Coinbase Rises with Bitcoin While Precigen Slips on Insider Selling
Last week, the Opportunity Equity Strategy’s representative account gained 1.56%, underperforming the S&P 500’s 1.78% rise. (Exhibit 1). The strategy ended the week up 11.95 YTD, 197 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 07/02/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (06/26-07/02) | 1.56% | 1.78% |
| MTD | 1.58% | -0.21% |
| QTD | 1.58% | -0.21% |
| YTD | 11.95% | 9.98% |
| 1 Year | 33.28% | 21.62% |
| 3 Year | 26.35% | 20.53% |
| 5 Year | 5.15% | 13.07% |
| 10 Year | 15.21% | 15.46% |
| Inception (annualized since 6/26/00) | 8.77% | 8.48% |
Source: Bloomberg, Patient Capital Management.
Alphabet Inc. (GOOGL) reclaimed its 100-day moving average. Wells Fargo lowered its price target from $435 to $416 (16% upside) following the company’s latest capital raises but maintained its Overweight rating, highlighting Alphabet’s leadership position and potential to emerge as an AI winner.
Global Payments Inc. (GPN) broke above its 100-day and 200-day moving averages and Adobe Inc. (ADBE) rose on limited news.
Coinbase Global, Inc. (COIN) followed bitcoin’s 3.2% gain. Goldman Sachs lowered its price target from $220 to $212 (28% upside), citing softer 2Q crypto prices and volumes.
Amazon.com, Inc. (AMZN) climbed through its 100-day and 200-day moving averages. Wells Fargo increased its price target from $312 to $313 (29% upside) and maintained its overweight rating, expecting that FY27 AWS revenue growth will significantly exceed Street forecasts.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 06/26/2026 - 07/02/2026
| Name | Type | Net Return |
| Alphabet Inc. | Equity | 6.7% |
| Global Payments Inc. | Equity | 12.6% |
| Coinbase Global, Inc. | Equity | 11.0% |
| Amazon.com, Inc. | Equity | 4.3% |
| Adobe Inc. | Equity | 8.2% |
Source: Patient Capital Management. See below for additional information.
Keybanc lowered its price target on QXO, Inc. (QXO) from $32 to $28 (73% upside), noting a weak housing environment, but maintained its overweight rating.
Norwegian Cruise Line Holdings Ltd. (NCLH) fell through its 200-day moving average. Wells Fargo increased its price target from $19 to $25 (26% upside), pointing to extremely conservative guidance for 2H26, coupled with an attractive setup for 2027 driven by easy year-over-year comparisons and the first full summer of operations on the company’s private island, Great Stirrup Cay.
Precigen, Inc. (PGEN) CFO, Harry Thomasian, sold ~$1.1M in shares.
Citigroup Inc. (C) fell on limited news.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 06/26/2026 - 07/02/2026
| Name | Type | Net Return |
| QXO, Inc. | Equity | -8.8% |
| Norwegian Cruise Line Holdings Ltd. | Equity | -6.9% |
| Precigen, Inc. | Equity | -3.8% |
| Citigroup Inc. | Equity | -1.3% |
| Precigen, Inc. Warrant 2034 | Derivative | -1.6% |
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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