airlines Cruises Recovery Fundamentals Recession | |
OilEnergy exposure increased significantly as oil supply glut concerns weighed on the sector. Manager aims to value cyclical energy companies at mid-cycle pricing ($60-65/bbl WTI) and sees substantial upside in names like Kosmos Energy and Seadrill, despite acknowledging things could get worse before they get better. |
Supply Glut Cyclical Mid-cycle Upside | |
BiotechnologyHealthcare exposure rose significantly with particular excitement about names like Royalty Pharma, Biogen, and CVS Health trading at significant discounts. These positions provide portfolio ballast and protection against economic growth concerns while offering substantial upside potential. |
Discount Ballast Protection Growth Upside | |
| 2024 Q3 |
ValueManager emphasizes buying underperformers and exploiting opportunities where market expectations diverge from intrinsic values. Portfolio trades at significant discount to market (12x forward earnings vs 22x) with better growth prospects. Focus on attractively valued compounders, classic value, and early-stage businesses. |
Undervalued Discount Expectations Intrinsic Valuation |
QualityExtensive discussion of quality compounders and their premium valuations. Manager notes widespread recognition of quality merits but warns of crowding and elevated multiples. Compares current environment to Nifty Fifty period with caution about overvaluation of quality names. |
Compounders Premium Multiples Crowding Nifty Fifty | |
Small CapsAdded two new small-to-mid cap holdings (QXO and Dave & Busters) during the quarter. Manager sees greater opportunity in small caps as assets have flowed away from this segment toward compounders and tech. All-cap exposure impacted relative performance. |
SMID Opportunity Outflow Underperformance Exposure | |
| 2024 Q2 |
AIManager recognizes AI bubble potential but believes it may still be early. Nvidia captured bulk of AI profits with significant market lead and competitive advantages. Current AI/quality compounder momentum could get more extreme before ending. |
Nvidia Semiconductors Technology Bubble Momentum |
Small CapsMore than half the portfolio is in small-to-mid cap names that have lagged year-to-date. Manager building positions in quality businesses at attractive valuations, expecting eventual outperformance when market conditions improve. |
Value Opportunity Undervalued Fundamentals Patience | |
TravelTravel remains source of economic strength as people prioritize experiences. Holdings include Expedia executing technology transformation, Delta and United earning bulk of airline profits, and Norwegian Cruise Lines with new management focus. |
Airlines Cruises Experiences Recovery Demand | |
ValueManager sees compelling long-term opportunities in unloved areas of the market. Philosophy focuses on gaps between company fundamentals and discounted market expectations, with patience for market recognition. |
Fundamentals Discount Patience Opportunity Undervalued | |
| 2024 Q1 |
AINvidia dominates the GPU market with 92% data center market share, benefiting from insatiable AI demand. The company grew revenue, earnings and FCF by 126%, 392%, and 610% respectively over the last year. Despite the massive market cap expansion, valuation has actually compressed from 61x to 37x forward earnings. |
GPUs CUDA Data Centers Machine Learning Computing |
CryptoThe approval of 11 new spot Bitcoin ETFs dramatically opened Bitcoin to new investors, with assets under management growing to $55B in a single quarter. Coinbase benefited as it continues building the foundation of the crypto-ecosystem and widening its moat by investing throughout the crypto winter. |
Bitcoin ETFs Digital Assets Trading Infrastructure | |
BuybacksMeta increased their buyback program by another $50B in February, representing 6.4% of shares outstanding. Expedia initiated a $5B buyback program in November representing 26% of shares outstanding, buying back 11% of shares over the last year. |
Share Repurchases Capital Return Shareholder Value | |
BiotechnologyBiogen presents an opportunity to buy a high-performing healthcare asset with a strong track record at current asset value. The company has a new CEO, more efficacious Alzheimer's treatment in Leqembi, rationalized cost structure and disciplined investment approach. Current valuation provides a call option on pipeline and Leqembi rollout. |
Alzheimer's Pipeline Pharmaceuticals Drug Development | |
| 2023 Q4 |
