Coinbase Follows Bitcoin Higher While Norwegian Slides on Weak Guidance
Last week, the Opportunity Equity Strategy’s representative account fell -3.83%, underperforming the S&P 500’s -1.99% decline. (Exhibit 1). The strategy ended the week down -4.27% YTD, 295 basis points behind the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 3/06/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (2/27- 3/06) | -3.83% | -1.99% |
| MTD | -3.83% | -1.99% |
| QTD | -4.27% | -1.32% |
| YTD | -4.27% | -1.32% |
| 1 Year | 27.60% | 18.96% |
| 3 Year | 22.76% | 20.19% |
| 5 Year | 2.77% | 13.54% |
| 10 Year | 12.33% | 14.87% |
| Inception (annualized since 6/26/00) | 8.23% | 8.14% |
Source: Bloomberg, Patient Capital Management.
Coinbase Global, Inc. (COIN) rose alongside Bitcoin, which gained 4.21% last week. Goldman Sachs increased their price target from $264 to $270 (37% upside).
Expedia Group, Inc. (EXPE) reclaimed its 200-day moving average after Bernstein reported from its latest Technology, Media, and Telecommunications Conference that Expedia is seeing robust Vrbo sales growth and improving market share capture.
Amazon.com, Inc. (AMZN) shares climbed after Bloomberg reported that Anthropic’s annualized revenue rate surpassed $19B, up 111% since the end of 2025. Bank of America said Anthropic could become a meaningful growth driver for AWS and suggested Amazon may be starting to see returns on its CAPEX investments.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 2/27/2026 -3/6/2026
| Name | Type | Net Return |
| Coinbase Global, Inc. | Equity | 12.2% |
| New Security* | Equity | 7.8% |
| Expedia Group, Inc. | Equity | 15.6% |
| New Security* | ETF | 3.8% |
| Amazon.com, Inc. | Equity | 1.5% |
Source: Patient Capital Management. See below for additional information.
Norwegian Cruise Line Holdings Ltd. (NCLH) broke below its 50-day, 100-day, and 200-day moving averages on mixed earnings and a weaker than expected FY26 guide. The company generated revenue of $2.24B vs. $2.34B expected and adjusted EPS of $0.28 vs. $0.27 expected. Norwegian laid out FY26 adjusted EPS guidance of $2.38 vs. $2.59 expected and FY26 EBITDA of $2.95B vs. 3.06B expected. The company addressed pricing headwinds in the Caribbean, softened demand in Europe, and increased competition in Alaska. Stifel lowered their price target from $31 to $30 (50% upside) and maintained their buy rating. Stifel views the recent guidance as overly conservative, likely aimed to set the new CEO up for success and address recent activist involvement. Stifel believes the market is underestimating the company’s free cash flow potential and the resilience of the cruise industry, recommending investors capitalize on the current price dislocation by buying shares for the long term.
QXO, Inc. (QXO) dropped beneath its 50-day moving average on limited news. Baird increased their price target from $32 to $35 (61% upside).
Precigen, Inc. (PGEN) fell on limited news.
United Airlines Holdings, Inc. (UAL) fell through its 100-day and 200-day moving averages as Brent Crude spiked 28%.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 2/27/2026 - 3/06/2026
| Name | Type | Net Return |
| Norwegian Cruise Line Holdings Ltd. | Equity | -18.9% |
| QXO, Inc. | Equity | -9.0% |
| Precigen, Inc. Warrant 2034 | Derivative | -13.9% |
| United Airlines Holdings, Inc. | Equity | -13.4% |
| Precigen, Inc. | Equity | -12.4% |
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.
*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.
©2026 Patient Capital Management, LLC
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