General Motors Advances on Strong Earnings While Alphabet Falls on Higher CAPEX Outlook
Last week, the Opportunity Equity Strategy’s representative account fell 1.24%, underperforming the S&P 500’s -0.60% decline. (Exhibit 1). The strategy ended the week up 9.27% YTD, 29 basis points ahead of the S&P 500.Exhibit 1: Performance of Opportunity Equity Representative Account Net of Fees, Versus S&P 500, Through 07/24/261
| Time Period | Opportunity Equity Representative Account | S&P 500 |
| Last Week (07/17-07/24) | -1.24% | -0.60% |
| MTD | -0.86% | -1.11% |
| QTD | -0.86% | -1.11% |
| YTD | 9.27% | 8.98% |
| 1 Year | 24.55% | 17.88% |
| 3 Year | 23.28% | 19.21% |
| 5 Year | 5.96% | 12.54% |
| 10 Year | 14.12% | 14.95% |
| Inception (annualized since 6/26/00) | 8.65% | 8.42% |
Source: Bloomberg, Patient Capital Management.
Precigen, Inc. (PGEN) moved higher on limited news.General Motors Co (GM) broke above its 50-day, 100-day, and 200-day moving averages after announcing a beat and raise quarter. The company posted revenue of $48.0B versus $46.6B expected and adjusted EPS of $3.57 versus $3.19 expected. GM also raised its FY2026 adjusted EPS guidance to $13.00 at the midpoint, up from $12.50. During the quarter, the company repurchased 25 million shares (approximately 3% of shares outstanding), bringing its year-to-date total to 36 million shares (approximately 4% of shares outstanding). Following the results, Barclays raised its price target from $105 to $110 (33% upside), arguing that management’s increased guidance still appears conservative. Barclays sees potential for a valuation rerating given the company’s sustained operating strength.
Goldman Sachs increased its price target on Citigroup Inc. (C) from $155 to $161 (22% upside), citing continued execution of the company's strategic transformation and steady progress toward its 11% FY2026 return on tangible common equity (ROTCE) target.
Seadrill Limited (SDRL) reclaimed its 50-day moving average, following Brent Crude’s 9.9% gain.
Exhibit 2: Significant2 Contributors to Opportunity Equity Representative Account Performance, 07/17/2026 - 07/24/2026
| Name | Type | Net Return |
| Precigen, Inc. Warrant 2034 | Derivative | 10.6% |
| Precigen, Inc. | Equity | 9.1% |
| General Motors Co | Equity | 8.6% |
| Citigroup Inc. | Equity | 2.2% |
| Seadrill Limited | Equity | 4.2% |
Source: Patient Capital Management. See below for additional information.
Alphabet Inc. (GOOGL) broke below its 100-day and 200-day moving averages despite reporting a top and bottom-line earnings beat and accelerating cloud growth. The company generated revenue of $119.8B versus $117.2B expected and adjusted EPS of $3.50 versus $3.14 expected. Google Cloud generated $24.8B in revenue, ahead of the $22.5B consensus estimate, with year-over-year growth accelerating to 82% from 63% in the prior quarter. The stock likely traded lower in response to Alphabet raising its FY2026 capital expenditure (CAPEX) guidance from $185B at the midpoint to $200B (~119% y/y). Barclays increased its price target from $405 to $425 (33% upside), now forecasting higher cloud revenue and operating income in 2027.
Amazon.com, Inc. (AMZN) fell below its 100-day and 200-day moving averages and Meta Platforms, Inc. (META) slipped below its 50-day, 100-day, and 200-day moving averages, both trading lower following Alphabet’s higher CAPEX outlook. Following GOOGL’s print, Bank of America increased its 2Q Amazon Web Services (AWS) revenue and operating income estimates and maintained its $310 price target (34% upside). Raymond James increased its price target on Meta from $825 to $850 (43% upside), calling out the company’s optionality to sell excess computing capacity to the AI cloud market at an attractive ROIC.
Chime Financial Inc (CHYM) crossed below it 200-day moving average. Freedom Capital Markets initiated on CHYM with a $26 price target (26% upside), highlighting the company’s structural cost advantage versus traditional banks. Additionally, they called out Chime’s first quarter of GAAP profitability as evidence that the company’s operating leverage is improving as the business model scales.
People Inc. (PPLI) crossed below its 50-day and 200-day moving averages on limited news.
Exhibit 3: Significant2 Detractors from Opportunity Equity Representative Account Performance, 07/17/2026 - 07/24/2026
| Name | Type | Net Return |
| Alphabet Inc. | Equity | -7.8% |
| Amazon.com, Inc. | Equity | -6.1% |
| Meta Platforms, Inc. | Equity | -7.9% |
| Chime Financial Inc | Equity | -7.3% |
| People Inc. | Equity | -6.4% |
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.
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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