Energy Names Rise with Crude While Norwegian Falls on Global Travel Concerns
Last week, the Opportunity Equity Strategy’s representative account fell -2.43%, underperforming the S&P 500’s -1.56% decline. (Exhibit 1). The strategy ended the week down -6.60% YTD, -374 basis points behind the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 3/13/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (03/06 - 03/13) | -2.43% | -1.56% |
| MTD | -6.17% | -3.52% |
| QTD | -6.60% | -2.86% |
| YTD | -6.60% | -2.86% |
| 1 Year | 31.21% | 21.65% |
| 3 Year | 26.54% | 21.51% |
| 5 Year | 1.14% | 12.59% |
| 10 Year | 12.11% | 14.55% |
| Inception (annualized since 6/26/00) | 8.12% | 8.06% |
Source: Bloomberg, Patient Capital Management.
Precigen, Inc. (PGEN) rose on limited news.
Noble Corporation plc (NE) climbed to a new 52-week high, and Seadrill Limited (SDRL) gained alongside Brent Crude’s 11.27% move higher.
Evercore maintained their $400 price target (32% upside) on Alphabet Inc. (GOOGL) following a deep dive into Gemini’s Personal Intelligence (GPI) product. GPI links all of Google’s products to build a comprehensive understanding of the user in order to provide a more personalized assistance experience. Evercore sees GPI as further evidence of Google’s AI leadership, with the potential to drive greater user engagement, alongside additional subscription and advertising revenue.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 03/06/2026 -03/13/2026
| Name | Type | Net Return |
| Precigen, Inc. | Equity | 5.7% |
| Noble Corporation plc | Equity | 5.9% |
| New Security* | ETF | 4.6% |
| Alphabet Inc. | Equity | 1.3% |
| Seadrill Limited | Equity | 2.1% |
Source: Patient Capital Management. See below for additional information.
QXO, Inc. (QXO) broke below its 100-day and 200-day moving averages, pressured by rising energy prices and growing expectations for tighter monetary policy.
Crocs, Inc. (CROX) dropped beneath its 100-day moving average on limited news. Stifel maintained their $99 price target (27% upside) after hosting CROX at their Consumer Winter Summit. Stifel highlighted that the company is significantly more profitable than pre-COVID, continues to make progress on EBIT margin expansion, and has meaningful share repurchase potential.
Norwegian Cruise Line Holdings Ltd. (NCLH) fell amid rising fuel prices and heighted concerns over global travel demand following conflicts in the Middle East.
Fiserv, Inc. (FISV) reached a new 52-week low on limited news.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 03/06/2026 - 03/13/2026
| Name | Type | Net Return |
| QXO, Inc. | Equity | -7.4% |
| New Security* | Equity | -11.7% |
| Crocs, Inc. | Equity | -9.4% |
| Norwegian Cruise Line Holdings Ltd. | Equity | -5.9% |
| Fiserv, Inc. | Equity | -10.1% |
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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