Alphabet Continues to Climb on Antitrust Ruling while Dave & Buster’s Falls on Earnings
Last week, the Opportunity Equity Strategy’s representative account gained 0.38%, underperforming the S&P 500’s 1.25% rise. (Exhibit 1). The strategy ended the week up 24.20% YTD, 981 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 9/19/251
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (9/12- 9/19) | 0.38% | 1.25% |
| MTD | 4.42% | 3.25% |
| QTD | 18.53% | 7.71% |
| YTD | 24.20% | 14.39% |
| 1 Year | 36.77% | 18.17% |
| 5 Year | 12.80% | 16.69% |
| 10 Year | 10.66% | 15.04% |
| Inception (annualized since 6/26/00) | 8.45% | 8.22% |
Source: Bloomberg, Patient Capital Management.
Alphabet Inc. (GOOGL) hit a new all-time high after Piper Sandler raised its price target from $220 to $285 (12% upside), citing a favorable antitrust ruling and potential re-acceleration in search by 2026. Additionally, Piper’s proprietary data suggests ad spending is accelerating further.
SoFi Technologies, Inc. (SOFI) reached a new all-time high after Mizuho increased their price target from $26 to $31 (5% upside).
Illumina, Inc. (ILMN) rose through the 50-day and 200-day moving averages on limited news.
Citigroup Inc. (C) reached a new 52-week high after Wells Fargo increased their price target from $115 to $125 (22% upside).
Alibaba Group Holding Ltd (BABA) hit a new 52-week high after Goldman Sachs raised its price target from $163 to $179 (10% upside), driven by higher projected growth in the company’s cloud segment.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 9/12/25 - 9/19/2025
| Name | Type | Net Return |
| Alphabet Inc. | Equity | 5.8% |
| SoFi Technologies, Inc. | Equity | 11.1% |
| Illumina, Inc. | Equity | 8.0% |
| Citigroup Inc. | Equity | 3.3% |
| Alibaba Group Holding Ltd | Equity | 5.0% |
Source: Patient Capital Management. See below for additional information.
Dave & Buster's Entertainment (PLAY) fell after missing earnings estimates and reporting weaker than expected same-store sales. The company posted revenue of $557M vs. $561M expected, adjusted EPS of $0.40 vs. $0.90 expected, and a same-store sales decline of -3.0% vs. -2.2% expected. The earnings miss was driven by greater-than-expected margin pressure, attributed to higher new unit costs, the absence of one-time credits from the prior year, and increased reinvestment in game rooms and store floors. Loop Capital maintained its $46 price target (135% upside) and reiterated confidence in the company’s “Back to Basics” turnaround plan. While acknowledging the same-store sales miss, Loop viewed the market’s reaction as overdone and sees the pullback as an attractive entry point.
Truist raised its price target on Norwegian Cruise Line Holdings Ltd. (NCLH) from $27 to $31 (23% upside) on survey results showing strong bookings trends in August and September.
UnitedHealth Group (UNH) fell on limited news.
Seadrill Limited (SDRL) and Noble Corporation plc (NE) fell alongside Brent crude’s -0.46% decline.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 9/12/2025 - 9/19/2025
| Name | Type | Net Return |
| Dave & Buster's Entertainment, Inc. | Equity | -17.4% |
| Norwegian Cruise Line Holdings Ltd. | Equity | -5.3% |
| UnitedHealth Group | Equity | -3.9% |
| Seadrill Limited | Equity | -5.4% |
| Noble Corporation plc | Equity | -6.7% |
Source: Patient Capital Management. See below for additional information.
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.
©2025 Patient Capital Management, LLC
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