Citi Climbs on Regulatory Proposal while QXO Falls on Tighter Monetary Policy Commentary
Last week, the Opportunity Equity Strategy’s representative account fell -1.25%, underperforming the S&P 500’s -1.87% decline. (Exhibit 1). The strategy ended the week down -7.77% YTD, -309 basis points behind the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 3/20/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (03/13 - 03/20) | -1.25% | -1.87% |
| MTD | -7.34% | -5.32% |
| QTD | -7.77% | -4.68% |
| YTD | -7.77% | -4.68% |
| 1 Year | 23.49% | 16.34% |
| 3 Year | 26.25% | 19.74% |
| 5 Year | 1.35% | 12.33% |
| 10 Year | 11.89% | 14.18% |
| Inception (annualized since 6/26/00) | 8.06% | 7.98% |
Source: Bloomberg, Patient Capital Management.
Citigroup Inc. (C) rose after U.S. federal regulators proposed modestly lowering capital requirements for banks of all sizes. Morningstar reported that Illumina, Inc. (ILMN) could rebound between 2027 and 2030 on improving industry conditions, driven by drugmakers reshoring and the replacement of pandemic-era equipment.
Delta Air Lines, Inc. (DAL) reclaimed its 200-day moving average after raising 1Q26 sales growth guidance from 5–7% to high single digits at JPMorgan's Industrials Conference, citing stronger-than-expected bookings despite the Middle East conflict. Cowen raised its price target from $71 to $77 (21% upside).
United Airlines Holdings, Inc. (UAL) rose after management reported the company's 10 strongest booking weeks on record to open 2026 at JPMorgan's Industrials Conference.
Energy Transfer LP (ET) rose in sympathy with Brent Crude’s 8.8% gain.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 03/13/2026 -03/20/2026
| Name | Type | Net Return |
| Citigroup Inc. | Equity | 3.6% |
| Illumina, Inc. | Equity | 4.5% |
| Delta Air Lines, Inc. | ETF | 7.9% |
| United Airlines Holdings, Inc. | Equity | 3.9% |
| Energy Transfer LP | Equity | 1.4% |
Source: Patient Capital Management. See below for additional information.
QXO, Inc. (QXO) fell after the Fed held rates steady for a second straight meeting amid elevated inflation concerns. The Fed acknowledged significant uncertainty stemming from the Middle East conflict but still expects at least one rate cut this year.
CVS Health Corp (CVS) fell through its 200-day moving average. Morningstar reiterated its $97 price target (36% upside) and expects CVS to deliver sustained double digit EPS growth through 2030. Morningstar cited an ongoing turnaround and a management team that exceeded performance expectations in 2025.
Nvidia Corp (NVDA) dropped beneath its 200-day moving average despite reporting $1T in cumulative data center sales visibility from 2025 – 2027 at its GPU technology conference (GTC) last week. Bank of America maintained its $300 price target (74% upside) and reiterated Nvidia as its top AI pick.
Precigen, Inc. (PGEN) broke below its 200-day moving average and Chime Financial Inc (CHYM) moved lower on limited news.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 03/13/2026 - 03/20/2026
| Name | Type | Net Return |
| QXO, Inc. | Equity | -7.6% |
| CVS Health Corp | Equity | -6.1% |
| Nvidia Corp | Equity | -4.2% |
| Precigen, Inc. | Equity | -6.6% |
| Chime Financial Inc. | Equity | -7.1% |
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.
*Entered into position intra quarter. Security holding not yet publicly disclosed.
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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