Dave and Busters Rises on Improving Trends While Royalty Pharma Falls on Insider Sales
Last week, the Opportunity Equity Strategy’s representative account rose 0.99%, outperforming the S&P 500’s -0.61% fall. (Exhibit 1). The strategy ended the week up 27.20% YTD, 969 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 12/12/251
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (12/05- 12/12) | 0.99% | -0.61% |
| MTD | 2.45% | -0.26% |
| QTD | 5.93% | 2.33% |
| YTD | 27.20% | 17.51% |
| 1 Year | 24.52% | 14.29% |
| 5 Year | 7.35% | 14.94% |
| 10 Year | 11.65% | 14.97% |
| Inception (annualized since 6/26/00) | 8.47% | 8.25% |
Source: Bloomberg, Patient Capital Management.
Norwegian Cruise Line Holdings Ltd. (NCLH) broke above its 50-day moving average on limited news. Mizuho increased its price target from $29 to $32 (53% upside).
Dave & Buster's Entertainment, Inc. (PLAY) rose after announcing mixed earnings but improving same store sales (SSS) trends. The company delivered revenue of $448M vs. $460M expected, in line EBITDA of $59M, and SSS of -4.0% vs. -3.0% expected. However, management flagged that SSS improved sequentially each month throughout the quarter to -1.0% by October. Additionally, food and beverage SSS were positive, which management attributed to the new menu and Eat & Play combo promotion. Finally, the company reiterated its plan for 10 new games in 2026. Jefferies lowered their price target from $30 to $28 (41% upside) and maintained their buy rating while Loop maintained their $46 price target (132% upside)
UnitedHealth Group (UNH) rose through the 50-day moving average in sympathy with CVS Health’s encouraging investor day.
CVS Health Corp (CVS) rose through the 50-day moving average after guiding for 3-year mid-teens adjusted EPS growth at their investor day. Piper Sandler believes buybacks offer potential upside to these figures and increased their price target from $99 to $101 (27% upside).
JP Morgan increased their price target on IAC Inc. (IAC) from $43 to $46 (19% upside)
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 12/05/25 - 12/12/2025
| Name | Type | Net Return |
| Norwegian Cruise Line Holdings Ltd. | Equity | 10.3% |
| Dave & Buster's Entertainment, Inc. | Equity | 14.6% |
| UnitedHealth Group | Equity | 4.0% |
| CVS Health Corp | Equity | 5.0% |
| IAC Inc. | Equity | 5.0% |
Source: Patient Capital Management. See below for additional information.
Piper Sandler increased their price target on Alphabet Inc. (GOOGL) from $330 to $365 (18% upside), citing strong metrics from their latest Ad buyer survey.
Nvidia Corp (NVDA) fell through the 100-day moving average. Loop believes Street revenue estimates for calendar years 2026 and 2027 underestimate potential GPU demand, noting that Nvidia’s GPUs support all major LLMs, while Amazon and Alphabet’s TPUs are built for specific use cases.
Royalty Pharma plc (RPRX) fell following insider stock sales. TD Cowen increased their price target on from $42 to $45 (17% upside).
Meta Platforms, Inc. (META) fell on limited news.
Precigen, Inc. (PGEN) fell after JP Morgan reported key opinion leader (KOL) concerns over financial and logistical hurdles for Papzimeos, Precigen’s immunotherapy for recurrent respiratory papillomatosis (RRP)
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 12/05/2025 - 12/12/2025
| Name | Type | Net Return |
| Alphabet Inc. | Equity | -3.7% |
| Nvidia Corp | Equity | -4.1% |
| Royalty Pharma plc | Equity | -3.4% |
| Meta Platforms, Inc. | Equity | -4.3% |
| Precigen, Inc. Warrant 2034 | Derivative | -5.6% |
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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