Patient Capital

Q2 2022 13F · by Samantha McLemore, CIO

As of: Jun 30, 2022
Filed: Aug 15, 2022
US stock: $204M · prev $254M
Positions: 39 · prev 42
Options notional: $21M
Documents: 1· no amendments

Picture90.3% US stock

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

US stock listed on a US exchange 90.3%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.5%
Puts at notional value 8.0%
Calls at notional value 1.1%

Moves46 since the prior filing

+15.8 pp in · −15.7 pp out

New 4 +7.26 pp
Added 25 +8.49 pp
Trimmed 8 −4.11 pp
Exited 7 −11.58 pp

Options: 2 moves on a notional base, in the table below.

The book

Focused · behaves like 29 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 84% a year, about 1.2 years per position

Low
Moderate
High

Top 5 positions26% of US stock

Positions39 in this filing · 7 exited


BABAAlibaba Group Holding Limited	6.92%	124,200	$14M	added+21%	+2.52 pp	3 q
OVVOvintiv Inc.	5.68%	262,000	$12M	trimmed−2%	+0.02 pp	3 q
MATMattel, Inc.	5.11%	467,000	$10M	added+9%	+1.38 pp	3 q
TEVATeva Pharmaceutical Industries Limited	4.40%	1,192,950	$9M	added+19%	+0.70 pp	3 q
EXPEExpedia Group, Inc.	4.28%	92,075	$9M	new	+4.28 pp	new
OMFOneMain Holdings, Inc.	4.11%	224,375	$8M	added+42%	+1.17 pp	3 q
DXCDXC Technology Company	4.04%	271,600	$8M	trimmed−10%	+0.17 pp	3 q
METAMeta Platforms, Inc. Class A	3.86%	48,850	$8M	added+40%	+0.80 pp	3 q
GOOGLAlphabet Inc. Class A	3.80%	3,560	$8M	added+3%	+0.04 pp	3 q
AMZNAmazon.Com Inc	3.80%	72,900	$8M	added+6%	−0.60 pp	3 q
ETEnergy Transfer LP	3.73%	761,400	$8M	added+25%	+1.05 pp	3 q
FISVFiserv, Inc.	3.32%	76,200	$7M	added+10%	+0.56 pp	3 q
CCitigroup Inc.	3.06%	135,800	$6M	added+31%	+0.88 pp	2 q
GMGeneral Motors Company	2.98%	191,500	$6M	added+18%	+0.19 pp	3 q
DALDelta Air Lines, Inc.	2.92%	205,300	$6M	trimmed−17%	−0.94 pp	3 q
CLFCleveland-Cliffs Inc.	2.77%	367,200	$6M	added+24%	−0.98 pp	2 q
NCLHNorwegian Cruise Line Holdings Ltd.	2.48%	455,250	$5M	trimmed−7%	−1.75 pp	3 q
UALUnited Airlines Holdings, Inc.	2.41%	138,500	$5M	new	+2.41 pp	new
RKTRocket Companies, Inc.	2.28%	632,800	$5M	added×3.0	+1.37 pp	3 q
UBERUber Technologies, Inc.	2.27%	226,150	$5M	added+46%	+0.10 pp	3 q
VNTVontier Corporation	2.22%	196,800	$5M	added+36%	+0.78 pp	3 q
JPMJPMorgan Chase & Co.	2.21%	40,100	$5M	added+11%	+0.27 pp	3 q
TMHCTaylor Morrison Home Corporation	2.21%	193,300	$5M	trimmed−1%	+0.12 pp	3 q
FTCHQFarfetch Limited A	2.14%	610,000	$4M	added+40%	−0.46 pp	3 q
SPLKSplunk Inc	2.14%	49,400	$4M	added+9%	−0.52 pp	3 q
ADTADT Inc.	1.96%	650,050	$4M	trimmed−28%	−0.74 pp	3 q
FANGDiamondback Energy, Inc.	1.95%	32,900	$4M	trimmed−3%	+0.13 pp	3 q
TNLTravel + Leisure Co.	1.80%	94,350	$4M	added+98%	+0.71 pp	3 q
BHCBausch Health Companies Inc	1.66%	405,500	$3M	added+49%	−0.78 pp	3 q
COFCapital One Financial	1.59%	31,050	$3M	added+3%	+0.04 pp	3 q
QUOTQuotient Technology Inc	1.32%	906,000	$3M	added+12%	−0.70 pp	3 q
KRTXKaruna Therapeutics, Inc.	1.20%	19,300	$2M	added+8%	+0.31 pp	3 q
unresolvedAvid Technology Inc	1.10%	86,700	$2M	trimmed−46%	−1.12 pp	3 q
SOFISoFi Technologies, Inc.	0.60%	231,600	$1M	added+65%	+0.08 pp	3 q
COINCoinbase Global, Inc. Class A	0.54%	23,300	$1M	added+81%	−0.42 pp	2 q
BACBank of America Corporation	0.38%	25,000	$778,000	held	—	3 q
LEN.BLennar Corporation Class B	0.36%	12,500	$734,000	new	+0.36 pp	new
UCOProShares Ultra Bloomberg Crude Oil	0.21%	10,000	$419,000	new	+0.21 pp	new
PGENPrecigen, Inc.	0.20%	298,200	$400,000	held	—	3 q
HWAYTivity Health Inc	—	−251,600	—	exited	−3.18 pp	—
HLFHerbalife Ltd.	—	−194,300	—	exited	−2.32 pp	—
TUPTupperware Brands Corporation	—	−300,300	—	exited	−2.30 pp	—
PTONPeloton Interactive, Inc. Class A	—	−146,300	—	exited	−1.52 pp	—
WW6Willis Towers Watson Public Limited Company	—	−325,900	—	exited	−1.31 pp	—
SFIXStitch Fix, Inc. Class A	—	−160,500	—	exited	−0.64 pp	—
Precigen Incconvertible	—	−1,000,000	—	exited	−0.31 pp	—