Opportunity Equity Weekly Update for 3/7/2025 – 3/14/2025

Peloton Rises on Upgrade while Coinbase Follows Bitcoin Lower

Last week, the Opportunity Equity Strategy’s representative account fell -2.53%, underperforming the S&P 500’s -2.23% loss. (Exhibit 1). The strategy ended the week down -6.35% YTD, -250 basis points behind the S&P 500.

Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 3/14/25¹

Time Period	Opportunity Equity Representative Account	S&P 500
Last Week (3/7 - 3/14)	-2.53%	-2.23%
MTD	-6.94%	-5.22%
QTD	-6.35%	-3.85%
YTD	-6.35%	-3.85%
1 Year	12.43%	10.96%
5 Year	16.72%	17.58%
10 Year	7.56%	12.64%
Inception (annualized since 6/26/00)	7.40%	7.64%

Barclays reiterated their $25 price target (33% upside) on Energy Transfer LP (ET). Barclays remains confident in Energy Transfer’s diversified business base and noted the company trades at a discount to their peers.

Bank of America maintained their $200 price target (64% upside) on Nvidia Corp (NVDA). They expect the company will maintain between 80%-85% market share with opportunities to expand their total addressable market over the long-term. 

Peloton Interactive, Inc. (PTON) rose through the 200-day moving average. Canaccord upgraded the name from a “hold” to a “buy” and placed a $10 price target on the stock (42% upside). Canaccord believes Peloton is nearing a profitability and free cash flow inflection as the company continues to make progress right sizing their cost structure. Canaccord expects this will drive a meaningful multiple expansion.

General Motors Co (GM) rose on limited news.  

Exhibit 2: Significant² Contributors to Opportunity Equity Representative Account Performance, 3/7/25 - 3/14/25

Name	Type	Net Return
Energy Transfer LP	Equity	7.3%
Nvidia Corp	Equity	8.0%
New Security*	Derivative	29.9%
Peloton Interactive, Inc.	Equity	13.5%
General Motors Co	Equity	1.9%

Coinbase Global, Inc. (COIN) followed bitcoin’s -2.47% move lower.

TD Cowen lowered their price target on United Airlines Holdings, Inc. (UAL) from $165 to $150 (104% upside) and maintained their buy rating. JP Morgan released compelling data on airline sell offs. They reported the last 29 times UAL has sold off more than 30% in 30 days, the 180-day average forward return is ~103%.

Biogen Inc. (BIIB) fell through the 50-day moving average on limited news.

Expedia Group, Inc. (EXPE) fell through the 100-day moving average. Truist raised their price target from $163 to $175 (8% upside).

Evercore maintained their $205 price target (24% upside) on Alphabet Inc. (GOOGL) and reiterated the company as one of their top three large cap picks. Evercore’s latest search survey shows that Alphabet remains the clear market leader with the majority of respondents being “extremely / very satisfied” with the company’s Gen AI tools. Evercore is confident that the company will maintain their monetized search presence and continue to develop their AI capabilities.

Exhibit 3: Significant² Detractors from Opportunity Equity Representative Account Performance, 3/7/2025 – 3/14/2025

Name	Type	Net Return
Coinbase Global, Inc.	Equity	-15.8%
United Airlines Holdings, Inc.	Equity	-11.1%
Expedia Group, Inc.	Equity	-12.1%
Biogen Inc.	Equity	-7.3%
Alphabet Inc.	Equity	-7.3%

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As of prior week's market close unless otherwise stated.

¹The performance figures for the representative Opportunity Equity account reflect the deduction investment management fees and certain other expenses. Returns greater than 1 year are annualized.

Patient Capital Management, LLC completed its acquisition of the Opportunity Equity Strategy from Miller Value Partners, LLC on May 26, 2023. Patient Capital Management served as the investment adviser to the Opportunity Equity Strategy for the majority of the week referenced herein. Additionally, prior versions of this weekly blog posting refer to Miller Value Partners as investment adviser to the Opportunity Equity Strategy.

For additional information about Opportunity Equity Strategy performance, please click on the Opportunity Equity Strategy Composite Performance Disclosure. 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. 

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