Patient Capital

Q1 2022 13F · by Samantha McLemore, CIO

As of: Mar 31, 2022
Filed: May 16, 2022
US stock: $254M · prev $247M
Positions: 42 · prev 38
Options notional: $41M
Documents: 1· no amendments

Picture86.2% US stock

Mostly picture · of what this 13F reports is US stock

US stock listed on a US exchange 86.2%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 10.2%
Calls at notional value 3.6%

Moves46 since the prior filing

+10.9 pp in · −9.5 pp out

New 5 +8.72 pp
Added 13 +2.22 pp
Trimmed 20 −8.66 pp
Exited 1 −0.82 pp

Options: 7 moves on a notional base, in the table below.

The book

Focused · behaves like 33 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 116% a year, about 0.9 years per position

Low
Moderate
High

Top 5 positions23% of US stock

OVV Ovintiv Inc. trimmed+1.97 pp trimmed+1.975.7%
BABA Alibaba Group Holding Limited added+0.73 pp added+0.734.4%
AMZN Amazon.Com Inc added+2.78 pp added+2.784.4%
NCLH Norwegian Cruise Line Holdings Ltd. trimmed−0.04 pp trimmed−0.044.2%
DXC DXC Technology Company trimmed−0.35 pp trimmed−0.353.9%

Positions42 in this filing · 1 exited


OVVOvintiv Inc.	5.66%	266,200	$14M	trimmed−2%	+1.97 pp	2 q
BABAAlibaba Group Holding Limited	4.40%	102,800	$11M	added+35%	+0.73 pp	2 q
AMZNAmazon.Com Inc	4.40%	3,435	$11M	added×2.9	+2.78 pp	2 q
NCLHNorwegian Cruise Line Holdings Ltd.	4.23%	491,100	$11M	trimmed−3%	−0.04 pp	2 q
DXCDXC Technology Company	3.87%	301,600	$10M	trimmed−7%	−0.35 pp	2 q
DALDelta Air Lines, Inc.	3.86%	248,000	$10M	added+2%	+0.01 pp	2 q
GOOGLAlphabet Inc. Class A	3.76%	3,440	$10M	trimmed−7%	−0.56 pp	2 q
CLFCleveland-Cliffs Inc.	3.75%	295,700	$10M	new	+3.75 pp	new
MATMattel, Inc.	3.73%	427,000	$9M	added+6%	+0.20 pp	2 q
TEVATeva Pharmaceutical Industries Limited	3.70%	1,000,850	$9M	added+33%	+1.27 pp	2 q
HWAYTivity Health Inc	3.18%	251,600	$8M	trimmed−27%	−0.51 pp	2 q
METAMeta Platforms, Inc. Class A	3.06%	34,950	$8M	added+11%	−1.22 pp	2 q
OMFOneMain Holdings, Inc.	2.94%	157,700	$7M	added+50%	+0.80 pp	2 q
GMGeneral Motors Company	2.79%	162,400	$7M	added+3%	−0.95 pp	2 q
FISVFiserv, Inc.	2.76%	69,200	$7M	added+5%	0.00 pp	2 q
ADTADT Inc.	2.70%	904,000	$7M	trimmed−7%	−0.62 pp	2 q
ETEnergy Transfer LP	2.68%	609,400	$7M	trimmed−13%	+0.36 pp	2 q
SPLKSplunk Inc	2.66%	45,500	$7M	trimmed−21%	−0.04 pp	2 q
FTCHQFarfetch Limited A	2.60%	436,800	$7M	added+69%	−0.90 pp	2 q
BHCBausch Health Companies Inc	2.44%	271,300	$6M	trimmed−7%	−0.81 pp	2 q
HLFHerbalife Ltd.	2.32%	194,300	$6M	added+7%	−0.68 pp	2 q
TUPTupperware Brands Corporation	2.30%	300,300	$6M	added+6%	+0.55 pp	2 q
unresolvedAvid Technology Inc	2.22%	161,700	$6M	trimmed−29%	−0.78 pp	2 q
CCitigroup Inc.	2.18%	104,000	$6M	new	+2.18 pp	new
UBERUber Technologies, Inc.	2.17%	154,800	$6M	added+3%	−0.37 pp	2 q
TMHCTaylor Morrison Home Corporation	2.09%	195,100	$5M	trimmed−4%	−0.79 pp	2 q
QUOTQuotient Technology Inc	2.02%	806,000	$5M	held	—	2 q
JPMJPMorgan Chase & Co.	1.94%	36,100	$5M	trimmed−10%	−0.62 pp	2 q
FANGDiamondback Energy, Inc.	1.82%	33,800	$5M	trimmed−54%	−1.41 pp	2 q
COFCapital One Financial	1.55%	30,100	$4M	held	—	2 q
PTONPeloton Interactive, Inc. Class A	1.52%	146,300	$4M	new	+1.52 pp	new
VNTVontier Corporation	1.44%	144,700	$4M	trimmed−11%	−0.57 pp	2 q
WW6Willis Towers Watson Public Limited Company	1.31%	325,900	$3M	trimmed−9%	−1.03 pp	2 q
TNLTravel + Leisure Co.	1.09%	47,650	$3M	trimmed−14%	−0.15 pp	2 q
COINCoinbase Global, Inc. Class A	0.96%	12,900	$2M	new	+0.96 pp	new
RKTRocket Companies, Inc.	0.91%	208,300	$2M	trimmed−26%	−0.69 pp	2 q
KRTXKaruna Therapeutics, Inc.	0.89%	17,800	$2M	trimmed−7%	−0.13 pp	2 q
SFIXStitch Fix, Inc. Class A	0.64%	160,500	$2M	held	—	2 q
SOFISoFi Technologies, Inc.	0.52%	140,100	$1M	trimmed−28%	−0.72 pp	2 q
BACBank of America Corporation	0.41%	25,000	$1M	trimmed−72%	−1.17 pp	2 q
Precigen Incconvertible	0.31%	1,000,000	$786,000	new	+0.31 pp	new
PGENPrecigen, Inc.	0.25%	298,200	$629,000	held	—	2 q
REALThe RealReal, Inc.	—	−173,500	—	exited	−0.82 pp	—