Opportunity Equity Weekly Update for 1/09/2026– 1/16/2026

Tempus Rises on Revenue Beat While QXO Falls on EBITDA Miss

Last week, the Opportunity Equity Strategy’s representative account fell -2.80%, underperforming the S&P 500’s -0.36% loss. (Exhibit 1). The strategy ended the week up 3.44% YTD, 200 basis points ahead of the S&P 500.

Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 1/16/26¹

Time Period	Opportunity Equity Representative Account	S&P 500
Last Week (1/09- 1/16)	-2.80%	-0.36%
MTD	3.44%	1.44%
QTD	3.44%	1.44%
YTD	3.44%	1.44%
1 Year	29.08%	18.39%
5 Year	6.00%	14.66%
10 Year	14.28%	15.94%
Inception (annualized since 6/26/00)	8.60%	8.30%

Dave & Buster's Entertainment, Inc. (PLAY) rose through its 100-day moving average. Later in the week, Benchmark Co. upgraded the name from “hold” to “buy” and assigned a $30 price target (52% upside).

Fidelity Wise Origin Bitcoin Fund (FBTC) climbed through its 50-day moving average, tracking bitcoin’s 5.6% gain.

Citigroup hosted a dinner with Noble Corporation (NE) and reported an optimistic management tone, driven by continued contracting and utilization despite weak oil prices, with particularly strong demand for the company’s 7th-generation offshore drilling rigs.

Energy Transfer LP (ET) broke above its 200-day moving average. Barclays lowered its price target from $25 to $22 (27% upside) but maintained their overweight rating. Barclays cited near-term headwinds from a lower-than-expected EBITDA outlook and upcoming contract renewals, but reiterated confidence in ET’s long-term ability to capture natural gas pipeline demand, particularly from data center projects.

Tempus AI, Inc. (TEM) recaptured its 200-day moving average after pre-announcing a 4Q revenue beat of $367M (83% y/y) versus $360M expected. Canaccord maintained their $80 price target (14% upside) and buy rating, highlighting Tempus as a leader in AI-driven precision medicine.

Exhibit 2: Significant² Contributors to Opportunity Equity Representative Account Performance, 1/09/2026 - 1/16/2026

Name	Type	Net Return
Dave & Buster's Entertainment, Inc.	Equity	13.8%
Fidelity Wise Origin Bitcoin Fund	ETF	15.9%
Noble Corporation plc	Equity	7.3%
Energy Transfer LP	Equity	2.3%
Tempus AI, Inc.	Equity	6.1%

Norwegian Cruise Line Holdings Ltd. (NCLH) fell below its 100-day moving average. Wells Fargo reported cruise lines as their top sector pick for 2026 and raised their price target on Norwegian from $29 to $33 (50% upside). Wells Fargo believes expectations are too low across the sector and expects the “wall of worry” to ease as companies deliver on fundamentals throughout 2026.

Biogen Inc. (BIIB) broke below its 50-day moving average. At an analyst event, management said potential approval of subQ induction for Leqembi, its Alzheimer’s treatment, could be the company’s largest growth driver. Management also flagged a number of underappreciated phase 2 and phase 3 assets which have combined peak sale potential of 1x to 1.5x the company’s current revenue.

QXO, Inc. (QXO) fell after pre-announcing inline 4Q25 revenue of $2.2B and a slight EBITDA miss of $150M versus $170M expected. Wolfe lowered their price target from $43 to $42 (76% upside) and maintained their outperform rating.

Precigen, Inc. (PGEN) reaffirmed their expectation to be cash flow positive in 2026 at JP Morgan’s Healthcare Conference.

Meta Platforms, Inc. (META) dropped beneath its 50-day moving average. TD Cowen increased their price target from $810 to $820 (32% upside).

Exhibit 3: Significant² Detractors from Opportunity Equity Representative Account Performance, 1/09/2026 - 1/16/2026

Name	Type	Net Return
Norwegian Cruise Line Holdings Ltd.	Equity	9.9%
Biogen Inc.	Equity	-12.4%
QXO, Inc.	Equity	-4.8%
Precigen, Inc. Warrant 2034	Derivative	-5.5%
Meta Platforms, Inc.	Equity	-5.0%

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^{1The performance figures for the representative Opportunity Equity account reflect the deduction of investment management fees and certain other expenses. For additional information about Opportunity Equity Strategy performance, please click on the Opportunity Equity Strategy Composite Performance.}

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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