Opportunity Equity Weekly Update for 6/20/2025 – 6/27/2025

Mega Caps Drive S&P 500 to an All-Time High While Energy Names Slide with Crude

Last week, the Opportunity Equity Strategy’s representative account gained 3.02%, underperforming the S&P 500’s 3.45% rise. (Exhibit 1). The strategy ended the week up 4.72% YTD, -93 basis points behind the S&P 500.

Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 6/27/25¹

Time Period	Opportunity Equity Representative Account	S&P 500
Last Week (6/20- 6/27)	3.02%	3.45%
MTD	10.86%	4.54%
QTD	15.51%	10.36%
YTD	4.72%	5.65%
1 Year	20.24%	14.11%
5 Year	12.78%	17.22%
10 Year	8.30%	13.38%
Inception (annualized since 6/26/00)	7.79%	7.95%

Coinbase Global, Inc. (COIN) reached an all-time high after Bernstein raised its price target from $310 to $510 (65% upside). Bernstein believes the market is underestimating Coinbase’s significant scale advantage. The company dominates several segments within the crypto ecosystem, including retail trading, institutional custodial services, and stablecoin operations. It is also in the early stages of entering the crypto derivatives market, which saw $59 trillion in trading volume during FY24 compared to $18 trillion in the spot market. Coinbase has steadily grown its market share in derivatives from 2.4% in 4Q24 to 4.0% in 1Q25. Supporting this growth, the company recently acquired Deribit, the world’s largest crypto options exchange.

Nvidia Corp (NVDA) reached an all-time high after Loop Capital raised its price target from $175 to $250 (74% upside). Loop believes the market is significantly underestimating hyperscalers’ growing demand for non-CPU compute. At the beginning of FY25, non-CPU compute accounted for approximately 12% of total hyperscaler workloads. Loop projects this figure will rise to 50–60% by FY28.

Morgan Stanley increased their price target on Citigroup Inc. (C) from $90 to $94 (20% upside).   

Evercore increased their price target on Amazon.com, Inc. (AMZN) from $260 to $280 (34% upside) following their 13th annual U.S. Online Retail survey. Amazon ranked highest across all three key metrics, including price, selection, and convenience. Additionally, 95% of survey participants named Amazon their primary online retailer, up 5% y/y. 

Piper Sandler raised their price target on Meta Platforms, Inc. (META) from $650 to $808 (18% upside). Piper Sandler is bullish on Meta’s AI initiatives, particularly its enhanced use of big data and pattern recognition to deliver more personalized ad recommendations. Piper estimates this could boost conversion rates by approximately 7%. Additionally, they see upside potential in the monetization of Threads and the possible introduction of monetization within WhatsApp later this year.

Exhibit 2: Significant² Contributors to Opportunity Equity Representative Account Performance, 6/20/25 - 6/27/2025

Name	Type	Net Return
Coinbase Global, Inc.	Equity	14.5%
Nvidia Corp	Equity	9.7%
Citigroup Inc.	Equity	7.6%
Amazon.com, Inc.	Equity	6.5%
Meta Platforms, Inc.	Equity	7.5%

QXO, Inc. (QXO) fell after announcing a $2B common stock offering.

Kosmos Energy Ltd. (KOS) fell through its 50-day moving average, following Brent’s -12.0% move lower.

Dave & Buster's Entertainment, Inc. (PLAY) fell on limited news. Truist is encouraged by the company’s “back to basics” strategy, specifically their renewed focus on investing in new games. However, Truist remains concerned whether this will be sufficient to drive long-term same-store-sales growth.

Seadrill Limited (SDRL) also followed Brent lower.

Exhibit 3: Significant² Detractors from Opportunity Equity Representative Account Performance, 6/20/2025 - 6/27/2025

Name	Type	Net Return
QXO, Inc.	Equity	-12.9%
Kosmos Energy Ltd.	Equity	-15.7%
Dave & Buster's Entertainment, Inc.	Equity	-7.1%
Seadrill Limited	Equity	-7.0%
New Security*	Equity	-13.6%

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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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