Alphabet Jumps on Antitrust Ruling while Nvidia Extends Post Earnings Slide
Last week, the Opportunity Equity Strategy’s representative account gained 1.37%, outperforming the S&P 500’s 0.37% rise. (Exhibit 1). The strategy ended the week up 20.57% YTD, 937 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 9/5/251
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (8/29- 9/5) | 1.37% | 0.37% |
| MTD | 1.37% | 0.37% |
| QTD | 15.06% | 4.71% |
| YTD | 20.57% | 11.20% |
| 1 Year | 39.88% | 19.36% |
| 5 Year | 11.58% | 15.31% |
| 10 Year | 10.82% | 14.94% |
| Inception (annualized since 6/26/00) | 8.33% | 8.11% |
Source: Bloomberg, Patient Capital Management.
Alphabet Inc. (GOOGL) hit a new all-time high after Federal Judge, Amit Mehta, issued a favorable ruling that prevents the company from being forced to divest Chrome or sell its Android operating system. Evercore raised their price target from $240 to $300 (28% upside), viewing the ruling as a “best case scenario”.
QXO, Inc. (QXO) broke above its 50-day moving average. Raymond James initiated coverage on the name with an outperform rating and $28 price target (27% upside). Raymond James is confident QXO will achieve its financial objectives to expand EBITDA margins at Beacon Roofing by 500bps and double overall EBITDA within five years, citing CEO Brad Jacobs’ strong track record in delivering operational improvements and consolidating fragmented markets.
Barclays reported stable cruise pricing in August and highlighted the continued wide valuation gap between cruise and land-based vacations. They remain positive on the cruise industry and maintained their overweight rating on Norwegian Cruise Line Holdings Ltd. (NCLH).
Biogen Inc. (BIIB) moved above its 200-day moving average after hosting a pipeline seminar that outlined progress in its Lupus treatment, a key focus of its immunology pipeline. Leerink maintained its $260 price target, believing there is a reasonable probability of success for the treatment and a large addressable market with significant unmet need.
At a White House dinner, Meta Platforms, Inc. (META) CEO Mark Zuckerberg announced plans to invest up to $600 billion domestically in AI through 2028.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 8/29/25 - 9/5/2025
| Name | Type | Net Return |
| Alphabet Inc. | Equity | 10.4% |
| QXO, Inc. | Equity | 9.5% |
| Norwegian Cruise Line Holdings Ltd. | Equity | 3.3% |
| Biogen Inc. | Equity | 6.4% |
| Meta Platforms, Inc. | Equity | 6.4% |
Source: Patient Capital Management. See below for additional information.
Nvidia (NVDA) broke below its 50-day moving average, extending its decline despite strong earnings the week prior.
Dave & Buster's Entertainment, Inc. (PLAY) fell below its 100-day moving average. UBS maintained its $29 price target (22% upside), noting that while same-store sales are trending positively, they’re still forecasting a -1.5% decline in the upcoming quarter due to a challenging consumer environment and ongoing CEO transition.
Precigen, Inc. (PGEN) fell on limited news.
Truist increased their price target on Citigroup Inc. (C) from $99 to $105 (10% upside).
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 8/29/2025 - 9/5/2025
| Name | Type | Net Return |
| Nvidia Corp | Equity | -4.1% |
| Dave & Buster's Entertainment, Inc. | Equity | -7.6% |
| Precigen Warrant Restricted | Derivative | -3.7% |
| Precigen, Inc. | Equity | -3.2% |
| Citigroup Inc. | Equity | -1.2% |
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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