Patient Capital Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Patient Capital Management, LLC reported 40 stock positions worth $2.2 billion. Its top holding was Qxo (QXO) at 6.4% of the portfolio, followed by Amazon.com (AMZN, 5.6%) and Citigroup (C, 5.2%). Compared with Q1 2025, it opened 4 new positions, sold out of 3, added to 11 and reduced 21. The biggest buy was a new position in Unitedhealth (UNH) and the biggest sale General Motors (GM, shares −38%).
- Most Recent 13F
- Q2 2026
- Location
- BALTIMORE, MD
- CIK
- 0001854794
- Portfolio Value
- $2.2B (Q2 2025)
- SEC Filing
- 0001085146-25-004963 ↗ filed Aug 13, 2025
Holdings Value
Holdings 40 stocks · $2.2B
| QXO Qxo Inc. | 6.36% | 6,542,202 | $140.9M | Reduce -10.2% |
| AMZN Amazon.com Inc. | 5.58% | 563,482 | $123.6M | Reduce -1.8% |
| C Citigroup Inc. | 5.17% | 1,345,717 | $114.5M | Reduce -4.2% |
| GOOGL Alphabet Inc. Class A | 4.88% | 613,053 | $108.0M | Add +1.2% |
| RPRX Royalty Pharma PLC Class A | 4.86% | 2,987,988 | $107.7M | Add +0.5% |
| META Meta Platforms Inc. Class A | 4.81% | 144,295 | $106.5M | Reduce -0.9% |
| NVDA Nvidia Corp. | 4.52% | 634,173 | $100.2M | Add +1.1% |
| NCLH Norwegian Cruise Line Holdin | 4.31% | 4,708,579 | $95.5M | Add +31.1% |
| CVS CVS Health Corp. | 3.87% | 1,241,924 | $85.7M | Reduce -6.3% |
| ET Energy Transfer LP | 3.34% | 4,076,356 | $73.9M | Reduce -16.5% |
| COIN Coinbase Global Inc. Class A | 3.22% | 203,500 | $71.3M | Reduce -0.1% |
| UBS UBS Group AG-Reg | 2.96% | 1,937,639 | $65.5M | Reduce -5.2% |
| PPLI People Inc. filed as IAC INC | 2.93% | 1,739,006 | $64.9M | Add +3.2% |
| PLAY Dave & Buster's Entertainmen | 2.90% | 2,133,287 | $64.2M | Reduce -3.1% |
| UNH Unitedhealth Group Inc. | 2.70% | 191,932 | $59.9M | New |
| OMF Onemain Holdings Inc. | 2.66% | 1,032,501 | $58.9M | Reduce -3.7% |
| SDRL Seadrill Limited | 2.64% | 2,229,549 | $58.5M | Add +13.0% |
| FBTC Fidelity Wise Origin Bitcoin | 2.63% | 620,226 | $58.3M | No change |
| SOFI Sofi Technologies Inc. | 2.60% | 3,157,431 | $57.5M | Reduce -10.7% |
| BABA Alibaba Group Holding-SP ADR | 2.55% | 499,110 | $56.6M | Reduce -6.5% |
| ILMN Illumina Inc. | 2.51% | 582,190 | $55.5M | Add +26.9% |
| UAL United Airlines Holdings Inc. | 2.40% | 668,651 | $53.2M | Reduce -0.3% |
| CROX Crocs Inc. | 2.30% | 503,378 | $51.0M | Reduce -1.6% |
| GM General Motors Co. | 2.10% | 944,753 | $46.5M | Reduce -38.1% |
| DAL Delta Air Lines Inc. | 2.00% | 899,700 | $44.2M | Add +17.1% |
| EXPE Expedia Group Inc. | 1.99% | 261,855 | $44.2M | Reduce -6.1% |
| BIIB Biogen Inc. | 1.82% | 320,466 | $40.2M | Reduce -29.7% |
| KOS Kosmos Energy Ltd. | 1.50% | 19,339,717 | $33.3M | Add +7.4% |
| MAT Mattel Inc. | 1.30% | 1,464,398 | $28.9M | Reduce -36.6% |
| JD Jd.com Inc.-ADR | 1.16% | 789,127 | $25.8M | Add +0.4% |
| TEM Tempus AI Inc. Class A | 1.11% | 388,627 | $24.7M | New |
| PGEN Precigen Inc. | 1.04% | 16,268,741 | $23.1M | Reduce -6.3% |
| NE Noble Corp. PLC | 0.86% | 718,290 | $19.1M | New |
| PTON Peloton Interactive Inc. Class A | 0.84% | 2,689,816 | $18.7M | Reduce -3.5% |
| ANGI Angi Inc. | 0.56% | 808,005 | $12.3M | New |
| JPM JPMorgan Chase & Co. | 0.38% | 29,383 | $8.5M | No change |
