Patient Opportunity Equity Strategy Pivots Toward Tech and Crypto in Q1 Rebalance

The Patient Opportunity Equity Strategy reported a total return of -5.96% net of fees for the first quarter of 2026. This performance trailed the strategy's unmanaged benchmark, the S&P 500 Index (SPX), which posted a return of -4.33% over the same period. In a strategic realignment of its portfolio, the fund increased its exposure to high-growth technology and digital assets. The strategy added positions in Adobe (ADBE) and the iShares Bitcoin Trust (IBIT), indicating a renewed focus on software leadership and regulated cryptocurrency exposure. Simultaneously, the fund moved to reduce its risk in specific international and consumer sectors. The strategy completely exited its holdings in the Chinese e-commerce giant Alibaba (BABA) and the home-fitness company Peloton (PTON). These tactical shifts reflect a broader trend of institutional reallocation away from struggling consumer discretionary brands and geopolitical volatility in Chinese equities, favoring instead the stability of established US tech and the emerging institutionalization of Bitcoin.