Patient Opportunity Equity Strategy’s Q1 2026 Investor Letter

Patient Capital Management, based in Baltimore, released its first-quarter 2026 investor letter for the “Patient Opportunity Equity Strategy". The strategy’s long-term value approach aims to build wealth over time. It returned -5.96% net of fees in Q1, compared to the S&P 500’s -4.33% return. As per three-factor performance attribution model the underperformance was due to selection and interaction effects, partly offset by allocation effects. The year started strongly with markets reaching an all-time high in late January, then reversed. AI fears sparked a "SaaS pocalypse," while...