UnitedHealth Rises on Strong Earnings While QXO Falls on Acquisition
Last week, the Opportunity Equity Strategy’s representative account fell -1.52%, underperforming the S&P 500’s 0.56% rise. (Exhibit 1). The strategy ended the week up 5.55% YTD, 50 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 04/24/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (04/17 - 04/24) | -1.52% | 0.56% |
| MTD | 12.21% | 9.81% |
| QTD | 12.21% | 9.81% |
| YTD | 5.55% | 5.05% |
| 1 Year | 55.34% | 32.26% |
| 3 Year | 30.33% | 21.76% |
| 5 Year | 4.68% | 13.01% |
| 10 Year | 13.25% | 15.04% |
| Inception (annualized since 6/26/00) | 8.59% | 8.35% |
Source: Bloomberg, Patient Capital Management.
UnitedHealth Group (UNH) continued its climb after announcing a beat-and-raise quarter. The company generated revenue of $112B vs. $109B expected and adjusted EPS of $7.23 vs. $6.57 expected. UNH also raised its FY26 adjusted EPS guidance from >$17.75 to >$18.25. Bernstein increased its price target from $411 to $444 (25% upside), viewing the results as early signs of a turnaround and cyclical recovery.Amazon.com, Inc. (AMZN) reached a new all-time high after announcing a $5B investment in Anthropic, alongside a new agreement in which Anthropic committed to spending more than $100B on AWS over the next decade. UBS increased its price target from $301 to $304 (15% upside).
Nvidia Corp (NVDA) shares jumped after Intel announced stronger than expected earnings.
Seadrill Limited (SDRL) and Noble Corporation plc (NE) followed Brent Crude’s 16.5% move higher. Fearnley Securities increased its price target on Noble from $38 to $52 (5% upside) ahead of the company's earnings release
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 04/17/2026 - 04/28/2026
| Name | Type | Net Return |
| UnitedHealth Group | Equity | 9.3% |
| Amazon.com, Inc. | Equity | 5.4% |
| Nvidia Corp | Equity | 3.3% |
| Seadrill Limited | Equity | 4.2% |
| Noble Corporation plc | Equity | 5.9% |
Source: Patient Capital Management. See below for additional information.
QXO, Inc. (QXO) broke below its 50-day and 100-day moving averages after announcing its intent to acquire TopBuild (BLD) for $17B, or ~$505 per share. BLD shareholders can elect for cash or 20.2 shares of QXO for each share of BLD. Keybanc increased its price target from $30 to $32 (53% upside), viewing the acquisition as an opportunistic move in a weak housing cycle.
Stifel lowered its price target on Norwegian Cruise Line Holdings Ltd. (NCLH) from $28 to $27 (46% upside) ahead of the print, citing softened European cruise demand amid the Middle East conflict, risk of cancellations, and concerns about Norwegian's ability to fill capacity last minute.
United Airlines Holdings, Inc. (UAL) fell through its 50-day and 200-day moving averages despite announcing earnings that beat expectations on the top and bottom line. The company posted revenue of $14.6B vs. $14.5B expected and adjusted EPS of $1.19 vs. $1.09 expected. Due to higher fuel costs, UAL guided 2Q EPS of $1.00–$2.00 vs. $1.75 expected and lowered its FY26 EPS guide from $13.00 to $9.00 at the midpoint, roughly in line with the $9.08 consensus. Management noted demand has remained resilient but will continue to monitor for weakness. TD Cowen raised its price target from $120 to $142 (53% upside).
Goldman Sachs lowered its price target on Citigroup Inc. (C) from $151 to $150 (17% upside), citing recent capital markets data, but maintained its Buy rating. Goldman continues to expect Citi to achieve its 2026 return on tangible common equity (ROTCE) targets and sees significant share repurchase potential.
Chime Financial Inc (CHYM) dropped beneath its 100-day and 200-day moving averages on limited news.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 04/17/2026 - 04/24/2026
| Name | Type | Net Return |
| QXO, Inc. | Equity | -16.1% |
| Norwegian Cruise Line Holdings Ltd. | Equity | -11.8% |
| United Airlines Holdings, Inc. | Equity | -8.6% |
| Citigroup Inc. | Equity | -3.2% |
| Chime Financial Inc | Equity | -6.6% |
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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