Patient Capital

Q4 2022 13F · by Samantha McLemore, CIO

As of: Dec 31, 2022
Filed: Feb 14, 2023
US stock: $204M · prev $197M
Positions: 42 · prev 41
Options notional: $2M
Documents: 1· no amendments

Picture99.1% US stock

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

US stock listed on a US exchange 99.1%
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 0.9%

Moves31 since the prior filing

+4.9 pp in · −4.3 pp out

New 3 +2.29 pp
Added 11 +2.65 pp
Trimmed 15 −3.45 pp
Exited 2 −0.88 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 27% a year, about 3.8 years per position

Low
Moderate
High

Top 5 positions25% of US stock

Positions42 in this filing · 2 exited


OVVOvintiv Inc.	6.22%	250,400	$13M	trimmed−3%	+0.20 pp	5 q
EXPEExpedia Group, Inc.	5.67%	132,025	$12M	added+5%	−0.33 pp	3 q
OMFOneMain Holdings, Inc.	4.55%	278,900	$9M	held	—	5 q
ETEnergy Transfer LP	4.30%	739,800	$9M	trimmed−3%	+0.04 pp	5 q
BABAAlibaba Group Holding Limited	3.81%	88,375	$8M	trimmed−4%	+0.07 pp	5 q
MATMattel, Inc.	3.72%	425,500	$8M	trimmed−2%	−0.44 pp	5 q
TEVATeva Pharmaceutical Industries Limited	3.72%	832,575	$8M	trimmed−29%	−1.09 pp	5 q
DALDelta Air Lines, Inc.	3.39%	210,300	$7M	held	—	5 q
AMZNAmazon.Com Inc	3.28%	79,700	$7M	held	—	5 q
GOOSCanada Goose Holdings Inc.	3.26%	373,700	$7M	added×2.1	+1.92 pp	2 q
FISVFiserv, Inc.	3.26%	65,900	$7M	trimmed−12%	−0.29 pp	5 q
GOOGLAlphabet Inc. Class A	3.08%	71,200	$6M	held	—	5 q
NCLHNorwegian Cruise Line Holdings Ltd.	3.02%	503,100	$6M	added+8%	+0.34 pp	5 q
CCitigroup Inc.	3.01%	135,800	$6M	held	—	4 q
GMGeneral Motors Company	3.01%	182,700	$6M	trimmed−3%	−0.05 pp	5 q
JPMJPMorgan Chase & Co.	2.99%	45,500	$6M	added+2%	+0.63 pp	5 q
TMHCTaylor Morrison Home Corporation	2.80%	188,600	$6M	held	—	5 q
UBERUber Technologies, Inc.	2.67%	220,200	$5M	trimmed−4%	−0.42 pp	5 q
UALUnited Airlines Holdings, Inc.	2.58%	139,800	$5M	held	—	3 q
FTCHQFarfetch Limited A	2.50%	1,081,100	$5M	added+42%	−0.38 pp	5 q
METAMeta Platforms, Inc. Class A	2.37%	40,175	$5M	added+4%	−0.28 pp	5 q
TNLTravel + Leisure Co.	2.27%	127,300	$5M	added+9%	+0.24 pp	5 q
SPLKSplunk Inc	2.24%	53,000	$5M	added+11%	+0.42 pp	5 q
CLFCleveland-Cliffs Inc.	2.21%	279,600	$5M	trimmed−24%	−0.30 pp	4 q
DXCDXC Technology Company	2.08%	160,600	$4M	trimmed−15%	−0.28 pp	5 q
EXEExpand Energy Corporation	1.76%	38,000	$4M	added+73%	+0.71 pp	2 q
RKTRocket Companies, Inc.	1.74%	507,700	$4M	trimmed−6%	+0.02 pp	5 q
KRTXKaruna Therapeutics, Inc.	1.70%	17,700	$3M	held	—	5 q
ADTADT Inc.	1.69%	379,800	$3M	trimmed−22%	−0.16 pp	5 q
COINCoinbase Global, Inc. Class A	1.38%	79,500	$3M	added+14%	−0.89 pp	4 q
QUOTQuotient Technology Inc	1.38%	819,400	$3M	trimmed−10%	+0.32 pp	5 q
COFCapital One Financial	1.31%	28,700	$3M	held	—	5 q
SICPSilvergate Capital Corp A	1.16%	135,600	$2M	new	+1.16 pp	new
SOFISoFi Technologies, Inc.	1.06%	469,700	$2M	held	—	5 q
SFIXStitch Fix, Inc. Class A	1.01%	662,350	$2M	held	—	2 q
FANGDiamondback Energy, Inc.	0.86%	12,800	$2M	trimmed−56%	−0.90 pp	5 q
Farfetch Ltdconvertible	0.74%	2,000,000	$2M	new	+0.74 pp	new
PGENPrecigen, Inc.	0.59%	798,200	$1M	added×2.7	+0.27 pp	5 q
LEN.BLennar Corporation Class B	0.46%	12,500	$934,750	held	—	3 q
BACBank of America Corporation	0.41%	25,000	$828,000	held	—	5 q
PTONPeloton Interactive, Inc. Class A	0.39%	100,000	$794,000	new	+0.39 pp	new
VNTVontier Corporation	0.38%	40,000	$773,200	trimmed−38%	−0.17 pp	5 q
BHCBausch Health Companies Inc	—	−187,600	—	exited	−0.66 pp	—
BRLTBrilliant Earth Group, Inc. Class A	—	−75,000	—	exited	−0.22 pp	—