QXO Rises on Kodiak Acquisition While Mattel Falls on Earnings Miss
Last week, Opportunity Equity Strategy’s representative account fell -0.71%, outperforming the S&P 500’s -1.35% decline. (Exhibit 1). The strategy ended the week up 0.30% YTD, 30 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 2/13/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (2/6- 2/13) | -0.71% | -1.35% |
| MTD | -2.15% | -1.43% |
| QTD | 0.30% | -0.00% |
| YTD | 0.30% | -0.00% |
| 1 Year | 19.32% | 13.24% |
| 5 Year | 2.92% | 13.33% |
| 10 Year | 15.00% | 15.85% |
| Inception (annualized since 6/26/00) | 8.44% | 8.21% |
Source: Bloomberg, Patient Capital Management.
QXO, Inc. (QXO) reached a new 52-week high after announcing an agreement to acquire Kodiak Building Partners for $2.25 billion, which will be funded with $2B of cash and 13.2M shares. Kodiak is a private equity owned regional leader in lumber, truss, gypsum, plumbing, and roofing. Citi believes the acquisition potentially triples QXO’s total addressable market (TAM) and offers many meaningful cross-sell opportunities.
Precigen, Inc. (PGEN) hit a new 52-week high on limited news.
Crocs, Inc. (CROX) broke above its 50-day and 200-day moving averages after announcing an earnings beat and better than expected guidance. The company delivered revenue of $958M vs. $917M expected and EPS of $2.03 vs. $1.79 expected. Crocs guided for FY26 EPS growth of 3–7%, contrary to the Street’s anticipated decline. Needham increased their price target from $100 to $118 (22% upside).
Noble Corporation plc (NE) climbed to a new 52-week high after announcing earnings. The company printed revenue of $764M vs. $734M expected and in line EBITDA of $232M. Noble guided FY26 EBITDA to $980M at the midpoint, in line with consensus, and CAPEX to $615M at the midpoint, slightly above the Street’s $520M forecast. Evercore raised their price target from $36 to $45 (-2% downside), noting resilient contracting activity despite $60 - $70 Brent prices.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 2/6/2026 - 2/13/2026
| Name | Type | Net Return |
| QXO, Inc. | Equity | 17.6% |
| Precigen, Inc. Warrant 2034 | Derivative | 15.8% |
| Precigen, Inc. | Equity | 14.9% |
| Crocs, Inc. | Equity | 12.9% |
| Noble Corporation plc | Equity | 16.9% |
Source: Patient Capital Management. See below for additional information.
Citigroup Inc. (CROX) dropped beneath its 50-day moving average on limited news.
Mattel, Inc. (MAT) broke below its 50-day, 100-day, and 200-day moving averages after announcing earnings that missed on the top and bottom line. The company posted revenue of $1,767M vs. $1,842M expected and EPS of $0.34 vs. $0.53 expected. Mattel retired $600M in shares (11% of the current market cap) during FY25 and authorized a new program to repurchase an additional $1.5B (28% of the current market cap). The company announced several strategic investments to drive organic growth, including $110M in digital games, AI, and infrastructure, plus $40M in performance marketing. Jefferies lowered their price target from $25 to $19 (15% upside), citing weak business results and dampened earnings power from strategic investments.
Alphabet Inc. (GOOGL) dipped below its 50-day moving average on reports that the company was seeking a $15B bond sale to fund AI-related investments. The company ultimately raised $20B in USD and an additional $11.5B in British pounds and Swiss francs. JP Morgan maintained their $395 price target (29% upside), and reiterated GOOGL as their best idea coming out of Mag 7 earnings, citing paid clicks growth, cost-efficient AI infrastructure, and potential Waymo inflection.
Norwegian Cruise Line Holdings Ltd. (NCLH) fell through its 50-day, 100-day, and 200-day moving averages last Friday after announcing an immediate CEO transition and preliminary 4Q results on track with their previously stated guidance.
Amazon.com, Inc. (AMZN) continued to slide on CAPEX concerns.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 2/6/2026 - 2/13/2026
| Name | Type | Net Return |
| Citigroup Inc. | Equity | -9.6% |
| Mattel, Inc. | Equity | -22.6% |
| Alphabet Inc. | Equity | -5.3% |
| Norwegian Cruise Line Holdings Ltd. | Equity | -7.8% |
| Amazon.com, Inc. | Equity | -5.5% |
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. For additional information about Opportunity Equity Strategy performance, please click on the Opportunity Equity Strategy Composite Performance.
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.
©2026 Patient Capital Management, LLC
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