Timeless Principles of Value Investing with a Forward-Looking Lens

Samantha McLemore:
A Next-Gen Value Manager with 20 Years of Experience

Samantha McLemore has been actively involved in markets for over two decades. Investing side-by-side with famed value investor Bill Miller for 20 years, Samantha has experience managing through significant market cycles and sentiment shifts. Samantha brings a next gen perspective to value investing.

Samantha founded Patient Capital Management, LLC in 2020 and serves as the portfolio manager of the Patient Strategy. She has served as a portfolio manager for Miller Value Partners since 2008, managing Miller Opportunity Equity, a multi-billion dollar strategy across mutual funds and separate accounts. Prior to that, she worked as an analyst for Legg Mason Capital Management.

In 2019 and 2020, Samantha received two Sauren Gold medals for excellent Fund management. In 2017, she was named one of Baltimore's 40 Under 40. Samantha has been featured in The New York Times, The Wall Street Journal, Bloomberg and others. Samantha has spoken at conferences by Columbia University, the CFA Society New York and 100 Women in Finance. She received her CFA designation in 2005 and graduated magna cum laude from Washington & Lee University. Samantha is Chair of the Board of Improving Education, a nonprofit focused on early childhood literacy and is a member of the Board for the Next Generation Investing Event, which raises money for a number of Baltimore educational institutions.

About Patient Capital Management

Rooted in the understanding that the value of a business is the Present Value of its Future Free Cash Flows, the Patient approach blends the time-tested practice of buying mispriced companies below intrinsic value with a fresh viewpoint on investing during a period of high secular change and an emphasis on companies that can compound capital over the long term. It's our opportunistic edge.

Our value-oriented process looks to understand the confluence of internal and external factors that drive long-term business value, from capital allocation to embedded expectations to global impact considerations. We invest in companies like owners, understanding that true business value can be realized as the time horizon is extended, leading to compounding returns. We aim to provide a differentiated value portfolio focused on generating long-term returns for our investors.

Patient Capital Management is a Baltimore-based, woman-owned investment advisor serving institutional investors. Patient Capital has a team of 6 experienced professionals. The Firm co-operates with Miller Value Partners.

Key Professionals

Matthew Berry Research Analyst

Matthew Berry joined the team in 2020 as a Research Analyst. Matthew combines investing experience in both public and private markets with hands-on experience as a CFO. He holds an MBA from Columbia University, where he graduated from the selective Value Investing Program, and a BSc in Physics & Philosophy from the University of Nottingham.

Christina Siegel, CFA Research Analyst

Christina Siegel, CFA has worked as a Research Analyst with Samantha McLemore since 2013. Christina has a BA in Economics and Business Administration from Rhodes College in Memphis, Tenn., where she studied abroad in both Belgium and Italy, focusing on international business, politics and economics. Christina completed a Master's in Innovation, Entrepreneurship and Management at Imperial College in London. She previously worked as a Financial Analyst intern at Dobbs Equity Partners LLC and an Investment Research Group intern at Duncan-Williams Inc. She earned her CFA designation in 2017.

Liz Goodier Director of Marketing

Liz Goodier currently serves as Director of Marketing. She rejoined the team in 2014, having previously worked at Legg Mason Capital Management is a variety of roles from 2008-2012. Liz also served as the Marketing Communications Manager for a sports hardware company and as an Account Executive for an advertising agency. Liz has an MBA with concentrations in Finance and Marketing from Loyola University Maryland and a BBA with a concentration in Marketing from Roanoke College. She currently serves on the board of the CFA Society Baltimore.

Stacy Landsman Chief Compliance Officer

Stacy Landsman serves as the Chief Compliance Officer of Miller Value Partners, LLC and Patient Capital Management, LLC. Before joining the Firm in March 2021, Stacy worked for Brown Advisory for 10 years as a Senior Compliance Officer. From 2009 — 2010, she was a Senior Associate and Compliance Manager with Cavanaugh Capital Management. Prior to joining Cavanaugh Capital Management, Stacy spent six years at Legg Mason Capital Management in a variety of roles. From 2000 — 2002, she was an Associate with JMI Equity. Prior to JMI Equity, she was a Financial Analyst with Deutsche Banc Alex. Brown working in both the Global Equity Capital Markets Group and Technology Investment Banking Group. She has a Masters of Science in Finance from Loyola University Maryland and graduated magna cum laude from University of Maryland with a BS in Finance.

Jim Wilson Head of Operations

Jim Wilson rejoined the team in 2017 as the Firm's Head of Operations, overseeing investment and business operations. Jim has 30 years of experience in operations, accounting, administration and technology. Prior to joining the team, he was a Managing Director at BNY Mellon overseeing Pittsburgh's Middle Office Operations. Jim also worked for Legg Mason Capital Management and T. Rowe Price, leading various operating functions including trading, settlement, accounting, performance, and reporting. He has an MBA from the University of Baltimore and an MS in Accounting from Mount St. Mary's College.

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