Meta Rallies on AI Monetization Potential While United Slips on Higher Crude Prices
Last week, the Opportunity Equity Strategy’s representative account fell 0.02%, underperforming the S&P 500’s 1.26% rise. (Exhibit 1). The strategy ended the week up 11.93 YTD, 57 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 07/10/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (07/02-07/10) | -0.02% | 1.26% |
| MTD | 1.56% | 1.05% |
| QTD | 1.56% | 1.05% |
| YTD | 11.93% | 11.36% |
| 1 Year | 29.27% | 22.07% |
| 3 Year | 25.59% | 21.39% |
| 5 Year | 5.63% | 13.25% |
| 10 Year | 14.92% | 15.45% |
| Inception (annualized since 6/26/00) | 8.76% | 8.53% |
Source: Bloomberg, Patient Capital Management.
Meta Platforms Inc. (META) surged through its 50-day, 100-day, and 200-day moving averages. The company made a series of announcements, including plans to develop its own proprietary AI chip and double datacenter capacity to 14 GW by 2027. Meta also introduced Muse Spark, its first externally monetized AI model, with API pricing significantly below competitors.Nvidia Corp (NVDA) broke above its 50-day and 100-day moving averages. Bank of America maintained its $350 price target (66% upside), arguing the company’s pricing power and scale advantages are underappreciated.
Crocs, Inc. (CROX) reached a new 52-week high on limited news.
Fidelity Wise Origin Bitcoin Fund (FBTC) followed bitcoin’s 3.7% rise.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 07/02/2026 - 07/10/2026
| Name | Type | Net Return |
| Meta Platforms, Inc. | Equity | 14.8% |
| Nvidia Corp | Equity | 8.3% |
| New Security* | Derivative | 44.8% |
| Crocs, Inc. | Equity | 6.0% |
| Fidelity Wise Origin Bitcoin Fund | Equity | 3.9% |
Source: Patient Capital Management. See below for additional information.
QXO Inc. (QXO) fell to a new 52-week low. Citi lowered its price target from $28 to $25 (67% upside) and maintained its buy rating.
Precigen, Inc. (PGEN) fell and Royalty Pharma plc (RPRX) pulled back off its 52-week high on limited news.
United Airlines Holdings, Inc. (UAL) fell as Brent crude rose 5.9% over the week, with the latest spike driven by Trump’s announcement that the Iran ceasefire had ended. Morgan Stanley raised its price target to $185 from $182 (47% upside) ahead of earnings.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 07/02/2026 - 07/10/2026
| Name | Type | Net Return |
| QXO, Inc. | Equity | -7.5% |
| Precigen, Inc. Warrant 2034 | Derivative | -6.2% |
| Precigen, Inc. | Equity | -5.7% |
| United Airlines Holdings, Inc. | Equity | -5.5% |
| Royalty Pharma plc | 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.
*Entered into position intra quarter. Security holding not yet publicly disclosed.
©2026 Patient Capital Management, LLC
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