Opportunity Equity Weekly Update for 9/5/2025 – 9/12/2025

UnitedHealth Rises on Strong 2027 Star Ratings while QXO Falls on Contractor Survey

Last week, the Opportunity Equity Strategy’s representative account gained 2.62%, outperforming the S&P 500’s 1.60% rise. (Exhibit 1). The strategy ended the week up 23.73% YTD, 1,035 basis points ahead of the S&P 500.

Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 9/12/25¹

Time Period	Opportunity Equity Representative Account	S&P 500
Last Week (9/5- 9/12)	2.62%	1.60%
MTD	4.03%	1.98%
QTD	18.08%	6.38%
YTD	23.73%	12.98%
1 Year	43.47%	19.23%
5 Year	12.40%	16.26%
10 Year	10.73%	14.88%
Inception (annualized since 6/26/00)	8.44%	8.17%

We converted our Precigen, Inc. 8% Preferred shares into common stock, resulting in a gain upon conversion.

UnitedHealth Group (UNH) rose through the 100-day moving average. The company released an 8K, estimating that 78% of medicare advantage members will be enrolled in bonus eligible 4-star or higher plans for the 2027 payment year, slightly above the 73% eligible in the 2026 payment year. Management also reiterated adjusted EPS guidance of at least $16. Following the update, UBS raised its price target from $330 to $378 (7% upside), citing stronger conviction in UNH’s path back to normalized growth.

Alibaba Group Holding Ltd (BABA) reached a new 52-week high after announcing a $3.2B zero-coupon convertible bond offering to fund AI initiatives. Jefferies increased their price target from $165 to $178 (15% upside).

Nvidia Corp. (NVDA) rose above its 50-day moving average after Ian Buck, VP of accelerated computing, unveiled the Rubin CPX GPU, which delivers up to 3x the processing speed of Blackwell, their current flagship chip. D.A. Davidson increased their price target from $195 to $210 (18% upside) and upgraded the name from neutral to buy.

Citigroup Inc. (C) hit a new 52-week high after raising its FY25 revenue outlook and reaffirming its FY26 return on tangible common equity target of 10%–11% during an industry conference. Piper Sandler increased their price target from $104 to $107 (8% upside).

Exhibit 2: Significant² Contributors to Opportunity Equity Representative Account Performance, 9/5/25 - 9/12/2025

Name	Type	Net Return
Precigen, Inc. 8% Preferred	Equity	135.0%
UnitedHealth Group	Equity	11.8%
Alibaba Group Holding Ltd	Equity	14.4%
Nvidia Corp	Equity	6.5%
Citigroup Inc.	Equity	4.2%

QXO, Inc. (QXO) fell through the 50-day moving average after Wells Fargo reported worse than expected trends in their monthly contractor survey.

Precigen, Inc. (PGEN)  and Crocs, Inc. (CROX) fell on limited news.

Jefferies maintained their $265 price target (16% upside) on Amazon.com, Inc. (AMZN), following Netflix’s announcement of a new demand-side partnership with Amazon.

Exhibit 3: Significant² Detractors from Opportunity Equity Representative Account Performance, 9/5/2025 - 9/12/2025

Name	Type	Net Return
Precigen, Inc. Warrant Restricted	Derivative	-13.1%
QXO, Inc.	Equity	-5.8%
Precigen, Inc.	Equity	-13.1%
Crocs, Inc.	Equity	-10.4%
Amazon.com, Inc.	Equity	-1.8%

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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.

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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