ValueManager believes low multiple classic value stocks have been left for dead and offer very handsome return potential after the worst performance in history. Previous episodes of low-multiple underperformance were followed by sustained outperformance averaging 18%-plus annualized returns. |
Low Multiple Classic Value Underperformance Recovery Outperformance |
Capital MarketsBanking sector opportunities emerged during March and May selloffs with UBS and Western Alliance purchases. Regional banks broadly rallied as recession and credit crisis were avoided, with manager focusing on panic-driven opportunities. |
Banking Regional Banks Credit Crisis Panic Opportunities | |
AIManager acknowledges non-negligible risk of an AI bubble which could result in continued leadership by the Magnificent 7. While not their base case, they believe this would defer rather than destroy value's outperformance. |
AI Bubble Magnificent 7 Leadership Technology Bubble Risk | |
| 2023 Q3 |
ValueManager sees extreme valuation dispersion with lowest valued stocks trading below 10x earnings. Value Index P/Es are below long-term averages while Growth Index P/Es are above, creating opportunities in mature, low multiple companies with basement level expectations. |
Valuation Multiples Dispersion Cheaply Valued Low Multiple |
BanksLarge cap banks trade at their cheapest relative valuations in nearly 50 years, similar to Tech Bubble levels. Despite headwinds, banks are better positioned than during the financial crisis and historically outperformed during recessions when starting from low valuations. |
Financial Crisis Relative Valuations Headwinds Large Cap Banks | |
DividendsPortfolio produces total owners yield of 4.8% greater than 10-year Treasury and dividend yield of 2.3% greater than S&P 500. Many companies now return significant cash to shareholders which can act as a forcing function for value realization. |
Owners Yield Cash Returns Dividend Yield Shareholders | |
| 2023 Q2 |
TravelManager sees significant exposure to travel as mispriced with continued upside potential. Travel has been booming for the last year but valuations remained depressed until recently. Spending has yet to normalize to pre-pandemic levels and the category is expected to grow at twice the rate of overall consumer spend next year. |
Airlines Cruises Hotels Entertainment |
ValueManager remains more optimistic on classic value stocks longer term. Value stocks trade at a discount to historical valuations unlike growth stocks which trade at a premium. The market is paying a hefty premium for quality, growth and stability while shunning cyclicality and boring value stocks. |
Banks Cyclicals Financials | |
BuybacksManager trusts managements to take advantage of their depressed stock prices and create long-term shareholder value through capital returns. Companies like Expedia, General Motors and Delta Airlines are returning capital to shareholders while trading at attractive valuations. |
Capital Returns Shareholder Value |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 11, 2025 | Fund Letters | Patient Capital Management | RPRX | Royalty Pharma plc | Health Care | Pharmaceuticals | Bull | NASDAQ | compounding, healthcare innovation, Healthcare Royalties, pharmaceuticals, predictable cash flows, Royalty Investor | Login |
| Jul 11, 2025 | Fund Letters | Patient Capital Management | NCLH | Norwegian Cruise Line Holdings | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NYSE | Consumer Discretionary, Cruise lines, Cyclical Recovery, Post-Pandemic Recovery, Tourism, Travel, Value | Login |
| Jul 11, 2025 | Fund Letters | Samantha McLemore | UNH | UnitedHealth Group Inc. | Health Care | Managed Health Care | Bull | New York Stock Exchange | Cycle, earnings, healthcare, Insurance, valuation | Login |
| Jul 11, 2025 | Fund Letters | Patient Capital Management | IAC | IAC/InterActiveCorp | Communication Services | Interactive Media & Services | Bull | NASDAQ | asset value, Barry Diller, conglomerate discount, digital media, share repurchases, Sum-of-parts, Value | Login |
| Jul 11, 2025 | Fund Letters | Patient Capital Management | UNH | UnitedHealth Group | Health Care | Health Care Services | Bull | NYSE | contrarian, Healthcare services, High Returns on Capital, managed care, turnaround, Underwriting Cycle, Value | Login |
| Jul 11, 2025 | Fund Letters | Samantha McLemore | IAC | IAC Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | buybacks, digital media, holding company, SOTP, valuation | Login |
| Jul 11, 2025 | Fund Letters | Samantha McLemore | QXO | QXO Inc. | Industrials | Trading Companies & Distributors | Bull | New York Stock Exchange | Building Products, Distribution, growth, M&A, Roll-up | Login |
