United Airlines Climbs and Energy Names Fall as Crude Prices Move Lower
Last week, the Opportunity Equity Strategy’s representative account gained 2.27%, outperforming the S&P 500’s 1.44% rise. (Exhibit 1). The strategy ended the week up 8.97% YTD, -230 basis points behind the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 05/29/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (05/22-05/29) | 2.27% | 1.44% |
| MTD | 2.61% | 5.26% |
| QTD | 15.85% | 16.31% |
| YTD | 8.97% | 11.27% |
| 1 Year | 46.15% | 29.78% |
| 3 Year | 30.53% | 23.37% |
| 5 Year | 4.97% | 14.15% |
| 10 Year | 14.01% | 15.64% |
| Inception (annualized since 6/26/00) | 8.69% | 8.56% |
Source: Bloomberg, Patient Capital Management.
Norwegian Cruise Line Holdings Ltd. (NCLH) reclaimed its 50-day moving average after a wave of insider buying the week prior.United Airlines Holdings, Inc. (UAL) broke above its 100-day and 200-day moving averages as crude prices softened. UBS increased its price target from $139 to $148 (29% upside).
Illumina, Inc. (ILMN) hit a new 52-week high after unveiling a complete solution for molecular residual disease (MRD) detection built on whole-genome sequencing (WGS). The distributed kit is designed to broaden lab adoption of MRD detection for clinical research.
IAC Inc. (IAC) climbed higher and Crocs, Inc. (CROX) reached a new 52-week high on limited news.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 05/22/2026 - 05/29/2026
| Name | Type | Net Return |
| Norwegian Cruise Line Holdings Ltd. | Equity | 12.4% |
| United Airlines Holdings, Inc. | Equity | 14.8% |
| Illumina, Inc. | Equity | 12.8% |
| IAC Inc. | Equity | 6.8% |
| Crocs, Inc. | Equity | 7.5% |
Source: Patient Capital Management. See below for additional information.
Seadrill Limited (SDRL) and Energy Transfer LP (ET) both broke below their 50-day moving averages, following Brent Crude’s -11.10% decline. Jefferies increased its price target on ET from $21 to $23 (20% upside), citing a stronger commodity backdrop, robust growth across natural gas projects with incremental upside, and a disconnect between improving fundamentals versus where the company trades relative to its peers.
Bernstein increased its price target on UnitedHealth Group (UNH) from $444 to $492 (29% upside), expecting continued Medicare Advantage margin recovery throughout 2026 and further improvement in 2027, coupled with an OptumHealth recovery in 2027.
Philip Securities increased its price target on Nvidia Corp (NVDA) from $220 to $285 (35% upside), pointing to higher-than-expected FY27 revenue driven by Anthropic and Vera CPU demand.
Barclays increased its price target on CVS Health Corp (CVS) from $101 to $106 (% upside).
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 05/22/2026 - 05/29/2026
| Name | Type | Net Return |
| Seadrill Limited | Equity | -7.5% |
| Energy Transfer LP | Equity | -4.5% |
| UnitedHealth Group | Equity | -2.1% |
| Nvidia Corp | Equity | -1.9% |
| CVS Health Corp | Equity | -2.4% |
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.
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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