Coinbase Follows Crypto Higher While QXO Slides on Rate Hike
Last week, the Opportunity Equity Strategy’s representative account gained 0.14%, outperforming the S&P 500’s 0.06% loss. (Exhibit 1). The strategy ended the week up 14.89% YTD, 218 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 09/18/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (09/11-09/18) | 0.14% | -0.06% |
| MTD | -1.80% | -0.38% |
| QTD | 4.25% | 2.27% |
| YTD | 14.89% | 12.71% |
| 1 Year | 17.61% | 16.71% |
| 3 Year | 28.84% | 21.35% |
| 5 Year | 8.64% | 13.14% |
| 10 Year | 13.69% | 15.49% |
| Inception (annualized since 6/26/00) | 8.80% | 8.51% |
Source: Bloomberg, Patient Capital Management.
Precigen, Inc. (PGEN) rose to a new 52-week high on limited news.Coinbase Global, Inc. (COIN) broke above its 200-day moving average, following bitcoin’s 4.90% move higher. Needham does not view the Clarity Act’s failure to pass the Senate as a headwind for Coinbase’s business model and raised its price target from $177 to $200 (3% upside).
Crocs, Inc. (CROX) reclaimed its 100-day moving average following insider purchases by two directors.
Alphabet Inc. (GOOGL) climbed above its 50-day moving average. Evercore increased its price target from $420 to $450 (29% upside), flagging that their latest search survey results showed Google has gained search leadership over the past four quarters. Evercore also found that AI products are augmenting, rather than replacing search, with most users reporting increased search activity since adopting AI.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 09/11/2026 - 09/18/2026
| Name | Type | Net Return |
| Precigen, Inc. Warrant 2034 | Derivative | 14.0% |
| Precigen, Inc. | Equity | 13.6% |
| Coinbase Global, Inc. | Equity | 10.8% |
| Crocs, Inc. | Equity | 8.7% |
| Alphabet Inc. | Equity | 3.3% |
Source: Patient Capital Management. See below for additional information.
Goldman Sachs increased its price target on Chime Financial Inc (CHYM) from $33 to $37 (22% upside),
Citigroup Inc. (C) broke below its 50-day and 100-day moving averages after Goldman Sachs lowered its price target from $175 to $169 (28% upside).
QXO, Inc. (QXO) found a new 52-week low last week following the Fed’s decision to raise rates for the first time since July 2023.
Barclays reiterated its overweight rating on CVS Health Corp (CVS), pointing to the company’s improving execution and strong cash flow generation.
Adyen N.V. (ADYEN NA) fell through its 100-day moving average on limited news.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 09/11/2026 - 09/18/2026
| Name | Type | Net Return |
| Chime Financial Inc | Equity | -8.1% |
| Citigroup Inc. | Equity | -5.1% |
| QXO, Inc. | Equity | -7.4% |
| QXO, Inc. | Equity | -6.1% |
| Adyen N.V. | Equity | -6.6% |
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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