| GOOS Canada Goose Holdings Inc. | 0.37% | 735,468 | $8.2M | Reduce -72.8% |
| YOU Clear Secure Inc. Class A | 0.17% | 139,700 | $3.9M | Add +11.8% |
| LEN.B Lennar Corp. Class B | 0.06% | 12,500 | $1.3M | No change |
| APA Apa Corp. | 0.04% | 50,000 | $915K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| GM General Motors Co. | Reduce -38.1% | 2.10% | −1.59 |
| BIIB Biogen Inc. | Reduce -29.7% | 1.82% | −1.39 |
| ET Energy Transfer LP | Reduce -16.5% | 3.34% | −1.33 |
| BABA Alibaba Group Holding-SP ADR | Reduce -6.5% | 2.55% | −1.08 |
| NFE New Fortress Energy Inc. | Sold out | 0.00% | −1.06 |
| MAT Mattel Inc. | Reduce -36.6% | 1.30% | −1.01 |
| CVS CVS Health Corp. | Reduce -6.3% | 3.87% | −0.75 |
| GOOS Canada Goose Holdings Inc. | Reduce -72.8% | 0.37% | −0.73 |
| CVNA Carvana Co. | Sold out | 0.00% | −0.51 |
| CROX Crocs Inc. | Reduce -1.6% | 2.30% | −0.49 |
| EXPE Expedia Group Inc. | Reduce -6.1% | 1.99% | −0.42 |
| PGEN Precigen Inc. | Reduce -6.3% | 1.04% | −0.29 |
| UBS UBS Group AG-Reg | Reduce -5.2% | 2.96% | −0.26 |
| PTON Peloton Interactive Inc. Class A | Reduce -3.5% | 0.84% | −0.06 |
| OMF Onemain Holdings Inc. | Reduce -3.7% | 2.66% | −0.04 |
| AMZN Amazon.com Inc. | Reduce -1.8% | 5.58% | −0.04 |
| BRLT Brilliant Earth Group Inc. Class A | Sold out | 0.00% | −0.01 |
| UAL United Airlines Holdings Inc. | Reduce -0.3% | 2.40% | +0.02 |
| C Citigroup Inc. | Reduce -4.2% | 5.17% | +0.04 |
| SOFI Sofi Technologies Inc. | Reduce -10.7% | 2.60% | +0.48 |
| META Meta Platforms Inc. Class A | Reduce -0.9% | 4.81% | +0.49 |
| PLAY Dave & Buster's Entertainmen | Reduce -3.1% | 2.90% | +0.91 |
| QXO Qxo Inc. | Reduce -10.2% | 6.36% | +1.29 |
| COIN Coinbase Global Inc. Class A | Reduce -0.1% | 3.22% | +1.42 |
Portfolio Buys Q1 2025 → Q2 2025
| UNH Unitedhealth Group Inc. | New | 2.70% | +2.70 |
| TEM Tempus AI Inc. Class A | New | 1.11% | +1.11 |
| NVDA Nvidia Corp. | Add +1.1% | 4.52% | +1.03 |
| NE Noble Corp. PLC | New | 0.86% | +0.86 |
| NCLH Norwegian Cruise Line Holdin | Add +31.1% | 4.31% | +0.81 |
| ILMN Illumina Inc. | Add +26.9% | 2.51% | +0.64 |
| ANGI Angi Inc. | New | 0.56% | +0.56 |
| DAL Delta Air Lines Inc. | Add +17.1% | 2.00% | +0.27 |
| SDRL Seadrill Limited | Add +13.0% | 2.64% | +0.11 |
| RPRX Royalty Pharma PLC Class A | Add +0.5% | 4.86% | +0.10 |
| GOOGL Alphabet Inc. Class A | Add +1.2% | 4.88% | +0.06 |
| YOU Clear Secure Inc. Class A | Add +11.8% | 0.17% | +0.01 |
| JD Jd.com Inc.-ADR | Add +0.4% | 1.16% | −0.50 |
| KOS Kosmos Energy Ltd. | Add +7.4% | 1.50% | −0.61 |
| PPLI People Inc. | Add +3.2% | 2.93% | −1.05 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 39 | $3.0B | RPRX, C, GOOGL, UNH, AMZN |
| Q1 2026 | 38 | $2.7B | RPRX, C, GOOGL, AMZN, QXO |
| Q4 2025 | 40 | $2.6B | GOOGL, C, AMZN, RPRX, QXO |
| Q3 2025 | 41 | $2.5B | GOOGL, C, UNH, QXO, AMZN |
| Q2 2025 | 40 | $2.2B | QXO, AMZN, C, GOOGL, RPRX |
| Q1 2025 | 39 | $1.9B | AMZN, C, QXO, GOOGL, RPRX |
| Q4 2024 | 43 | $2.2B | AMZN, QXO, GOOGL, C, ET |
| Q3 2024 | 41 | $2.0B | QXO, AMZN, GOOGL, C, EXPE |
| Q2 2024 | 40 | $1.9B | AMZN, GOOGL, C, EXPE, ET |
| Q1 2024 | 42 | $2.1B | AMZN, C, EXPE, OMF, DAL |