Meta Rises on Autonomous Assistant While Royalty Pharma Falls on Phase 3 Disappointment
Last week, the Opportunity Equity Strategy’s representative account fell 3.12%, underperforming the S&P 500’s 0.78% loss. (Exhibit 1). The strategy ended the week up 14.72% YTD, 195 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 09/11/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (09/04-09/11) | -3.12% | -0.78% |
| MTD | -1.94% | -0.32% |
| QTD | 4.10% | 2.33% |
| YTD | 14.72% | 12.77% |
| 1 Year | 19.02% | 17.61% |
| 3 Year | 28.30% | 21.08% |
| 5 Year | 8.51% | 13.03% |
| 10 Year | 13.94% | 15.56% |
| Inception (annualized since 6/26/00) | 8.81% | 8.52% |
Source: Bloomberg, Patient Capital Management.
Meta Platforms, Inc. (META) broke above its 200-day moving average after debuting an autonomous personal assistant. JP Morgan increased its price target from $640 to $820 (27% upside) and rating from neutral to overweight. JPM believes Meta is in the early stages of monetizing frontier AI models. With a massive 4B-user base, JPM sees significant long-term potential for customer-facing AI products to become a meaningful revenue stream. Goldman Sachs increased its price target on Citigroup Inc. (C) from $161 to $175 (26% upside), citing increased trading volumes and the capital-intensive nature of the AI buildout as tailwinds for large cap banks.
Piper Sandler initiated coverage on Broadcom Inc. (AVGO) with a $460 price target (27% upside) and buy rating, viewing Broadcom as a key player in AI inference. Piper Sandler notes Broadcom holds ~75% of the application-specific integrated circuit (ASIC) chip market and has ASIC co-design relationships with most hyperscalers. They believe concerns over increased competition has driven an overdone selloff.
Energy Transfer LP (ET) reached a new 52-week high after Stifel resumed coverage with a $25 price target (16% upside) and buy rating. Stifel believes ET’s diversified portfolio is well positioned to benefit from several key trends, including rising natural gas demand from the power sector, increased offtake from the Permian Basin, and growth in global LNG exports.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 09/04/2026 - 09/11/2026
| Name | Type | Net Return |
| Meta Platforms, Inc. | Equity | 5.1% |
| Meta Platforms Inc. 01/28 540C | Derivative | 17.0% |
| Citigroup Inc. | Equity | 0.8% |
| Broadcom Inc. | Equity | 1.2% |
| Energy Transfer LP | Equity | 0.2% |
Source: Patient Capital Management. See below for additional information.
Royalty Pharma plc (RPRX) fell below its 50-day moving average after Pelacarsen, one of its royalty assets, failed a Phase 3 trial. UBS maintained its $66 price target (13% upside) and buy rating, noting this was a very small percentage of expected revenue.
QXO, Inc. (QXO) fell to a new 52-week low as the ten-year Treasury yield reached a new 52-week high. Morgan Stanley maintained its $35 price target (184% upside).
Piper Sandler initiated on Nvidia Corp (NVDA) with a $300 price target (37% upside) and buy rating. Piper highlighted the company’s proven product innovation, leading market share, and massive $2T total addressable market opportunity by 2030 as key growth drivers. They believe the company’s expected revenue and earnings growth, coupled with its deeply discounted P/E ratio relative to its trailing five-year average, presents a compelling entry point.
Adyen N.V. (ADYEN) broke below its 50-day moving average on limited news but found support on its 100-day.
UnitedHealth Group (UNH) fell through its 100-day moving average on limited news. Wells Fargo maintained its $526 price target (39% upside) following a fireside chat with two executives from the company’s OptumHealth segment, citing positive commentary around ahead-of-schedule margin improvement and a return to topline growth in 2027.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 09/04/2026 - 09/11/2026
| Name | Type | Net Return |
| Royalty Pharma plc | Equity | -8.4% |
| QXO, Inc. | Equity | -7.7% |
| Nvidia Corp | Equity | -5.2% |
| Adyen N.V. | Equity | -9.5% |
| UnitedHealth Group | Equity | -4.5% |
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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