Opportunity Equity Weekly Update for 7/3/2025 – 7/11/2025

Delta Rises on Strong Earnings while CVS Falls on Omnicare Fine Headlines

Last week, the Opportunity Equity Strategy’s representative account gained 1.31%, outperforming the S&P 500’s -0.29% fall. (Exhibit 1). The strategy ended the week up 9.81% YTD, 263 basis points ahead the S&P 500.

Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 7/11/25¹

Time Period	Opportunity Equity Representative Account	S&P 500
Last Week (7/03- 7/11)	1.31%	-0.29%
MTD	4.80%	0.92%
QTD	4.80%	0.92%
YTD	9.81%	7.18%
1 Year	23.29%	13.59%
5 Year	11.88%	16.21%
10 Year	9.10%	13.67%
Inception (annualized since 6/26/00)	7.98%	8.00%

SoFi Technologies, Inc. (SOFI) reached a new 52-week high.

Coinbase Global, Inc. (COIN) reached a new 52-week high, following Bitcoin’s 7.04% move higher. Oppenheimer increased their price target from $395 to $417 (8% upside).

Delta Air Lines, Inc. (DAL) rose through the 200-day moving average after announcing strong earnings that beat on the top and bottom line. The company posted revenue of $15.5B vs. $15.4B expected and earnings per share (EPS) of $3.27 vs. $2.02 expected. Delta also reinstated its FY25 adjusted EPS guidance to a range of $5.25–$6.25 (vs. consensus of $5.35), along with projected free cash flow of $3B–$4B, implying an 8–11% FCF yield. Notably, the company now expects 3Q topline growth of flat to +4%, a positive shift from the 2H25 weakness previously projected during its 1Q25 earnings call. Morgan Stanley increased their price target to $90 (59% upside).

Fidelity Wise Origin Bitcoin Fund (FBTC) and bitcoin both reached a new all-time high.

Precigen Inc. (PGEN) rose on limited news.

Exhibit 2: Significant² Contributors to Opportunity Equity Representative Account Performance, 7/03/25 - 7/11/2025

Name	Type	Net Return
SoFi Technologies, Inc.	Equity	14.0%
Coinbase Global, Inc.	Equity	8.7%
Delta Air Lines, Inc.	Equity	11.4%
Fidelity Wise Origin Bitcoin Fund	Equity	8.1%
Precigen Warrant Restricted	Derivative	13.8%

QXO, Inc. (QXO) appointed Eric Nelson as their new Chief Information Officer. Eric previously spent 9 years serving in various senior roles at The Kraft Heinz Company. 

Dave & Buster's Entertainment, Inc. (PLAY) fell on limited news.

CVS Health Corp (CVS) fell below its 50-day and 100-day moving averages after headlines broke that a federal judge ordered its Omnicare unit to pay $949 million in fines. The penalty stems from allegations that Omnicare submitted over 3.3 million invalid prescription claims to Medicare, Medicaid, and Tricare between 2010 and 2018. Despite the headlines, Evercore maintained their $85 price target (31% upside). They expect CVS to generate sufficient free cash flow to support debt reduction and share repurchases. Additionally, Evercore believes CVS will appeal the ruling and sees potential for the fine to be reduced, given that CVS did not acquire Omnicare until 2015.

Truist increased their price target on Citigroup Inc. (C) from $84 to $93 (7% upside) heading into the print.

Energy Transfer LP (ET) fell through the 50-day moving average. UBS maintained a $24 price target (37% upside), noting that the stock appears very inexpensive given its current dividend yield of nearly 7.4%. They expect the stock to outperform its peers in the second half of 2025.

Exhibit 3: Significant² Detractors from Opportunity Equity Representative Account Performance, 7/03/2025 - 7/11/2025

Name	Type	Net Return
QXO, Inc.	Equity	-3.7%
Dave & Buster's Entertainment, Inc.	Equity	-6.6%
CVS Health Corp	Equity	-3.9%
Citigroup Inc.	Equity	-2.2%
Energy Transfer LP	Equity	-2.8%

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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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