What smart money is saying about QXO, Inc.
QXO · Industrials · Industrial - Distribution · Market cap $10.87B
8 funds in our archive have pitched QXO, Inc., most recently Ave Maria Funds Multi-Fund in September 2026.
Company profile
QXO, Inc. is a publicly traded distributor of roofing, waterproofing and complementary building products in the United States. It plans to become tech-enabled in the building products distribution industry and generate outsized value for shareholders. The company was founded on October 3, 2002, and is headquartered in Greenwich, CT.
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Fund signal · last 12 months
18 lettersMore funds are buying than selling
+8
Net flow
9 buys · 7 new positions · 90%1 sell · 1 full exit
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q3 2025 and Q3 2026, 18 fund letters reported a position in QXO, Inc., with 9 buys (opened or added) and 1 sell (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 6 | 4 | 1 | 1 |
| Q2 2026 | 10 | 4 | 0 | 4 |
| Q1 2026 | 1 | 1 | 0 | 1 |
| Q4 2025 | 1 | 0 | 0 | 1 |
| Q3 2025 | 0 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 18 positions · 14 moves
- September 2026
“We exited our position in QXO, Inc. (QXO) following the acquisition of TopBuild.”
QXO, Inc. - New positionLiontrust Sustainable Future Corporate Bond FundSeptember 2026
“We also rotated from Cellnex into QXO, gaining around 50 basis points of spread and shortening duration, while accepting a modest reduction in credit quality and greater cyclical exposure.”
QXO, Inc. - September 2026
“Trading activity Trading focused on primary market opportunities and selective switches to improve carry and relative value. In July, we initiated a position in Triodos Bank, where we believed valuations compensated for recent operational and litigation challenges. We also rotated from Cellnex into QXO, accepting lower credit quality and greater cyclicality in exchange for additional spread and shorter duration.”
QXO, Inc. - September 2026
“We also rotated from Cellnex into QXO, gaining around 50 basis points of spread and shortening duration, while accepting a modest reduction in credit quality and greater cyclical exposure.”
QXO, Inc. - AddedSpyglass Growth StrategySeptember 2026
“During the third quarter, the positions that received the most additional capital were AppLovin, AAON, and QXO.”
QXO, Inc. - New positionAve Maria Funds Multi-FundSeptember 2026
“AVE MARIA GROWTH FUND Q3 2026 COMMENTARY For the three months ended September 30, 2026, the total return on the Ave Maria Growth Fund (AVEGX) was -4.45%, compared to 2.30% for the S&P 500 Index and -1.87% for the S&P 500 Equal Weight Index. The returns for the Ave Maria Growth Fund compared to its benchmarks as of the end of the quarter were: ® ® FUND YEAR-TO - DATE 1 YEAR 3 YEAR 5 YEAR 10 YEAR SINCE INCEPTION (5/ 1/03) Ave Maria Growth Fund (AVEGX) Prospectus Expense Ratio: 0.90% 14.51% 14.30% 17.63% 8.86% 13.45% 11.60% S&P 500 Index® 12.75% 15.74% 22.89% 13.79% 15.33% 11.57% S&P 500 Equal Weight Index® 10.03% 11.56% 15.73% 8.78% 11.66% 11.50% A N N U A L I Z E DPerformance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value are historical and may fluctuate so that redemption value may be worth more or less than the original cost. Current performance may be lower or higher than what is quoted. Call 1-866-AVE-MARIA for the most current month-end performance. In the third quarter, top contributors to return included NVIDIA Corporation, SharkNinja, Inc., Verisign, Inc., IQVIA Holdings, Inc. and Mastercard, Inc. Top detractors from return included RB Global, Inc., Silicon Motion Technology Corporation, BE Semiconductor Industries N.V., HEICO Corporation and Texas Pacific Land Corporation. During the quarter, the Fund exited its investment in Rambus and reduced existing positions in Entegris, Inc., BE Semiconductor Industries N.V., Lowe’s Companies, Inc., Mastercard, Inc., O’Reilly Automotive, Inc., S&P Global, Inc., Texas Instruments, Inc., Shift4 Payments, Inc. and APi Group Corporation. Proceeds from these transactions were used to add to positions in Texas Pacific Land Corporation, Intel Corporation, Mobility Global, Inc., GFL Environmental, Inc., Silicon Motion Technology Corporation and XPEL, Inc. Mobility Global, Inc. was received as a spinoff from our investment in S&P Global, Inc. while new positions were initiated in Landbridge Company, LLC and QXO, Inc.”
QXO, Inc. - June 2026
“QXO, Inc., GFL Environmental Inc, and Netflix, Inc. were among the top detractors from performance. • 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.”
QXO, Inc. - June 2026
“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, which continued to pressure residential construction activity and sentiment across the building products sector.”
