Overview
- Patient Opportunity Equity Strategy returned 5.99% net in Q4 2025 versus 2.65% for the S&P 500 and finished 2025 up 26.1%, marking a third straight year of outperformance.
- The fund said Coinbase was a top detractor in Q4 as crypto-related equities fell with digital-asset prices, characterizing the weakness as cyclical rather than structural.
- Its thesis holds that Coinbase is evolving into a broader exchange with initiatives such as the Base layer-2 network, equity and ETF trading, stablecoins, and prediction markets.
- Coinbase closed at $208.93 on March 4, 2026, with a one-month gain of 42.99%, a 52-week change of −2.45%, and a market capitalization of about $56.34 billion.
- Insider Monkey data show hedge-fund portfolios holding Coinbase fell to 64 from 73 quarter over quarter, as the letter also noted a 2025 market dominated by AI leaders and concentrated S&P 500 returns.