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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Orbis Global Equity | - | - | GXO, QXO, RXO, URI, XPO | Capital Allocation, Distribution, Logistics, M&A, Value Investing | The fund has significant exposure to logistics companies through the XO family of companies (QXO, XPO, RXO, GXO), representing nearly 15% of the portfolio. QXO is targeting the building products distribution industry, which has enormous scope to leverage technology to improve customer experience, similar to how XPO transformed truck brokerage from 6% digital to 96% digital. | QXO |
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| 2024 Q3 | Sep 30, 2024 | Hood River Capital – Small Cap Growth Fund | - | 31.3% | APLD, QXO | AI, consumer, growth, industrials, small caps, technology | The fund focuses on US small cap growth stocks and believes small caps have the ability to outperform over the coming quarters given the Fed has begun its easing cycle and small caps typically outperform during easing cycles. The Russell 2000 Growth Index currently trades at a slight discount to the S&P 500 despite typically trading at a 20% premium. | QXO APLD |
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| 2025 Q2 | Jul 11, 2025 | Patient Capital Management | 15.3% | 4.2% | AMZN, C, GOOGL, IAC, META, NCLH, NVDA, QXO, RPRX, UNH | AI, contrarian, Cruises, healthcare, small caps, technology, value | AI companies have delivered approximately 50-60% of the market's returns over the past 2.5 years. The fund maintains 21.6% exposure to Mag 7 AI leaders including Amazon, Google, NVIDIA, and Meta. If current AI trends continue as expected, these companies should perform well. | C RPRX QXO IAC NCLH UNH QXO IAC UNH |
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| 2025 Q1 | Apr 7, 2025 | Patient Capital Management | -9.6% | -9.6% | AAL, AMZN, C, CVS, DAL, GOOGL, META, MSFT, NCLH, NVDA, QXO, RPRX, UAL | AI, Airlines, Recession, semiconductors, tariffs, technology, Travel, value | The manager views AI as a transformational technology comparable to electricity or the Internet, with every knowledgeable tech CEO believing we are in early stages. Despite recent selloffs in AI stocks, the manager sees current valuations as reasonable given growth prospects and emphasizes that AI compute demand exceeds supply unlike the tech bubble peak. | C GOOGL CVS RPRX QXO AMZN NCLH DAL UAL |
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| 2026 Q1 | Apr 6, 2026 | Mar Vista US Quality Select | -10.2% | -10.2% | ADI, CRM, DHR, ECL, GEV, INTU, JNJ, LIN, META, MSFT, NFLX, QXO, SAP, TSM | AI, energy, fundamentals, Geopolitical, large cap, Quality | View | ||
| 2025 Q4 | Dec 31, 2025 | Orbis Global Equity | 0.0% | 0.0% | GMAB, GOOGL, ITUB, NXT.L, QXO | AI, global, long-term, management, technology, value | The manager discusses the AI revolution's impact on Alphabet, noting how Gemini 3 has overtaken ChatGPT in capability and is catching up in user numbers. Alphabet's competitive advantages in AI include seamless integration between Google Search and Gemini, unique data access through YouTube and Android, and cost advantages through vertical integration with cloud infrastructure and custom chips. | View | |
| 2024 Q4 | Dec 31, 2024 | Orbis Global Equity | - | - | CPAY, GXO, HWM, IBKR, MSFT, MSI, NVDA, QXO, RXO, V, XPO | aerospace, CEO, Concentration, payments, Quality, US, value | The fund focuses on investing alongside top 1% CEOs with meaningful ownership stakes who can drive extraordinary shareholder value creation. Examples include John Plant at Howmet Aerospace and Ron Clarke at Corpay, who have delivered exceptional long-term results through operational excellence and capital allocation discipline. | CPAY HWM |
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| 2025 Q3 | Nov 16, 2025 | ClearBridge Mid Cap Growth Strategy | - | - | ALNY, APP, ARGX, AXON, CASY, CCK, CHWY, DKNG, DT, EQT, EXPE, ICLR, IP, LNW, PFGC, QXO, REZI, TECH, UMBF, WSC | Biotechnology, Consumer Staples, Food Distribution, Health Care, mid cap, policy, Rate Cuts, stock selection | Health care was a key driver of outperformance, anchored by strength in biotechnology. Argenx delivered robust results supported by continued adoption of its lead therapy for autoimmune disorders and promising progress across its clinical pipeline. Alnylam Pharmaceuticals advanced driven by accelerating uptake of its treatment for transthyretin cardiac amyloidosis. | View | |
