Opportunity Equity Weekly Update for 4/17/2025 – 4/25/2025

Coinbase Follows Bitcoin Higher While QXO Falls on Capital Raise

Last week, the Opportunity Equity Strategy’s representative account gained 5.92%, outperforming the S&P 500’s 4.60% rise. (Exhibit 1). The strategy ended the week down -12.67% YTD, -699 basis points behind the S&P 500.

Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 4/25/25¹

Time Period	Opportunity Equity Representative Account	S&P 500
Last Week (4/17 - 4/25)	5.92%	4.60%
MTD	-3.67%	-1.47%
QTD	-3.67%	-1.47%
YTD	-12.67%	-5.68%
1 Year	3.93%	10.93%
5 Year	14.16%	16.03%
10 Year	6.21%	12.06%
Inception (annualized since 6/26/00)	7.06%	7.52%

Jefferies lowered their price target on Amazon.com, Inc. (AMZN) from $250 to $240 (27% upside) and maintained their buy rating. Jefferies sees a favorable risk / reward skew given the recent sell off on the back of macro concerns. Jefferies acknowledged the near-term Chinese import headwinds but reiterated their confidence in the company’s AWS and Advertising segments over the long-term.

Coinbase Global, Inc. (COIN) rose through the 50-day moving average, following bitcoin’s 19.77% rise. Bernstein maintained their $310 price target (48% upside). They are impressed how well bitcoin has performed versus the Nasdaq amid the global tariff crisis. Bernstein views the strategic bitcoin reserve (SBR), easing regulatory environment, and increased asset manager interest as positive catalysts for Coinbase.

Citigroup Inc. (C) rose through the 200-day moving average and continued to climb after delivering strong earnings the week prior. UBS increased their price target from $75 to $78 (14% upside).

Deutsche Bank lowered their price target on Meta Platforms, Inc. (META) from $800 to $650 (19% upside). Deutsche Bank is concerned whether the increase in macro uncertainty will lead to decreased discretionary spend in advertising.

SoFi Technologies, Inc. (SOFI) rose through the 50-day and 200-day moving averages. Citizens initiated coverage on the name with a $17 price target (32% upside) and “market outperform” rating. Citizens Bank is bullish on the size and growth potential of the B2C and B2B financial services market. They view SoFi’s success in achieving GAAP profitability last year as a major inflection point, and believe the company is well positioned for long-term growth.  

Exhibit 2: Significant² Contributors to Opportunity Equity Representative Account Performance, 4/17/25 - 4/25/2025

Name	Type	Net Return
Amazon.com, Inc.	Equity	9.5%
Coinbase Global, Inc.	Equity	19.8%
Citigroup Inc.	Equity	8.2%
Meta Platforms, Inc.	Equity	9.1%
SoFi Technologies, Inc.	Equity	17.3%

QXO, Inc. (QXO) fell following the company’s announcement to offer $2B in senior secured notes through their wholly owned subsidiary, Queen MergerCo. The debt raise will be used for the pending Beacon Roofing acquisition.

JP Morgan cut their price target on JD.com Inc ADR (JD) from $55 to $46 (41% upside) and maintained their overweight rating. JP Morgan lacks confidence in JD’s strategy to enter China’s duopolistic food delivery market. Meituan currently owns ~75% of the market, has large scale advantages, and a drastic profitability gap above the #2 operator. JP Morgan does not believe JD’s aggressive investments are sustainable. 

CVS Health Corp (CVS) fell through the 50-day moving average on limited news. Leerink increased their price target from $75 to $79 (21% upside).

Kosmos Energy Ltd. (KOS) followed Brent’s -1.60% decline. Bernstein raised their price target from $3.50 to $3.84 (123% upside).


Royalty Pharma plc (RPRX) fell on limited news.

Exhibit 3: Significant² Detractors from Opportunity Equity Representative Account Performance, 4/17/2025 - 4/25/2025

Name	Type	Net Return
QXO, Inc.	Equity	-2.1%
JD.com Inc ADR	Equity	-6.3%
CVS Health Corp	Equity	-1.9%
Kosmos Energy Ltd.	Equity	-3.9%
Royalty Pharma plc	Equity	-1.2%

---

As of prior week's market close unless otherwise stated.

¹The performance figures for the representative Opportunity Equity account reflect the deduction investment management fees and certain other expenses. Returns greater than 1 year are annualized.

For additional information about Opportunity Equity Strategy performance, please click on the Opportunity Equity Strategy Composite Performance Disclosure. 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. 

©2025 Patient Capital Management, LLC