Amazon Rallies on Shareholder Letter While Biogen Extends Acquisition-Driven Losses
Last week, the Opportunity Equity Strategy’s representative account gained 5.64%, outperforming the S&P 500’s 3.58% rise. (Exhibit 1). The strategy ended the week up 0.06% YTD, 13 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 04/10/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (04/02 - 04/10) | 5.64% | 3.58% |
| MTD | 6.37% | 4.45% |
| QTD | 6.37% | 4.45% |
| YTD | 0.06% | -0.07% |
| 1 Year | 56.66% | 31.02% |
| 3 Year | 27.88% | 20.03% |
| 5 Year | 3.19% | 12.17% |
| 10 Year | 13.07% | 14.72% |
| Inception (annualized since 6/26/00) | 8.38% | 8.16% |
Source: Bloomberg, Patient Capital Management.
QXO, Inc. (QXO) broke above its 100 and 200-day moving averages on limited news. Amazon.com, Inc. (AMZN) reclaimed its 50, 100, and 200-day moving averages following the release of its annual CEO shareholder letter, which highlighted growing AI scale and improving visibility into capex returns. Jassy also noted improving economics in the company's grocery business, adding that Amazon is now the second largest grocer in the US.
Crocs, Inc. (CROX) climbed through its 50, 100, and 200-day moving averages after Moody’s upgraded the company’s credit rating from Ba3 to Ba2.
Citigroup Inc. (C) hit a new 52-week high ahead of the print. Goldman Sachs increased its price target $123 to $137 (10% upside).
UnitedHealth Group (UNH) jumped through its 50-day moving average after 2027 medicare advantage payment rate plans came in ahead of expectations. Bernstein increased its price target from $405 to $411 (35% upside).
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 04/02/2026 - 04/10/2026
| Name | Type | Net Return |
| QXO, Inc. | Equity | 15.2% |
| Amazon.com, Inc. | Equity | 13.4% |
| Crocs, Inc. | Equity | 19.2% |
| Citigroup Inc. | Equity | 7.9% |
| UnitedHealth Group | Equity | 9.8% |
Source: Patient Capital Management. See below for additional information.
Adobe Inc. (ADBE) slid to a new 52-week low after Citi lowered its price target from $287 to $253 (12% upside) and maintained its neutral rating.
Stifel met with a core Illumina, Inc. (ILMN) director and reported improved sentiment and expectations for more stable funding through 2026–2027. Royalty Pharma plc (RPRX) pulled back off its 52-week high on limited news. Morgan Stanley increased its price target form $61 to $63 (32% upside).
Tempus AI, Inc. (TEM) expanded its multi-year collaboration with Gilead Sciences, granting enterprise-wide access to its AI-driven Lens platform.
Biogen Inc. (BIIB) continued to trade lower following its $5.6B acquisition of Apellis Pharmaceuticals two weeks ago.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 04/02/2026 - 04/10/2026
| Name | Type | Net Return |
| Adobe Inc. | Equity | -7.2% |
| Illumina, Inc. | Equity | -5.1% |
| Royalty Pharma plc | Equity | -1.4% |
| Tempus AI, Inc. | Equity | -9.4% |
| Biogen Inc. | Equity | -2.5% |
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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