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Patient Capital Management In Q2 2026, Patient Capital Management held 39 US-listed stocks worth $3.1bn. Its biggest move was cutting Noble (93% fewer shares, now 0.1%), followed by buying Global Payments (now 2.2% of the portfolio). It started 2 new positions and sold out of 1. Its largest holding is Royalty Pharma at 6.6%.
Source: SEC Form 13F for Q2 2026, filed 13 Aug 2026. How we use them
Latest 13F
Q2 2026
Filed 13 Aug 2026
US holdings
$3.1bn
39 companies
See holdings
Q3 2026 13F due
24 days
Expected Fri 13 Nov
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Holdings What changed Over time Look-through 5% stakes Sectors Value over time
What changed in Q2 2026 Against Q1 2026, by number of shares and adjusted for splits. Up to five of each, largest first; the full list is below.
US holdings from the 13F Q2 2026, filed 13 Aug 2026 (filing ): 2 new, 11 added to, 24 trimmed, 1 sold out. Select a row to see it over time. How this works Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.
13F holdings with change from the previous quarter Company Value Shares Portfolio Change Q1 2026 Royalty Pharma RPRX $202m 3,598,808 6.6%$202m ▼ Trimmed -1.2%6.4% Citigroup C $196m 1,403,477 6.4%$196m ▼ Trimmed -0.7%5.9% Alphabet GOOG $188m 525,750 6.2%$188m ▼ Trimmed -1.5%5.6% UnitedHealth Group UNH $182m 437,773 6.0%$182m ▲ Added +0.1%4.3% Amazon.com AMZN $162m 681,047 5.3%$162m ▲ Added +4.1%5.0% NVIDIA NVDA $142m 709,587 4.7%$142m ▼ Trimmed -0.2%4.5% CVS Health CVS $128m 1,235,505 4.2%$128m ▼ Trimmed -9.0%3.6% Norwegian Cruise Line Holdings NCLH $127m 6,029,642 4.2%$127m ▲ Added +4.9%3.9% QXO QXO $123m 7,136,669 4.0%$123m ▲ Added +5.3%4.8% Energy Transfer LP ET $116m 6,080,678 3.8%$116m ▼ Trimmed -0.1%4.3% IAC PPLI $112m 2,425,558 3.7%$112m ▼ Trimmed -10%4.0% Precigen PGEN $109m 19,036,976 3.6%$109m ▲ Added +6.8%2.5% United Airlines Holdings UAL $99.5m 731,523 3.3%$99.5m ▼ Trimmed -0.1%2.5% Crocs CROX $96.4m 799,426 3.2%$96.4m ▼ Trimmed -5.2%2.6% Meta Platforms META $96.2m 170,790 3.1%$96.2m ▼ Trimmed -0.2%3.6% Chime Financial CHYM $83.6m 4,082,489 2.7%$83.6m ▲ Added +42%2.0% Adobe ADBE $74.0m 361,126 2.4%$74.0m ▲ Added +22%2.6% Seadrill SDRL $73.9m 1,953,355 2.4%$73.9m ▼ Trimmed -9.3%3.6% Global Payments GPN $68.4m 942,310 2.2%$68.4m ▲ New– Coinbase Global COIN $67.5m 462,016 2.2%$67.5m ▲ Added +7.3%2.8% Fidelity Wise Origin Bitcoin FBTC $62.2m 1,217,595 2.0%$62.2m ▲ Added +244%0.8% Biogen BIIB $61.3m 283,697 2.0%$61.3m ▼ Trimmed -25%2.5% Illumina ILMN $60.7m 345,314 2.0%$60.7m ▼ Trimmed -37%2.5% General Motors GM $48.7m 631,558 1.6%$48.7m ▼ Trimmed -15%2.0% UBS Group UBS $47.3m 953,734 1.6%$47.3m ▼ Trimmed -23%1.8% Fiserv FISV $46.8m 953,637 1.5%$46.8m ▼ Trimmed -1.5%2.0% Expedia Group EXPE $42.9m 167,814 1.4%$42.9m ▲ Added 0.0%1.4% Onemain Holdings OMF $42.8m 702,369 1.4%$42.8m ▼ Trimmed -10%1.5% Delta Air Lines DAL $40.4m 431,215 1.3%$40.4m ▼ Trimmed -22%1.3% JD.com JD $35.1m 1,377,719 1.1%$35.1m ▼ Trimmed -1.6%1.5% Sofi Technologies SOFI $27.0m 1,505,629 0.9%$27.0m ▲ Added +14%0.8% Tempus Ai TEM $23.2m 400,698 0.8%$23.2m ▼ Trimmed -9.4%0.7% JPMorgan Chase JPM $9.6m 29,360 0.3%$9.6m ▼ Trimmed 0.0%0.3% Genius Sports GENI $4.9m 812,819 0.2%$4.9m ▲ New– Noble NE $3.7m 100,000 0.1%$3.7m ▼ Trimmed -93%2.4% Dave & Buster's Entertainment PLAY $2.3m 204,022 0.1%$2.3m ▼ Trimmed -82%0.5% APA APA $1.6m 50,000 0.1%$1.6m 0.1% Lennar Corporation - B SHS (LEN/B) LEN $1.1m 12,500 0.0%$1.1m 0.0% Spdr S&P 500 Etf Trust SPY $792k 1,060 0.0%$792k ▼ Trimmed -4.9%0.0% Ishares Bitcoin Trust Etf IBIT – – – ▼ Sold out1.6%
Show all 40 Download the Q2 2026 holdings: CSV · JSON · Markdown
How the portfolio has changed Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions. How this works Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.
