Patient Capital

Q2 2026 13F · by Samantha McLemore, CIO

As of: Jun 30, 2026
Filed: Aug 13, 2026
US stock: $3.0B · prev $2.7B
Positions: 39 · prev 38
Options notional: $41M
Documents: 1· no amendments

Picture98.7% US stock

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

US stock listed on a US exchange 98.7%
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 1.3%

Moves40 since the prior filing

+6.2 pp in · −6.2 pp out

New 2 +2.43 pp
Added 11 +3.77 pp
Trimmed 24 −4.58 pp
Exited 1 −1.58 pp

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

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 30% a year, about 3.3 years per position

Low
Moderate
High

Top 5 positions31% of US stock

Positions39 in this filing · 1 exited


RPRXRoyalty Pharma plc Class A	6.70%	3,598,808	$202M	trimmed−1%	+0.18 pp	11 q
CCitigroup Inc.	6.53%	1,403,477	$196M	trimmed−1%	+0.55 pp	18 q
GOOGLAlphabet Inc. Class A	6.24%	525,750	$188M	trimmed−2%	+0.51 pp	19+ q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	6.05%	437,773	$182M	added0%	+1.64 pp	5 q
AMZNAmazon.Com Inc	5.39%	681,047	$162M	added+4%	+0.31 pp	19+ q
NVDANvidia Corp	4.72%	709,587	$142M	trimmed−0%	+0.10 pp	10 q
CVSCvs Health Corporation	4.25%	1,235,505	$128M	trimmed−9%	+0.62 pp	12 q
NCLHNorwegian Cruise Line Holdings Ltd.	4.23%	6,029,642	$127M	added+5%	+0.22 pp	19+ q
QXOQXO, Inc.	4.10%	7,136,669	$123M	added+5%	−0.81 pp	8 q
ETEnergy Transfer LP	3.86%	6,080,678	$116M	trimmed−0%	−0.52 pp	19+ q
PPLIPeople Incorporated	3.72%	2,425,558	$112M	trimmed−10%	−0.31 pp	13 q
PGENPrecigen, Inc.	3.61%	19,036,976	$109M	added+7%	+1.04 pp	19+ q
UALUnited Airlines Holdings, Inc.	3.31%	731,523	$99M	trimmed−0%	+0.80 pp	17 q
CROXCrocs, Inc.	3.20%	799,426	$96M	trimmed−5%	+0.59 pp	11 q
METAMeta Platforms, Inc. Class A	3.20%	170,790	$96M	trimmed−0%	−0.45 pp	19+ q
CHYMChime Financial, Inc. Class A	2.78%	4,082,489	$84M	added+42%	+0.77 pp	3 q
ADBEAdobe Inc.	2.46%	361,126	$74M	added+21%	−0.23 pp	2 q
SDRLSeadrill Limited	2.45%	1,953,355	$74M	trimmed−9%	−1.20 pp	11 q
GPNGlobal Payments, Inc.	2.27%	942,310	$68M	new	+2.27 pp	new
COINCoinbase Global, Inc. Class A	2.24%	462,016	$68M	added+7%	−0.56 pp	18 q
FBTCFidelity Wise Origin Bitcoin Fund	2.07%	1,217,595	$62M	added×3.4	+1.29 pp	10 q
BIIBBiogen Inc.	2.04%	283,697	$61M	trimmed−25%	−0.56 pp	10 q
ILMNIllumina Inc	2.02%	345,314	$61M	trimmed−37%	−0.48 pp	11 q
GMGeneral Motors Company	1.62%	631,558	$49M	trimmed−15%	−0.45 pp	19+ q
UBSUBS Group AG	1.57%	953,734	$47M	trimmed−23%	−0.24 pp	14 q
FISVFiserv, Inc.	1.55%	953,637	$47M	trimmed−2%	−0.46 pp	3 q
EXPEExpedia Group, Inc.	1.43%	167,814	$43M	added0%	−0.01 pp	17 q
OMFOneMain Holdings, Inc.	1.42%	702,369	$43M	trimmed−10%	−0.14 pp	19+ q
DALDelta Air Lines, Inc.	1.34%	431,215	$40M	trimmed−22%	−0.03 pp	19+ q
JDJD.com, Inc.	1.17%	1,377,719	$35M	trimmed−2%	−0.37 pp	7 q
SOFISoFi Technologies, Inc.	0.90%	1,505,629	$27M	added+14%	+0.11 pp	19+ q
TEMTempus AI, Inc. Class A	0.77%	400,698	$23M	trimmed−9%	+0.02 pp	5 q
JPMJPMorgan Chase & Co.	0.32%	29,360	$10M	trimmed−0%	0.00 pp	19+ q
GENIGenius Sports Limited	0.16%	812,819	$5M	new	+0.16 pp	new
NENoble Corporation plc	0.12%	100,000	$4M	trimmed−93%	−2.35 pp	5 q
PLAYDave & Buster's Entertainment, Inc.	0.08%	204,022	$2M	trimmed−82%	−0.39 pp	8 q
APAAPA Corporation	0.05%	50,000	$2M	held	—	7 q
LEN.BLennar Corporation Class B	0.04%	12,500	$1M	held	—	17 q
SPYState Street SPDR S&P 500 ETF Trust	0.03%	1,060	$791,601	trimmed−5%	0.00 pp	4 q
IBITiShares Bitcoin Trust ETF	—	−1,100,000	—	exited	−1.58 pp	—