Patient Capital

Q1 2026 13F · by Samantha McLemore, CIO

As of: Mar 31, 2026
Filed: May 14, 2026
US stock: $2.7B · prev $2.6B
Positions: 38 · prev 40
Options notional: $53M
Documents: 1· no amendments

Picture98.0% US stock

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

US stock listed on a US exchange 98.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.7%
Calls at notional value 1.3%

Moves42 since the prior filing

+10.8 pp in · −10.8 pp out

New 2 +4.27 pp
Added 23 +6.53 pp
Trimmed 11 −7.49 pp
Exited 4 −3.33 pp

Options: 2 moves on a notional base, in the table below.

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 28% a year, about 3.5 years per position

Low
Moderate
High

Top 5 positions28% of US stock

RPRX Royalty Pharma plc Class A added+1.55 pp added+1.556.5%
C Citigroup Inc. added+0.16 pp added+0.166.0%
GOOGL Alphabet Inc. Class A trimmed−1.30 pp trimmed−1.305.7%
AMZN Amazon.Com Inc added+0.07 pp added+0.075.1%
QXO QXO, Inc. added+0.09 pp added+0.094.9%

Positions38 in this filing · 4 exited


RPRXRoyalty Pharma plc Class A	6.52%	3,643,716	$175M	added+9%	+1.55 pp	10 q
CCitigroup Inc.	5.98%	1,413,870	$160M	added+9%	+0.16 pp	17 q
GOOGLAlphabet Inc. Class A	5.73%	533,993	$154M	trimmed−8%	−1.30 pp	18 q
AMZNAmazon.Com Inc	5.08%	654,419	$136M	added+16%	+0.07 pp	18 q
QXOQXO, Inc.	4.91%	6,778,389	$132M	added+5%	+0.09 pp	7 q
NVDANvidia Corp	4.62%	711,115	$124M	added+11%	+0.02 pp	9 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.41%	437,141	$118M	added+19%	−0.28 pp	4 q
ETEnergy Transfer LP	4.38%	6,088,203	$118M	added+15%	+1.02 pp	18 q
PPLIPeople Incorporated	4.03%	2,699,564	$108M	added+14%	+0.45 pp	12 q
NCLHNorwegian Cruise Line Holdings Ltd.	4.01%	5,749,640	$108M	added+8%	−0.56 pp	18 q
METAMeta Platforms, Inc. Class A	3.65%	171,086	$98M	added+20%	0.00 pp	18 q
SDRLSeadrill Limited	3.65%	2,152,685	$98M	added+5%	+0.91 pp	10 q
CVSCvs Health Corporation	3.63%	1,357,159	$97M	added+10%	−0.14 pp	11 q
COINCoinbase Global, Inc. Class A	2.80%	430,405	$75M	added×2.4	+1.24 pp	17 q
ADBEAdobe Inc.	2.69%	297,279	$72M	new	+2.69 pp	new
CROXCrocs, Inc.	2.61%	842,842	$70M	added+11%	+0.11 pp	10 q
BIIBBiogen Inc.	2.60%	379,741	$70M	trimmed−34%	−1.32 pp	9 q
PGENPrecigen, Inc.	2.57%	17,817,387	$69M	trimmed−5%	−0.44 pp	18 q
UALUnited Airlines Holdings, Inc.	2.51%	732,020	$67M	added+12%	−0.31 pp	16 q
ILMNIllumina Inc	2.50%	544,780	$67M	trimmed−5%	−0.41 pp	10 q
NENoble Corporation plc	2.47%	1,347,854	$66M	added+5%	+1.07 pp	4 q
GMGeneral Motors Company	2.07%	744,630	$55M	trimmed−4%	−0.35 pp	18 q
CHYMChime Financial, Inc. Class A	2.01%	2,882,016	$54M	added+42%	+0.03 pp	2 q
FISVFiserv, Inc.	2.01%	968,194	$54M	added×3.7	+1.34 pp	2 q
UBSUBS Group AG	1.81%	1,241,955	$49M	added+5%	−0.31 pp	13 q
IBITiShares Bitcoin Trust ETF	1.58%	1,100,000	$42M	new	+1.58 pp	new
OMFOneMain Holdings, Inc.	1.56%	781,371	$42M	trimmed−5%	−0.59 pp	18 q
JDJD.com, Inc.	1.54%	1,399,468	$41M	added+66%	+0.61 pp	6 q
EXPEExpedia Group, Inc.	1.44%	167,784	$39M	trimmed−5%	−0.49 pp	16 q
DALDelta Air Lines, Inc.	1.37%	552,514	$37M	trimmed−19%	−0.45 pp	18 q
SOFISoFi Technologies, Inc.	0.79%	1,326,246	$21M	added+11%	−0.42 pp	18 q
FBTCFidelity Wise Origin Bitcoin Fund	0.78%	353,831	$21M	trimmed−55%	−1.52 pp	9 q
TEMTempus AI, Inc. Class A	0.75%	442,199	$20M	added+16%	−0.12 pp	4 q
PLAYDave & Buster's Entertainment, Inc.	0.47%	1,151,658	$12M	trimmed−31%	−0.57 pp	7 q
JPMJPMorgan Chase & Co.	0.32%	29,362	$9M	trimmed−0%	−0.05 pp	18 q
APAAPA Corporation	0.08%	50,000	$2M	held	—	6 q
LEN.BLennar Corporation Class B	0.04%	12,500	$1M	held	—	16 q
SPYState Street SPDR S&P 500 ETF Trust	0.03%	1,115	$725,571	added+4%	0.00 pp	3 q
MATMattel, Inc.	—	−2,794,343	—	exited	−2.14 pp	—
BABAAlibaba Group Holding Limited	—	−100,114	—	exited	−0.57 pp	—
PTONPeloton Interactive, Inc. Class A	—	−1,880,356	—	exited	−0.45 pp	—
YOUClear Secure, Inc.	—	−125,000	—	exited	−0.17 pp	—