Opportunity Equity Weekly Update for 5/23/2025 – 5/30/2025

United Airlines Rises on New Partnership while Coinbase Follows Bitcoin Lower

Last week, the Opportunity Equity Strategy’s representative account gained 0.65%, underperforming the S&P 500’s 1.90% rise. (Exhibit 1). The strategy ended the week down -5.54% YTD, -660 basis points behind the S&P 500.

Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 5/30/25¹

Time Period	Opportunity Equity Representative Account	S&P 500
Last Week (5/23- 5/30)	0.65%	1.90%
MTD	9.49%	6.29%
QTD	4.19%	5.57%
YTD	-5.54%	1.06%
1 Year	10.18%	14.44%
5 Year	12.08%	15.94%
10 Year	7.35%	12.86%
Inception (annualized since 6/26/00)	7.37%	7.79%

CVS Health Corp (CVS) rose through the 100-day moving average. J.P. Morgan hosted a call with David Joyner, CVS’s President and CEO. Regarding Medicare Advantage, Joyner is focused on the ongoing margin expansion and is encouraged by the trends he has observed so far in 2025. In Health Services, he expects their partnership with Novo Nordisk on GLP-1s to drive 10–15% in cost savings for Caremark customers. JPM estimates this could affect ~30M individuals. Finally, Joyner noted that CVS’s predominantly domestic sourcing in its front-end retail business helps insulate the company from direct tariff impacts.

United Airlines Holdings, Inc. (UAL) rose through the 200-day moving average following the announcement of a new interline agreement with JetBlue. The partnership will allow customers to book cross-carrier flights and earn reciprocal rewards through both companies’ respective websites and mobile apps. United MileagePlus members will gain access to benefits on 15 additional destinations previously not served by United, including Martha’s Vineyard, Jamaica, and Puerto Rico. Morgan Stanley reiterated their $130 price target (64% upside) and maintained their buy rating.

Jane Fraser, CEO of Citigroup Inc. (C), provided a strategic update last week at an industry conference. Jane reaffirmed the company’s 2025 revenue guidance of $83.6B, representing a 2.4% y/y growth. Fraser emphasized her focus on improving return on tangible common equity and expects continued revenue growth in 2026 alongside a reduction in total expenses.

Dave & Buster's Entertainment, Inc. (PLAY) rose through the 100-day moving average on limited news.

Mark Zuckerberg, CEO of Meta Platforms, Inc. (META), announced that the company’s Meta AI assistant has 1 billion monthly active users. Zuckerberg expressed confidence in the platform’s growth potential and noted the possibility of introducing a subscription service for those who need additional computing power. 


Exhibit 2: Significant² Contributors to Opportunity Equity Representative Account Performance, 5/23/25 - 5/30/2025

Name	Type	Net Return
CVS Health Corp	Equity	5.3%
United Airlines Holdings, Inc.	Equity	6.4%
Citigroup Inc.	Equity	3.0%
Dave & Buster's Entertainment, Inc.	Equity	7.0%
Meta Platforms, Inc.	Equity	3.3%

Coinbase Global, Inc. (COIN) followed bitcoin’s -3.38% move lower.

Alibaba Group Holding Ltd (BABA) fell through the 100-day moving average, following the Hang Seng’s -1.32% move lower.  

Crocs, Inc. (CROX) fell through the 50-day and 100-day moving averages on limited news.  

Exhibit 3: Significant² Detractors from Opportunity Equity Representative Account Performance, 5/23/2025 - 5/30/2025

Name	Type	Net Return
Coinbase Global, Inc.	Equity	-6.3%
Alibaba Group Holding Ltd	Equity	-5.7%
Crocs, Inc.	Equity	-5.8%
New Security*	Equity	-11.8%
New Security*	Equity	-25.3%

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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. 

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