Samantha McLemore

Patient Capital Management

Ex-Bill Miller, deep value contrarian

$2.59B

Portfolio Value

Holdings

Q4 '25

Period

2026-02-13

Filed

📈 Recent Activity

Changes from previous quarter

GOOGLREDUCED

7.0% of portfolio

-5% shares+1.1pp

CREDUCED

5.8% of portfolio

-1% shares+0.5pp

AMZNINCREASED

5.0% of portfolio

+0% shares+0.1pp

RPRXINCREASED

5.0% of portfolio

+7% shares+0.6pp

QXO-PBREDUCED

4.8% of portfolio

-1% shares-0.2pp

UNHREDUCED

4.7% of portfolio

-1% shares-0.4pp

NVDAINCREASED

4.6% of portfolio

+1% shares-0.1pp

NCLHINCREASED

4.6% of portfolio

+16% shares+0.1pp

BIIBINCREASED

3.9% of portfolio

+45% shares+1.7pp

CVSREDUCED

3.8% of portfolio

-1% shares+0.0pp

METAREDUCED

3.6% of portfolio

-1% shares-0.6pp

IACINCREASED

3.6% of portfolio

+13% shares+0.7pp

ETINCREASED

3.4% of portfolio

+8% shares

PGENREDUCED

3.0% of portfolio

-29% shares-0.5pp

ILMNREDUCED

2.9% of portfolio

-1% shares+0.7pp

UTHRREDUCED

2.8% of portfolio

-2% shares+0.2pp

SDRLREDUCED

2.7% of portfolio

-8% shares+0.0pp

CROXINCREASED

2.5% of portfolio

+29% shares+0.5pp

GMREDUCED

2.4% of portfolio

-18% shares+0.1pp

FBTCINCREASED

2.3% of portfolio

+26% shares-0.2pp

OMFREDUCED

2.2% of portfolio

-12% shares+0.0pp

MATINCREASED

2.1% of portfolio

+33% shares+0.7pp

UBSREDUCED

2.1% of portfolio

-21% shares-0.3pp

CHMENEW

2.0% of portfolio

New position

EXPEREDUCED

1.9% of portfolio

-30% shares-0.2pp

DALREDUCED

1.8% of portfolio

-21% shares-0.1pp

COININCREASED

1.6% of portfolio

+4% shares-0.8pp

NE-WTINCREASED

1.4% of portfolio

+19% shares+0.2pp

SOFIREDUCED

1.2% of portfolio

-47% shares-1.2pp

PLAYREDUCED

1.0% of portfolio

-22% shares-0.5pp

JDREDUCED

0.9% of portfolio

-0% shares-0.2pp

TEMREDUCED

0.9% of portfolio

-1% shares-0.4pp

FISVNEW

0.7% of portfolio

New position

BABAREDUCED

0.6% of portfolio

-80% shares-2.9pp

PTONREDUCED

0.4% of portfolio

-26% shares-0.5pp

SPYREDUCED

<0.1% of portfolio

+155% shares+0.0pp

ANGISOLD

was 0.5%

Sold out position

Filing price: $16.26

KOSSOLD

was 0.2%

Sold out position

Filing price: $1.66

MSTRSOLD

was <0.1%

Sold out position

Filing price: $322.37

Sold Out (3)

SOLDANGIANGI INCwas 0.52%@$16.26

SOLDKOSKOSMOS ENERGY LTDwas 0.22%@$1.66

SOLDMSTRSTRATEGY INCwas 0.03%@$322.37

📊 Sector Breakdown

Portfolio allocation by sector

Unknown 55.0%Technology 21.8%Healthcare 12.4%Financials 6.2%Consumer Discretionary 4.6%+1 more (0.0%)

💼 Holdings

🔍

40 of 40 positions · $2.59B

This quarter: 2 new positions, increased 12, reduced 22, sold 3. Net seller.