QXO, Inc. - June 2026
“Intuit (INTU) shares came under pressure amid growing investor concerns that emerging AI-native companies could disrupt the economics of the TurboTax business, particularly at the lower end of the market. While we continue to hold Intuit’s management team in high regard, and the company has a long track record of successfully adapting to technological change, we believe the range of potential outcomes has widened as software increasingly transitions toward autonomous AI agents. Accordingly, we exited our remaining stub position and reallocated the capital to a business where we see stronger long-term secular tailwinds and a more attractive risk-reward profile, consistent with our disciplined capital allocation process. 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, which continued to pressure residential construction activity and sentiment across the building products sector.”
QXO, Inc. - June 2026
“We also initiated a position in QXO, taking advantage of share price weakness to gain exposure to what we believe could become a leading consolidator in the highly fragmented building products distribution market.”
QXO, Inc. - New positionRoyal London AM Global Equity Diversified FundJune 2026
“We continued to upgrade the portfolio, increasing exposure to areas where we see stronger long-term wealth creation opportunities and more attractive risk-reward characteristics. We added to Cisco Systems, Lumentum Holdings and Hannover Re, reflecting improving conviction in their respective wealth creation outlooks and attractive valuation support. We also initiated a position in QXO, taking advantage of share price weakness to gain exposure to what we believe could become a leading consolidator in the highly fragmented building products distribution market.”
QXO, Inc. - New positionRoyal London AM Royal London US Equity TrustJune 2026
“We also initiated a position in QXO, taking advantage of share price weakness to gain exposure to what we believe could become a leading consolidator in the highly fragmented building products distribution market.”
QXO, Inc. - New positionRoyal London AM US Equity Fund (IRL)June 2026
“We added to Cisco Systems and Lumentum Holdings, reflecting our improving conviction in their respective wealth creation outlooks and attractive valuations. We also initiated a position in QXO, taking advantage of share price weakness to gain exposure to what we believe could become a leading consolidator in the highly fragmented building products distribution market.”
QXO, Inc. - New positionSpyglass Growth StrategyJune 2026
“QXO, Inc. (QXO), a distributor of roofing, waterproofing and complementary building products, was a new position during the second quarter.”
QXO, Inc. - June 2026
“• QXO (QXO) – QXO is proven consolidator Brad Jacobs’ building products distribution platform. The stock declined -11%, detracting -103 basis points, as rate-cut expectations evaporated and housing-linked demand stayed soft. The acquisition of TopBuild also came at a somewhat higher purchase price that most expected. Nothing in the quarter has changed our view of the long- term opportunity: a fragmented $800 billion industry, a proven serial acquirer with a playbook refined over four decades, and meaningful margin upside from technology and scale. We have added to the position and QXO represents an average sized holding.”
QXO, Inc. - New positionBaillie Gifford Long Term Global GrowthJune 2026
“Tight equity market correlations underscore the importance of maintaining a diverse idea pipeline. New portfolio holding QXO is a technologically advanced consolidator and distributor in the building materials industry.”
QXO, Inc. - New positionMar Vista U.S. Quality Premier PortfolioMarch 2026
“During the quarter, we initiated new investments in Ecolab (ECL), GE Vernova (GEV) and QXO Inc (QXO).”
QXO, Inc. - HoldsTsai CapitalDecember 2025
“• QXO (QXO—Year of First Purchase: 2024) In 2024, we initiated a position in QXO at approximately $11 per share.”
QXO, Inc.
Fund coverage · 8 theses
- Ave Maria Funds Multi-FundSeptember 2026
QXO is a building products distributor founded by serial entrepreneur Brad Jacobs with a plan to consolidate the industry and benefit from a housing turnover recovery.
Read the full thesis QXO’s acquisition of TopBuild should strengthen scale, improve economics, and support margin expansion, free cash flow, and higher ROIC.
Read the full thesis- Alger Focus Equity FundJune 2026
QXO is consolidating a fragmented building-products distribution market through acquisitions under a proven operator.
Read the full thesis - Andbank Azagala Gestión Boutique VII AzagalaJune 2026
QXO is a Brad Jacobs-led roll-up in building materials with a large consolidation runway, margin upside from systems integration, and structural demand tailwinds.
Read the full thesis - Spyglass Growth StrategyJune 2026
QXO, Inc. distributes roofing and waterproofing products, and the manager sees durable demand, scale advantages, margin expansion, and attractive valuation.
Read the full thesis - Mar Vista U.S. Quality Premier PortfolioMarch 2026
QXO aims to build a scaled building-products platform through consolidation, operational improvement, and data-driven efficiencies.
Read the full thesis - Tsai CapitalDecember 2025
QXO is consolidating building products distribution under Brad Jacobs with operational improvements and high-ROC targets following the Beacon acquisition.
Read the full thesis - Clearbridge Mid Cap StrategySeptember 2025
QXO is a newly formed building materials distribution platform aiming to consolidate the industry and enhance efficiency through technology under the leadership of experienced executive Brad Jacobs.
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