Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Touchstone Balanced Fund Western & Southern Financial Group / Touchstone Investments | “Equity changes included exiting SS&C Technologies Holdings, Inc. (Industrials sector) and Goldman Sachs Group, Inc. (Financials sector) while initiating positions in QXO, Inc. (Industrials sector), SAP SE (IT sector), Blackstone, Inc. (Financials sector), and Cencora, Inc. (Health Care sector).” | NEUTRAL | Q2 2026 Jul 30, 2026 | View Pitch |
Spyglass Growth Strategy James A. Robillard | “QXO, Inc. (QXO), a distributor of roofing, waterproofing and complementary building products, was a bottom contributor during the second quarter. Following our entry point in April, QXO announced it would acquire TopBuild, the largest distributor and installer of insulation and related building products in North America, for $17 billion. We believe this deal, financed through QXO stock and debt, led to investor concerns around the Company's capital structure and integration risk. However, our thesis for QXO remains largely unchanged. The Company's business is split approximately evenly between repair/remodeling and new construction. We believe this mix underpins durable demand for years to come. We also see QXO benefitting from tailwinds like structural housing undersupply, aging stock, demand for energy efficiency, and the datacenter buildout. We believe QXO holds significant competitive advantages from its national scale combined with local execution, supplier procurement leverage, and an embedded daily job site presence. We also appreciate that the Company is seemingly intent on applying technological best practices in what we consider to be an under-digitized industry, which we think will help further widen its moat over local distributors. With the acquisition concluded, the Company is now the dominant player in North America, including #1 in insulation, #2 in roofing, and #1 in waterproofing. We believe QXO is in a prime position to execute on its plan to improve margins on legacy operations while organically doubling acquired-business earnings within 3-5 years, compounding EBITDA at a double-digit rate. We are excited to have the opportunity to own this growth story at what we consider to be an attractive valuation.” | BULL | Q2 2026 Jul 28, 2026 | View Pitch |
TimesSquare Capital Management U.S. Mid Cap Growth Strategy TimesSquare Capital Management LLC | “QXO, Inc. (QXO), a distributor of roofing, waterproofing and complementary building products, was a bottom contributor during the second quarter. Following our entry point in April, QXO announced it would acquire TopBuild, the largest distributor and installer of insulation and related building products in North America, for $17 billion. We believe this deal, financed through QXO stock and debt, led to investor concerns around the Company's capital structure and integration risk. However, our thesis for QXO remains largely unchanged. The Company's business is split approximately evenly between repair/remodeling and new construction. We believe this mix underpins durable demand for years to come. We also see QXO benefitting from tailwinds like structural housing undersupply, aging stock, demand for energy efficiency, and the datacenter buildout. We believe QXO holds significant competitive advantages from its national scale combined with local execution, supplier procurement leverage, and an embedded daily job site presence. We also appreciate that the Company is seemingly intent on applying technological best practices in what we consider to be an under-digitized industry, which we think will help further widen its moat over local distributors. With the acquisition concluded, the Company is now the dominant player in North America, including #1 in insulation, #2 in roofing, and #1 in waterproofing. We believe QXO is in a prime position to execute on its plan to improve margins on legacy operations while organically doubling acquired-business earnings within 3-5 years, compounding EBITDA at a double-digit rate. We are excited to have the opportunity to own this growth story at what we consider to be an attractive valuation.” | BULL | Q2 2026 Jul 21, 2026 | View Pitch |
Alger Spectra Fund Patrick Kelly, Dan Chung, Ankur Crawford | “QXO is a building products distribution company led by Brad Jacobs, an entrepreneur with a long track record of building large, successful companies through disciplined acquisitions and operational improvement. The company is pursuing a strategy of acquiring and integrating distributors of roofing, waterproofing, and related construction materials to build a national-scale platform. We view QXO as an attractive way to participate in the consolidation of a large and fragmented distribution industry. Shares detracted from performance during the quarter as softer conditions in the building products market weighed on near-term results. Sentiment was also pressured by the financing and regulatory considerations tied to a large pending acquisition announced during the period.” | BEAR | Q2 2026 Jul 17, 2026 | View Pitch |
