Opportunity Equity Weekly Update for 8/22/2025 – 8/29/2025

Alibaba Rises on Cloud Momentum while Crypto Names Fall with Bitcoin

Last week, the Opportunity Equity Strategy’s representative account gained 0.30%, outperforming the S&P 500’s -0.08% fall. (Exhibit 1). The strategy ended the week up 18.94% YTD, 815 basis points ahead of the S&P 500.

Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 8/29/25¹

Time Period	Opportunity Equity Representative Account	S&P 500
Last Week (8/22- 8/29)	0.30%	-0.08%
MTD	7.51%	2.03%
QTD	13.51%	4.32%
YTD	18.94%	10.79%
1 Year	34.29%	17.07%
5 Year	10.72%	14.69%
10 Year	10.29%	14.51%
Inception (annualized since 6/26/00)	8.28%	8.10%

Precigen, Inc. (PGEN) reached a new 52-week high last week, continuing to climb following full approval of its recurrent respiratory papillomatosis (RRP) therapy and a higher-than-expected list price

Alibaba Group Holding Ltd (BABA) rose after announcing a slight revenue miss and profitability surprise. The company delivered revenue of $34.3B vs. $35.5B expected and EPS of $2.49 vs. $1.83 expected. Alibaba’s cloud segment grew 26% y/y. Management expects cloud services to be a key growth driver and plans to invest ~$53B in capital expenditures (CAPEX) over the next three years to support this initiative. JP Morgan increased their price target from $140 to $170 (26% upside). They view Alibaba’s improving customer management revenue, the expansion of food delivery and quick commerce, and accelerating cloud growth as drivers for sustained double digit earnings growth.

Alphabet Inc. (GOOGL) and CVS Health Corp (CVS) both reached new 52-week highs on limited news.  

 

Exhibit 2: Significant² Contributors to Opportunity Equity Representative Account Performance, 8/22/25 - 8/29/2025

Name	Type	Net Return
Precigen Warrant Restricted	Derivative	7.0%
Alibaba Group Holding Ltd	Equity	9.8%
Alphabet Inc.	Equity	3.3%
Precigen, Inc.	Equity	7.9%
CVS Health Corp	Equity	2.6%

Fidelity Wise Origin Bitcoin Fund (FBTC) fell through its 50-day moving average, following bitcoin’s -7.90% move lower.  

Citigroup slightly lowered its FY25 revenue and EBITDA estimates for Coinbase Global, Inc. (COIN) but maintained its $505 price target (66% upside) and buy rating, citing Coinbase as a category leader poised to benefit from broader crypto adoption.

Nvidia Corp (NVDA) fell despite announcing a beat and raise. The company posted revenue of $46.7B (55.6% y/y) vs. $46.2B expected and EPS of $1.08 (+61% y/y) vs. $0.95 expected, along with Q3 revenue guidance of $54B vs $53.1B expected. The revenue beat was mainly driven by strength in gaming and networking, while slower-than-expected adoption of Blackwell contributed to weaker compute revenue. Nvidia CFO Colette Kress projects $3–$4 trillion in AI infrastructure spending by 2030. JP Morgan increased their price target from $175 to $210 (21% upside). They believe Nvidia is well positioned to capture a significant share of projected AI spending, with multiple opportunities to drive further upside.

Last week, the FDA approved Biogen Inc.’s (BIIB) subcutaneous autoinjector for Leqembi, the company’s Alzheimer’s Disease (AD) drug. RBC maintained their $219 price target (66% upside). They believe the subcutaneous injection option will strengthen Biogen’s competitive position in AD, support greater uptake, and free up infusion resources, enabling clinics to treat more new patients.

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

Exhibit 3: Significant² Detractors from Opportunity Equity Representative Account Performance, 8/22/2025 - 8/29/2025

Name	Type	Net Return
Fidelity Wise Origin Bitcoin Fund	Equity	-7.3%
Coinbase Global, Inc.	Equity	-4.8%
Nvidia Corp	Equity	-2.1%
Biogen Inc.	Equity	-5.0%
Meta Platforms, Inc.	Equity	-2.1%

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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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