Fidelity Wise Origin Bitcoin Fund

• Patient Capital Management 2Q26 Portfolio Activity & Attribution ↗ Opportunity Equity added Adyen, Global Payments, Genius Sports, Fidelity Wise Origin Bitcoin Fund and QXO preferreds while exiting iShares Bitcoin Trust, Dave & Buster's and Noble. The strategy argues that depressed expectations in managed care, biotech, payments, offshore drilling and Adobe obscure durable earnings power and consolidation opportunities. 2Q26 +17.3% ADBE $110BADYEN $39BCVS $120BFBTC
• Patient Capital Management 4Q25 Portfolio Activity and Attribution ↗ Patient Opportunity Equity Strategy added long-dated Biogen calls, Chime and Fiserv while exiting Angi, citing Biogen’s Alzheimer’s pipeline, Chime’s underserved-consumer banking platform and Fiserv’s reset under new leadership. The strategy argues that health-care holdings remain undervalued and that idiosyncratic stock selection, rather than AI exposure, drives its edge. fourth quarter of 2025 +6.0% BIIB $33BCHYM $12BCOIN $45BFBTC

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