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Spyglass Growth Strategy highlights QXO after its TopBuild acquisition move
In its Q2 2026 investor letter, Spyglass Growth Strategy pointed to QXO, noting the shares traded at $13.46 on July 30 and the position was a bottom contributor in the quarter despite an improving outlook.
Spyglass Capital Managements Spyglass Growth Strategy released its second-quarter investor letter, saying the strategy returned 24.6% in Q2, outpacing several broader growth benchmarks, and attributing the rebound partly to easing geopolitical tensions, lower oil prices, and a rebound in software stocks, according to Yahoo Finance.
Within the letter, the firm described QXO, Inc., a US distributor of roofing and waterproofing building products, as a new portfolio addition and linked it to the companys acquisition announcement for TopBuild. The letter said QXO had been a bottom contributor in the second quarter after the firms entry point in April.
The QXO section also cited market performance figures: the stock closed at $13.46 per share on July 30, 2026, with a market capitalization of $14.0 billion. It also listed a one-month return of -17.0% and a 52-week decline of 30.4%, as reflected in the investor update.
Spyglass Capital Managements letter further stated that, while the strategy has benefited from earnings growth remaining above 40% and 85% of portfolio companies exceeding revenue estimates, the broader portfolio faces multiple compression and a slightly negative year-to-date return, while the firm emphasized that fundamentals should prevail over volatility.