Crypto Names Follow Bitcoin Higher While United Airlines Falls on Rising Crude Prices
Last week, the Opportunity Equity Strategy’s representative account gained 0.51%, outperforming the S&P 500’s -1.39% fall. (Exhibit 1). The strategy ended the week up 17.63% YTD, 468 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 08/21/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (08/14-08/21) | 0.51% | -1.39% |
| MTD | 4.47% | 2.55% |
| QTD | 6.73% | 2.48% |
| YTD | 17.63% | 12.95% |
| 1 Year | 32.57% | 21.90% |
| 3 Year | 30.37% | 21.98% |
| 5 Year | 9.70% | 13.17% |
| 10 Year | 14.04% | 15.29% |
| Inception (annualized since 6/26/00) | 8.93% | 8.55% |
Source: Bloomberg, Patient Capital Management.
Precigen, Inc. (PGEN) and Royalty Pharma plc (RPRX) both reached 52-week highs on limited news.Coinbase Global (COIN) broke above its 50-day and 100-day moving averages, while Fidelity Wise Origin Bitcoin Fund (FBTC) reclaimed its 50-day, 100-day, and 200-day moving averages, both following Bitcoin’s 23.3% rise.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 08/14/2026 - 08/21/2026
| Name | Type | Net Return |
| Precigen, Inc. Warrant 2034 | Derivative | 21.2% |
| Precigen, Inc. | Equity | 18.0% |
| Coinbase Global, Inc. | Equity | 25.6% |
| Fidelity Wise Origin Bitcoin Fund | ETF | 22.4% |
| Royalty Pharma plc | Equity | 4.6% |
Source: Patient Capital Management. See below for additional information.
Citigroup Inc. (C) broke below its 50-day and 100-day moving averages and Crocs, Inc. (CROX) crossed below its 50-day moving average on limited news.
Norwegian Cruise Line Holdings Ltd. (NCLH) slid through its 100-day moving average. UBS increased its price target from $17 to $20 (16% upside) after lowering its estimated fuel expenses.
United Airlines Holdings, Inc. (UAL) fell through its 50-day moving average as Brent crude climbed 6.6%.
While a detractor last week, JP Morgan reported expectations for Nvidia (NVDA) to deliver another beat-and-raise quarter based on their latest internal analysis. JP Morgan acknowledged competitive threats from application-specific integrated circuits (ASICS) but believe Nvidia remains well positioned to maintain its market leadership in AI compute.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 08/14/2026 - 08/21/2026
| Name | Type | Net Return |
| Citigroup Inc. | Equity | -5.5% |
| Norwegian Cruise Line Holdings Ltd. | Equity | -9.3% |
| United Airlines Holdings, Inc. | Equity | -9.7% |
| Nvidia Corp | Equity | -4.6% |
| Crocs, Inc. | Equity | -7.3% |
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.
©2026 Patient Capital Management, LLC
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