Energy Transfer Rises with Crude While Crypto Names Follow Bitcoin Lower
Last week, the Opportunity Equity Strategy’s representative account gained 2.13%, outperforming the S&P 500’s 0.66% rise. (Exhibit 1). The strategy ended the week up 6.40% YTD, -275 basis points behind the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 06/12/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (06/05-06/12) | 2.13% | 0.66% |
| MTD | -2.36% | -1.90% |
| QTD | 13.12% | 14.10% |
| YTD | 6.40% | 9.15% |
| 1 Year | 33.91% | 24.44% |
| 3 Year | 25.601% | 21.28% |
| 5 Year | 3.65% | 13.47% |
| 10 Year | 14.13% | 15.42% |
| Inception (annualized since 6/26/00) | 8.58% | 8.47% |
Source: Bloomberg, Patient Capital Management.
Precigen, Inc. (PGEN) jumped through its 50-day, 100-day, and 200-day moving averages CEO Helen Sabzevari presented at the Goldman Sachs Health Care Conference. Sabzevari said the commercial launch of Papzimeos, the company's recurrent respiratory papillomatosis (RRP) treatment, has exceeded expectations, and expressed enthusiasm for sharing their upcoming 2Q results.Citigroup Inc. (C) reached a new 52-week high after announcing its launch of Digital Depositary Receipts on private shares, enabling institutional clients to trade private company shares via blockchain. Acting as issuer and custodian, Citi aims to reduce the costs, complexity, and liquidity issues typical of private markets.
CVS Health Corp (CVS) reached a new 52-week high. UBS increased its price target form $100 to $115 (13% upside) citing a positive tone from management following a meeting.
United Airlines Holdings, Inc. (UAL) moved higher as Brent Crude fell -6.2%, dropping beneath its 100-day moving average.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 06/05/2026 - 06/08/2026
| Name | Type | Net Return |
| Precigen, Inc. Warrant 2034 | Derivative | 24.1% |
| Precigen, Inc. | Equity | 24.3% |
| Citigroup Inc. | Equity | 5.6% |
| CVS Health Corp | Equity | 6.3% |
| United Airlines Holdings, Inc. | Equity | 9.3% |
Source: Patient Capital Management. See below for additional information.
Adobe Inc. (ADBE) broke below its 50-day moving average and hit a new 52-week low despite a beat and raise quarter. The company posted revenue of $6.6B versus $6.5B expected and adjusted EPS of $5.96 versus $5.83 expected, while guiding third quarter revenue to $6.7B at the midpoint against a $6.5B consensus. The selloff was likely driven by CFO Dan Durn's departure and FY26 total annual recurring revenue (ARR) growth guidance of 10.2% versus 11.3% expected. Adobe retired 8.5M shares during the quarter, representing 2% of shares outstanding, with $27B remaining on its buyback plan, ~32% of current market cap. Bernstein lowered its price target from $447 to $379 (86% upside) while maintaining its buy rating.Amazon.com, Inc. (AMZN) announced two debt raises for general corporate purposes, a $17.5B delayed draw term loan and C$14B Canadian bond issuance.
Alphabet Inc. (GOOGL) fell through its 50-day moving average on limited news. TD Cowen raised its price target from $450 to $475 (32% upside).
Truist maintained its $840 price target (48% upside) on Meta Platforms, Inc. (META),
seeing the company's new "Plus" tier subscription offerings across its apps as a potential high margin $20B business by 2030.
Goldman Sachs reported an upbeat discussion with Royalty Pharma plc (RPRX) from their Global Healthcare Conference, highlighting attractive growth potential in synthetic royalties and expanding large pharma R&D partnerships as key drivers for the stock.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 06/05/2026 - 06/08/2026
| Name | Type | Net Return |
| Adobe Inc. | Equity | -18.5% |
| Amazon.com, Inc. | Equity | -3.0% |
| Alphabet Inc. | Equity | -2.3% |
| Meta Platforms, Inc. | Equity | -4.4% |
| Royalty Pharma plc | Equity | -1.8% |
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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