Seadrill Rises with Crude While QXO Slides on Higher Rates
Last week, the Opportunity Equity Strategy’s representative account fell -0.40%, underperforming the S&P 500’s 1.17% gain. (Exhibit 1). The strategy ended the week up 14.80% YTD, 34 basis points behind the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 10/09/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (10/02-10/09) | -0.40% | 1.17% |
| MTD | -0.16% | 2.13% |
| QTD | -0.16% | 2.13% |
| YTD | 14.80% | 15.14% |
| 1 Year | 21.02% | 17.35% |
| 3 Year | 30.76% | 23.28% |
| 5 Year | 8.47% | 13.82% |
| 10 Year | 8.47% | 15.65% |
| Inception (annualized since 6/26/00) | 8.78% | 8.58% |
Source: Bloomberg, Patient Capital Management.
Deutsche Bank increased its price target on Chime Financial Inc (CHYM) from $30 to $35 (16% upside) and upgraded the name from “neutral” to “buy”, citing strong momentum in MyPay and Chime Prime. Deutsche Bank believes the market is underappreciating these offerings’ growth potential.Amazon.com, Inc. (AMZN) broke above its 50-day and 100-day moving averages. Wells Fargo lowered its price target from $338 to $329 (25% upside) after slightly reducing FY26 and FY27 EPS estimates to reflect higher-than-expected fuel prices and wage increases.
Seadrill Limited (SDRL) climbed above its 100-day moving average, following Brent Crude’s 2.4% ascent to a new 52-week high.
Alphabet Inc. (GOOGL) reclaimed its 50-day moving average. Wells Fargo nudged its price target up from $411 to $417 (19% upside) after slightly increasing FY27 Google Cloud revenue estimates on expectations for stronger TPU sales.
Global Payments Inc. (GPN) reversed above its 100-day moving average on limited news.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 10/02/2026 - 10/09/2026
| Name | Type | Net Return |
| Chime Financial Inc | Equity | 10.4% |
| Amazon.com, Inc. | Equity | 4.3% |
| Seadrill Limited | Equity | 5.2% |
| Alphabet Inc. | Equity | 2.4% |
| Global Payments Inc. | Equity | 4.9% |
Source: Patient Capital Management. See below for additional information.
QXO, Inc. (QXO) fell to a new 52-week low as 10-year Treasury yields climbed to a 20-year high. Truist maintained its Buy rating but cut its price target from $26 to $15 (39% upside), pointing to cost inflation from higher crude prices and weaker consumer demand with mortgage rates near 7.5%.
Precigen, Inc. (PGEN) fell on limited news, retreating from its 5-year high reached the prior week.
United Airlines Holdings, Inc. (UAL) tumbled below its 200-day moving average. JP Morgan maintained its $203 price target (89% upside), highlighting strong industry trends and consumer preference for premium carriers over low-cost carriers (LCCs).
According to the Financial Times, Nvidia Corp (NVDA) was exploring the options to acquire or further its investment in Reflection AI, a developer of open weight foundation models.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 10/02/2026 - 10/09/2026
| Name | Type | Net Return |
| Precigen, Inc. Warrant 2034 | Derivative | -8.2% |
| QXO, Inc. | Equity | -9.8% |
| Precigen, Inc. | Equity | -8.5% |
| United Airlines Holdings, Inc. | Equity | -4.5% |
| Nvidia Corp | Equity | -2.0% |
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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