Nvidia Rises on Strategic Groq Deal while Precigen Falls on Insider Selling
Last week, the Opportunity Equity Strategy’s representative account rose 0.84%, underperforming the S&P 500’s 1.41% gain. (Exhibit 1). The strategy ended the week up 30.14% YTD, 1082 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 12/26/251
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (12/19- 12/26) | 0.84% | 1.41% |
| MTD | 4.82% | 1.28% |
| QTD | 8.38% | 3.91% |
| YTD | 30.14% | 19.32% |
| 1 Year | 28.88% | 16.26% |
| 5 Year | 7.04% | 15.03% |
| 10 Year | 11.59% | 14.87% |
| Inception (annualized since 6/26/00) | 8.55% | 8.31% |
Source: Bloomberg, Patient Capital Management.
Citigroup Inc. (C) hit a new 52-week high last week on limited news.
Nvidia Corp (NVDA) broke above its 50-day and 100-day moving average early in the week. Later in the week, the company announced a $20B deal for Groq IP. Groq is known for its language processing units (LPUs), which are optimized for inference compared to Nvidia’s GPUs which are more general purpose. Additionally, Nvidia gains access to Groq’s founder and CEO, Jonathan Ross, who was instrumental in developing Google’s TPU. Cantor views the transaction as strategic, maintained their $300 price target (57% upside), and reiterated NVDA as a top pick.
Alphabet Inc. (GOOGL) rose and Amazon.com, Inc. (AMZN) climbed through its 50-day and 100-day moving averages on limited news.
Seadrill Limited (SDRL) followed Brent Crude’s 0.28% gain.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 12/19/25 - 12/26/2025
| Name | Type | Net Return |
| Citigroup Inc. | Equity | 4.8% |
| Nvidia Corp | Equity | 5.3% |
| Alphabet Inc. | Equity | 2.1% |
| Amazon.com, Inc. | Equity | 2.3% |
| Seadrill Limited | Equity | 4.4% |
Source: Patient Capital Management. See below for additional information.
Precigen, Inc. (PGEN) fell after it was reported that Chairman Randall J Kirk, sold $7.9M in shares.
QXO, Inc. (QXO) fell on limited news.
Coinbase Global, Inc. (COIN) fell after it was reported that Chairman and CEO, Brian Armstrong, sold $10M in shares.
Dave & Buster's Entertainment, Inc. (PLAY) fell through its 50-day moving average on limited news.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 12/19/2025 - 12/26/2025
| Name | Type | Net Return |
| Precigen, Inc. Warrant 2034 | Derivative | -4.6% |
| QXO, Inc. | Equity | -2.6% |
| Precigen, Inc. | Equity | -3.7% |
| Coinbase Global, Inc. | Equity | -3.3% |
| Dave & Buster's Entertainment, Inc. | Equity | -3.9% |
Source: Patient Capital Management. See below for additional information.
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
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