Citi Rises on Earnings Beat While Energy Names Fall with Crude
Last week, the Opportunity Equity Strategy’s representative account gained 7.12%, outperforming the S&P 500’s 4.55% rise. (Exhibit 1). The strategy ended the week up 7.18% YTD, 271 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 04/17/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (04/10 - 04/17) | 7.12% | 4.55% |
| MTD | 13.94% | 9.20% |
| QTD | 13.94% | 9.20% |
| YTD | 7.18% | 4.47% |
| 1 Year | 66.04% | 36.58% |
| 3 Year | 30.25% | 21.40% |
| 5 Year | 4.77% | 12.86% |
| 10 Year | 13.38% | 15.04% |
| Inception (annualized since 6/26/00) | 8.66% | 8.34% |
Source: Bloomberg, Patient Capital Management.
QXO, Inc. (QXO) climbed through its 50-day moving average on limited news. Coinbase Global, Inc. (COIN) broke above its 50-day moving average, gaining alongside bitcoin’s 5.4% rise.
Citi increased its price target on Alphabet Inc. (GOOGL) from $390 to $405 (19% upside) ahead of the print, citing better than expected channel checks.
Citigroup Inc. (C) reached a new 52-week high after announcing a top and bottom-line earnings beat. The company generated revenue of $24.6B vs. $23.5B expected and EPS of $3.06 vs. $2.64 expected. Citi grew revenue double digits in four of its five business lines during the quarter and retired $6.3B in shares (2.8% of current market cap). Return on tangible common equity (ROTCE) came in at 13.1%, well ahead of its previous FY26 target of 10–11%. Wells Fargo raised its price target from $150 to $160 (21% upside), reiterating Citi as its #1 large cap bank pick.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 04/10/2026 - 04/17/2026
| Name | Type | Net Return |
| QXO, Inc. | Equity | 14.0% |
| Coinbase Global, Inc. | Equity | 22.9% |
| Alphabet Inc. | Equity | 7.7% |
| Chime Financial Inc | Equity | 23.0% |
| Citigroup Inc. | Equity | 6.3% |
Source: Patient Capital Management. See below for additional information.
Precigen, Inc. (PGEN) and CVS Health Corp (CVS) fell through their 100-day moving averages on limited news. Baird increased its price target on CVS from $92 to $94 (22% upside).
Seadrill Limited (SDRL), Noble Corporation plc (NE), and Energy Transfer LP (ET) all moved lower alongside Brent crude's -5.1% decline. Citi raised its price target on Seadrill from $46 to $48 (4% upside) and on Noble from $42 to $50 (7% upside). TD Cowen increased its price target on ET from $21 to $22 (17% upside).
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 04/10/2026 - 04/17/2026
| Name | Type | Net Return |
| Precigen, Inc. | Equity | -4.3% |
| Seadrill Limited | Equity | -2.8% |
| CVS Health Corp | Equity | -2.6% |
| Noble Corporation plc | Equity | -4.4% |
| Energy Transfer LP | Equity | -1.7% |
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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