Norwegian Rises on Activist Involvement While Biogen Terminates a Phase 2 Study
Last week, the Opportunity Equity Strategy’s representative account gained 1.14%, outperforming the S&P 500’s 1.11% rise. (Exhibit 1). The strategy ended the week up 1.44% YTD, 33 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 2/20/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (2/13- 2/20) | 1.14% | 1.11% |
| MTD | -1.03% | -0.34% |
| QTD | 1.44% | 1.11% |
| YTD | 1.44% | 1.11% |
| 1 Year | 20.90% | 14.38% |
| 3 Year | 24.26% | 20.89% |
| 5 Year | 3.27% | 13.73% |
| 10 Year | 14.32% | 15.64% |
| Inception (annualized since 6/26/00) | 8.48% | 8.25% |
Source: Bloomberg, Patient Capital Management.
Norwegian Cruise Line Holdings Ltd. (NCLH) extended gains after Elliot Investment Management disclosed a >10% stake and their intention to advocate for strategic changes. Elliot has partnered with Adam Goldstein, former COO of Royal Caribbean, about a potential board position.
IAC Inc. (IAC) broke above its 100-day and 200-day moving averages on reports that Care.com, one of IAC’s wholly owned subsidiaries, is partnering with Headspace, a leading mental health support platform.
Wells Fargo maintained their $150 price target (29% upside) Citigroup Inc. (C), citing the completion of its Russia exit as evidence of turnaround progress.
Loop maintained their $360 price target (71% upside) on Amazon.com, Inc. (AMZN) and noted that shares appear oversold on CAPEX concerns. Loop highlighted strong advertising trends, expected AWS revenue acceleration, and significant potential in Project Leo, Amazon’s low-orbit satellite business.
Alphabet Inc. (GOOGL) rose on limited news.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 2/13/2026 - 2/20/2026
| Name | Type | Net Return |
| Norwegian Cruise Line Holdings Ltd. | Equity | 13.1% |
| IAC Inc. | Equity | 9.0% |
| Citigroup Inc. | Equity | 4.6% |
| Amazon.com, Inc. | Equity | 5.7% |
| Alphabet Inc. | Equity | 3.0% |
Source: Patient Capital Management. See below for additional information.
QXO, Inc. (QXO) and Precigen, Inc. (PGEN) both pulled back from their 52-week highs on limited news, with Precigen dropping beneath its 50-day moving average.
CVS Health Corp (CVS) fell despite posting strong earnings two weeks ago. The company exceeded revenue and earnings expectations and reaffirmed its FY26 guidance from December’s investor day.
Biogen (BIIB) terminated their phase 2 Btk inhibitor study. RBC maintained their $233 price target (21% upside), citing other promising pipeline assets.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 2/13/2026 - 2/20/2026
| Name | Type | Net Return |
| Precigen, Inc. Warrant 2034 | Derivative | -12.9% |
| QXO, Inc. | Equity | -5.7% |
| Precigen, Inc. | Equity | -11.2% |
| CVS Health Corp | Equity | -2.3% |
| Biogen Inc. | Equity | -2.3% |
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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