Opportunity Equity Weekly Update for 2/20/2026 – 2/27/2026

Chime Rises on Strong Earnings While Nvidia Falls Despite Earnings Blowout

Last week, the Opportunity Equity Strategy’s representative account fell 1.88%, underperforming the S&P 500’s -0.42% decline. (Exhibit 1). The strategy ended the week up -0.46% YTD, -114 basis points behind the S&P 500.

Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 2/27/26¹

Time Period	Opportunity Equity Representative Account	S&P 500
Last Week (2/20- 2/27)	-1.88%	-0.42%
MTD	-2.89%	-0.76%
QTD	-0.46%	0.68%
YTD	-0.46%	0.68%
1 Year	27.53%	18.86%
3 Year	24.86%	21.68%
5 Year	3.77%	14.19%
10 Year	13.49%	15.41%
Inception (annualized since 6/26/00)	8.40%	8.23%

Illumina, Inc. (ILMN) reclaimed its 100-day moving average after Roche announced pricing for its new high-throughput short-read sequencing platform at ~$150 per genome. This is less aggressive than the market feared and compares with Illumina’s current list price ~$200 per genome.

CVS Health Corp (CVS) broke above its 50-day and 100-day moving averages on limited news.

Royalty Pharma plc (RPRX) reached a new 52-week high after Cowen increased their price target from $45 to $50 (8% upside).

Chime Financial Inc (CHYM) rose after announcing better than expected earnings. The company delivered revenue of $596M (25% y/y) vs. $578M expected and EBITDA of $57M vs. $447M expected. Chime laid out FY26 revenue guidance of $2.65B at the midpoint (21% y/y) and called for full year GAAP profitability. Canaccord maintained its $40 price target (81% upside) and highlighted Chime’s solid execution in driving ARPU through new services, as well as progress in Chyme Enterprise Solutions, which Canaccord views as a potentially meaningful growth driver.

Norwegian Cruise Line Holdings Ltd. (NCLH) continued to trade higher on Elliot’s disclosed stake and intention to advocate for strategic changes. 

Exhibit 2: Significant² Contributors to Opportunity Equity Representative Account Performance, 2/20/2026 - 2/27/2026

Name	Type	Net Return
Illumina, Inc.	Equity	14.3%
CVS Health Corp	Equity	4.2%
Royalty Pharma plc	Equity	2.4%
Chime Financial Inc	Equity	5.8%
Norwegian Cruise Line Holdings Ltd.	Equity	1.9%

Keybanc increased their price target on QXO, Inc. (QXO) from $28 to $30 (25% upside), and expressed confidence in the company’s ability generate long-term value through synergy realization, future M&A, and structural margin expansion.  

Precigen, Inc. (PGEN) dropped beneath its 100-day moving average on limited news.

Nvidia Corp (NVDA) broke below its 50-day and 100-day moving averages despite a nearly perfect print, surpassing expectations on the top and bottom line. The company posted revenue of $68.1B (73% y/y) vs $65.9B expected and EPS of $1.76 (98% y/y) vs. $1.48 expected. Additionally, NVDA guided for 1Q revenue of $78B at the midpoint (75% y/y). Last year, the company returned $43B to shareholders in the form of dividends and buybacks (~1% of the current market cap). Bank of America increased their price target from $275 to $300 (69% upside), reiterated the name as their top pick, and called it “generational growth at inspirational valuation”.

Citigroup Inc. (C) agreed to sell a 24% stake in Banamex, its Mexico retail banking unit, reducing their ownership to 51%. Wells Fargo maintained their $150 price target (36% upside), and reiterated Citi as their top large-cap bank pick, citing the sale as further evidence of restructuring progress.

Exhibit 3: Significant² Detractors from Opportunity Equity Representative Account Performance, 2/20/2026 - 2/27/2026

Name	Type	Net Return
QXO, Inc.	Equity	-6.2%
Precigen, Inc.	Equity	-13.5%
Precigen, Inc. Warrant 2034	Derivative	-11.4%
Nvidia Corp	Equity	-6.7%
Citigroup 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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