United Airlines Climbs on Strong Summer Demand Outlook While Nvidia Falls Despite Earnings Blowout
Last week, the Opportunity Equity Strategy’s representative account gained 0.59%, underperforming the S&P 500’s 0.91% rise. (Exhibit 1). The strategy ended the week up 6.55% YTD, -314 basis points behind the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 05/22/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (05/15-05/22) | 0.59% | 0.91% |
| MTD | 0.33% | 3.77% |
| QTD | 13.27% | 14.66% |
| YTD | 6.55% | 9.69% |
| 1 Year | 43.97% | 29.50% |
| 3 Year | 29.07% | 22.91% |
| 5 Year | 5.36% | 14.09% |
| 10 Year | 14.19% | 15.74% |
| Inception (annualized since 6/26/00) | 8.60% | 8.48% |
Source: Bloomberg, Patient Capital Management.
Crocs, Inc. (CROX) climbed higher on limited news.Citi maintained its $66 price target (21% upside) on Royalty Pharma plc (RPRX) after speaking with management. Management highlighted a significant opportunity in co-funding R&D with large pharma companies, alongside their core royalty acquisitions and synthetic royalty business. Additionally, management offered bullish commentary on China, noting that its biotech market looks similar to the US market decades ago.
IAC Inc (IAC) broke above its 50-day moving average following a JPMorgan-hosted fireside chat with management. The company outlined its capital allocation priorities in the following order, share repurchases, increasing its stake in MGM Resorts International, and M&A. Management also reiterated plans to divest non-core assets.
United Airlines Holdings, Inc. (UAL) reclaimed its 50-day moving average after the carrier said it expects to fly 53 million passengers this summer, up ~6% from last summer.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 05/15/2026 - 05/22/2026
| Name | Type | Net Return |
| Crocs, Inc. | Equity | 16.3% |
| Royalty Pharma plc | Equity | 3.1% |
| IAC Inc. | Equity | 5.4% |
| United Airlines Holdings, Inc. | Equity | 7.7% |
| New Security* | Equity | 8.2% |
Source: Patient Capital Management. See below for additional information.
Alphabet Inc. (GOOGL) hosted its annual I/O conference, where the company outlined its vision for an agentic future, one where AI completes tasks on users' behalf rather than simply assisting or answering them. Evercore came away incrementally positive, arguing Alphabet is a contender for the most successful AI company.Nvidia Corp (NVDA) fell despite announcing an earnings blowout with guidance well ahead of expectations. The company generated revenue of $81.6B (85% y/y growth) vs. $79.2B expected and GAAP EPS of $2.39 (214% y/y growth) vs. $1.77 expected. Looking forward, management guided 2Q revenue to $91B at the midpoint (95% y/y growth), ahead of the $86.1B consensus. Management also increased its quarterly dividend from $0.01 to $0.20 and expanded its buyback authorization by $80B, while reiterating its intention to return ~50% of free cash flow to shareholders this year. Baird increased its price target from $300 to $500 (132% upside).
Precigen, Inc. (PGEN) fell on limited news.
Coinbase Global, Inc. (COIN) fell through its 50-day moving average, following bitcoin’s -4.0% decline. Deutsche Bank increased its price target from $205 to $208 (12% upside).
Director, Larry Robbins, sold ~3.37M shares of CVS Health Corp (CVS) valued at ~$317M.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 05/15/2026 - 05/22/2026
| Name | Type | Net Return |
| Alphabet Inc. | Equity | -3.5% |
| Nvidia Corp | Equity | -4.4% |
| Precigen, Inc. Warrant 2034 | Derivative | -5.6% |
| Coinbase Global, Inc. | Equity | -5.3% |
| CVS Health Corp | Equity | -2.7% |
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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