Patient Capital

Q3 2023 13F · by Samantha McLemore, CIO

As of: Sep 30, 2023
Filed: Nov 14, 2023
US stock: $1.7B · prev $1.8B
Positions: 41 · prev 44
Options notional: $0
Documents: 1· no amendments

Picture99.6% US stock

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

US stock listed on a US exchange 99.6%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.4%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves42 since the prior filing

+10.6 pp in · −10.6 pp out

New 2 +5.05 pp
Added 10 +5.54 pp
Trimmed 25 −6.40 pp
Exited 5 −4.18 pp

The book

Focused · behaves like 29 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 43% a year, about 2.3 years per position

Low
Moderate
High

Top 5 positions26% of US stock

Positions41 in this filing · 5 exited


EXPEExpedia Group, Inc.	5.90%	971,037	$100M	added+7%	+0.38 pp	6 q
AMZNAmazon.Com Inc	5.83%	778,627	$99M	trimmed−0%	+0.16 pp	8 q
OMFOneMain Holdings, Inc.	5.09%	2,154,876	$86M	trimmed−1%	−0.19 pp	8 q
GOOGLAlphabet Inc. Class A	4.87%	631,690	$83M	added+1%	+0.72 pp	8 q
ETEnergy Transfer LP	4.64%	5,615,903	$79M	trimmed−1%	+0.65 pp	8 q
MATMattel, Inc.	4.57%	3,522,838	$78M	trimmed−3%	+0.60 pp	8 q
CCitigroup Inc.	4.56%	1,882,429	$77M	added+25%	+0.70 pp	7 q
DALDelta Air Lines, Inc.	3.98%	1,825,489	$68M	trimmed−2%	−0.96 pp	8 q
PPLIPeople Incorporated	3.77%	1,269,000	$64M	added+85%	+1.38 pp	2 q
UBSUBS Group AG	3.60%	2,482,612	$61M	trimmed−0%	+0.79 pp	3 q
METAMeta Platforms, Inc. Class A	3.35%	189,352	$57M	trimmed−19%	−0.38 pp	8 q
BABAAlibaba Group Holding Limited	3.24%	634,125	$55M	trimmed−5%	+0.13 pp	8 q
GMGeneral Motors Company	3.15%	1,621,305	$53M	trimmed−1%	−0.35 pp	8 q
GOOSCanada Goose Holdings Inc.	2.86%	3,313,647	$49M	added+17%	+0.06 pp	5 q
UALUnited Airlines Holdings, Inc.	2.72%	1,091,072	$46M	trimmed−2%	−0.67 pp	6 q
TNLTravel + Leisure Co.	2.71%	1,252,336	$46M	trimmed−1%	−0.12 pp	8 q
JPMJPMorgan Chase & Co.	2.62%	307,118	$45M	trimmed−0%	+0.13 pp	8 q
KOSKosmos Energy Ltd.	2.56%	5,317,332	$43M	new	+2.56 pp	new
SPLKSplunk Inc	2.50%	290,196	$42M	trimmed−33%	−0.07 pp	8 q
CVSCvs Health Corporation	2.49%	605,120	$42M	new	+2.49 pp	new
UBERUber Technologies, Inc.	2.47%	913,417	$42M	trimmed−34%	−0.87 pp	8 q
NCLHNorwegian Cruise Line Holdings Ltd.	2.46%	2,534,597	$42M	trimmed−18%	−1.29 pp	8 q
COFCapital One Financial	2.09%	365,383	$35M	trimmed−13%	−0.46 pp	8 q
OVVOvintiv Inc.	2.05%	730,990	$35M	trimmed−44%	−0.70 pp	8 q
COINCoinbase Global, Inc. Class A	1.95%	441,270	$33M	trimmed−25%	−0.39 pp	7 q
FISVFiserv, Inc.	1.80%	270,626	$31M	trimmed−7%	−0.23 pp	8 q
KRTXKaruna Therapeutics, Inc.	1.76%	176,252	$30M	trimmed−0%	−0.37 pp	8 q
SOFISoFi Technologies, Inc.	1.75%	3,728,538	$30M	trimmed−16%	−0.31 pp	8 q
EXEExpand Energy Corporation	1.62%	318,745	$27M	trimmed−36%	−0.71 pp	5 q
DXCDXC Technology Company	1.47%	1,198,173	$25M	added×11.6	+1.32 pp	8 q
PTONPeloton Interactive, Inc. Class A	1.39%	4,668,814	$24M	added+66%	+0.18 pp	4 q
WALWestern Alliance Bancorporation	1.24%	458,355	$21M	added+4%	+0.34 pp	2 q
CLFCleveland-Cliffs Inc.	1.18%	1,281,694	$20M	trimmed−36%	−0.68 pp	7 q
PGENPrecigen, Inc.	1.15%	13,753,176	$20M	added+22%	+0.43 pp	8 q
RKTRocket Companies, Inc.	0.19%	396,677	$3M	trimmed−19%	−0.06 pp	8 q
FANGDiamondback Energy, Inc.	0.09%	10,000	$2M	held	—	8 q
LEN.BLennar Corporation Class B	0.08%	12,500	$1M	held	—	6 q
TEVATeva Pharmaceutical Industries Limited	0.08%	125,000	$1M	trimmed−59%	−0.05 pp	8 q
VNTVontier Corporation	0.07%	40,000	$1M	held	—	8 q
Farfetch Ltdconvertible	0.06%	2,000,000	$1M	held	—	2 q
BRLTBrilliant Earth Group, Inc. Class A	0.04%	250,000	$737,500	added×4.9	+0.03 pp	2 q
FTCHQFarfetch Limited A	—	−6,916,449	—	exited	−2.32 pp	—
TMHCTaylor Morrison Home Corporation	—	−594,402	—	exited	−1.61 pp	—
SFIXStitch Fix, Inc. Class A	—	−856,900	—	exited	−0.18 pp	—
BACBank of America Corporation	—	−25,000	—	exited	−0.04 pp	—
ADTADT Inc.	—	−100,000	—	exited	−0.03 pp	—