Energy Transfer Rises with Crude While Crypto Names Follow Bitcoin Lower
Last week, the Opportunity Equity Strategy’s representative account declined -4.40%, underperforming the S&P 500’s -2.55% fall. (Exhibit 1). The strategy ended the week up 4.18% YTD, -425 basis points behind the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 06/05/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (05/29-06/05) | -4.40% | -2.55% |
| MTD | -4.40% | -2.55% |
| QTD | 10.76% | 13.35% |
| YTD | 4.18% | 8.43% |
| 1 Year | 38.56% | 25.85% |
| 3 Year | 26.36% | 21.63% |
| 5 Year | 3.63% | 13.41% |
| 10 Year | 13.54% | 15.33% |
| Inception (annualized since 6/26/00) | 8.50% | 8.45% |
Source: Bloomberg, Patient Capital Management.
Citigroup Inc. (C) climbed to a new 52-week high. Wells Fargo maintained its $162 price target (22% upside), and reiterated Citi as its top large-cap bank pick. Wells Fargo sees Citi as a beneficiary of the recent IPO activity and mega financing momentum.Bank of America raised its price target on UnitedHealth Group (UNH) from $400 to $450 (13% upside). BofA cited improving visibility into margin recovery and believes UNH could significantly exceed its EPS guidance this year.
Piper Sandler increased its price target on CVS Health Corp (CVS) from $99 to $113 (18% upside).
Loop Capital initiated on Norwegian Cruise Line Holdings (NCLH) with a $22 price target (17% upside) and a buy rating. Loop views the recent pullback as an attractive entry point, expecting the company's turnaround to drive long-term growth and profitability.
Energy Transfer LP (ET) followed WTI crude’s 3.6% move higher.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 05/29/2026 - 06/05/2026
| Name | Type | Net Return |
| Citigroup Inc. | Equity | 5.2% |
| UnitedHealth Group | Equity | 5.0% |
| CVS Health Corp | Equity | 5.4% |
| Norwegian Cruise Line Holdings | Equity | 2.2% |
| Energy Transfer LP | Equity | 1.1% |
Source: Patient Capital Management. See below for additional information.
Amazon.com, Inc. (AMZN) fell through its 50-day moving average. Evercore reiterated its outperform rating and $315 price target (28% upside), following a deep dive on Amazon Supply Chain Services (ASCS), the company's full end-to-end logistics solution that’s now available to all merchants. Amazon is already the largest parcel carrier in the country, and with limited incremental capex required, Evercore sees this as a high return on invested capital (ROIC) business. They estimate an incremental trillion-dollar total addressable market (TAM) and expect ASCS to be a meaningful growth driver over the next 3-5 years.
Precigen, Inc. (PGEN) broke below its 50, 100, and 200-day moving averages following a $500K stock sale by CEO Helen Sabzevari.
Goldman Sachs lowered its price target on Coinbase Global, Inc. (COIN) form $228 to $220 (44% upside) and maintained its buy rating, noting weaker than expected 2Q trading volumes.
iShares Bitcoin Trust (IBIT) found a new 52-week low, tracking bitcoin’s -16.3% decline.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 05/29/2026 - 06/05/2026
| Name | Type | Net Return |
| Amazon.com, Inc. | Equity | -9.1% |
| Precigen, Inc. Warrant 2034 | Derivative | -16.8% |
| Coinbase Global, Inc. | Equity | -18.8% |
| Precigen, Inc. | Equity | -17.5% |
| iShares Bitcoin Trust | Equity | -18.3% |
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
Share