2021 · Alphabet: 3.1% 2021 · Meta Platforms: 3.0% 2021 · Everything else: 93.9% 2022 · Amazon.com: 3.3% 2022 · Everything else: 96.8% 2023 · Amazon.com: 5.8% 2023 · Alphabet: 4.4% 2023 · Citigroup: 5.2% 2023 · Meta Platforms: 3.5% 2023 · Everything else: 81.1% Q3 ’24 · Amazon.com: 5.7% Q3 ’24 · Alphabet: 4.8% Q3 ’24 · Citigroup: 4.7% Q3 ’24 · QXO: 6.0% Q3 ’24 · Meta Platforms: 4.2% Q3 ’24 · Everything else: 74.5% Q4 ’24 · Amazon.com: 6.2% Q4 ’24 · Alphabet: 5.2% Q4 ’24 · Citigroup: 5.0% Q4 ’24 · QXO: 5.7% Q4 ’24 · Royalty Pharma: 3.4% Q4 ’24 · Meta Platforms: 4.0% Q4 ’24 · Everything else: 70.6% Q1 ’25 · Amazon.com: 5.6% Q1 ’25 · Alphabet: 4.8% Q1 ’25 · Citigroup: 5.1% Q1 ’25 · QXO: 5.1% Q1 ’25 · Royalty Pharma: 4.8% Q1 ’25 · Meta Platforms: 4.3% Q1 ’25 · Everything else: 70.3% Q2 ’25 · Amazon.com: 5.6% Q2 ’25 · Alphabet: 4.9% Q2 ’25 · Citigroup: 5.2% Q2 ’25 · QXO: 6.4% Q2 ’25 · Royalty Pharma: 4.9% Q2 ’25 · Meta Platforms: 4.8% Q2 ’25 · Everything else: 68.3% Q3 ’25 · Amazon.com: 4.9% Q3 ’25 · Alphabet: 6.0% Q3 ’25 · Citigroup: 5.3% Q3 ’25 · QXO: 5.0% Q3 ’25 · Royalty Pharma: 4.4% Q3 ’25 · Meta Platforms: 4.2% Q3 ’25 · Everything else: 70.2% Q4 ’25 · Amazon.com: 5.0% Q4 ’25 · Alphabet: 7.0% Q4 ’25 · Citigroup: 5.8% Q4 ’25 · QXO: 4.8% Q4 ’25 · Royalty Pharma: 5.0% Q4 ’25 · Meta Platforms: 3.6% Q4 ’25 · Everything else: 68.7% Q1 ’26 · Amazon.com: 5.0% Q1 ’26 · Alphabet: 5.6% Q1 ’26 · Citigroup: 5.9% Q1 ’26 · QXO: 4.8% Q1 ’26 · Royalty Pharma: 6.4% Q1 ’26 · Meta Platforms: 3.6% Q1 ’26 · Everything else: 68.8% Q2 ’26 · Amazon.com: 5.3% Q2 ’26 · Alphabet: 6.2% Q2 ’26 · Citigroup: 6.4% Q2 ’26 · QXO: 4.0% Q2 ’26 · Royalty Pharma: 6.6% Q2 ’26 · Everything else: 71.4% 2021
2023
Q4 ’24
Q2 ’25
Q4 ’25
Q2 ’26
2021: Amazon.com 0.0%, Alphabet 3.1%, Citigroup 0.0%, QXO 0.0%, Royalty Pharma 0.0%, Meta Platforms 3.0%; 2022: Amazon.com 3.3%, Alphabet 0.0%, Citigroup 0.0%, QXO 0.0%, Royalty Pharma 0.0%, Meta Platforms 0.0%; 2023: Amazon.com 5.8%, Alphabet 4.4%, Citigroup 5.2%, QXO 0.0%, Royalty Pharma 0.0%, Meta Platforms 3.5%; Q3 ’24: Amazon.com 5.7%, Alphabet 4.8%, Citigroup 4.7%, QXO 6.0%, Royalty Pharma 0.0%, Meta Platforms 4.2%; Q4 ’24: Amazon.com 6.2%, Alphabet 5.2%, Citigroup 5.0%, QXO 5.7%, Royalty Pharma 3.4%, Meta Platforms 4.0%; Q1 ’25: Amazon.com 5.6%, Alphabet 4.8%, Citigroup 5.1%, QXO 5.1%, Royalty Pharma 4.8%, Meta Platforms 4.3%; Q2 ’25: Amazon.com 5.6%, Alphabet 4.9%, Citigroup 5.2%, QXO 6.4%, Royalty Pharma 4.9%, Meta Platforms 4.8%; Q3 ’25: Amazon.com 4.9%, Alphabet 6.0%, Citigroup 5.3%, QXO 5.0%, Royalty Pharma 4.4%, Meta Platforms 4.2%; Q4 ’25: Amazon.com 5.0%, Alphabet 7.0%, Citigroup 5.8%, QXO 4.8%, Royalty Pharma 5.0%, Meta Platforms 3.6%; Q1 ’26: Amazon.com 5.0%, Alphabet 5.6%, Citigroup 5.9%, QXO 4.8%, Royalty Pharma 6.4%, Meta Platforms 3.6%; Q2 ’26: Amazon.com 5.3%, Alphabet 6.2%, Citigroup 6.4%, QXO 4.0%, Royalty Pharma 6.6%, Meta Platforms 0.0% ▶ Play Q2 2026