| Jul 11, 2025 | Fund Letters | Patient Capital Management | QXO | QXO Inc | Industrials | Trading Companies & Distributors | Bull | NASDAQ | Brad Jacobs, Building Products, Distribution, PIPE Investment, Roll-up Strategy, serial acquirer, technology integration | Login |
| Jul 11, 2025 | Fund Letters | Patient Capital Management | C | Citigroup Inc | Financials | Banks | Bull | NYSE | Banks, financial services, Global Banking, Operational Improvement, turnaround, Value | Login |
| Apr 7, 2025 | Fund Letters | Patient Capital Management | DAL | Delta Air Lines Inc | Industrials | Airlines | Bull | NYSE | Airlines, Cyclical, Equity, Hub-and-spoke, Transportation, Travel, Value | Login |
| Apr 7, 2025 | Fund Letters | Patient Capital Management | QXO | QXO Inc | Industrials | Trading Companies & Distributors | Bull | NASDAQ | Building Products, construction, Distribution, Equity, M&A, Non-Discretionary, Roll-up, Value | Login |
| Apr 7, 2025 | Fund Letters | Patient Capital Management | NCLH | Norwegian Cruise Line Holdings Ltd | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NYSE | Consumer Discretionary, Cruise lines, Equity, Leisure, Recession-resistant, recovery, Travel, Value | Login |
| Apr 7, 2025 | Fund Letters | Patient Capital Management | RPRX | Royalty Pharma plc | Health Care | Pharmaceuticals | Bull | NASDAQ | Biotech, defensive, Equity, healthcare, Intellectual Property, pharmaceuticals, royalties | Login |
| Apr 7, 2025 | Fund Letters | Patient Capital Management | CVS | CVS Health Corporation | Health Care | Health Care Providers & Services | Bull | NYSE | defensive, Equity, health insurance, Healthcare services, Integrated Healthcare, Pharmacy, Value | Login |
| Apr 7, 2025 | Fund Letters | Patient Capital Management | GOOGL | Alphabet Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, Cloud computing, digital advertising, Dominant, Equity, Search, technology, undervalued | Login |
| Apr 7, 2025 | Fund Letters | Patient Capital Management | C | Citigroup Inc | Financials | Banks | Bull | NYSE | banking, Book Value, Equity, financial services, Global, restructuring, turnaround, Value | Login |
| Apr 7, 2025 | Fund Letters | Patient Capital Management | UAL | United Airlines Holdings Inc | Industrials | Airlines | Bull | NASDAQ | Airlines, Cyclical, Equity, Transportation, Travel, turnaround, Value | Login |
| Apr 7, 2025 | Fund Letters | Patient Capital Management | AMZN | Amazon.com Inc | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AI, Cloud computing, Consumer Discretionary, Diversified, e-commerce, Equity, growth, technology | Login |
| Jan 13, 2025 | Fund Letters | Patient Capital Management | PGEN | Precigen | Health Care | Biotechnology | Bull | NASDAQ | biotechnology, Cash runway, cell therapy, Clinical trials, Equity, FDA approval, gene therapy, Platform Technology, Respiratory Papillomatosis | Login |
| Jan 13, 2025 | Fund Letters | Patient Capital Management | OMF | OneMain Financial | Financials | Consumer Finance | Bull | NYSE | consumer finance, contrarian, Cyclical, Equity, financial services, Recessionary Pricing, Value | Login |
| Jan 13, 2025 | Fund Letters | Patient Capital Management | FBTC | Fidelity Wise Origin Bitcoin ETF | Financials | Asset Management & Custody Banks | Bull | NYSE Arca | Alternative Investment, Bitcoin, cryptocurrency, Digital Assets, Equity, ETF, Institutional Adoption | Login |
| Jan 13, 2025 | Fund Letters | Patient Capital Management | KOS | Kosmos Energy | Energy | Oil & Gas Exploration & Production | Bull | NYSE | Capex Decline, Cyclical, energy, Equity, Exploration & Production, Free Cash Flow, Mid-cycle Pricing, Oil & Gas, Value | Login |
| Jan 13, 2025 | Fund Letters | Patient Capital Management | SDRL | Seadrill | Energy | Oil & Gas Drilling | Bull | NYSE | acquisition target, Cyclical, energy, Equity, Mid-cycle Pricing, offshore drilling, Oil & Gas Services, Value | Login |
| Jan 13, 2025 | Fund Letters | Patient Capital Management | RPRX | Royalty Pharma | Health Care | Pharmaceuticals | Bull | NASDAQ | defensive, dividend yield, Equity, healthcare, pharmaceuticals, Royalty Income, share repurchases, Value | Login |
| Jan 13, 2025 | Fund Letters | Patient Capital Management | CVS | CVS Health | Health Care | Health Care Services | Bull | NYSE | activist investor, defensive, dividend yield, Equity, Healthcare services, insurance underwriting, new management, turnaround, Value | Login |
