Opportunity Equity Weekly Update for 9/19/2025 – 9/26/2025

Alibaba Climbs on AI Initiatives while Precigen Chairman Sells Shares

Last week, the Opportunity Equity Strategy’s representative account fell -2.77%, underperforming the S&P 500’s -0.30% decline. (Exhibit 1). The strategy ended the week up 20.76% YTD, 671 basis points ahead of the S&P 500.

Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 9/26/25¹

Time Period	Opportunity Equity Representative Account	S&P 500
Last Week (9/19- 9/26)	-2.77%	-0.30%
MTD	1.53%	2.95%
QTD	15.24%	7.39%
YTD	20.76%	14.05%
1 Year	31.48%	17.16%
5 Year	13.40%	16.76%
10 Year	10.95%	15.16%
Inception (annualized since 6/26/00)	8.32%	8.20%

Alibaba Group Holding Ltd (BABA) hit a new 52-week high last week after CEO and Co-founder, Eddie Wu, announced plans to expand the company’s global data center capacity tenfold by 2032. Citi increased their price target from $187 to $217, now forecasting faster cloud revenue growth and increased CAPEX needs.

Leerink increased their price target from $300 to $402 (17% upside) on UnitedHealth Group (UNH), projecting a faster than expected recovery in Optum. Leerink believes the company’s margins will trough in 2025 and increased their 2026 and 2027 EPS estimates. 

General Motors Co (GM) reached a new 52-week high after UBS upgraded the name from neutral to buy and increased their price target from $56 to $81 (32% upside). UBS believes General Motors has multiple levers to return to 8–10% North America operating margins, including potential tariff relief, easing emissions regulations, cost reductions, and interest rate cuts. UBS considers the stock attractive at a 14% free cash flow yield for FY25, supported by a buyback plan that enables repurchasing a high single-digit percentage of shares outstanding annually.

S4 Capital plc (SFOR LN) rose through its 50-day moving average last week, rebounding sharply from a 52-week low hit after issuing worse-than-expected revenue guidance the week prior. 

Noble Corporation plc (NE) announced a 55-day contract for one of its 7th generation drillships at $450K per day. JP Morgan believes this rate will help alleviate concerns in the market. 

Exhibit 2: Significant² Contributors to Opportunity Equity Representative Account Performance, 9/19/25 - 9/26/2025

Name	Type	Net Return
Alibaba Group Holding Ltd	Equity	5.6%
UnitedHealth Group	Equity	2.2%
General Motors Co	Equity	3.8%
S4 Capital plc	Equity	18.1%
Noble Corporation plc	Equity	3.5%

QXO, Inc. (QXO) fell through the 100-day moving average on limited news.

Amazon.com, Inc. (AMZN) fell through its 50-day moving average. Wells Fargo upgraded the name from “equalweight” to “overweight” and increased their price target from $245 to $280 (27% upside). Wells Fargo sees increased spending forecasts by OpenAI and Anthropic, along with new cloud entrants, as signs of a significantly expanding cloud market. They believe Amazon, as a major incumbent, is well-positioned to benefit and now expect Amazon Web Services (AWS) revenue growth to accelerate. Additionally, they highlight Project Rainier, Amazon's initiative to support Anthropic’s growing capacity needs using its custom Trainium GPUs, as a potential catalyst for AWS growth.

Precigen, Inc. (PGEN) chairman, Randall J. Kirk sold $18.6M in shares.

Illumina, Inc. (ILMN) fell through its 50-day, 100-day, and 200-day moving averages after Element Biosciences filed a lawsuit accusing the company of unlawful efforts to maintain a monopoly in short-read next-generation sequencing products and services.

UBS raised their price target on United Airlines Holdings, Inc. (UAL) from $114 to $131 (34% upside).

Exhibit 3: Significant² Detractors from Opportunity Equity Representative Account Performance, 9/19/2025 - 9/26/2025

Name	Type	Net Return
QXO, Inc.	Equity	-8.9%
Amazon.com, Inc.	Equity	-5.1%
Precigen, Inc.	Equity	-6.3%
Illumina, Inc.	Equity	-10.8%
United Airlines Holdings, Inc.	Equity	-7.9%

---

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