Patient Capital Management, a value investment firm, published its Q4 2025 “Patient Opportunity Equity Strategy” investor letter. A copy of the letter can be downloaded here. In Q4 2025, Patient Opportunity Equity Strategy returned 5.99% net of fees, compared to its unmanaged benchmark, the S&P 500 Index, which returned 2.65%. Using a three-factor performance attribution model, the portfolio’s outperformance was attributed to allocation, selection, and interaction effects. The market finished a strong year with returns of 17.9%, marking the seventh-best three-year period in market history. 2025 was a year of AI, extending benefits to hardware, power and component suppliers across the ecosystem. Seven stocks accounted for more than half of the S&P 500’s returns, posing difficulties for active managers. However, the strategy performed well, outperforming the S&P 500 for the third year in a row with a return of 26.1%. Review the strategy’s top five holdings to learn about its key picks for 2025.
In its Q4 2025 investor letter, Patient Opportunity Equity Strategy highlighted stocks like Coinbase Global, Inc. (NASDAQ:COIN). Coinbase Global, Inc. (NASDAQ:COIN) is a cryptoasset platform that allows users to exchange and manage cryptoassets. On March 4, 2026, Coinbase Global, Inc. (NASDAQ:COIN) stock closed at $208.93 per share. Coinbase Global, Inc. (NASDAQ:COIN)’s monthly performance was 42.99% and its stock lost 2.45% in the past 52 weeks. Coinbase Global, Inc. (NASDAQ:COIN) has a market capitalization of $56.34 billion.
Patient Opportunity Equity Strategy stated the following regarding Coinbase Global, Inc. (NASDAQ:COIN) in its Q4 2025 investor letter:
“Coinbase Global, Inc. (NASDAQ:COIN was one of the main detractors during the quarter, as cryptocurrency-related stocks followed the decline in digital asset prices. While the price action affected this quarter’s results, we view the move as largely cyclical. In the long term, we continue to believe that Coinbase is evolving beyond a pure cryptocurrency trading venue into a broader, scaled financial exchange. As the platform expands into adjacent products, including its own blockchain layer 2 known as Base, stock trading, ETF trading, stablecoins and prediction markets, we believe Coinbase is positioning itself as a unique destination for a new generation of traders and investors, along with the continued maturation of the digital asset ecosystem, increasing institutional participation and broader adoption, we see this expanding suite of products supporting greater engagement, income diversification and attractive long-term earnings power as activity normalizes.