Royalty Pharma 6.6% Citigroup 6.4% Alphabet 6.2% UnitedHealth Group 6.0% Amazon.com 5.3% NVIDIA 4.7% CVS Health 4.2% Norwegian Cruise Line Holdings 4.2% QXO 4.0% Energy Transfer LP 3.8% IAC 3.7% Precigen 3.6% Q4 2021 Q2 2026
Look-through earnings Patient Capital Management’s share of the profits of the US companies it holds. How this works Look-through earnings, Q2 2026
$105m
Last 12 months, holdings with SEC financials
Price paid for those earnings
25.8×
Value of those holdings ÷ their earnings
Earnings per share growth
+12.5%
Same holdings, against a year earlier
Portfolio covered
89%
Of the 13F value
By year Rolling 12 months
Q1 2022: $338k Q2 2022: $3.1m Q3 2022: $4.2m Q4 2022: $3.5m Q1 2023: $1.4m Q2 2023: $27.9m Q3 2023: $26.6m Q4 2023: $25.1m Q1 2024: $15.3m Q2 2024: $16.6m Q3 2024: $27.7m Q4 2024: $14.7m Q1 2025: $8.3m Q2 2025: $15.1m Q3 2025: $5.1m Q4 2025: $10.9m Q1 2026: $24.4m Q2 2026: $49.2m $11.1m 2022
$81.1m 2023
$74.2m 2024
$39.4m 2025
$73.6m 2026*
2022: $11.1m; 2023: $81.1m; 2024: $74.2m; 2025: $39.4m; 2026 (2 quarters): $73.6m
Holdings behind Q2 2026 (latest) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021
Show all 30 Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained . Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.
5% stake filings Holdings of 5% or more of a company (13D and 13G), usually reported well before the next 13F. How this works Patient Capital Management’s filings since December 2024, newest first. An amendment showing less than 5% means the holding fell below the threshold. A 13D means the holder may seek to influence the company.
How to read a 13D .
Show all 10 US holdings by sector Financials 21.6% Health care 18.4% Technology 13.7% Industrials 13.0% Consumer discretionary 9.9% Communication and media 9.4% Consumer staples 4.2% Utilities 3.9% Other 3.2% Energy 2.6% Not classified 0.0% Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.
US portfolio value by quarter $1.7bn Q3 ’23
$1.9bn Q4 ’23
$2.1bn Q1 ’24
$1.9bn Q2 ’24
$2.0bn Q3 ’24
$2.2bn Q4 ’24
$1.9bn Q1 ’25
$2.2bn Q2 ’25
$2.5bn Q3 ’25
$2.6bn Q4 ’25
$2.7bn Q1 ’26
$3.1bn Q2 ’26
Q3 ’23: $1.7bn; Q4 ’23: $1.9bn; Q1 ’24: $2.1bn; Q2 ’24: $1.9bn; Q3 ’24: $2.0bn; Q4 ’24: $2.2bn; Q1 ’25: $1.9bn; Q2 ’25: $2.2bn; Q3 ’25: $2.5bn; Q4 ’25: $2.6bn; Q1 ’26: $2.7bn; Q2 ’26: $3.1bn From each quarter’s 13F. Changes reflect both trading and share-price moves.