#	Stock	% Portfolio▼	Activity	Shares	Reported Price	Value	Current Price	+/- Reported	52w Low	52w High
1	GOOGLALPHABET INC	7.0%	Reduce 5.17%	581637	$313.00	$182.1M	—	—	—	—
2	CCITIGROUP INC	5.8%	Reduce 1.42%	1291794	$116.69	$150.7M	—	—	—	—
3	AMZNAMAZON COM INC	5.0%	Add 0.10%	562559	$230.82	$129.8M	—	—	—	—
4	RPRXROYALTY PHARMA PLC	5.0%	Add 6.92%	3333675	$38.64	$128.8M	—	—	—	—
5	QXO-PBQXO INC	4.8%	Reduce 1.04%	6468854	$19.29	$124.8M	—	—	—	—
6	UNHUNITEDHEALTH GROUP INC	4.7%	Reduce 0.83%	368293	$330.11	$121.6M	—	—	—	—
7	NVDANVIDIA CORPORATION	4.6%	Add 0.97%	638814	$186.50	$119.1M	—	—	—	—
8	NCLHNORWEGIAN CRUISE LINE HLDG L	4.6%	Add 16.28%	5308128	$22.32	$118.5M	—	—	—	—
9	BIIBBIOGEN INC	3.9%	Add 45.31%	576352	$175.99	$101.4M	—	—	—	—
10	CVSCVS HEALTH CORP	3.8%	Reduce 0.68%	1231416	$79.36	$97.7M	—	—	—	—
11	METAMETA PLATFORMS INC	3.6%	Reduce 0.63%	143094	$660.09	$94.5M	—	—	—	—
12	IACIAC INC	3.6%	Add 12.61%	2374050	$39.10	$92.8M	—	—	—	—
13	ETENERGY TRANSFER L P	3.4%	Add 7.87%	5272875	$16.49	$86.9M	—	—	—	—
14	PGENPRECIGEN INC	3.0%	Reduce 29.43%	18673466	$4.18	$78.1M	—	—	—	—
15	ILMNILLUMINA INC	2.9%	Reduce 0.96%	575768	$131.16	$75.5M	—	—	—	—
16	UTHRUNITED AIRLS HLDGS INC	2.8%	Reduce 1.86%	654121	$111.82	$73.1M	—	—	—	—
17	SDRLSEADRILL LTD	2.7%	Reduce 7.90%	2053797	$34.60	$71.1M	—	—	—	—
18	CROXCROCS INC	2.5%	Add 28.87%	758797	$85.52	$64.9M	—	—	—	—
19	GMGENERAL MTRS CO	2.4%	Reduce 17.96%	771647	$81.32	$62.8M	—	—	—	—
20	FBTCFIDELITY WISE ORIGIN BITCOIN	2.3%	Add 26.13%	781695	$76.23	$59.6M	—	—	—	—
21	OMFONEMAIN HLDGS INC	2.2%	Reduce 11.95%	824942	$67.55	$55.7M	—	—	—	—
22	MATMATTEL INC	2.1%	Add 33.11%	2794343	$19.84	$55.4M	—	—	—	—
23	UBSUBS GROUP AG	2.1%	Reduce 20.89%	1187326	$46.31	$55.0M	—	—	—	—
24	CHMECHIME FINL INC	2.0%	Buy	2035112	$25.17	$51.2M	—	—	—	—
25	EXPEEXPEDIA GROUP INC	1.9%	Reduce 30.45%	176282	$283.31	$49.9M	—	—	—	—
26	DALDELTA AIR LINES INC DEL	1.8%	Reduce 21.00%	680405	$69.40	$47.2M	—	—	—	—
27	COINCOINBASE GLOBAL INC	1.6%	Add 4.18%	178923	$226.14	$40.5M	—	—	—	—
28	NE-WTNOBLE CORP PLC	1.4%	Add 18.51%	1281155	$28.24	$36.2M	—	—	—	—
29	SOFISOFI TECHNOLOGIES INC	1.2%	Reduce 46.83%	1198484	$26.18	$31.4M	—	—	—	—
30	PLAYDAVE & BUSTERS ENTMT INC	1.0%	Reduce 22.17%	1663341	$16.21	$27.0M	—	—	—	—
31	JDJD.COM INC	0.9%	Reduce 0.23%	840985	$28.70	$24.1M	—	—	—	—
32	TEMTEMPUS AI INC	0.9%	Reduce 1.48%	382128	$59.05	$22.6M	—	—	—	—
33	FISVFISERV INC	0.7%	Buy	259161	$67.17	$17.4M	—	—	—	—
34	BABAALIBABA GROUP HLDG LTD	0.6%	Reduce 79.56%	100114	$146.58	$14.7M	—	—	—	—
35	PTONPELOTON INTERACTIVE INC	0.4%	Reduce 25.79%	1880356	$6.16	$11.6M	—	—	—	—
36	JPMJPMORGAN CHASE & CO.	0.4%	Held	29379	$322.22	$9.5M	—	—	—	—
37	YOUCLEAR SECURE INC	0.2%	Held	125000	$35.08	$4.4M	—	—	—	—
38	APAAPA CORPORATION	<0.1%	Held	50000	$24.46	$1.2M	—	—	—	—
39	LENLENNAR CORP	<0.1%	Held	12500	$95.12	$1.2M	—	—	—	—
40	SPYSPDR S&P 500 ETF	<0.1%	Reduce 155.34%	1075	$682.01	$733K	—	—	—	—

