Nvidia Climbs on Hugging Face Acquisition While Adobe Slides on CEO Announcement
Last week, the Opportunity Equity Strategy’s representative account gained 0.64%, outperforming the S&P 500’s 0.13% rise. (Exhibit 1). The strategy ended the week up 18.42% YTD, 477 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 09/04/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (08/28-09/04) | 0.64% | 0.13% |
| MTD | 1.22% | 0.46% |
| QTD | 7.45% | 3.13% |
| YTD | 18.42% | 13.65% |
| 1 Year | 25.38% | 20.11% |
| 3 Year | 28.58% | 21.15% |
| 5 Year | 8.60% | 12.82% |
| 10 Year | 14.02% | 15.38% |
| Inception (annualized since 6/26/00) | 8.94% | 8.56% |
Source: Bloomberg, Patient Capital Management.
Royalty Pharma plc (RPRX) grinded to a new 52-week high and Citigroup Inc.(C) reclaimed its 50-day moving average on limited news.Raymond James maintained its $515 price target (124% upside) on NVIDIA Corp. (NVDA) following the $12.9B acquisition of Hugging Face, viewing the deal as a strategic move to strengthen NVDA’s long-term position in the AI ecosystem. Hugging Face is an AI platform and open-source community that provides models, datasets, and tools for building and deploying machine-learning applications.
Meta Platforms, Inc. (META) broke above its 50-day and 100-day moving averages. Meta completed a $18 billion settlement the prior week over child-safety claims. Under the settlement, users under 18 will face a two-hour daily time limit, a night mode blocking access from midnight to 6 a.m., and a school mode that disables push notifications from 8 a.m. to 3 p.m.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 08/28/2026 - 09/04/2026
| Name | Type | Net Return |
| Royalty Pharma plc | Equity | 5.1% |
| Nvidia Corp | Equity | 5.9% |
| Citigroup Inc. | Equity | 3.6% |
| Meta Platforms, Inc. | Equity | 6.7% |
| Meta Platforms Inc. 01/28 540C | Derivative | 18.4% |
Source: Patient Capital Management. See below for additional information.
Adobe Inc. (ADBE) fell below its 200-day moving average after announcing Anil Chakravarthy as its new CEO. Chakravarthy currently serves as president of Adobe’s Customer Experience Orchestration business and previously served as CEO of cloud data-management firm Informatica. RBC raised its price target from $285 to $315 (18% upside), viewing the leadership change as a strategic pivot toward strengthening Adobe’s AI capabilities and expanding its role in agentic creative and enterprise workflows.
Wells Fargo lowered its price target on Norwegian Cruise Line Holdings Ltd. (NCLH) from $22 to $20 (28% upside) and maintained its overweight rating.
Wells Fargo increased its price target on Amazon.com, Inc. (AMZN) from $328 to $338 (31% upside) after raising its Amazon Web Services (AWS) margin estimates for 2027 and 2028.
Adyen N.V. (ADYEN NA) slipped through its 200-day moving average on limited news. Goldman Sachs added Adyen to its European Conviction List, citing its differentiated technology stack and potential to increase wallet share with existing customers as key drivers of future operating leverage.
Expedia Group, Inc. (EXPE) fell on limited news.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 08/28/2026 - 09/04/2026
| Name | Type | Net Return |
| Adobe Inc. | Equity | -8.6% |
| Norwegian Cruise Line Holdings Ltd. | Equity | -6.5% |
| Amazon.com, Inc. | Equity | -3.0% |
| Adyen N.V. | Equity | -5.9% |
| Expedia Group, Inc. | Equity | -9.5% |
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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