Meta Rises on Spending-Cut Plans While Sofi Falls on Equity Raise
Last week, the Opportunity Equity Strategy’s representative account rose 1.44%, outperforming the S&P 500’s 0.35% gain. (Exhibit 1). The strategy ended the week up 25.95% YTD, 773 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 12/05/251
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (11/28- 12/05) | 1.44% | 0.35% |
| MTD | 1.44% | 0.35% |
| QTD | 4.89% | 2.95% |
| YTD | 25.95% | 18.22% |
| 1 Year | 20.16% | 14.57% |
| 5 Year | 7.69% | 14.86% |
| 10 Year | 10.76% | 14.60% |
| Inception (annualized since 6/26/00) | 8.44% | 8.29% |
Source: Bloomberg, Patient Capital Management.
QXO, Inc. (QXO) moved above its 100-day moving average after a Wells Fargo fireside chat with CEO Brad Jacobs. Jacobs reaffirmed the company’s $50B long-term sales target, noted they are evaluating roughly 50 potential deals, and highlighted progress integrating GXO-style logistics into QXO. Wells Fargo reiterated its long-term optimism, calling QXO “a marathon, not a sprint,” and maintained its $30 price target (44% upside)
Citigroup Inc. (C) reached a new 52-week high on limited news.
IAC Inc. (IAC) climbed through its 100-day and 200-day moving averages on limited news. Later in the week, the company announced a strategic partnership between its People Inc. segment and Meta Platforms
Meta Platforms, Inc. (META) rose through its 200-day moving average following reports that CEO Mark Zuckerberg plans to cut back on metaverse spending.
Nvidia Corp (NVDA) broke above its 100-day moving average after CEO Jensen Huang met with President Trump to discuss chip restrictions and export controls. Raymond James believes the meeting raises the likelihood that Nvidia will be allowed to ship more advanced chips to China.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 11/28/25 - 12/05/2025
| Name | Type | Net Return |
| QXO, Inc. | Equity | 11.2% |
| Citigroup Inc. | Equity | 5.1% |
| IAC Inc. | Equity | 4.8% |
| Meta Platforms, Inc. | Equity | 3.9% |
| Nvidia Corp | Equity | 3.1% |
Source: Patient Capital Management. See below for additional information.
CVS Health Corp (CVS) and Precigen, Inc. (PGEN) both broke below their 50-day moving averages on limited news.
SoFi Technologies, Inc. (SOFI) dropped through its 50-day moving average after announcing a $1.5B equity offering to support broad corporate needs and improve capital management efficiency.
Wells Fargo increased their price target on Amazon.com, Inc. (AMZN) from $292 to $295 (29% upside) and highlighted further upside potential. If Amazon accesses 24GW, Wells Fargo projects AWS could generate $280B in FY28 revenue, 13% above their forecast and 27% above the Street.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 11/28/2025 - 12/05/2025
| Name | Type | Net Return |
| CVS Health Corp | Equity | -5.9% |
| Precigen, Inc. | Equity | -6.0% |
| Precigen, Inc. Warrant 2034 | Derivative | -4.2% |
| SoFi Technologies, Inc. | Equity | -6.5% |
| Amazon.com, Inc. | Equity | -1.6% |
Source: Patient Capital Management. See below for additional information.
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.
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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