GOOGLREDUCED

7.0%

7.0% of portfolio (was 6.0%, trimmed)

Filed ~$313—

CREDUCED

5.8%

5.8% of portfolio (was 5.3%, trimmed)

Filed ~$117—

AMZNINCREASED

5.0%

5.0% of portfolio (was 4.9%, added)

Filed ~$231—

RPRXINCREASED

5.0%

5.0% of portfolio (was 4.4%, added)

Filed ~$39—

QXO-PBREDUCED

4.8%

4.8% of portfolio (was 5.0%, trimmed)

Filed ~$19—

UNHREDUCED

4.7%

4.7% of portfolio (was 5.1%, trimmed)

Filed ~$330—

NVDAINCREASED

4.6%

4.6% of portfolio (was 4.7%, added)

Filed ~$186—

NCLHINCREASED

4.6%

4.6% of portfolio (was 4.5%, added)

Filed ~$22—

BIIBINCREASED

3.9%

3.9% of portfolio (was 2.2%, added)

Filed ~$176—

CVSREDUCED

3.8%

3.8% of portfolio (was 3.7%, trimmed)

Filed ~$79—

METAREDUCED

3.6%

3.6% of portfolio (was 4.2%, trimmed)

Filed ~$660—

IACINCREASED

3.6%

3.6% of portfolio (was 2.9%, added)

Filed ~$39—

ETINCREASED

3.4%

3.4% of portfolio (was 3.4%, added)

Filed ~$16—

PGENREDUCED

3.0%

3.0% of portfolio (was 3.5%, trimmed)

Filed ~$4—

ILMNREDUCED

2.9%

2.9% of portfolio (was 2.2%, trimmed)

Filed ~$131—

UTHRREDUCED

2.8%

2.8% of portfolio (was 2.6%, trimmed)

Filed ~$112—

SDRLREDUCED

2.7%

2.7% of portfolio (was 2.7%, trimmed)

Filed ~$35—

CROXINCREASED

2.5%

2.5% of portfolio (was 2.0%, added)

Filed ~$86—

GMREDUCED

2.4%

2.4% of portfolio (was 2.3%, trimmed)

Filed ~$81—

FBTCINCREASED

2.3%

2.3% of portfolio (was 2.5%, added)

Filed ~$76—

OMFREDUCED

2.2%

2.2% of portfolio (was 2.1%, trimmed)

Filed ~$68—

MATINCREASED

2.1%

2.1% of portfolio (was 1.4%, added)

Filed ~$20—

UBSREDUCED

2.1%

2.1% of portfolio (was 2.5%, trimmed)

Filed ~$46—

CHMENEW

2.0%

2.0% of portfolio (new position)

Filed ~$25—

EXPEREDUCED

1.9%

1.9% of portfolio (was 2.2%, trimmed)

Filed ~$283—

DALREDUCED

1.8%

1.8% of portfolio (was 2.0%, trimmed)

Filed ~$69—

COININCREASED

1.6%

1.6% of portfolio (was 2.3%, added)

Filed ~$226—

NE-WTINCREASED

1.4%

1.4% of portfolio (was 1.2%, added)

Filed ~$28—

SOFIREDUCED

1.2%

1.2% of portfolio (was 2.4%, trimmed)

Filed ~$26—

PLAYREDUCED

1.0%

1.0% of portfolio (was 1.6%, trimmed)

Filed ~$16—

JDREDUCED

0.9%

0.9% of portfolio (was 1.2%, trimmed)

Filed ~$29—

TEMREDUCED

0.9%

0.9% of portfolio (was 1.3%, trimmed)

Filed ~$59—

FISVNEW

0.7%

0.7% of portfolio (new position)

Filed ~$67—

BABAREDUCED

0.6%

0.6% of portfolio (was 3.5%, trimmed)

Filed ~$147—

PTONREDUCED

0.4%

0.4% of portfolio (was 0.9%, trimmed)

Filed ~$6—

JPM

0.4%

0.4% of portfolio

Filed ~$322—

YOU

0.2%

0.2% of portfolio

Filed ~$35—

APA

<0.1%

<0.1% of portfolio

Filed ~$24—

LEN

<0.1%

<0.1% of portfolio

Filed ~$95—

SPYREDUCED

<0.1%

<0.1% of portfolio (was <0.1%, trimmed)

Filed ~$682—

🚫 Sold Out (3 positions)

SOLDANGIANGI INCwas 0.52%@$16.26799342 shares · $13.0M

SOLDKOSKOSMOS ENERGY LTDwas 0.22%@$1.663314653 shares · $5.5M

SOLDMSTRSTRATEGY INCwas 0.03%@$322.372092 shares · $674K