Opportunity Equity Weekly Update for 12/12/2025 – 12/19/2025

UBS Rises on Potential Capital Standards Compromise While Coinbase Falls Despite Product Showcase Event

Last week, the Opportunity Equity Strategy’s representative account rose 1.46%, outperforming the S&P 500’s 0.13% gain. (Exhibit 1). The strategy ended the week up 29.05% YTD, 1139 basis points ahead of the S&P 500.

Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 12/19/25¹

Time Period	Opportunity Equity Representative Account	S&P 500
Last Week (12/12- 12/19)	1.46%	0.13%
MTD	3.94%	-0.13%
QTD	7.48%	2.46%
YTD	29.05%	17.66%
1 Year	32.75%	17.99%
5 Year	7.13%	14.68%
10 Year	11.84%	15.02%
Inception (annualized since 6/26/00)	8.53%	8.25%

Precigen, Inc. (PGEN) rose through its 50-day moving average on limited news.

Norwegian Cruise Line Holdings Ltd. (NCLH) broke above its 200-day moving average early in the week and later cleared its 100-day moving average following Carnival’s earnings beat. Barclays lowered their price target from $28 to $23 (0% upside) and maintained their buy rating.

United Airlines Holdings, Inc. (UAL) hit a new all-time high after Wells Fargo initiated coverage with an overweight rating and $145 price target (27% upside). Wells Fargo noted that about 30% of industry capacity is expected to be unprofitable in 2025 and forecasted capacity rationalization in 2026 with higher main cabin margins. Additionally, Wells Fargo believes United’s card agreements with Chase and its MileagePlus loyalty program provide material value, earnings stability, and potentially justify a re-rate to higher multiples as the business matures.

UBS Group AG (UBS) reached a new all-time high after Swiss lawmakers proposed backing foreign subsidiaries with a 50/50 mix of additional tier 1 (AT1) bonds and common equity tier 1 (CET1), a more cost-effective alternative to the previously proposed 100% CET1 requirement.

Exhibit 2: Significant² Contributors to Opportunity Equity Representative Account Performance, 12/12/25 - 12/19/2025

Name	Type	Net Return
Precigen, Inc.	Equity	17.1%
Norwegian Cruise Line Holdings Ltd.	Equity	10.4%
Precigen, Inc. Warrant 2034	Derivative	12.3%
United Airlines Holdings, Inc.	Equity	6.7%
UBS Group AG	Equity	7.1%

Loop maintained their $46 price target (170% upside) on Dave & Buster's Entertainment, Inc. (PLAY), and reiterated their view that shares offer an attractive risk-reward setup. Loop is encouraged by several catalysts, including a pipeline of 10 new games slated for 2026, which they view as a key driver for improved comparable sales. Loop also highlighted early positive results from the October menu revamp.

UnitedHealth Group (UNH) fell through its 50-day moving average after Deutsche Bank reiterated their $333 price target (2% upside) and hold rating. Shares extended their decline on Friday after Trump said he plans to meet with health insurers, arguing they should lower their prices.

Citi maintained their $505 price target (124% upside) on Coinbase Global, Inc. (COIN) following the company’s “System Update” event. Citi viewed the event as a significant milestone, noting that offerings such as commission-free trading, prediction markets, AI-driven wealth management, and perpetual derivatives trading further strengthen the company’s moat.

Tempus AI, Inc. (TEM) broke below its 200-day moving average after JP Morgan lowered their price target from $85 to $80 (24% upside).

CVS Health Corp (CVS) fell through its 50-day moving average. JP Morgan increased their price target from $93 to $101 (30% upside), encouraged by the better-than-expected guide from CVS’s investor day. Additionally, JP Morgan believes managed care organizations (MCOs) are nearing a trough in their earnings cycle and believes the industry’s cautious stance leaves room for upward estimate revisions throughout 2026.

Exhibit 3: Significant² Detractors from Opportunity Equity Representative Account Performance, 12/12/2025 - 12/19/2025

Name	Type	Net Return
Dave & Buster's Entertainment, Inc.	Equity	-14.3%
UnitedHealth Group	Equity	-4.2%
Coinbase Global, Inc.	Equity	-8.4%
Tempus AI, Inc.	Equity	-8.7%
CVS Health Corp	Equity	-2.1%

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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. 

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