Patient Capital Management, LLC

BALTIMORE, MD · CIK 1854794 · 13F filing filed 2026-08-13

SEC-registered investment adviser since 2020 · limited liability company

Assets managed$2.5bn
Staff10 · 4 in investment roles
Main clients (by assets)Mutual funds and ETFs 74%, State and local governments 12%, Private funds 8%
Private funds1 (1 hedge) · $207.2m gross assets
Websitepatientcapitalmanagement.com
Form ADV · 2026-03-27SEC adviser record

Legal entityPATIENT CAPITAL MANAGEMENT, LLC (US)

$3.0bn reported value +12.2% vs Q1 2026

39positions

52.1%in top 10

2 new 11 added 24 reduced 1 sold out vs Q1 2026

Options: 1 call positions ($40.9m notional), 0 put positions (— notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ROYALTY PHARMA PLC SHS CLASS A RPRX	RPRX	3,598,808	$201.8m6.70%	6.70%	Reduced -44.9k	-44,908 -1.2%
2	CITIGROUP INC COM NEW C	C	1,403,477	$196.4m6.53%	6.53%	Reduced -10.4k	-10,393 -0.7%
3	ALPHABET INC CAP STK CL A GOOGL	GOOGL	525,750	$187.9m6.24%	6.24%	Reduced -8.2k	-8,243 -1.5%
4	UNITEDHEALTH GROUP INC COM UNH	UNH	437,773	$182.0m6.05%	6.05%	Added +632	+632 0.1%
5	AMAZON COM INC COM AMZN	AMZN	681,047	$162.3m5.39%	5.39%	Added +26.6k	+26,628 4.1%
6	NVIDIA CORPORATION COM NVDA	NVDA	709,587	$142.0m4.72%	4.72%	Reduced -1.5k	-1,528 -0.2%
7	CVS HEALTH CORP COM CVS	CVS	1,235,505	$127.8m4.25%	4.25%	Reduced -121.7k	-121,654 -9.0%
8	NORWEGIAN CRUISE LINE HLDG L SHS NCLH	NCLH	6,029,642	$127.3m4.23%	4.23%	Added +280.0k	+280,002 4.9%
9	QXO INC COM NEW QXO	QXO	7,136,669	$123.3m4.10%	4.10%	Added +358.3k	+358,280 5.3%
10	ENERGY TRANSFER L P COM UT LTD PTN ET	ET	6,080,678	$116.3m3.86%	3.86%	Reduced -7.5k	-7,525 -0.1%
11	IAC INC COM NEW PPLI	PPLI	2,425,558	$112.0m3.72%	3.72%	Reduced -274.0k	-274,006 -10.2%
12	PRECIGEN INC COM PGEN	PGEN	19,036,976	$108.5m3.61%	3.61%	Added +1.2m	+1,219,589 6.8%
13	UNITED AIRLS HLDGS INC COM UAL	UAL	731,523	$99.5m3.31%	3.31%	Reduced -497	-497 -0.1%
14	CROCS INC COM CROX	CROX	799,426	$96.4m3.20%	3.20%	Reduced -43.4k	-43,416 -5.2%
15	META PLATFORMS INC CL A META	META	170,790	$96.2m3.20%	3.20%	Reduced -296	-296 -0.2%
16	CHIME FINL INC COM SHS CL A CHYM	CHYM	4,082,489	$83.6m2.78%	2.78%	Added +1.2m	+1,200,473 41.6%
17	ADOBE INC COM ADBE	ADBE	361,126	$74.0m2.46%	2.46%	Added +63.8k	+63,847 21.5%
18	SEADRILL LTD COM SDRL	SDRL	1,953,355	$73.9m2.45%	2.45%	Reduced -199.3k	-199,330 -9.3%
19	GLOBAL PMTS INC COM GPN	GPN	942,310	$68.4m2.27%	2.27%	New
20	COINBASE GLOBAL INC COM CL A COIN	COIN	462,016	$67.5m2.24%	2.24%	Added +31.6k	+31,611 7.3%
21	FIDELITY WISE ORIGIN BITCOIN SHS FBTC	FBTC	1,217,595	$62.2m2.07%	2.07%	Added +863.8k	+863,764 244.1%
22	BIOGEN INC COM BIIB	BIIB	283,697	$61.3m2.04%	2.04%	Reduced -96.0k	-96,044 -25.3%
23	ILLUMINA INC COM ILMN	ILMN	345,314	$60.7m2.02%	2.02%	Reduced -199.5k	-199,466 -36.6%
24	GENERAL MTRS CO COM GM	GM	631,558	$48.7m1.62%	1.62%	Reduced -113.1k	-113,072 -15.2%
25	UBS GROUP AG SHS UBS	UBS	953,734	$47.3m1.57%	1.57%	Reduced -288.2k	-288,221 -23.2%
26	FISERV INC COM FISV	FISV	953,637	$46.8m1.55%	1.55%	Reduced -14.6k	-14,557 -1.5%
27	EXPEDIA GROUP INC COM NEW EXPE	EXPE	167,814	$42.9m1.43%	1.43%	Added +30	+30 0.0%
28	ONEMAIN HLDGS INC COM OMF	OMF	702,369	$42.8m1.42%	1.42%	Reduced -79.0k	-79,002 -10.1%
29	DELTA AIR LINES INC DEL COM NEW DAL	DAL	431,215	$40.4m1.34%	1.34%	Reduced -121.3k	-121,299 -21.9%
30	JD.COM INC SPON ADS CL A JD	JD	1,377,719	$35.1m1.17%	1.17%	Reduced -21.7k	-21,749 -1.6%
31	SOFI TECHNOLOGIES INC COM SOFI	SOFI	1,505,629	$27.0m0.90%	0.90%	Added +179.4k	+179,383 13.5%
32	TEMPUS AI INC CL A TEM	TEM	400,698	$23.2m0.77%	0.77%	Reduced -41.5k	-41,501 -9.4%
33	JPMORGAN CHASE & CO COM JPM	JPM	29,360	$9.6m0.32%	0.32%	Reduced -2	-2 -0.0%
34	GENIUS SPORTS LIMITED SHARES CL A GENI	GENI	812,819	$4.9m0.16%	0.16%	New
35	NOBLE CORP PLC ORD SHS A NE	NE	100,000	$3.7m0.12%	0.12%	Reduced -1.2m	-1,247,854 -92.6%
36	DAVE & BUSTERS ENTMT INC COM PLAY	PLAY	204,022	$2.3m0.08%	0.08%	Reduced -947.6k	-947,636 -82.3%
37	APA CORPORATION COM APA	APA	50,000	$1.6m0.05%	0.05%	Unchanged
38	LENNAR CORP CL B LEN.B	LEN.B	12,500	$1.1m0.04%	0.04%	Unchanged
39	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	1,060	$791.6k0.03%	0.03%	Reduced -55	-55 -4.9%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
ISHARES BITCOIN TRUST ETF IBIT	IBIT	1,100,000	$42.3m1.1m shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
BIOGEN INC BIIB · Call	BIIB	Call	189,400	$40.9m189.4k shares	Added

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
PRECIGEN INC PGEN · 13G · filed 2026-02-13	PGEN	10.2%≈ $205.2m	-3.4 pts	13G	2026-02-13