| 2024 Q3 | Oct 8, 2024 | Patient Capital Management | 5.6% | 15.8% | AAPL, AMZN, APO, EVRI, GOOGL, GXO, IBM, JPM, META, MSFT, NVDA, PLAY, QXO, RXO, TCRT, TSLA, URI, XPO | compounders, long-term, Quality, small caps, Underperformers, valuation, value | Manager emphasizes buying underperformers and exploiting opportunities where market expectations diverge from intrinsic values. Portfolio trades at significant discount to market (12x forward earnings vs 22x) with better growth prospects. Focus on attractively valued compounders, classic value, and early-stage businesses. | PLAY QXO |
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| 2025 Q3 | Oct 21, 2025 | ClearBridge Mid Cap Growth Strategy | - | - | ALNY, APP, ARGX, ATS.TO, AVTR, AXON, BJ, CASY, CCK, CHWY, EMN, ICLR, IP, JLL, LNW, PFGC, QXO, RARE, TECH, UMBF | Biotechnology, Consumer Staples, Food Distribution, Health Care, mid cap, Rate Cuts, stock selection, value | Health care was a key driver of outperformance, anchored by strength in biotechnology. Argenx delivered robust results supported by continued adoption of its lead therapy for autoimmune disorders and promising progress across its clinical pipeline. Alnylam advanced driven by accelerating uptake of its ATTR-CM treatment and raised full-year revenue guidance. | RBLX |
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| 2025 Q4 | Jan 9, 2026 | Tsai Capital | 0.0% | 7.6% | AAPL, AMZN, BN, BRK-B, COST, GOOGL, IDXX, MA, META, MKL, MSCI, MSFT, NVDA, QXO, TSLA, TYL, V | Compounding, disruption, Ecosystems, growth, innovation, Networks, technology | Tesla is described as a leading artificial intelligence company with formidable competitive advantages. The manager believes Tesla's AI capabilities remain underestimated and undervalued, anticipating the company will eventually operate millions of autonomous vehicles and own the majority of the autonomous market. The letter extensively discusses robotics as a transformative medium that changes workplaces, economies, and society. Amazon's robotic warehouses are highlighted as exemplifying the medium's power, creating unparalleled logistics efficiency and competitive advantages. Tesla is positioned as leading the inexorable shift toward electric vehicles, steadily eroding the foundations of legacy automakers burdened by obsolescent infrastructure. The manager expects Tesla to significantly increase vehicle production as the overall EV market expands. Amazon Web Services is described as the undisputed leader in cloud computing, accounting for more than 50% of Amazon's aggregate operating profits. The transition from local servers to cloud environments is highlighted as a key growth driver. Amazon's e-commerce arm continues to capture additional market share with remarkable agility despite its immense scale. The shift from brick-and-mortar retail to digital marketplaces is identified as a key trend driving Amazon's revenue growth. | View | |
| 2025 Q4 | Jan 8, 2026 | Hertford Capital | 0.7% | 6.8% | ACM.DE, BAMI.MI, CRAYN.OL, MAB1.L, MOL.MI, MRL.L, NA9.DE, PHLL.L, QXO, TPFG.L, WOSG.L | Construction, Europe, Mortgage, small caps, software, special situations, value | The fund is positioned around the European and UK housing, construction, and mortgage broking market recovery with approximately 40% allocation. The manager sees opportunities in the Italian mortgage market recovery through Moltiply Group, similar to UK positions in Mortgage Advice Bureau and The Property Franchise Group. Around 20% is allocated to software and SaaS companies, driven by ongoing digitization needs. The fund holds positions in companies like Nagarro SE and Crayon Group, with the latter potentially merging with SoftwareOne to create a larger Microsoft partner. The portfolio benefits from recovery in European construction markets through building materials exposure. The segregated account investment in QXO Inc. aligns with extensive research in building and construction materials sector, targeting industry consolidation opportunities. | View | |
| 2024 Q4 | Jan 8, 2025 | Hertford Capital | 0.7% | 6.8% | ACM.DE, BAMI.MI, CRAYN.OL, MAB1.L, MOL.MI, MRL.L, NA9.DE, PHLL.L, QXO, TPFG.L, WOSG.L | Construction, Europe, Mortgage, small caps, software, special situations, value | The fund is positioned around the European and UK housing, construction, and mortgage broking market recovery with approximately 40% allocation. Specific investments include Moltiply Group in Italy's mortgage market and UK positions in Mortgage Advice Bureau and The Property Franchise Group. | QXO MPG.MI WOSG.L PHLL.L ANIM.MI CRAYN.OL NA01.DE |
