Nvidia Rises on Strong Earnings While Precigen Falls on Insider Selling
Last week, the Opportunity Equity Strategy’s representative account gained 0.03%, underperforming the S&P 500’s 0.50% rise. (Exhibit 1). The strategy ended the week up 17.67% YTD, 416 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 08/28/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (08/21-08/28) | 0.03% | 0.50% |
| MTD | 4.50% | 3.06% |
| QTD | 6.76% | 3.00% |
| YTD | 17.67% | 13.51% |
| 1 Year | 26.16% | 20.01% |
| 3 Year | 29.91% | 21.87% |
| 5 Year | 8.51% | 12.93% |
| 10 Year | 14.11% | 15.43% |
| Inception (annualized since 6/26/00) | 8.92% | 8.56% |
Source: Bloomberg, Patient Capital Management.
Jefferies increased its price target on Adobe Inc. (ADBE) from $230 to $285 (2% downside). Evercore raised its price target on Amazon.com, Inc. (AMZN) from $315.20 to $355 (33% upside) after completing its 14th Annual U.S. Online Retail survey. Evercore believes Agentic AI is a net positive for Amazon’s retail business. Additionally, Evercore concluded that the company’s ecommerce business remains healthy, delivery speeds are improving again, and grocery is gaining momentum in customers’ baskets, a large total addressable market. Evercore reiterated Amazon as one of its top large cap picks.
Evercore increased its price target on Meta Platforms, Inc. (META) from $820 to $860 (49% upside). Evercore flagged that the stock trades within ~10% of its trailing three-year trough P/E multiple, despite Meta’s demonstrated ability to improve the customer experience with AI. Additionally, Evercore highlighted Meta’s ability to monetize excess compute, which could generate an estimated $11–$22 billion in additional revenue.
Nvidia Corp (NVDA) climbed higher after announcing stronger than expected earnings. The company delivered revenue of $96B (106% y/y) vs. $92B expected and EPS of $2.46 (128% y/y) vs. $2.16 expected. Nvidia guided to grow topline revenue ~70% in FY2028. Raymond James raised its price target from $352 to $515 (137% upside), seeing the potential for $1 trillion in sales by FY29 as a realistic possibility.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 08/21/2026 - 08/28/2026
| Name | Type | Net Return |
| Adobe Inc. | Equity | 5.9% |
| Amazon.com, Inc. | Equity | 3.0% |
| Meta Platforms, Inc. | Equity | 5.1% |
| Meta Platforms Inc. 01/28 540 | Derivative | 12.0% |
| Nvidia Corp | Equity | 1.3% |
Source: Patient Capital Management. See below for additional information.
A Precigen, Inc. (PGEN) director sold ~$1.4M in shares.
Cantor Fitzgerald increased its price target on Coinbase Global, Inc. (COIN) from $184 to $212 (19% upside) citing improved management commentary and bitcoin’s latest price momentum.
Norwegian Cruise Line Holdings Ltd. (NCLH) and Tempus AI, Inc. (TEM) fell on limited news.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 08/21/2026 - 08/28/2026
| Name | Type | Net Return |
| Precigen, Inc. Warrant 2034 | Derivative | -5.0% |
| Precigen, Inc. | Equity | -3.2% |
| Coinbase Global, Inc. | Equity | -4.2% |
| Norwegian Cruise Line Holdings Ltd. | Equity | -3.4% |
| Tempus AI, Inc. | Equity | -11.9% |
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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