- 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
- 2Q26 Quarterly Market Review The second quarter of 2026 saw an AI-led equity rally as easing Iran War tensions lowered oil prices. Inflation remained elevated, consumer sentiment stayed depressed despite resilient spending, and the Federal Reserve held rates steady while signaling a more restrictive path. 2Q26 — —
- 1Q26 Quarterly Market Review The Iran war drove a record oil shock and renewed inflation uncertainty, leaving the Federal Reserve caught between price pressures, a weakening labor backdrop and fragile consumer sentiment. Energy led a sharp rotation while software, private credit and the prior year’s large-cap technology leaders sold off. Q1 2026 — —
- 1Q26 Portfolio Activity & Attribution Patient Opportunity Equity Strategy added Adobe after the software selloff and replaced FBTC with IBIT to retain Bitcoin exposure, while selling Alibaba at estimated intrinsic value and exiting Mattel and Peloton to fund new ideas. The strategy argues that concentrated energy exposure offers an anti-fragile diversifier, with offshore drilling and pipeline constraints supporting Noble, Seadrill and Energy Transfer. 1Q26 -6.0% ADBE $110BCHYM $12BET $73BIBIT $173B
- 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
- 4Q25 Quarterly Market Review Markets extended their advance through an uneven fourth quarter as the Federal Reserve cut rates twice amid labor-market weakness and disrupted inflation data. Patient Capital Management expects resilient consumption and economic growth to support equities in 2026 despite elevated valuations and concerns about an AI-driven bubble. 4Q25 — —
- 3Q25 Portfolio Recap Patient Opportunity Equity Strategy converted and trimmed Precigen after Papzimeos won early FDA approval, while retaining conviction in its commercial opportunity and pipeline. The strategy added aggressively to UnitedHealth during its sell-off and increased selected laggards including Crocs, Mattel, IAC and Biogen while keeping exposure to momentum areas. 3Q25 +14.1% PGEN $2.6BUNH $350BBIIB $33BCROX $5.9B
