Patient Capital is a boutique value equity shop founded in 2020 by majority owner Samantha McLemore and her mentor and famed investor Bill Miller, who has a minority stake. The duo has worked together, first at Legg Mason Capital Management and then at his firm Miller Value Partners, since 2002 on a bold strategy that can produce high absolute returns, albeit with considerable risk and volatility. As part of Miller's succession plan, he stepped off the fund at year-end 2022, and in May 2023, that fund's shareholders voted to award Patient Capital, where Miller remains a senior advisor, the management contract.
Patient Capital may be a new firm, but McLemore is keeping many of Miller Value's organizational characteristics intact. Like Miller, McLemore is a true contrarian and independent-minded investor, traits that have permeated across her small and stable investment staff of three. She invests heavily in the fund her firm now oversees, exhibiting conviction in the process and aligning her interests with fundholders'. At the same time, there is key-person risk in McLemore (though she did promote Christy Siegel to assistant portfolio manager in April 2023), most of the new firm's assets rest in one fund, and that fund's fees are uncompetitive.
With the transition to Patient Capital from Miller Value officially completed, McLemore may consider other products and new incentive structures.