Opportunity Equity Weekly Update for 11/14/2025 – 11/21/2025

Alphabet Hits All-Time High on Gemini 3 Release While Nvidia Falls Despite Strong Earnings

Last week, the Opportunity Equity Strategy’s representative account fell -3.07%, underperforming the S&P 500’s -1.91% decline. (Exhibit 1). The strategy ended the week up 17.83% YTD, 427 basis points ahead of the S&P 500.

Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 11/21/25¹

Time Period	Opportunity Equity Representative Account	S&P 500
Last Week (11/14-11/21)	-3.07%	-1.91%
MTD	-4.57%	-3.37%
QTD	-1.87%	-1.11%
YTD	17.83%	13.56%
1 Year	15.67%	12.44%
5 Year	8.15%	14.85%
10 Year	10.02%	14.17%
Inception (annualized since 6/26/00)	8.16%	8.13%

Alphabet Inc. (GOOGL) reached a new all-time high after releasing Gemini 3, the company’s newest and most intelligent model family. Loop increased their price target from $260 to $320 (7% upside) and upgraded the name from “hold” to “buy”. They now view concerns about AI headwinds to Alphabet’s core search business as unwarranted, noting that AI overviews and AI mode have actually enhanced search results. Needham maintained their $330 price target (10% upside). Needham believes Google’s proprietary chips and integrated tech stack strengthen its moat, improve unit economics, and create a powerful flywheel effect.

Crocs, Inc. (CROX) climbed through its 50-day moving average on limited news.

Biogen Inc. (BIIB) reached a new 52-week high, boosted by a broad healthcare rally. The company will present new Leqembi data at next week’s 18th Clinical Trials on Alzheimer’s Disease (CTAD) conference in San Diego.

Illumina, Inc. (ILMN) raised ~$85M by selling 1 million shares of Grail Technologies. Illumina still owns 3.5M shares or ~9% of the company.

Mattel, Inc. (MAT) rose after Jefferies cited survey data indicating toys are leading holiday gifting, with nostalgia-driven brands such as Lego and Barbie seeing a resurgence.

Exhibit 2: Significant² Contributors to Opportunity Equity Representative Account Performance, 11/14/25 - 11/21/2025

Name	Type	Net Return
Alphabet Inc.	Equity	8.4%
Crocs, Inc.	Equity	11.0%
Biogen Inc.	Equity	4.6%
Illumina, Inc.	Equity	2.6%
Mattel, Inc.	Equity	2.5%

Precigen, Inc. (PGEN) declined as Director Randal J Kirk sold ~3M shares.

Amazon.com, Inc. (AMZN) fell through its 50-day and 100-day moving averages. Loop raised their price target from $300 to $360 (63% upside). They are confident that an AWS inflection is underway, driven by accelerating revenue growth, meaningful deals, and a 22% y/y backlog increase. Loop believes OpenAI’s $38B commitment and several large post quarter deals support management’s view that AWS can sustain ~20% annual revenue growth.

Nvidia Corp (NVDA) fell through its 50-day and 100-day moving averages despite announcing revenue, earnings, and guidance which blew away expectations. The company delivered revenue of $57B (66% y/y) vs. $55.2B expected, EPS of $1.30 (67% y/y) vs. $1.21 expected, and 4th quarter revenue guidance of $65B (65% y/y) at the midpoint vs. $62B expected. Management reiterated that the company remains on track to achieve its previously announced $500B 2026 forecast for Blackwell and Rubin chips, with additional upside potential. Evercore increased their price target from $261 to $352 (97% upside) and reaffirmed NVDA as their top pick.

Coinbase Global, Inc. (COIN) followed bitcoin’s -10.37% move lower.

Exhibit 3: Significant² Detractors from Opportunity Equity Representative Account Performance, 11/14/2025 - 11/21/2025

Name	Type	Net Return
Precigen, Inc.	Equity	-21.8%
Precigen, Inc. Warrant 2034	Derivative	-20.0%
Amazon.com, Inc.	Equity	-6.0%
Nvidia Corp	Equity	-5.9%
Coinbase Global, Inc.	Equity	-15.3%

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¹The performance figures for the representative Opportunity Equity account reflect the deduction of investment management fees and certain other expenses.

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. 

*Entered into position intra quarter. Security holding not yet publicly disclosed.

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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