Mar Vista US Quality Silas Myers, Brian Massey | “QXO (QXO) shares underperformed during the period as investors remained focused on near-term macroeconomic headwinds, including a sluggish U.S. housing market and persistently elevated interest rates,” | BEAR | Q2 2026 Jul 13, 2026 | View Pitch |
Mar Vista US Quality Silas Myers, Brian Massey | “QXO (QXO) shares underperformed during the period as investors remained focused on near-term macroeconomic headwinds, including a sluggish U.S. housing market and persistently elevated interest rates,” | BEAR | Q2 2026 Jul 13, 2026 | View Pitch |
Spyglass Capital Management Portfolio Manager | “Added in April, QXO fell after announcing its acquisition of TopBuild due to market concerns over leverage and integration. However, the manager maintains their core investment thesis, believing the company is now a dominant industry player poised to double its earnings over the next 3-5 years.” | BULL | Q2 2026 Jun 30, 2026 | View Pitch |
Tsai Capital Corporation Tsai Capital Corporation | “In 2024, we initiated a position in QXO at approximately $11 per share. Under Brad Jacobs' leadership, the company is in the early stages of executing a bold plan to consolidate and disrupt the $800 billion building products distribution industry. Having previously invested in two of Brad's highly successful ventures—United Rentals and XPO Logistics—we are excited to back his latest endeavor. In August 2025, QXO completed its first acquisition: Beacon Roofing Supply, Inc., purchased in an all-cash deal valued at approximately $11 billion. Brad and his team have already implemented operational changes at Beacon, including streamlining its nine-level legacy organizational chart. We expect the team to expand Beacon's EBITDA margins by about 500 basis points and to double cash flow within four years. Ultimately, we envision QXO achieving over $50 billion in revenue with returns on capital of 17–23%. BSD Analysis: QXO is an early-stage roll-up platform targeting building-products distribution, aiming to apply technology and scale to a fragmented, low-efficiency industry. The thesis is execution-driven: consolidate assets, improve pricing discipline, and modernize operations. Early days mean limited financial visibility, but also maximum optionality. Management pedigree and capital backing matter more than near-term numbers. If consolidation works, operating leverage can be powerful. If not, returns compress quickly. This is a founder-led, strategy-first story where patience is mandatory.” | BULL | Q4 2025 Jan 1, 2025 | View Pitch |
Patient Capital Management Christina Siegel Malbon | “QXO ($22.03), a company we invested in as a PIPE a year ago, ended the quarter as our largest holding. CEO Brad Jacobs has an impressive track record of creating shareholder value at his previous companies. He plans to roll up the building products distribution industry using technology to improve operations. QXO closed on its first acquisition, Beacon Roofing, in the quarter. Roofing is mostly nondiscretionary, providing some stability to earnings. While the valuation is elevated on near-term earnings, we see a path to significant earnings growth. QXO plans to improve margins and pursue more acquisitions. If QXO is successful in its goals, we believe the stock is worth significantly more and can compound in the mid-to-high teens. BSD Analysis: QXO is a high-leverage, roll-up industrial disruptor whose stock is a pure, high-risk bet on the reputation of serial entrepreneur Brad Jacobs. The core thesis is a massive plan to consolidate the fragmented $800 billion building products distribution industry into a singular titan, targeting $50 billion in sales by 2035. Jacobs is applying his "repeatable playbook" of operational excellence and accretive M&A, leveraging the industry's nascent technology adoption by investing in AI and digital ordering. The first acquisition, Beacon Building Products, provides an immediate nationwide footprint and a steady repair-and-remodel revenue stream. This is a high-stakes, leveraged bet on skillful M&A execution and the long-term tailwinds of US housing shortages and infrastructure spending.” | BULL | Q2 2025 Jul 11, 2025 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
