Patient Capital Management, LLC 13F holdings and portfolio analysis
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Baseline
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Directly following the baseline exposes an investor to a concentrated, filing-lagged portfolio with meaningful idiosyncratic and sector-rotation risk. The top 5 holdings are 28.92%, the top 10 are 51.49%, and the top 20 are 81.99%. Health Care is 25.28% and Consumer Discretionary is 22.63%, so nearly half the portfolio sits in those two sectors alone. The strategy also depends on delayed 13F implementation, with 408 trades and turnover reaching 66.78% in one rebalance period, so investors are not buying the manager’s positions in real time.
The trade-off is easiest to see in the contrast between a few strong winning periods and several sharp setbacks. The best recent period was 2024-06-30, when the baseline returned 19.33% versus SPY’s 9.83%, a 9.5-point excess return, and 2023-03-31 also beat by 4.74 points. But the downside was real: 2022-12-31 lost 8.62% while SPY lost only 0.25%, and 2024-03-31 fell 2.4% while SPY gained 2.31%, a -4.71-point excess result. Those swings help explain why the full-period return is respectable at 11.22% annualized, yet the max drawdown still reached -23.04% and the benchmark-relative record is described as inconsistent.
A user should inspect three things next: concentration, sector dependence, and implementation drag. First, top 10 concentration is already 51.49%, so a few names dominate results. Second, Health Care is 25.28% and Consumer Discretionary is 22.63%, which means sector outcomes matter a lot. Third, the backtest warns that delayed disclosure matters: there were 408 trades, total estimated cost was 0.5017, and one period saw 66.78% turnover. Those details determine whether the baseline is tolerable as a copy strategy rather than just an interesting holdings snapshot.