Patient Capital

Q3 2022 13F · by Samantha McLemore, CIO

As of: Sep 30, 2022
Filed: Nov 14, 2022
US stock: $197M · prev $204M
Positions: 41 · prev 39
Options notional: $3M
Documents: 1· no amendments

Picture98.3% US stock

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

US stock listed on a US exchange 98.3%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 1.7%

Moves36 since the prior filing

+10.9 pp in · −10.5 pp out

New 4 +3.94 pp
Added 12 +6.96 pp
Trimmed 17 −9.22 pp
Exited 2 −1.31 pp

Options: 1 move on a notional base, in the table below.

The book

Focused · behaves like 30 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 41% a year, about 2.4 years per position

Low
Moderate
High

Top 5 positions26% of US stock

Positions41 in this filing · 2 exited


OVVOvintiv Inc.	6.02%	257,900	$12M	trimmed−2%	+0.34 pp	4 q
EXPEExpedia Group, Inc.	6.00%	126,200	$12M	added+37%	+1.72 pp	2 q
TEVATeva Pharmaceutical Industries Limited	4.81%	1,175,000	$9M	trimmed−2%	+0.41 pp	4 q
AMZNAmazon.Com Inc	4.57%	79,700	$9M	added+9%	+0.77 pp	4 q
ETEnergy Transfer LP	4.26%	761,400	$8M	held	—	4 q
OMFOneMain Holdings, Inc.	4.18%	278,900	$8M	added+24%	+0.07 pp	4 q
MATMattel, Inc.	4.16%	433,300	$8M	trimmed−7%	−0.95 pp	4 q
BABAAlibaba Group Holding Limited	3.74%	92,050	$7M	trimmed−26%	−3.18 pp	4 q
FISVFiserv, Inc.	3.55%	74,700	$7M	trimmed−2%	+0.23 pp	4 q
GOOGLAlphabet Inc. Class A	3.46%	71,200	$7M	held	—	4 q
UBERUber Technologies, Inc.	3.09%	229,900	$6M	added+2%	+0.82 pp	4 q
GMGeneral Motors Company	3.06%	187,700	$6M	trimmed−2%	+0.08 pp	4 q
DALDelta Air Lines, Inc.	2.99%	210,300	$6M	added+2%	+0.07 pp	4 q
FTCHQFarfetch Limited A	2.88%	763,000	$6M	added+25%	+0.74 pp	4 q
CCitigroup Inc.	2.87%	135,800	$6M	held	—	3 q
NCLHNorwegian Cruise Line Holdings Ltd.	2.68%	465,250	$5M	added+2%	+0.20 pp	4 q
METAMeta Platforms, Inc. Class A	2.65%	38,530	$5M	trimmed−21%	−1.21 pp	4 q
CLFCleveland-Cliffs Inc.	2.51%	367,200	$5M	held	—	3 q
DXCDXC Technology Company	2.36%	190,000	$5M	trimmed−30%	−1.68 pp	4 q
JPMJPMorgan Chase & Co.	2.36%	44,450	$5M	added+11%	+0.15 pp	4 q
UALUnited Airlines Holdings, Inc.	2.31%	139,800	$5M	added+1%	−0.10 pp	2 q
COINCoinbase Global, Inc. Class A	2.27%	69,500	$4M	added×3.0	+1.73 pp	3 q
TMHCTaylor Morrison Home Corporation	2.23%	188,600	$4M	trimmed−2%	+0.02 pp	4 q
TNLTravel + Leisure Co.	2.03%	117,200	$4M	added+24%	+0.23 pp	4 q
KRTXKaruna Therapeutics, Inc.	2.02%	17,700	$4M	trimmed−8%	+0.82 pp	4 q
ADTADT Inc.	1.85%	485,700	$4M	trimmed−25%	−0.11 pp	4 q
SPLKSplunk Inc	1.82%	47,575	$4M	trimmed−4%	−0.32 pp	4 q
FANGDiamondback Energy, Inc.	1.76%	28,800	$3M	trimmed−12%	−0.19 pp	4 q
RKTRocket Companies, Inc.	1.72%	537,700	$3M	trimmed−15%	−0.56 pp	4 q
GOOSCanada Goose Holdings Inc.	1.34%	173,900	$3M	new	+1.34 pp	new
COFCapital One Financial	1.34%	28,700	$3M	trimmed−8%	−0.25 pp	4 q
SFIXStitch Fix, Inc. Class A	1.33%	662,350	$3M	new	+1.33 pp	new
SOFISoFi Technologies, Inc.	1.16%	469,700	$2M	added×2.0	+0.56 pp	4 q
QUOTQuotient Technology Inc	1.06%	906,000	$2M	held	—	4 q
EXEExpand Energy Corporation	1.05%	22,000	$2M	new	+1.05 pp	new
BHCBausch Health Companies Inc	0.66%	187,600	$1M	trimmed−54%	−1.00 pp	4 q
VNTVontier Corporation	0.55%	65,000	$1M	trimmed−67%	−1.67 pp	4 q
BACBank of America Corporation	0.38%	25,000	$755,000	held	—	4 q
LEN.BLennar Corporation Class B	0.38%	12,500	$744,000	held	—	2 q
PGENPrecigen, Inc.	0.32%	298,200	$632,000	held	—	4 q
BRLTBrilliant Earth Group, Inc. Class A	0.22%	75,000	$430,000	new	+0.22 pp	new
unresolvedAvid Technology Inc	—	−86,700	—	exited	−1.10 pp	—
UCOProShares Ultra Bloomberg Crude Oil	—	−10,000	—	exited	−0.21 pp	—