Patient Capital Management

Bill Miller IV

Period

Q1 2026

Portfolio Date

Mar 31, 2026

Stocks Held

38

Market Value

$2.7B

Portfolio Analysis

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I. Institutional Overview

As of the first quarter of 2026, the latest regulatory filings for Patient Capital Management, led by the seasoned investment strategist Bill Miller IV, reveal a portfolio that is both deeply rooted in value-investing principles and aggressively positioned for modern technological shifts. With a total reported portfolio market value of approximately $2.68...

The institutional identity of Patient Capital Management is aptly captured in its name. Bill Miller IV continues a legacy of "patient" capital—a philosophy that prioritizes long-term fundamental value over short-term market noise. The current portfolio snapshot as of March 31, 2026, suggests an institution that is currently in a phase of strategic...

The scale of the institution, at $2.68 billion, places it in a "sweet spot" of the asset management world. It is large enough to command significant resources and access to institutional-grade research, yet small enough to remain nimble. Unlike "mega-funds" that manage hundreds of billions and are often forced to buy the entire market, Patient Capital can...

Based on the latest available 13F filing.

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Holdings Value Trend

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Top 5 Holdings

1

$RPRX

Royalty Pharma plc

6.4%

% of Portfolio

2

$C

Citigroup Inc.

5.9%

% of Portfolio

3

$GOOGL

Alphabet Inc.

5.6%

% of Portfolio

4

$AMZN

Amazon.com, Inc.

5.0%

% of Portfolio

5

$QXO

QXO, Inc.

4.8%

% of Portfolio

Historical Positions

SymbolQ1 2026Q4 2025Q3 2025Q2 2025
RPRX6.4%5.0%4.4%4.9%
C5.9%5.8%5.3%5.2%
GOOGL5.6%7.0%6.0%4.9%
AMZN5.0%5.0%4.9%5.6%
QXO4.8%4.8%5.0%6.4%
NVDA4.5%4.6%4.7%4.5%
UNH4.3%4.7%5.1%-
ET4.3%--3.3%
IAC4.0%---
NCLH3.9%4.6%4.5%4.3%

Post-Filing Contributors

Price change since reported price, ranked by portfolio contribution

GOOGL+24.42%
UNH+49.88%
AMZN+15.96%
NVDA+17.47%
CVS+41.13%

Post-Filing Detractors

Price change since reported price, ranked by portfolio contribution

QXO-14.62%
NCLH+1.93%
CHYM-7.90%
EXPE-2.70%
ADBE-9.99%

Sector Analysis

Energy10.8%
Financials15.6%
Healthcare23.5%
Technology14.6%
Industrials4.0%
Communication Services14.2%
Consumer Discretionary17.2%

Trading Summary

1

$ADBE

2.6%

2

$ETF-IBIT

1.6%

All Holdings

1

$RPRX

6.4%

2

$C

5.9%

3

$GOOGL

5.6%

4

$AMZN

5.0%

5

$QXO

4.8%

6

$NVDA

4.5%

7

$UNH

4.3%

8

$ET

4.3%

9

$IAC

4.0%

10

$NCLH

3.9%

11

$SDRL

3.6%

12

$META

3.6%

13

$CVS

3.6%

14

$COIN

2.8%

15

$ADBE

2.6%

16

$CROX

2.6%

17

$BIIB

2.5%

18

$PGEN

2.5%

19

$UAL

2.5%

20

$ILMN

2.5%

21

$NE

2.4%

22

$GM

2.0%

23

$FI

2.0%

24

$CHYM

2.0%

25

$UBS

1.8%

26

$ETF-IBIT

1.6%

27

$OMF

1.5%

28

$JD

1.5%

29

$EXPE

1.4%

30

$DAL

1.3%

31

$SOFI

0.8%

32

$ETF-FBTC

0.8%

33

$TEM

0.7%

34

$PLAY

0.5%

35

$JPM

0.3%

36

$APA

0.1%

37

$LEN.B

0.0%

38

$ETF-SPY

0.0%