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| 2024 Q4 | Jan 24, 2025 | Tsai Capital | - | 23.0% | AAPL, ABNB, ACN, AMZN, ANSS, COST, CPRT, CSGP, DHR, FDS, GOOG, IDXX, MA, MKL, MSCI, MSFT, NKE, QXO, TSLA, TYL, V, ZTS | AI, Compounding, disruption, growth, long-term, technology, Tesla, value | The manager believes they are particularly well-positioned to benefit from the AI revolution, which represents the most transformative technological advancement since the advent of the internet. Many of the companies they own are leading the charge in the AI revolution, with others set to reap substantial benefits as they integrate these transformative technologies into their operations. Autonomy—embodied in self-driving vehicles and humanoid robots—will be one of the earliest large-scale applications of AI. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 21, 2026 | Seeking Alpha | Seeking Alpha | QXO, Inc. | Building Products | Building Products Distribution | Neutral | Nasdaq Stock Market | acquisition, Building Products, Distribution, EBITDA, Market expansion, QXO, Inc., Revenue Growth, synergies, TopBuild Corp., valuation | View Pitch |
| Apr 13, 2026 | Fund Letters | Patient Capital Management | QXO Inc | Industrials | Trading Companies & Distributors | Bull | NASDAQ | Building Products, construction, Distribution, Equity, M&A, Non-Discretionary, Roll-up, Value | View Pitch |
| Apr 13, 2026 | Fund Letters | Patient Capital Management | QXO Inc | Industrials | Trading Companies & Distributors | Bull | NASDAQ | Brad Jacobs, Building Products, Distribution, PIPE Investment, Roll-up Strategy, serial acquirer, technology integration | View Pitch |
| Apr 13, 2026 | Fund Letters | Hertford Capital | QXO Inc. | Industrials | Trading Companies & Distributors | Bull | NASDAQ | acquisition strategy, Brad Jacobs, Building materials, Distribution, industry consolidation, private placement, technology integration, value creation | View Pitch |
| Apr 13, 2026 | Fund Letters | Patient Capital Management | QXO Inc. | Industrials | Trading Companies & Distributors | Bull | NASDAQ | Building Products, compounding, Distribution, Industrial technology, management track record, PIPE Transaction, technology platform | View Pitch |
| Apr 13, 2026 | Fund Letters | Orbis Global Equity | QXO Inc | Industrials | Trading Companies & Distributors | Bull | NYSE | Building Products Distribution, capital allocation, Cyclical, Digital transformation, Equity, Fragmented Industry, Logistics, M&A Consolidation, private placement, Technology Disruption, Warehousing | View Pitch |
| Apr 13, 2026 | Fund Letters | Hood River Capital - Small Cap Growth Fund | QXO Inc | Industrials | Industrial Conglomerates | Bull | NASDAQ | Brad Jacobs, Business Platform, business services, management team, PIPE, Private Investment, Proven Operator | View Pitch |
| Jan 28, 2026 | Fund Letters | Christopher Tsai | QXO, Inc. | Industrials | Building Products Distribution | Bull | New York Stock Exchange | consolidation, Execution, Housing, Margins, Rollup | View Pitch |
| Jan 23, 2026 | Twitter / X | @Sophoninvest | QXO, Inc. | Industrials | Industrial Conglomerates | Bull | NASDAQ | Bagger, Brad, Homebuilders, Jacobs, Logistics, QXO, Roll-up, Xpo | View Pitch |
| Jan 22, 2026 | Substack | Modern Value Investing | QXO | Industrials | Industrials | Bull | Brad Jacobs, Industrial Sector, macroeconomic impacts, market volatility, Momentum, operational efficiency, QXO, roll-ups, strategic acquisitions, valuation | View Pitch | |
| Jan 20, 2026 | Fund Letters | Michael Taylor | QXO Inc. | Industrials | Industrial Distribution | Bull | New York Stock Exchange | Acquisitions, consolidation, Distribution, Rollup, scale | View Pitch |
| Jan 8, 2026 | Fund Letters | Samantha McLemore | QXO Inc. | Industrials | Trading Companies & Distributors | Bull | New York Stock Exchange | Building Products, Distribution, growth, M&A, Roll-up | View Pitch |
| Jan 8, 2026 | Substack | Kairos Research | QXO | Building Materials Distribution | Roofing Supply Distribution | Bull | NASDAQ Stock Market | Acquisitions, Brad Jacobs, Building Materials Distribution, EBITDA margins, procurement optimization, Roll-up Strategy, roofing supply, shareholder value, speculative investment, technology integration | View Pitch |
| Jan 8, 2026 | Substack | Coughlin Capital | QXO | Building Products Distribution | Building Products Distribution | Bull | Acquisitions, Brad Jacobs, Building Products Distribution, consolidation, economies of scale, Fragmented Industry, market share, operational efficiency, shareholder alignment, technology implementation | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||