Patient Capital

Q1 2023 13F · by Samantha McLemore, CIO

As of: Mar 31, 2023
Filed: May 15, 2023
US stock: $223M · prev $204M
Positions: 41 · prev 42
Options notional: $0
Documents: 1· no amendments

Picture99.3% US stock

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

US stock listed on a US exchange 99.3%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.7%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves33 since the prior filing

+7.3 pp in · −7.7 pp out

New 1 +2.13 pp
Added 11 +5.20 pp
Trimmed 18 −5.84 pp
Exited 2 −1.90 pp

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

The book

Focused · behaves like 33 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions23% of US stock

EXPE Expedia Group, Inc. trimmed+0.02 pp trimmed+0.025.7%
OMF OneMain Holdings, Inc. added+0.38 pp added+0.384.9%
ET Energy Transfer LP held held4.1%
META Meta Platforms, Inc. Class A added+1.65 pp added+1.654.0%
BABA Alibaba Group Holding Limited trimmed+0.19 pp trimmed+0.194.0%

Positions41 in this filing · 2 exited


EXPEExpedia Group, Inc.	5.69%	130,600	$13M	trimmed−1%	+0.02 pp	4 q
OMFOneMain Holdings, Inc.	4.93%	296,100	$11M	added+6%	+0.38 pp	6 q
ETEnergy Transfer LP	4.14%	739,800	$9M	held	—	6 q
METAMeta Platforms, Inc. Class A	4.02%	42,275	$9M	added+5%	+1.65 pp	6 q
BABAAlibaba Group Holding Limited	4.00%	87,150	$9M	trimmed−1%	+0.19 pp	6 q
AMZNAmazon.Com Inc	3.79%	81,700	$8M	added+3%	+0.51 pp	6 q
OVVOvintiv Inc.	3.70%	228,300	$8M	trimmed−9%	−2.52 pp	6 q
MATMattel, Inc.	3.66%	443,500	$8M	added+4%	−0.06 pp	6 q
GOOSCanada Goose Holdings Inc.	3.38%	391,300	$8M	added+5%	+0.12 pp	3 q
GOOGLAlphabet Inc. Class A	3.31%	71,200	$7M	held	—	6 q
DALDelta Air Lines, Inc.	3.29%	210,300	$7M	held	—	6 q
CCitigroup Inc.	3.12%	148,400	$7M	added+9%	+0.11 pp	5 q
TMHCTaylor Morrison Home Corporation	3.05%	177,675	$7M	trimmed−6%	+0.25 pp	6 q
NCLHNorwegian Cruise Line Holdings Ltd.	2.98%	494,600	$7M	trimmed−2%	−0.04 pp	6 q
GMGeneral Motors Company	2.95%	178,975	$7M	trimmed−2%	−0.06 pp	6 q
UBERUber Technologies, Inc.	2.74%	192,400	$6M	trimmed−13%	+0.07 pp	6 q
FISVFiserv, Inc.	2.71%	53,425	$6M	trimmed−19%	−0.55 pp	6 q
UALUnited Airlines Holdings, Inc.	2.67%	134,300	$6M	trimmed−4%	+0.09 pp	4 q
TEVATeva Pharmaceutical Industries Limited	2.49%	626,000	$6M	trimmed−25%	−1.23 pp	6 q
JPMJPMorgan Chase & Co.	2.37%	40,500	$5M	trimmed−11%	−0.62 pp	6 q
SPLKSplunk Inc	2.28%	53,000	$5M	held	—	6 q
TNLTravel + Leisure Co.	2.24%	127,300	$5M	held	—	6 q
EXEExpand Energy Corporation	2.20%	64,500	$5M	added+70%	+0.44 pp	3 q
COINCoinbase Global, Inc. Class A	2.19%	72,100	$5M	trimmed−9%	+0.81 pp	5 q
FTCHQFarfetch Limited A	2.17%	986,800	$5M	trimmed−9%	−0.33 pp	6 q
UBSUBS Group AG	2.13%	222,800	$5M	new	+2.13 pp	new
CLFCleveland-Cliffs Inc.	2.12%	258,325	$5M	trimmed−8%	−0.09 pp	5 q
RKTRocket Companies, Inc.	2.06%	507,700	$5M	held	—	6 q
KRTXKaruna Therapeutics, Inc.	1.90%	23,375	$4M	added+32%	+0.20 pp	6 q
COFCapital One Financial	1.76%	40,700	$4M	added+42%	+0.45 pp	6 q
PTONPeloton Interactive, Inc. Class A	1.68%	330,725	$4M	added×3.3	+1.29 pp	2 q
SFIXStitch Fix, Inc. Class A	1.46%	638,100	$3M	trimmed−4%	+0.45 pp	3 q
SOFISoFi Technologies, Inc.	1.28%	469,700	$3M	held	—	6 q
QUOTQuotient Technology Inc	1.21%	819,400	$3M	held	—	6 q
ADTADT Inc.	1.05%	322,300	$2M	trimmed−15%	−0.64 pp	6 q
PGENPrecigen, Inc.	0.70%	1,463,760	$2M	added+83%	+0.11 pp	6 q
DXCDXC Technology Company	0.69%	60,000	$2M	trimmed−63%	−1.39 pp	6 q
FANGDiamondback Energy, Inc.	0.61%	10,000	$1M	trimmed−22%	−0.25 pp	6 q
LEN.BLennar Corporation Class B	0.50%	12,500	$1M	held	—	4 q
VNTVontier Corporation	0.49%	40,000	$1M	held	—	6 q
BACBank of America Corporation	0.32%	25,000	$715,000	held	—	6 q
SICPSilvergate Capital Corp A	—	−135,600	—	exited	−1.16 pp	—
Farfetch Ltdconvertible	—	−2,000,000	—	exited	−0.74 pp	—