Norwegian Cruise Line Holdings Ltd.

• Patient Capital Management 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
• Patient Capital Management 3Q25 Portfolio Activity & Attribution ↗ Precigen remains a core thesis after FDA approval of Papzimeos, the conversion of preferred shares into common stock, and continued confidence in its commercial launch and pipeline. Alphabet and Alibaba benefited from improving sentiment around AI and core businesses, while the portfolio added to Delta, Norwegian Cruise Line and UnitedHealth during weakness. 3Q25 +14.1% PGEN $2.6BBABA $290BCROX $5.9BGOOGL $4.2T

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