Seadrill Rises on Contract Awards while Crypto Names Follow Bitcoin Lower
Last week, the Opportunity Equity Strategy’s representative account gained 1.18%, outperforming the S&P 500’s -0.34% loss. (Exhibit 1). The strategy ended the week up 4.66% YTD, 356 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 1/23/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (1/16- 1/23) | 1.18% | -0.34% |
| MTD | 4.66% | 1.10% |
| QTD | 4.66% | 1.10% |
| YTD | 4.66% | 1.10% |
| 1 Year | 29.01% | 14.49% |
| 5 Year | 5.52% | 14.14% |
| 10 Year | 14.28% | 15.73% |
| Inception (annualized since 6/26/00) | 8.64% | 8.28% |
Source: Bloomberg, Patient Capital Management.
UnitedHealth Group (UNH) broke above its 100-day and 200-day moving averages after telling Congress it will voluntarily return this year’s profits from its Affordable Care Act (ACA) exchange business.
Seadrill Limited (SDRL) rose after announcing they have secured offshore drilling contracts with Norway and Malaysia.
Precigen, Inc. (PGEN) rose after an expert consensus publication recommended Papzimeos, its immunotherapy for recurrent respiratory papillomatosis (RRP), as the New Standard of Care First-Line Treatment.
CVS Health Corp (CVS) rose in sympathy with UnitedHealth.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 1/16/2026 - 1/23/2026
| Name | Type | Net Return |
| UnitedHealth Group | Equity | 7.4% |
| Seadrill Limited | Equity | 11.4% |
| Precigen, Inc. Warrant 2034 | Derivative | 8.0% |
| CVS Health Corp | Equity | 6.4% |
| Precigen, Inc. | Equity | 7.9% |
Source: Patient Capital Management. See below for additional information.
Coinbase Global, Inc. (COIN) shares fell, and Fidelity Wise Origin Bitcoin Fund (FBTC) broke below its 50-day moving average, both following bitcoin’s -6.54% decline. Goldman Sachs increased their price target on Coinbase from $303 to $310 (43% upside)
Citigroup Inc. (C) pulled back despite solid earnings the prior week. EPS missed due to a one-time charge, but adjusted EPS came in ahead of expectations at $1.81 vs $1.63 expected. Additionally, the company still sees 2026 return on tangible common equity (ROTCE) of 10–11% and guided for increased buybacks in 2026.
Norwegian Cruise Line Holdings Ltd. (NCLH) dropped beneath its 200-day moving average on limited news.
United Airlines Holdings, Inc. (UAL) fell despite announcing in line revenue and an earnings beat. The company delivered revenue of $15.4B and EPS of $3.19 vs $2.91 expected. United Airlines sees FY26 EPS between $12 - $14, representing 22% growth y/y at the midpoint. UBS increased their price target from $145 to $147 (36% upside).
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 1/16/2026 - 1/23/2026
| Name | Type | Net Return |
| Coinbase Global, Inc. | Equity | -9.8% |
| Citigroup Inc. | Equity | -3.8% |
| Norwegian Cruise Line Holdings Ltd. | Equity | -4.9% |
| Fidelity Wise Origin Bitcoin Fund | ETF | -6.4% |
| United Airlines Holdings, Inc. | Equity | -5.1% |
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. 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.
©2026 Patient Capital Management, LLC
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