General Motors Climbs on a Beat and Raise While QXO Slides on Weak Roofing Data
Last week, the Opportunity Equity Strategy’s representative account gained 3.52%, outperforming the S&P 500’s 1.93% rise. (Exhibit 1). The strategy ended the week up 24.84% YTD, 816 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 10/24/251
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (10/17- 10/24) | 3.52% | 1.93% |
| MTD | 3.97% | 1.61% |
| QTD | 3.97% | 1.61% |
| YTD | 24.84% | 16.68% |
| 1 Year | 31.15% | 18.43% |
| 5 Year | 11.53% | 16.12% |
| 10 Year | 10.71% | 14.58% |
| Inception (annualized since 6/26/00) | 8.44% | 8.27% |
Source: Bloomberg, Patient Capital Management.
General Motors Co (GM) reached a new 52-week high after announcing a beat and raise quarter. The company delivered revenue of $48.6B vs. $45.2B expected and adjusted EPS of $2.80 vs. $2.27 expected. General Motors’ North America segment delivered $2.5B in EBIT, exceeding the $2.1B consensus, with margins 20% above expectations. The company raised its FY25 guidance, increasing free cash flow to $10B–$11B from $7.5B–$10B and adjusted EPS to $9.75–$10.50 from $8.25–$10.00. Additionally, the company lowered their FY25 tariff impact to $4B at the midpoint, down from $4.5B. On tariffs, General Motors could see additional benefits from reduced tariffs on Korea, Mexico, and Canada. Finally, the company repurchased $1.5B in stock (2.3% of the current market cap) during the quarter, bringing their year-to-date total to $3.5B (5.4% of the current market cap). On a trailing twelve-month basis, the company has reduced their shares outstanding by approximately 15%. Cowen increased their price target $92 to $100 (44% upside).
Precigen, Inc. (PGEN) rose on limited news.
Amazon.com, Inc. (AMZN) broke above its 100-day and 200-day moving averages ahead of earnings. KeyBanc resumed coverage with an Overweight rating and a $300 price target (34% upside), citing the market’s underappreciation of Amazon’s AI positioning. Keybanc highlighted AWS’s continued revenue growth despite power constraints and noted that expanding capacity and its chip partnership with Anthropic could be major tailwinds into 2026.
Seadrill Limited (SDRL) rose through its 50-day moving average, following Brent crude’s 7.60% gain.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 10/17/25 - 10/24/2025
| Name | Type | Net Return |
| General Motors Co | Equity | 19.3% |
| Precigen, Inc. | Equity | 8.2% |
| Precigen, Inc. Restricted Warrant | Derivative | 10.4% |
| Amazon.com, Inc. | Equity | 5.2% |
| Seadrill Limited | Equity | 7.9% |
Source: Patient Capital Management. See below for additional information.
QXO, Inc. (QXO) declined after Truist reported a 10% drop in residential roofing shipments for 3Q25, one of the softest quarters since last year. Despite near-term weakness, Truist maintains a positive long-term outlook on QXO, citing strong M&A-driven growth potential over the next five years.
Dave & Buster's Entertainment, Inc. (PLAY) fell on limited news.
Citi raised their price target on UBS Group AG (UBS) from $39.32 to $39.96 (5% upside) ahead of earnings.
Crocs, Inc. (CROX) declined after Barclays projected a sizable gross margin hit ahead of this week’s earnings, with the impact primarily tied to tariffs on the HeyDude brand.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 10/17/2025 - 10/24/2025
| Name | Type | Net Return |
| QXO, Inc. | Equity | -3.2% |
| Dave & Buster's Entertainment, Inc. | Equity | -3.0% |
| UBS Group AG | Equity | -1.2% |
| Crocs, Inc. | Equity | -0.2% |
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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