Norwegian Announces Improved Expectations While Meta Launches a New Enterprise Product
Last week, the Opportunity Equity Strategy’s representative account fell -0.56%, underperforming the S&P 500’s 0.25% loss. (Exhibit 1). The strategy ended the week up 15.26% YTD, 145 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 10/02/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (09/25-10/02) | -0.56% | -0.25% |
| MTD | 0.24% | 0.94% |
| QTD | 0.24% | 0.94% |
| YTD | 15.26% | 13.81% |
| 1 Year | 20.50% | 16.35% |
| 3 Year | 30.61% | 23.27% |
| 5 Year | 8.83% | 13.74% |
| 10 Year | 13.39% | 15.44% |
| Inception (annualized since 6/26/00) | 8.80% | 8.54% |
Source: Bloomberg, Patient Capital Management.
Precigen, Inc. (PGEN) climbed to a new 5 year high on limited news.Cantor maintained its $350 price target (50% upside) on Nvidia Corp (NVDA) after hosting investor meetings with management. Cantor came away positive, noting the growing breadth of customers as demand for AI solutions expands across more industries.
Norwegian Cruise Line Holdings Ltd. (NCLH) moved higher after reaffirming full-year guidance and announcing that 3Q revenue is expected to exceed its prior guidance. Citi lowered its price target from $22 to $19 (25% upside) citing higher-than-previously forecasted fuel costs and interest expenses, but maintained its Buy rating.
People Inc. (PPLI) broke above its 50-day and 200-day moving averages, continuing its upward move following its decision to withdraw its bid for MGM the prior week.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 09/25/2026 - 10/02/2026
| Name | Type | Net Return |
| Precigen, Inc. Warrant 2034 | Derivative | 11.9% |
| Precigen, Inc. | Equity | 10.2% |
| Nvidia Corp | Equity | 3.9% |
| Norwegian Cruise Line Holdings Ltd. | Equity | 3.6% |
| People Inc. | Equity | 2.9% |
Source: Patient Capital Management. See below for additional information.
Citigroup Inc. (C) fell below its 50-day and 100-day moving averages. JP Morgan lowered its price target from $149 to $147 (14% upside) and maintained its overweight rating.
Global Payments Inc. (GPN) slid though its 100-day moving average. Following a recent customer survey, Loop maintained its $137 price target (75% upside), noting that functionality was the leading reason customers previously left GPN, while current satisfaction with Genius is high. Customers are increasingly choosing Genius for its customer service and AI capabilities. Loop views Genius as an important asset, with the potential to improve retention, upsell existing customers, and attract new ones.
Crocs, Inc. (CROX) broke below its 50-day and 100-day moving averages on limited news.
Coinbase Global, Inc. (COIN) dropped under its 200-day moving average. Wells Fargo initiated coverage with a $200 price target (9% upside) and Equal Weight rating, balancing the company’s market leadership in the crypto environment today against potential pricing pressure from increased competition over the longer term.
Meta Platforms Inc. (META) hired MongoDb (MDB) CEO, Chirantan Desai, to lead its new enterprise AI product. Citi believes Meta is going to target its existing advertisement partners for the product and reiterated its $800 price target (10% upside).
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 09/25/2026 - 10/02/2026
| Name | Type | Net Return |
| Citigroup Inc. | Equity | -4.3% |
| Global Payments Inc. | Equity | -9.4% |
| Crocs, Inc. | Equity | -6.4% |
| Coinbase Global, Inc. | Equity | -6.2% |
| Meta Platforms Inc. 01/28 540C | Derivative | -9.8% |
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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