Opportunity Equity Weekly Update for 9/26/2025 – 10/3/2025

Crypto Names Rise with Bitcoin while Precigen Falls on Insider Selling

Last week, the Opportunity Equity Strategy’s representative account gained 1.48%, outperforming the S&P 500’s 1.11% rise. (Exhibit 1). The strategy ended the week up 22.53% YTD, 721 basis points ahead of the S&P 500.

Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 10/3/25¹

Time Period	Opportunity Equity Representative Account	S&P 500
Last Week (9/26- 10/3)	1.47%	1.11%
MTD	2.04%	0.43%
QTD	2.04%	0.43%
YTD	22.53%	15.32%
1 Year	35.39%	19.38%
5 Year	12.29%	16.66%
10 Year	11.26%	15.16%
Inception (annualized since 6/26/00)	8.38%	8.24%

Coinbase Global, Inc. (COIN) rose through the 50-day moving average. Rothschild & Co Redburn raised their price target from $325 to $417 (10% upside).

QXO, Inc. (QXO) rose above its 100-day moving average following KeyBanc’s initiation with an overweight rating and $28 price target (38% upside). KeyBanc highlights CEO Brad Jacobs’ proven track record of disciplined M&A, operational improvements, and technology adoption, demonstrated at United Rentals and XPO. They see the $800 billion building products distribution industry as an attractive, highly fragmented, and under-digitized market where QXO can create long-term shareholder value through synergies, efficiency gains, and scalable execution.

Biogen Inc. (BIIB) shares rose following an IQVIA[MD1]  report showing Leqembi sales of $87 million in August, up 97% year-over-year. Bank of America increased their price target from $142 to $167 (4% upside).

Fidelity Wise Origin Bitcoin Fund (FBTC) rose though its 50-day and 100-day moving averages, following bitcoin’s move higher.

Alibaba Group Holding Ltd. (BABA) hit a new 52-week high after J.P. Morgan raised its price target from $170 to $245 (30% upside), citing increased confidence in the company’s cloud business and generative AI progress following Alibaba’s recent Apsara conference. J.P. Morgan highlighted eight consecutive quarters of cloud growth and sees generative AI driving a faster growth curve than traditional SaaS offerings. They expect Gen AI to create synergies across Alibaba’s e-commerce segment and enhance its existing SaaS products. J.P. Morgan believes Alibaba’s evolution from a domestic e-commerce company to a top-tier internet asset will support a multiple expansion in the stock.

Exhibit 2: Significant² Contributors to Opportunity Equity Representative Account Performance, 9/26/25 - 10/3/2025

Name	Type	Net Return
Coinbase Global, Inc.	Equity	21.6%
QXO, Inc.	Equity	7.7%
Biogen Inc.	Equity	16.4%
Fidelity Wise Origin Bitcoin Fund	Equity	12.6%
Alibaba Group Holding Ltd	Equity	9.4%

RBC increased their price target from $91 to $112 (15% upside) on Citigroup Inc. (C) ahead of earnings.

Precigen Inc. (PGEN) traded down as Randal J. Kirk, Chairman, sold $6.2M in shares. This follows a number of insider buys throughout September.

SoFi Technologies, Inc. (SOFI) announced that SoFi Invest members can now trade Level 1 options strategies, including covered calls and cash-secured puts, in addition to long calls and puts.

Meta Platforms, Inc. (META) broke below its 100-day moving average on limited news.  

Exhibit 3: Significant² Detractors from Opportunity Equity Representative Account Performance, 9/26/2025 - 10/3/2025

Name	Type	Net Return
Citigroup Inc.	Equity	-5.5%
Precigen, Inc.	Equity	-7.4%
SoFi Technologies, Inc.	Equity	-9.8%
Meta Platforms, Inc.	Equity	-4.5%
Precigen Warrant Restricted	Equity	-5.0%

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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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