| Jan 13, 2025 | Fund Letters | Patient Capital Management | BIIB | Biogen | Health Care | Biotechnology | Bull | NASDAQ | Accretive Deals, Alzheimer's disease, biotechnology, deep value, defensive, Equity, healthcare, Neurology, Pipeline Value | Login |
| Oct 8, 2024 | Fund Letters | Patient Capital Management | QXO | QXO Inc. | Industrials | Trading Companies & Distributors | Bull | NASDAQ | Building Products, compounding, Distribution, Industrial technology, management track record, PIPE Transaction, technology platform | Login |
| Oct 8, 2024 | Fund Letters | Patient Capital Management | PLAY | Dave & Buster's Entertainment Inc. | Consumer Discretionary | Restaurants | Bull | NASDAQ | Consumer Discretionary, EBITDA growth, entertainment, Free Cash Flow, Restaurants, Share Buybacks, turnaround, Unit economics | Login |
| Jul 11, 2024 | Fund Letters | Patient Capital Management | NVDA | Nvidia Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, Competitive advantages, Gpu, growth, market leadership, semiconductors, technology | Login |
| Jul 11, 2024 | Fund Letters | Patient Capital Management | EXPE | Expedia Group Inc | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NASDAQ | B2b, Online Travel, share repurchases, Technology Transformation, Travel, Value | Login |
| Jul 11, 2024 | Fund Letters | Patient Capital Management | EVRI | Everi Holdings Inc | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NYSE | cash generation, Cyclical, Gaming, Hardware, merger, oligopoly, technology, Value | Login |
| Jul 11, 2024 | Fund Letters | Patient Capital Management | IAC | IAC Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | capital allocation, conglomerate, Interactive Media, Management Quality, small-cap, Value | Login |
| Jul 11, 2024 | Fund Letters | Patient Capital Management | KOS | Kosmos Energy Ltd | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | acquisition target, energy, Free Cash Flow, Gas, Low-Carbon, Offshore, oil, Value | Login |
| Apr 10, 2024 | Fund Letters | Patient Capital Management | NVDA | Nvidia Corp. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, CUDA Software, data center, Gpu, growth, market leader, semiconductors, technology | Login |
| Apr 10, 2024 | Fund Letters | Patient Capital Management | BIIB | Biogen Inc. | Health Care | Biotechnology | Bull | NASDAQ | Alzheimer's disease, biotechnology, healthcare, Leqembi, multiple sclerosis, Neurology, turnaround, Value | Login |
| Jan 17, 2024 | Fund Letters | Patient Capital Management | HUBS | UBS Group AG | Financials | Investment Banking & Brokerage | Bull | NYSE | acquisition, asset management, banking, Crisis Investing, financial services, Switzerland, Time Arbitrage | Login |
| Jan 17, 2024 | Fund Letters | Patient Capital Management | WAL | Western Alliance Bancorporation | Financials | Regional Banks | Bull | NYSE | Bank Runs, Crisis Investing, Deposit Flows, Fundamental Analysis, High returns, Panic Selling, regional banking | Login |
| Jan 17, 2024 | Fund Letters | Patient Capital Management | EXPE | Expedia Group Inc | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NASDAQ | competitive positioning, direct-to-consumer, Fundamental Analysis, market inefficiency, Online Travel, Patience, Technology investment | Login |
| Jan 17, 2024 | Fund Letters | Patient Capital Management | FTCH | Farfetch Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bear | NYSE | Bankruptcy, Growth investing, Luxury E-commerce, Management Quality, operational discipline, Platform business, Reference Class, Valuation Error | Login |
| Jul 14, 2023 | Fund Letters | Patient Capital Management | IAC | Interactive Corp | Communication Services | Interactive Media & Services | Bull | NASDAQ | capital allocation, digital media, holding company, internet services, Sum-of-parts, turnaround, Value | Login |
| Jul 14, 2023 | Fund Letters | Patient Capital Management | WAL | Western Alliance Bancorporation | Financials | Regional Banks | Bull | NYSE | Banking Crisis, contrarian, Deposit Stability, low valuation, regional bank, Value | Login |
| Jul 14, 2023 | Fund Letters | Patient Capital Management | ^GSPC | Citigroup Inc | Financials | Diversified Banks | Bull | NYSE | banking, Cost Reduction, dividend yield, ROE improvement, tangible book value, turnaround, Value | Login |
| Oct 11, 2023 | Fund Letters | Patient Capital Management | ^GSPC | Citigroup Inc. | Financials | Banks | Bull | NYSE | balance sheet, Bank, Cost Reduction, dividend, financial services, return on equity, turnaround, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| No ticker commentary found. | |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
