Chime Jumps While CVS Falls Despite Both Delivering Beat-and-Raise Quarters
Last week, the Opportunity Equity Strategy’s representative account gained 5.29%, outperforming the S&P 500’s 3.59% rise. (Exhibit 1). The strategy ended the week up 18.55% YTD, 446 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 08/07/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (07/31-08/07) | 5.29% | 3.59% |
| MTD | 5.29% | 3.59% |
| QTD | 7.57% | 3.52% |
| YTD | 18.55% | 14.09% |
| 1 Year | 40.49% | 23.83% |
| 3 Year | 27.57% | 21.35% |
| 5 Year | 7.82% | 13.44% |
| 10 Year | 14.47% | 15.43% |
| Inception (annualized since 6/26/00) | 8.98% | 8.60% |
Source: Bloomberg, Patient Capital Management.
Chime Financial Inc (CHYM) surged to a new 52-week high following a beat and raise earnings report. Revenue came in at $670M (30% y/y) vs. $644M expected, while adjusted EPS was $0.25 vs. $0.18 expected. The company also raised FY2026 revenue guidance by $60M and adjusted EBITDA guidance by $46.5M, both at the midpoint. Canaccord raised its price target from $40 to $45 (55% upside), citing impressive incremental margins driven by accelerating member growth and improving average revenue per user (ARPU).QXO, Inc. (QXO) reclaimed its 50-day moving average after Morgan Stanley reinstated coverage with a $35 price target (117% upside).
Precigen, Inc. (PGEN) rose to a new 5-year high after announcing blowout revenue and a profitability surprise. The company posted revenue of $55M vs. $28M expected, operating income of $23M vs. -$4M expected, and EPS of $0.05 vs. -$0.01 expected. HC Wainwright increased its price target from $14 to $18 (149% upside).
Nvidia Corp (NVDA) climbed above its 50-day moving average. SpaceX announced plans to partner with Nvidia on Starmind, its AI computing satellite constellation project.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 07/31/2026 - 08/07/2026
| Name | Type | Net Return |
| Chime Financial Inc | Equity | 26.6% |
| QXO, Inc. | Equity | 21.5% |
| Precigen, Inc. Warrant 2034 | Derivative | 15.8% |
| Precigen, Inc. | Equity | 15.3% |
| Nvidia Corp | Equity | 11.6% |
Source: Patient Capital Management. See below for additional information.
CVS Health Corp (CVS) broke below its 50-day moving average despite reporting a beat-and-raise quarter. The company delivered revenue of $106B vs. $100B expected and EPS of $2.31 vs. $1.56 expected. CVS also raised FY2026 revenue guidance from >$405B to >$414B and EPS guidance from $6.34 to $6.94 at the midpoint. UBS raised its FY2026 EPS estimates and increased its price target from $122 to $126 (32% upside).
Royalty Pharma plc (RPRX) fell despite announcing strong earnings. The company generated portfolio receipts of $773M vs. $762M expected and portfolio cash flow per share of $1.46 vs. $1.26 expected. Additionally, the company increased FY26 portfolio receipt guidance from $3,325M-$3,450M to $3,400M-$3,500M. Citi increased its price target from $66 to $70 (23% upside).
Seadrill Limited (SDRL) followed Brent Crude’s -5.0% decline.
UnitedHealth Group (UNH) broke below its 50-day moving average in sympathy with CVS.
Fiserv, Inc. (FISV) fell after reporting mixed earnings and issuing weaker-than-expected guidance. Revenue came in broadly in line at $5B, while adjusted EPS of $1.84 missed estimates of $1.91. The company also lowered FY26 adjusted EPS guidance from $8.15 to $7.30 at the midpoint. RBC cut its price target from $75 to $65 (24% upside) while maintaining its Buy rating. RBC noted that Fiserv is undergoing a transition, with FY26 likely representing the largest impact before operating leverage returns in FY27.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 07/31/2026 - 08/07/2026
| Name | Type | Net Return |
| CVS Health Corp | Equity | -8.4% |
| Royalty Pharma plc | Equity | -2.8% |
| Seadrill Limited | Equity | -3.6% |
| UnitedHealth Group | Equity | -1.8% |
| Fiserv, Inc. | Equity | -2.8% |
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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