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Orbis Global Equity Strategy touts QXO as it targets AI-driven redesign
In the first half of 2026, the strategy returned 19.9%, and Orbis described QXO as rebuilding its operating model, not just adding technology to distribution workflows.
Orbis Investment Management highlighted QXO, Inc. in its Q2 2026 investor letter for the Orbis Global Equity Strategy, framing the company as a candidate that is redesigning how it operates in areas ranging from pricing and procurement to inventory and branch data. The firm said it looks at corporate AI adoption by asking whether companies are willing to redesign the underlying floor of their workflows rather than bolting AI onto existing processes. The letter also emphasized how it manages conviction in a fluctuating market, prioritizing disciplined, evidence-based decision-making and flexible positioning. Orbis said the Global Equity Strategy returned 19.9% in the first half of 2026, outperforming the MSCI All Country World Index by 7.8%, while noting that the market environment featured narrow breadth in the quarter. Orbis organizes its AI investment approach into four groups, labeling companies as Core for direct exposure, Enablers for supporting businesses, AI Powered for companies enhanced by AI, and Overlooked for firms it views as misjudged but resilient. Within that framework, the outlet noted QXO as a US-based roofing, waterproofing, and complementary building products distributor. As of August 24, 2026, QXO closed at $13.41 per share, the stock’s one-month return was -5.89%, and it is down 35.93% over the past 52 weeks, according to the same report. Orbis also cited that its database showed 83 hedge fund portfolios held QXO at the end of the second quarter, up from 65 in the prior quarter.