Opportunity Equity Weekly Update for 5/30/2025 – 6/6/2025

Norwegian Rises on Improved Bookings Trends while S4 Falls on Lowered Revenue Expectations

Last week, the Opportunity Equity Strategy’s representative account gained 4.90%, outperforming the S&P 500’s 1.54% rise. (Exhibit 1). The strategy ended the week down -0.92% YTD, -354 basis points behind the S&P 500.

Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 6/6/25¹

Time Period	Opportunity Equity Representative Account	S&P 500
Last Week (5/30- 6/6)	4.90%	1.54%
MTD	4.90%	1.54%
QTD	9.29%	7.20%
YTD	-0.92%	2.62%
1 Year	12.16%	13.62%
5 Year	10.37%	15.18%
10 Year	7.84%	13.11%
Inception (annualized since 6/26/00)	7.57%	7.85%

Wolfe initiated coverage on QXO, Inc. (QXO) with a $44 price target (132% upside). Wolfe believes QXO can double its EBITDA over the next five years, citing confidence in the company’s proven management team, accretive M&A opportunities, and potential for operational efficiencies as key drivers of growth.

Norwegian Cruise Line Holdings Ltd. (NCLH) rose through the 50-day moving average. Stifel hosted a call with Norwegian’s CFO, Mark Kempa. Stifel reported a notable improvement in management’s tone, a reversion to strong bookings trends, and continued strength in onboard spending.

Meta Platforms, Inc. (META) rose on limited news.

Amazon.com, Inc. (AMZN) rose through the 100-day moving average. Loop Capital raised their price target from $285 to $290 (36% upside). Loop has an out-of-consensus view that Amazon Web Services (AWS) revenue will accelerate to 20% y/y growth in 2026. Loop cited increased capital expenditures (CAPEX) as a historical leading indicator of AWS revenue growth.  

Seadrill Limited (SDRL) followed Brent’s 4.02% rise.

Exhibit 2: Significant² Contributors to Opportunity Equity Representative Account Performance, 5/30/25 - 6/6/2025

Name	Type	Net Return
QXO, Inc.	Equity	11.8%
Norwegian Cruise Line Holdings Ltd.	Equity	10.8%
Meta Platforms, Inc.	Equity	7.8%
Amazon.com, Inc.	Equity	4.2%
Seadrill Limited	Equity	8.5%

S4 Capital plc (SFOR LN) fell after announcing lowered revenue expectations. Management attributed the revision to continued caution in client spending and noted that the financial impact from recent business wins, including General Motors, Amazon, and T-Mobile won’t be reflected until 2H25. Dowgate Capital maintained their 80GBp price target (225% upside) and buy rating. 

General Motors Co (GM) fell through the 200-day and 100-day moving averages. Bernstein hosted Ford, General Motors, and Stellantis at their Strategic Decisions Conference. Bernstein reported that GM’s top priorities over the next 3-5 years include gaining market share in internal combustion engine (ICE) vehicles, achieving profitability in electric vehicles, enhancing in-vehicle software across all models, and advancing autonomous driving capabilities.

Barclays lowered their price target on CVS Health Corp (CVS) from $82 to $79 (24% upside) and maintained their buy rating.

Piper Sandler reiterated their $120 price target (18% upside) on Crocs, Inc. (CROX) following a visit to the Fashion Footwear Association of New York (FFANY). Piper Sandler expressed confidence in a potential sales inflection for the company’s HEYDUDE segment, supported by promising new product launches and ongoing cost rationalization efforts.

Canada Goose Holdings Inc. (GOOS) expects to incur a one-time charge of $30M following an arbitration ruling against the company regarding a dispute with a former vendor.

Exhibit 3: Significant² Detractors from Opportunity Equity Representative Account Performance, 5/30/2025 - 6/6/2025

Name	Type	Net Return
S4 Capital plc	Equity	-12.4%
General Motors Co	Equity	-4.0%
CVS Health Corp	Equity	-0.7%
Crocs, Inc.	Equity	-0.5%
Canada Goose Holdings Inc.	Equity	-5.7%

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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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