Opportunity Equity Weekly Update for 10/10/2025 – 10/17/2025

Precigen Rises on Long-Term Data While Crypto Names Follow Bitcoin Lower

Last week, the Opportunity Equity Strategy’s representative account gained 3.59%, outperforming the S&P 500’s 1.71% rise. (Exhibit 1). The strategy ended the week up 20.59% YTD, 612 basis points ahead of the S&P 500.

Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 10/17/25¹

Time Period	Opportunity Equity Representative Account	S&P 500
Last Week (10/10- 10/17)	3.59%	1.71%
MTD	0.43%	-0.31%
QTD	0.43%	-0.31%
YTD	20.59%	14.47%
1 Year	25.54%	15.57%
5 Year	11.04%	15.56%
10 Year	10.44%	14.60%
Inception (annualized since 6/26/00)	8.30%	8.19%

Precigen, Inc. (PGEN) rose through its 50-day moving average after announcing better than expected long-term follow-up data for their recurrent respiratory papillomatosis (RRP) treatment. As of September 2025, 83% of responders maintained complete responses after a median 36-month follow-up, with 95% experiencing fewer surgeries by Year 3 and no new safety issues reported.

Goldman Sachs increased their price target on Alphabet Inc. (GOOGL) from $234 to $288 (14% upside). Goldman considers it one of the top AI beneficiaries, citing continued growth in both core search and Gemini.

CVS Health Corp (CVS) reached a new 52-week high. Leerink increased their price target from $86 to $95 (15% upside). Leerink believes the recovery in their Health Care Benefits segment is progressing based on proprietary hospital and prescription drug data. Leerink views CVS as a market leader with strong long-term growth potential and believes its valuable assets are underappreciated due to the market’s focus on weaker segments.

Citigroup Inc. (C) announced strong earnings that beat expectations on the top and bottom line. The company reported revenue of $22.1B vs $21.1B expected and adjusted EPS of $2.24 vs. $1.87 expected. Citi’s turnaround is well underway. The company beat revenue estimates across all five business lines, posted 9% y/y consolidated revenue growth vs 5% y/y expected, and increased return on tangible common equity (ROTCE) to 9.7%, approaching its long-term 2026 target of 10% - 11%. Additionally, the company retired $5B in stock during the quarter, $1B more than the guide and 2.7% of the current market cap, bringing their year-to-date total to $8.75B (4.7% of the current market cap). Wells Fargo maintained their $125 price target (29% upside) and reiterated Citi as their number one large cap bank pick, while Morgan Stanley increased their price target from $129 to $134 (38% upside).

Exhibit 2: Significant² Contributors to Opportunity Equity Representative Account Performance, 10/10/25 - 10/17/2025

Name	Type	Net Return
Precigen, Inc.	Equity	28.2%
Precigen Warrant Restricted	Derivative	27.3%
Alphabet Inc.	Equity	7.1%
CVS Health Corp	Equity	5.9%
Citigroup Inc.	Equity	3.3%

Fidelity Wise Origin Bitcoin Fund (FBTC) broke below its 50-day and 100-day moving averages, following Bitcoin’s -6.38% decline.

Raymond James estimates Coinbase Global, Inc. (COIN) 3Q25 trading volumes of $287B, up 55% y/y.

Tempus AI, Inc. (TEM) pulled back from its all-time high on limited news.

Amazon.com, Inc. (AMZN) fell through its 200-day moving average. Truist reiterated its $270 price target (27% upside). They see Amazon as the best way to play global e-commerce and forecast the company will capture approximately 50% of the U.S. e-commerce market this year. Truist remains constructive ahead of earnings, expecting revenue to exceed Street estimates based on proprietary card data.

UBS Group AG (UBS) fell after a Swiss court ruled that the Swiss Financial Market Supervisory Authority (FINMA) lacked a clear legal basis to write off $17B in Credit Suisse AT1 bonds, reducing the liability UBS assumed in its 2023 acquisition.

Exhibit 3: Significant² Detractors from Opportunity Equity Representative Account Performance, 10/10/2025 - 10/17/2025

Name	Type	Net Return
Fidelity Wise Origin Bitcoin Fund	ETF	-8.7%
Coinbase Global, Inc.	Equity	-5.9%
Tempus AI, Inc.	Equity	-8.9%
Amazon.com, Inc.	Equity	-1.5%
UBS Group AG	Equity	-3.1%

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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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