Letters by company
Royalty Pharma plc
10 letters discussing RPRX. Everything written about it on this site is on its ticker page.
- Latitude Investment Management Game of Two Halves Latitude Global Fund avoided semiconductor suppliers, arguing that AI-capex earnings may resemble the mining supercycle, where rising supply and slower demand growth eventually impaired long-term returns. It doubled UnitedHealth after reimbursement and medical-cost trends improved, and added substantially to Cencora following an earnings-estimate miss and guidance increase. Q226 COR $60BMU $1.2TRPRX $32B
- Patient Capital Management 2Q26 Portfolio Activity & Attribution Opportunity Equity added Adyen, Global Payments, Genius Sports, Fidelity Wise Origin Bitcoin Fund and QXO preferred securities while exiting IBIT, Noble and Dave & Buster's. The strategy argues that depressed expectations create value in health care, payments, biotech and selected software, while retaining conviction in QXO's building-products consolidation strategy. second quarter of 2026 ADBE $90BADYEN $31BBIIB $33B
- Patient Capital Management 1Q26 Portfolio Activity & Attribution Patient Opportunity Equity Strategy initiated Adobe and iShares Bitcoin Trust ETF, replacing its Fidelity bitcoin fund exposure, while selling Alibaba, Mattel and Peloton after reassessing valuations and funding new ideas. The strategy argues that its energy holdings offer an anti-fragile diversifier, and increased UnitedHealth after its Medicare reimbursement-driven selloff. 1Q26 ADBE $90BCHYM $11BIBIT $173B
- Latitude Investment Management Latitude Annual Report 2025 Latitude Investment Management argues that disciplined trading in Dollar Tree improved the portfolio while preserving exposure to its core discount-retail thesis. It replaced Heineken with Royalty Pharma, Interactive Brokers with Intercontinental Exchange and BP with Assa Abloy, seeking stronger growth with less cyclicality. The portfolio also emphasizes defensive healthcare, infrastructure and selected AI exposure through Alphabet. 2025 DLTR $22BAIQUY $120BASAZY $36B
- Patient Capital Management 1Q25 Portfolio Activity and Attribution Patient Opportunity Equity Strategy added Carvana, New Fortress Energy and JD.com while selling Expand Energy and Green Thumb to concentrate on higher-conviction ideas. It argues that CVS’s Medicare Advantage pricing is improving, Chinese holdings are insulated by domestic revenue, and operational turnarounds support Carvana, Dave & Buster’s and Illumina. first quarter of 2025 BABA $270BCVNA $46BCVS $112B
- Patient Capital Management 2Q24 Portfolio Activity and Attribution Patient Opportunity Equity increased exposure to underfollowed health-care and smaller-company opportunities while finding several Magnificent 7 holdings closer to fair value. It entered Everi Holdings and exited Capital One and Uber. The portfolio argues that Illumina, Biogen and Royalty Pharma offer mispriced health-care upside, while Everi’s IGT transaction should create a stronger casino-technology platform. 2Q24 AMZN $2.7TBIIB $33BCOIN $47B
- Patient Capital Management 4Q25 Portfolio Activity and Attribution Patient Opportunity Equity added long-dated Biogen calls, initiated Fiserv and Chime, and exited Angi, arguing Biogen's Alzheimer’s franchise and pipeline offer upside while Fiserv can recover following a management reset. It backed Alphabet’s AI monetization, Precigen’s Papziemos launch, Illumina’s sequencing recovery, Coinbase’s platform expansion and Bitcoin’s scarcity. 4Q25 BIIB $33BCHYM $11BCOIN $47B
- Patient Capital Management 3Q25 Portfolio Recap Patient Opportunity Equity built Precigen through a preferred investment ahead of Papzimeos approval, then converted shares and trimmed the enlarged exposure while backing its HPV and CAR-T pipeline. It added aggressively to UnitedHealth amid insurance-cycle pressures, and redeployed toward Crocs, Mattel, IAC and Biogen as valuations rose. 3Q25 PGEN $2.8BUNH $338B
- Patient Capital Management Samantha's Quarterly Letter Opportunity Equity argues that tariff policy has raised recession risk, but negotiated trade deals could stabilize markets and preserve the secular bull case. The portfolio added back airline exposure after trimming it during strength, and favors Nvidia, Amazon, Alphabet and Meta alongside cyclical travel names priced for a downturn. 1Q25 NVDA $5.8TAMZN $2.7TDAL $54B
- Patient Capital Management 4Q24 Portfolio Activity and Attribution Patient Opportunity Equity Strategy added Precigen preferreds and warrants and a Bitcoin fund, while exiting Fiserv, PureTech Health, Travel & Leisure and Western Alliance. The strategy added to healthcare and energy laggards, arguing that Coinbase, SoFi and travel holdings retain structural growth drivers. 4Q24 COIN $47BCROX $5.5BCVS $112B
