Samantha McLemore - Patient Capital Management Portfolio Q2’2025: Top Holdings & Recent Changes
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Samantha McLemore continues to demonstrate exceptional value investing discipline. Her Q2’2025 Patient Capital portfolio reveals a dynamic approach, balancing conviction in top holdings with tactical adjustments across sectors. With $2.2 billion deployed and a portfolio spanning 40 positions, McLemore’s latest moves highlight her adaptability in a shifting market landscape.
Portfolio Overview: Dynamic Conviction Meets Tactical Flexibility
Portfolio Highlights (Q2’2025): - Market Value: $2,215.7M - Top 10 Holdings: 47.7% - Portfolio Size: 40 +1 - Average Holding Period: 9 quarters - Turnover: 17.5%
The Patient Capital portfolio remains highly diversified, with the top ten holdings accounting for nearly half of total assets. This structure reflects McLemore’s commitment to balancing concentration in high-conviction ideas with broad sector exposure. The average holding period of nine quarters signals a disciplined, long-term mindset, while a 17.5% turnover rate indicates selective rebalancing rather than wholesale shifts.
McLemore’s approach is characterized by active management within a stable core. The portfolio’s size—now at 40 positions—allows for meaningful bets on favored companies while maintaining flexibility to respond to new opportunities or risks. The allocation image above illustrates a blend of technology, healthcare, consumer, and financial names, underscoring her multi-sector expertise.
Top Holdings Analysis: Tech, Pharma, and Strategic Reductions
The portfolio is anchored by a series of high-profile names, each reflecting McLemore’s evolving outlook. QXO Inc remains a top holding at 6.4%, though the position was reduced by 10.19%—a notable tactical shift. Amazon.com, Inc. 5.6% also saw a modest reduction of 1.84%, suggesting profit-taking or risk management in the face of market volatility.
Financials remain a core theme, with CITIGROUP INC at 5.2% following a 4.22% reduction. Meanwhile, McLemore increased exposure to innovation leaders: Alphabet Inc. (4.9%, Add 1.22%), NVIDIA Corporation (4.5%, Add 1.15%), and Meta Platforms, Inc. (4.8%, Reduce 0.94%) all feature prominently.
Healthcare and biotech are represented by Royalty Pharma plc (4.9%, Add 0.52%) and CVS Health Corporation (3.9%, Reduce 6.31%). The most dramatic move is a 31.15% addition to Norwegian Cruise Line Holdings Ltd. 4.3%, signaling a bold bet on travel sector recovery.
Energy exposure was trimmed, with Energy Transfer LP reduced by 16.53% to 3.3%. These moves, combined with stable positions in other top holdings, reflect a nuanced blend of conviction and caution.
What the Portfolio Reveals About Current Strategy
- Quality and Innovation: McLemore continues to favor industry leaders in technology and healthcare, adding to positions like Alphabet, NVIDIA, and Royalty Pharma.
- Active Risk Management: Significant reductions in QXO, Amazon, and Energy Transfer suggest a focus on locking in gains and managing sector-specific risks.
- Sector Rotation: The outsized addition to Norwegian Cruise Line Holdings highlights tactical sector rotation, capitalizing on recovery themes in travel and leisure.
- Long-Term Discipline: With an average holding period of nine quarters, Patient Capital demonstrates patience and conviction, avoiding short-term trading in favor of compounding returns.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| QXO Inc | $140.9M | 6.4% | Reduce 10.19% |
| Amazon.com, Inc. | $123.6M | 5.6% | Reduce 1.84% |
| CITIGROUP INC | $114.5M | 5.2% | Reduce 4.22% |
| Alphabet Inc. | $108.0M | 4.9% | Add 1.22% |
| Royalty Pharma plc | $107.7M | 4.9% | Add 0.52% |
| Meta Platforms, Inc. | $106.5M | 4.8% | Reduce 0.94% |
| NVIDIA Corporation | $100.2M | 4.5% | Add 1.15% |
| Norwegian Cruise Line Holdings Ltd. | $95.5M | 4.3% | Add 31.15% |
| CVS Health Corporation | $85.7M | 3.9% | Reduce 6.31% |
| Energy Transfer LP | $73.9M | 3.3% | Reduce 16.53% |
The top ten positions account for 47.7% of total assets, illustrating a moderate concentration that balances conviction with diversification. Notably, several positions underwent meaningful changes, with reductions in established leaders and aggressive additions to recovery plays. This dynamic allocation reflects McLemore’s willingness to adapt while maintaining a core set of high-quality holdings.
Investment Lessons from Samantha McLemore’s Patient Capital Approach
- Conviction with Flexibility: Concentrate capital in best ideas, but remain agile to adjust as market conditions evolve.
- Long-Term Patience: Hold positions for multiple quarters to allow investment theses to play out.
- Quality First: Prioritize industry leaders and innovative companies that can compound value over time.
- Risk Management: Regularly review and trim positions to manage downside and lock in gains.
- Sector Awareness: Rotate capital into sectors with improving fundamentals or recovery potential.
Looking Ahead: What Comes Next?
With 40 positions and nearly half the portfolio in top holdings, Patient Capital is well-positioned for both stability and opportunistic growth. The recent addition to Norwegian Cruise Line Holdings signals confidence in travel sector recovery, while reductions in tech and energy reflect prudent risk management. Cash reserves and selective turnover suggest McLemore is prepared to deploy capital into emerging opportunities as market conditions shift.
Investors should watch for further moves in technology, healthcare, and consumer sectors, as well as potential new positions that align with Patient Capital’s disciplined, value-oriented philosophy.
FAQ about Samantha McLemore’s Patient Capital Portfolio
Q: Why did McLemore add so aggressively to Norwegian Cruise Line Holdings?
The 31.15% addition to Norwegian Cruise Line Holdings reflects a tactical bet on travel sector recovery, likely driven by improving fundamentals and attractive valuation.
Q: How concentrated is the Patient Capital portfolio?
The top ten holdings represent 47.7% of total assets, balancing conviction in core ideas with diversification across 40 positions.
Q: What is the average holding period, and why does it matter?
Patient Capital’s average holding period is nine quarters, demonstrating a long-term approach that allows investment theses to mature and compound returns.
Q: Which sectors are most prominent in the portfolio?
Technology, healthcare, financials, and consumer sectors dominate, with significant positions in Alphabet, Royalty Pharma, and CVS Health.
Q: How can investors track McLemore’s moves?
Follow quarterly 13F filings and use tools like ValueSense’s Patient Capital tracker for real-time updates, portfolio breakdowns, and actionable insights. Note that 13F filings are reported with a 45-day lag.
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