Seadrill Rises on Beat-and-Raise Quarter While QXO Falls Despite In-Line Results
Last week, the Opportunity Equity Strategy’s representative account fell 1.28%, underperforming the S&P 500’s 0.39% rise. (Exhibit 1). The strategy ended the week up 17.04% YTD, 250 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 08/14/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (08/07-08/14) | -1.28% | 0.39% |
| MTD | 3.94% | 4.00% |
| QTD | 6.19% | 3.93% |
| YTD | 17.04% | 14.54% |
| 1 Year | 33.10% | 21.81% |
| 3 Year | 27.81% | 21.75% |
| 5 Year | 8.15% | 13.36% |
| 10 Year | 14.20% | 15.46% |
| Inception (annualized since 6/26/00) | 8.92% | 8.61% |
Source: Bloomberg, Patient Capital Management.
Chime Financial Inc (CHYM) reached a new 52-week high after Evercore increased its price target form $35 to $39 (22% upside). Adyen N.V. (ADYEN NA) climbed higher after reporting better-than-expected earnings. Net revenue came in at €682M (+22% y/y) vs. €673M expected, while EPS was €17.18 vs. €16.90 expected. Goldman Sachs raised its price target from €1,800 to €1,850 (74% upside), citing long-term growth potential from wallet share gains, new product launches, and agentic commerce.
Seadrill Limited (SDRL) moved higher after delivering a beat and raise quarter. The company printed revenue of $449M vs. $389M expected and EPS of $0.47 vs. $0.35 expected. The company also raised FY26 revenue guidance by 5% and EBITDA guidance by 10% at the midpoint. Seadrill announced a new one-year contract at a $441K day rate, along with two contract extensions. Barclays maintained its $59 price target (23% upside).
UBS raised its price target on Royalty Pharma plc (RPRX) from $58 to $66 (13% upside), citing improving internal rates of return (IRRs) as the company shifts its royalty mix toward development-stage assets. Additionally, UBS sees room for a multiple expansion, pointing to energy and gold royalty operators, which trade at premiums to their underlying operators.
Global Payments Inc. (GPN) reached a new 52-week high after delivering a roughly in line quarter the week prior. Cantor Fitzgerald raised its price target from $76 to $91 (2% downside) and maintained its neutral rating.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 08/07/2026 - 08/14/2026
| Name | Type | Net Return |
| Chime Financial Inc | Equity | 10.0% |
| Adyen N.V. | Equity | 14.4% |
| Seadrill Limited | Equity | 11.0% |
| Royalty Pharma plc | Equity | 3.6% |
| Global Payments Inc. | Equity | 8.0% |
Source: Patient Capital Management. See below for additional information.
QXO, Inc. (QXO) broke below its 50-day moving average before announcing broadly in line earnings. The company delivered revenue of $3,246M vs. $3,180M expected, EBITDA of $272M vs. $253M expected, and in line adjusted EPS of $0.08. Keybanc maintained its $28 price target (93% upside) and reiterated their expectation for QXO to deliver shareholder value over the long term.
Loop increased its price target on Amazon.com, Inc. (AMZN) from $360 to $405 (54% upside), arguing that the AWS revenue inflection remains in its early innings, pointing to Anthropic, OpenAI, and Bedrock as proof points for robust demand. Additionally, Loop believes the historical relationship between CAPEX and incremental revenue, with a roughly six-quarter lag, will hold as elevated spending translates into serviceable capacity. If this relationship persists, Loop estimates AWS revenue will exceed consensus by $6B in 2H26 and $29B in 2027 as the increased capacity comes online.
Precigen, Inc. (PGEN) fell and Broadcom Inc. (AVGO) pulled back to its 100-day moving average on limited news.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 08/07/2026 - 08/14/2026
| Name | Type | Net Return |
| Precigen, Inc. Warrant 2034 | Derivative | -17.6% |
| Precigen, Inc. | Equity | -15.6% |
| QXO, Inc. | Equity | -10.2% |
| Amazon.com, Inc. | Equity | -4.3% |
| Broadcom Inc. | Equity | -8.1% |
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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