Delta Air Lines, INC.

• Patient Capital Management Samantha's Quarterly Letter ↗ Opportunity Equity argues that tariff policy has raised recession risk, but negotiated trade deals could stabilize markets and preserve the secular bull case. The portfolio added back airline exposure after trimming it during strength, and favors Nvidia, Amazon, Alphabet and Meta alongside cyclical travel names priced for a downturn. 1Q25 NVDA $5.8TAMZN $2.7TDAL $54B +4
• Patient Capital Management 4Q24 Portfolio Activity and Attribution ↗ Patient Opportunity Equity Strategy added Precigen preferreds and warrants and a Bitcoin fund, while exiting Fiserv, PureTech Health, Travel & Leisure and Western Alliance. The strategy added to healthcare and energy laggards, arguing that Coinbase, SoFi and travel holdings retain structural growth drivers. 4Q24 COIN $47BCROX $5.5BCVS $112B +8
• Patient Capital Management 3Q25 Portfolio Activity & Attribution ↗ Patient Opportunity Equity Strategy added to Delta Air Lines and Norwegian Cruise Line during travel-sector weakness, doubled UnitedHealth after its pullback, and converted Precigen preferreds into common stock after Papzimeos won FDA approval. The strategy argues that Alphabet and Alibaba remain undervalued despite improving fundamentals, while maintaining conviction in turnarounds at Dave & Buster's, QXO and Crocs. 3Q25 PGEN $2.8BBABA $270BCROX $5.5B +3

All coverage of DAL →