Precigen Rises on FDA Approval while Energy Names Follow Crude Lower
Last week, the Opportunity Equity Strategy’s representative account gained 6.15%, outperforming the S&P 500’s 0.99% rise. (Exhibit 1). The strategy ended the week up 14.84% YTD, 429 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 8/15/251
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (8/8- 8/15) | 6.15% | 0.99% |
| MTD | 3.80% | 1.81% |
| QTD | 9.59% | 4.09% |
| YTD | 14.84% | 10.55% |
| 1 Year | 33.74% | 17.90% |
| 5 Year | 10.49% | 15.57% |
| 10 Year | 9.39% | 13.92% |
| Inception (annualized since 6/26/00) | 8.14% | 8.10% |
Source: Bloomberg, Patient Capital Management.
Precigen, Inc. (PGEN) hit a new 52-week high following full approval of PRGN 2012, its recurrent respiratory papillomatosis (RRP) therapy, with a broader-than-expected label. The treatment was approved for all RRP patients, regardless of their prior number of surgeries. This is the first FDA approved treatment for RRP. JP Morgan upgraded the name and HC Wainwright & Co increased their price target from $6 to $8.50 (189% upside).
UnitedHealth Group (UNH) rose above its 50-day moving average after Berkshire Hathaway reported buying 5 million shares in the second quarter.
QXO, Inc. (QXO) rose after announcing slightly better than expected earnings. The company generated revenue of $1,906M vs. $1,896M expected and EBITDA of $205M vs. $191M expected. Citi maintained their $33 price target (61% upside). Citi is optimistic about the Beacon acquisition, which is already showing signs of business improvement, and remains bullish on the company over the long term.
United Airlines Holdings, Inc. (UAL) rose on limited news.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 8/8/25 - 8/15/2025
| Name | Type | Net Return |
| Precigen Warrant Restricted | Equity | 68.2% |
| UnitedHealth Group | Equity | 21.1% |
| Precigen, Inc. | Equity | 66.5% |
| QXO, Inc. | Equity | 6.3% |
| United Airlines Holdings, Inc. | Equity | 13.0% |
Source: Patient Capital Management. See below for additional information.
Royalty Pharma plc (RPRX) fell despite announcing a beat and raise the week prior.
Piper Sandler increased their price target on Nvidia Corp (NVDA) from $180 to $225 (25% upside). Piper is encouraged by strong hyperscaler CAPEX demand, highlighting its resilience and expecting it to trend higher.
Bernstein lowered their price target on Kosmos Energy Ltd. (KOS) from $2.18 to $2.00 (18% upside) and maintained their market perform rating.
Seadrill Limited (SDRL) followed Brent’s -1.11% move lower.
Wells Fargo raised their price target on Energy Transfer LP (ET) from $21 to $23 (33% upside). The increase follows the company’s decision to expand its Transwestern pipeline through Arizona and New Mexico to support natural gas demand, particularly for data center growth in the region.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 8/8/2025 - 8/15/2025
| Name | Type | Net Return |
| Royalty Pharma plc | Equity | -2.7% |
| Nvidia Corp | Equity | -1.2% |
| Kosmos Energy Ltd. | Equity | -3.0% |
| Seadrill Limited | Equity | -0.6% |
| Energy Transfer LP | Equity | -0.2 |
Source: Patient Capital Management. See below for additional information.
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
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