Seadrill Rose With Crude While United Fell Despite a Beat and Raise
Last week, the Opportunity Equity Strategy’s representative account fell 1.16%, outperforming the S&P 500’s -1.55% decline. (Exhibit 1). The strategy ended the week up 10.64% YTD, 100 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 07/17/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (07/10-07/17) | -1.16% | -1.55% |
| MTD | 0.39% | -0.52% |
| QTD | 0.39% | -0.52% |
| YTD | 10.64% | 9.64% |
| 1 Year | 27.83% | 19.85% |
| 3 Year | 23.70% | 19.74% |
| 5 Year | 6.88% | 13.12% |
| 10 Year | 14.41% | 15.10% |
| Inception (annualized since 6/26/00) | 8.71% | 8.45% |
Source: Bloomberg, Patient Capital Management.
Royalty Pharma plc (RPRX) grinded to a new 52-week high after TD Cowen increased its price target from $50 to $65 (12% upside). Chime Financial Inc (CHYM) reclaimed its 200-day average and Adobe Inc. (ADBE) broke above its 50-day moving average on limited news
Seadrill Limited (SDRL) followed Brent Crude’s 6.7% move higher.
CVS Health Corp (CVS) climbed to a new 52-week high after Wells Fargo increased its price target from $103 to $123 (14% upside).
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 07/10/2026 - 07/17/2026
| Name | Type | Net Return |
| Royalty Pharma plc | Equity | 3.1% |
| Chime Financial Inc | Equity | 6.7% |
| Seadrill Limited | Equity | 6.4% |
| Adobe Inc. | Equity | 6.1% |
| CVS Health Corp | Equity | 3.2% |
Source: Patient Capital Management. See below for additional information.
Citigroup Inc. (C) broke below its 50-day moving average despite reporting a strong earnings beat, with revenue of $24.8B vs. $23.7B expected and EPS of $3.15 vs. $2.70 expected. Citi reaffirmed its FY26 return on tangible common equity (ROTCE) target of 10-11%, despite generating ~13% in 1H26. The company also authorized a new $30B share repurchase program and bought back $4B of stock (2% of market cap) during the quarter, bringing year-to-date repurchases to $10.3B (5% of market cap). Jefferies maintained its buy rating and lowered its price target from $180 to $165 (28% upside), reflecting lower expected 2H26 ROTCE following management’s reaffirmed FY26 guidance. Jefferies continues to expect Citi to achieve its FY27-28 ROTCE target of 14-15%.
United Airlines Holdings, Inc. (UAL) fell despite reporting a beat-and-raise quarter, with revenue of $17.7B vs. $17.5B expected and adjusted EPS of $1.99 vs. $1.85 expected. The company also raised FY26 adjusted EPS guidance from $9 to $10 at the midpoint. JP Morgan increased its price target from $156 to $203 (76% upside), expecting premium airlines to continue outperforming low-cost carriers and believing the premium group could be on the cusp of a broader re-rating cycle.
Precigen, Inc. (PGEN) fell on limited news.
Nvidia Corp (NVDA) fell through its 50-day moving average. Wells Fargo maintained its $315 price target (55% upside), citing the company’s secular growth trajectory and arguing that NVDA should not trade at a discount to the Philadelphia Semiconductor Index (SOX) on a price to earnings basis.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 07/10/2026 - 07/17/2026
| Name | Type | Net Return |
| Citigroup Inc. | Equity | -8.1% |
| United Airlines Holdings, Inc. | Equity | -8.4% |
| Precigen, Inc. Warrant 2034 | Derivative | -6.4% |
| Precigen, Inc. | Equity | -7.0% |
| Nvidia Corp | Equity | -3.9% |
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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