Patient Capital

Q4 2023 13F · by Samantha McLemore, CIO

As of: Dec 31, 2023
Filed: Feb 14, 2024
US stock: $1.9B · prev $1.7B
Positions: 42 · prev 41
Options notional: $0
Documents: 1· no amendments

Picture99.8% US stock

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

US stock listed on a US exchange 99.8%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.2%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves42 since the prior filing

+8.7 pp in · −8.7 pp out

New 5 +7.45 pp
Added 10 +1.20 pp
Trimmed 23 −2.58 pp
Exited 4 −6.08 pp

The book

Focused · behaves like 28 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 40% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions29% of US stock

Positions42 in this filing · 4 exited


EXPEExpedia Group, Inc.	7.54%	935,490	$142M	trimmed−4%	+1.64 pp	7 q
AMZNAmazon.Com Inc	5.82%	722,233	$110M	trimmed−7%	−0.01 pp	9 q
OMFOneMain Holdings, Inc.	5.61%	2,148,977	$106M	trimmed−0%	+0.52 pp	9 q
CCitigroup Inc.	5.16%	1,889,331	$97M	added0%	+0.60 pp	8 q
GOOGLAlphabet Inc. Class A	4.45%	600,588	$84M	trimmed−5%	−0.42 pp	9 q
ETEnergy Transfer LP	4.11%	5,610,917	$77M	trimmed−0%	−0.53 pp	9 q
DALDelta Air Lines, Inc.	4.08%	1,913,428	$77M	added+5%	+0.10 pp	9 q
UBSUBS Group AG	4.02%	2,450,937	$76M	trimmed−1%	+0.42 pp	4 q
PPLIPeople Incorporated	3.80%	1,366,938	$72M	added+8%	+0.03 pp	3 q
GMGeneral Motors Company	3.56%	1,866,367	$67M	added+15%	+0.41 pp	9 q
METAMeta Platforms, Inc. Class A	3.54%	188,424	$67M	trimmed−0%	+0.19 pp	9 q
MATMattel, Inc.	3.30%	3,289,071	$62M	trimmed−7%	−1.27 pp	9 q
NCLHNorwegian Cruise Line Holdings Ltd.	2.69%	2,533,585	$51M	trimmed−0%	+0.23 pp	9 q
UALUnited Airlines Holdings, Inc.	2.67%	1,221,053	$50M	added+12%	−0.05 pp	7 q
CVSCvs Health Corporation	2.52%	600,977	$47M	trimmed−1%	+0.03 pp	2 q
GOOSCanada Goose Holdings Inc.	2.42%	3,842,824	$46M	added+16%	−0.44 pp	6 q
JPMJPMorgan Chase & Co.	2.42%	268,411	$46M	trimmed−13%	−0.20 pp	9 q
BABAAlibaba Group Holding Limited	2.37%	576,464	$45M	trimmed−9%	−0.87 pp	9 q
TNLTravel + Leisure Co.	2.33%	1,122,287	$44M	trimmed−10%	−0.38 pp	9 q
KOSKosmos Energy Ltd.	2.27%	6,363,423	$43M	added+20%	−0.29 pp	2 q
COFCapital One Financial	2.24%	321,892	$42M	trimmed−12%	+0.15 pp	9 q
COINCoinbase Global, Inc. Class A	2.14%	232,022	$40M	trimmed−47%	+0.19 pp	8 q
CROXCrocs, Inc.	2.09%	422,010	$39M	new	+2.09 pp	new
PTONPeloton Interactive, Inc. Class A	2.00%	6,196,285	$38M	added+33%	+0.61 pp	5 q
SOFISoFi Technologies, Inc.	1.99%	3,776,542	$38M	added+1%	+0.24 pp	9 q
UBERUber Technologies, Inc.	1.90%	581,733	$36M	trimmed−36%	−0.57 pp	9 q
RPRXRoyalty Pharma plc Class A	1.87%	1,254,780	$35M	new	+1.87 pp	new
FISVFiserv, Inc.	1.81%	256,679	$34M	trimmed−5%	+0.01 pp	9 q
ILMNIllumina Inc	1.78%	240,678	$34M	new	+1.78 pp	new
SDRLSeadrill Limited	1.66%	662,574	$31M	new	+1.66 pp	new
WALWestern Alliance Bancorporation	1.60%	456,883	$30M	trimmed−0%	+0.36 pp	3 q
PGENPrecigen, Inc.	1.14%	15,983,700	$21M	added+16%	−0.01 pp	9 q
EXEExpand Energy Corporation	1.12%	273,711	$21M	trimmed−14%	−0.50 pp	6 q
CLFCleveland-Cliffs Inc.	1.11%	1,027,036	$21M	trimmed−20%	−0.07 pp	8 q
RKTRocket Companies, Inc.	0.27%	356,677	$5M	trimmed−10%	+0.08 pp	9 q
KRTXKaruna Therapeutics, Inc.	0.20%	11,631	$4M	trimmed−93%	−1.56 pp	9 q
LEN.BLennar Corporation Class B	0.09%	12,500	$2M	held	—	7 q
FANGDiamondback Energy, Inc.	0.08%	10,000	$2M	held	—	9 q
VNTVontier Corporation	0.07%	40,000	$1M	held	—	9 q
TEVATeva Pharmaceutical Industries Limited	0.06%	100,000	$1M	trimmed−20%	−0.02 pp	9 q
BRLTBrilliant Earth Group, Inc. Class A	0.05%	250,000	$930,000	held	—	3 q
SPYState Street SPDR S&P 500 ETF Trust	0.05%	2,091	$994,027	new	+0.05 pp	new
SPLKSplunk Inc	—	−290,196	—	exited	−2.50 pp	—
OVVOvintiv Inc.	—	−730,990	—	exited	−2.05 pp	—
DXCDXC Technology Company	—	−1,198,173	—	exited	−1.47 pp	—
Farfetch Ltdconvertible	—	−2,000,000	—	exited	−0.06 pp	—