Energy Transfer Rises with Crude While Crypto Names Follow Bitcoin Lower
Last week, the Opportunity Equity Strategy’s representative account gained 0.97%, narrowly outperforming the S&P 500’s 0.96% rise. (Exhibit 1). The strategy ended the week up 7.44% YTD, -276 basis points behind the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 06/18/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (06/12-06/18) | 0.97% | 0.96% |
| MTD | -1.41% | -0.96% |
| QTD | 14.22% | 15.19% |
| YTD | 7.44% | 10.20% |
| 1 Year | 34.97% | 26.93% |
| 3 Year | 25.38% | 21.00% |
| 5 Year | 4.85% | 14.11% |
| 10 Year | 14.79% | 15.66% |
| Inception (annualized since 6/26/00) | 8.61% | 8.50% |
Source: Bloomberg, Patient Capital Management.
QXO, Inc. (QXO) rose on limited news.Precigen, Inc. (PGEN) moved higher after receiving orphan drug exclusivity for Papzimeos, the company’s recurrent respiratory papillomatosis (RRP) therapy. Under this designation, the FDA is prohibited from approving comparable therapies to treat RRP for 7 years.
Norwegian Cruise Line Holdings Ltd. (NCLH) reclaimed its 100-day moving average. Citi increased its price target from $21 to $25 (22% upside), highlighting lower than expected fuel costs.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 06/12/2026 - 06/18/2026
| Name | Type | Net Return |
| QXO, Inc. | Equity | 6.8% |
| Precigen, Inc. Warrant 2034 | Derivative | 8.0% |
| Precigen, Inc. | Equity | 8.3% |
| Norwegian Cruise Line Holdings Ltd. | Equity | 5.2% |
| New Security* | Equity | 8.3% |
Source: Patient Capital Management. See below for additional information.
Seadrill Limited (SDRL) broke below its 200-day moving average, following Brent Crude’s -8.57% decline.Royalty Pharma plc (RPRX) and CVS Health Corp (CVS) both fell on limited news.
Fiserv, Inc. (FISV) reached a new 52-week low after announcing Mike Lyons, CEO, is stepping down to become the CEO of Truist Financial, and Takis Georgakopoulos, current COO, will be taking over as CEO. The company reaffirmed its FY26 adjusted EPS guidance of $8 to $8.30.
Adobe Inc. (ADBE) reached a new 52-week low. RBC maintained its $285 price target (46% upside) after hosting a virtual fireside chat, citing growing synergies between Experience Cloud and Creative Cloud as a potential competitive advantage in the enterprise market.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 06/12/2026 - 06/18/2026
| Name | Type | Net Return |
| Seadrill Limited | Equity | -12.9% |
| Royalty Pharma plc | Equity | -3.5% |
| Fiserv, Inc. | Equity | -11.0% |
| CVS Health Corp | Equity | -3.6% |
| Adobe Inc. | Equity | -4.3% |
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.
*Entered into position intra quarter. Security holding not yet publicly disclosed.
©2026 Patient Capital Management, LLC
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