What to Know About This Fund’s $14 Million Patrick Industries Exit After a Tough Quarter

Anchor Capital Management fully exited its position in Patrick Industries (NASDAQ:PATK) during the first quarter, selling 116,967 shares in a trade estimated at $14.46 million based on quarterly average pricing, according to a May 15, 2026, SEC filing.

What happened

According to an SEC filing dated May 15, 2026, Anchor Capital sold all 116,967 shares of Patrick Industries in the first quarter. The estimated transaction value was $14.46 million, based on the average closing price for the period. The fund reported holding zero shares at quarter’s end, with the position value dropping by $12.68 million, reflecting both trading activity and market movements.

What else to know

• The position was fully liquidated, reducing Patrick Industries from 11.3% of the fund’s assets in the prior quarter to zero as of March 31, 2026.
• Post-filing, top holdings were:
  • NASDAQ: HLMN: $21.10 million (22.8% of AUM)
  • NASDAQ: MGRC: $20.43 million (22.0% of AUM)
  • NASDAQ: LIND: $16.99 million (18.3% of AUM)
  • NYSE: SXI: $14.33 million (15.5% of AUM)
  • NASDAQ: VITL: $8.77 million (9.5% of AUM)
• As of May 14, 2026, PATK shares were priced at $94.14, up 10% over the past year and underperforming the S&P 500 by about 17 percentage points.

Company Overview

Company Snapshot

• Patrick Industries manufactures and distributes components, building products, and materials for the recreational vehicle, marine, manufactured housing, and industrial markets.
• The company operates through manufacturing and distribution segments, generating revenue from the sale of furniture, cabinetry, countertops, electronics, and related building materials.
• It serves OEMs and manufacturers in the RV, marine, manufactured housing, and industrial sectors across the United States, China, and Canada.

Patrick Industries, Inc. is a leading supplier of building products and materials for the recreational vehicle, marine, and manufactured housing industries, with a significant presence in North America and select international markets. The company leverages a vertically integrated business model to deliver a broad portfolio of components and value-added solutions to OEM customers. Its scale, diverse product offerings, and established distribution network provide a competitive advantage in serving cyclical end markets.

What this transaction means for investors

Patrick Industries has continued executing well operationally, but investors appear split on how much longer RV and housing softness can weigh on results, especially with consumer spending showing cracks in discretionary categories. Shares have plunged nearly 40% since February alone.

The company’s latest quarter showed both the strengths and pressures in the story. First-quarter revenue slipped slightly to $997 million, while operating margin held steady at 6.5%. Marine revenue jumped 14%, and powersports revenue surged 28%, helping offset weaker RV and housing demand. Meanwhile, Patrick continued gaining wallet share, with RV content per unit rising 8% and marine content per unit climbing 17%. Management also kept leaning into shareholder returns, buying back roughly $15 million of stock during the quarter and another $15 million in April.

For long-term investors, the key question is whether Patrick’s diversification can outweigh macro pressure in RVs and housing. The company still generated nearly $194 million in trailing 12-month free cash flow and maintained $734 million in liquidity, giving it flexibility if demand weakens further.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Hillman Solutions. The Motley Fool recommends Lindblad Expeditions, McGrath RentCorp, and Vital Farms. The Motley Fool has a disclosure policy.