United Rises on Lower Crude Prices While Coinbase Falls with Bitcoin
Last week, the Opportunity Equity Strategy’s representative account gained 2.60%, outperforming the S&P 500’s -1.94% decline. (Exhibit 1). The strategy ended the week up 10.23% YTD, 217 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 06/26/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (06/18-06/26) | 2.60% |
-1.94% |
| MTD | 1.15% | -2.88% |
| QTD | 17.19% | 12.96% |
| YTD | 10.23% | 8.06% |
| 1 Year | 35.33% | 21.21% |
| 3 Year | 27.82% | 20.24% |
| 5 Year | 4.60% | 13.05% |
| 10 Year | 15.46% | 15.63% |
| Inception (annualized since 6/26/00) | 8.71% | 8.41% |
Source: Bloomberg, Patient Capital Management.
Precigen, Inc. (PGEN) extended its rally to a new 52-week high, continuing the momentum sparked by orphan drug exclusivity for its recurrent respiratory papillomatosis (RRP) therapy, Papzimeos, two weeks ago.
United Airlines Holdings, Inc. (UAL) reached a new all-time high after Barclays raised its price target from $150 to $175 (29% upside), citing strong travel demand, a favorable post-Spirit industry backdrop, easing geopolitical tensions in the Middle East, and declining crude oil prices.
UnitedHealth Group (UNH) climbed to a new 52-week high. Bank of America increased its price target from $450 to $475 (11% upside).
Royalty Pharma plc (RPRX) hit a new all-time high after S&P upgraded its long-term rating from BBB- to BBB.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 06/18/2026 - 06/26/2026
| Name | Type | Net Return |
| Precigen, Inc. | Equity | 21.6% |
| Precigen, Inc. Warrant 2034 | Derivative | 18.1% |
| United Airlines Holdings, Inc. | Equity | 15.0% |
| UnitedHealth Group | Equity | 6.7% |
| Royalty Pharma plc | Equity | 6.2% |
Source: Patient Capital Management. See below for additional information.
Alphabet Inc. (GOOGL) fell through its 50-day and 100-day moving averages. Two of the company’s senior AI researchers departed to join Anthropic and OpenAI. Evercore maintained its $420 price target (24% upside) following its latest search survey, pointing to Google's sustained leadership position and resilient digital advertising demand.
Nvidia Corp dropped beneath its 50-day and 100-day moving averages on limited news. The company launched BioNeMo, a generative AI platform designed for biology, chemistry, genomics, and drug discovery.
Amazon.com, Inc. (AMZN) broke below its 100-day and 200-day moving averages. JP Morgan maintained its $330 price target (42% upside) and expects the company to be heading toward a multi-year margin expansion, noting that e-commerce and public cloud remain in the early stages of a secular shift with room for further adoption.
Bank of America maintained its EUR 1,750 price target (112% upside) on Adyen N.V. (ADYEN), emphasizing its strong positioning to capture growth from rising e-commerce adoption and agentic commerce.
Coinbase Global, Inc. (COIN) declined alongside bitcoin, which fell -5.4%. Bank of America maintained its $218 price target (46% upside) after hosting a group dinner with the company’s CFO, Alesia Haas. BofA views the CLARITY Act as a near-term catalyst and believes Coinbase is well positioned to be a long-term secular winner in tokenization, citing its leading U.S. market share and the early stages of crypto adoption.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 06/18/2026 - 06/26/2026
| Name | Type | Net Return |
| Alphabet Inc. | Equity | -8.3% |
| Nvidia Corp | Equity | -8.6% |
| Amazon.com, Inc. | Equity | -4.8% |
| Adyen N.V. | Equity | -9.5% |
| Coinbase Global, Inc. | Equity | -8.7% |
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.
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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