Opportunity Equity Weekly Update for 12/26/2025 – 1/02/2026

Precigen Jumps on Competitor’s Setback While QXO Falls on Soft Survey Data

Last week, the Opportunity Equity Strategy’s representative account fell -0.49%, outperforming the S&P 500’s -1.00% loss. (Exhibit 1). The strategy ended the week up 1.39% YTD, 118 basis points ahead of the S&P 500.

Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 1/02/26¹

Time Period	Opportunity Equity Representative Account	S&P 500
Last Week (12/26- 1/02)	-0.49%	-1.00%
MTD	1.39%	0.21%
QTD	1.39%	0.21%
YTD	1.39%	0.21%
1 Year	29.78%	18.39%
5 Year	7.32%	14.47%
10 Year	11.74%	14.84%
Inception (annualized since 6/26/00)	8.53%	8.26%

Seadrill Limited (SDRL) and Energy Transfer LP (ET)  followed energy prices higher.

Precigen, Inc. (PGEN) shares jumped after the FDA questioned a competitor’s recurrent respiratory papillomatosis (RRP) treatment’s eligibility for accelerated approval. Citizens reiterated their $8 price target (87% upside) and market outperform rating.

S4 Capital plc (SFOR LN) broke above its 50-day moving average on limited news.

Exhibit 2: Significant² Contributors to Opportunity Equity Representative Account Performance, 12/26/2025 - 1/02/2026

Name	Type	Net Return
Seadrill Limited	Equity	6.0%
Precigen, Inc.	Equity	2.7%
Precigen, Inc. Warrant 2034	Derivative	2.9%
S4 Capital plc	Equity	26.5%
Energy Transfer LP	Equity	2.1%

QXO, Inc. (QXO) declined after William Blair reduced estimates on softer-than-expected roofing survey data.

Amazon.com, Inc. (AMZN) broke below its 50-day and 100-day moving averages on limited news.

Crocs, Inc. (CROX) and IAC Inc. (IAC) both fell on limited news.

Piper Sandler increased their price target on Citigroup Inc. (C) from $120 to $130 (10% upside).       

Exhibit 3: Significant² Detractors from Opportunity Equity Representative Account Performance, 12/26/2025 - 1/02/2026

Name	Type	Net Return
QXO, Inc.	Equity	-7.2%
Amazon.com, Inc.	Equity	-2.6%
Crocs, Inc.	Equity	-4.8%
IAC Inc.	Equity	-2.6%
Citigroup Inc.	Equity	-1.4%

---

¹The performance figures for the representative Opportunity Equity account reflect the deduction of investment management fees and certain other expenses.

Past performance is no guarantee of future results.

²Significant Contributors and Detractors are based on holdings that had the greatest effect on representative account performance for the week. Holdings that have been in the portfolio since the end of the most recent calendar quarter are identified by name. The net return shown above for each individual security represents the change in market price of the security during the week, according to a third-party pricing service, or for the partial period held in the portfolio during the week.  Net returns also include any purchases or sales that were made during the week. For information on how Contributor/Detractor data were calculated and a list showing the contribution to the Strategy’s weekly performance of each investment held at such quarter end, contact us. 

Any views expressed are subject to change at any time, and Patient Capital Management disclaims any responsibility to update such views. There is no guarantee that market trends discussed herein will continue. The information presented should not be considered a recommendation to purchase or sell any security and should not be relied upon as investment advice. It should not be assumed that any purchase or sale decisions will be profitable or will equal the performance of any security mentioned. Past performance is no guarantee of future results, and there is no guarantee dividends will be paid or continued. References to specific securities are for illustrative purposes only. Portfolio composition is shown as of a point in time and is subject to change without notice. Content may not be reprinted, republished or used in any manner without written consent from Patient Capital Management. 

©2025 Patient Capital Management, LLC