Patient Capital Management, LLC
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it. Buying this fund's new positions the day each filing went public, over 14 quarters, returned -12.3% per quarter versus +2.7% from simply owning every 13F stock — it beat that baseline in only 14.3% of quarters (excess t = -3.17). Copying it would have systematically underperformed the simplest possible strategy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 38 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| RPRX | $175M | | ADD |
| C | $160M | | ADD |
| GOOGL | $154M | | TRIM |
| AMZN | $136M | | ADD |
| QXO | $132M | | ADD |
| NVDA | $124M | | ADD |
| UNH | $118M | | ADD |
| ET | $118M | | ADD |
| PPLI | $108M | | ADD |
| NCLH | $108M | | ADD |
| SDRL | $98M | | ADD |
| META | $98M | | ADD |
| CVS | $97M | | ADD |
| COIN | $75M | | ADD |
| ADBE | $72M | | NEW |
| CROX | $70M | | ADD |
| BIIB | $70M | | TRIM |
| PGEN | $69M | | TRIM |
| UAL | $67M | | ADD |
| ILMN | $67M | | TRIM |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.