| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Focus Wealth Management's Q1 2026 letter emphasizes the importance of diversification amid unprecedented geopolitical turmoil. The quarter was dominated by US military actions in Venezuela and Iran, Supreme Court tariff rulings, and tensions over Greenland annexation. The Iranian conflict disrupted global energy markets, causing oil to spike over 50% and repricing inflation expectations higher. While the S&P 500 declined nearly 4%, their diversified Focus Fund delivered slightly positive returns, demonstrating the value of balanced positioning. The manager used market volatility to add high-quality names like Microsoft, RELX, and SAP that were caught up in AI-related fears despite having proprietary data assets where AI enhances rather than threatens value. They expect inflation to move higher from energy and supply chain disruptions, creating policy challenges for central banks. The letter criticizes last year's concentrated AI narrative as intellectually dishonest, arguing that diversification honors how the world actually works in complex, adaptive markets where the future rarely conforms to singular stories.
Focus Wealth Management maintains that diversified portfolios with high-quality, cash-generating businesses can protect and grow capital across multiple scenarios, emphasizing the importance of intellectual honesty over singular narratives in an uncertain geopolitical and inflationary environment.
The manager expects inflation to move higher from energy and supply chain disruptions, creating challenges for policymakers. They remain cautious on fixed income due to tight credit spreads and see continued value in alternatives for diversification. Recent volatility has created opportunities in previously expensive large cap names.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 14 2026 | 2026 Q1 | ENX.PA, EXPN.L, LSEG.L, MSFT, REL.L, SAP.DE | AI, diversification, energy, geopolitics, inflation, Iran, technology, Valuations | MSFT | Focus Wealth Management delivered positive returns in Q1 2026 despite geopolitical chaos from Iranian war and energy market disruptions. The manager used volatility to add quality names like Microsoft and data companies, emphasizing diversification over concentrated AI bets. They expect higher inflation from supply chain disruptions and remain cautious on credit while finding opportunities in previously expensive large caps. |
| Jan 15 2026 | 2025 Q4 | BNS.TO, DRX.L, JWEL.TO, RY.TO, SPB | AI, Bubble, Canada, diversification, gold, Quality, technology, Valuations |
JWEL CN DRX LN SPB |
Focus Wealth Management maintains disciplined investing principles amid historically expensive markets driven by AI hype. While delivering strong returns, the firm avoids speculation and focuses on overlooked quality businesses generating steady cash flows. With valuations at extreme levels reminiscent of the dot-com bubble, they prepare for eventual market correction by staying selective and patient. |
| Oct 22 2025 | 2025 Q3 | 3350.T, AAPL, GOOGL, META, MSTR, NVDA, SMLR | AI, Concentration, Exuberance, Late-cycle, risk, small caps, technology, Valuations | - | Focus Wealth delivered strong Q3 returns while avoiding speculative excesses as S&P 500 valuations approach dot-com levels with extreme concentration. Despite AI's transformative potential, signs of late-cycle exuberance including record margin debt and bitcoin speculation warrant caution. The firm finds better opportunities in reasonably valued small-caps and international markets, advocating restraint as the next great trade. |
| Jul 10 2025 | 2025 Q2 | - | AI, Canada, Dollar, Geopolitical, private credit, Trade Policy, Valuations | - | Focus Wealth delivered strong Q2 returns despite tariff-driven volatility, with the Focus Fund up 7% year-to-date. While markets appear calm, stretched valuations and geopolitical risks persist beneath the surface. The firm maintains selective positioning in quality companies and alternatives, viewing current conditions as requiring vigilance rather than complacency in portfolio construction. |
| Apr 1 2025 | 2025 Q1 | AAPL, AMZN, BLK, BRK-A, BX, GOOGL, META, MSFT, NVDA, TSLA | AI, Europe, infrastructure, Multi-Asset, private credit, real estate, tariffs, Trade Policy | - | Focus Wealth Management's multi-asset approach delivered 3.3% returns in Q1 2025 while markets collapsed under Trump's aggressive trade policies. The firm sees current disruption creating compelling opportunities in tariff-immune Canadian businesses, reasonably valued US large caps, and structurally cheap European equities, while maintaining defensive positioning with capital ready for deployment. |
| Jan 10 2025 | 2024 Q4 | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA, WMT | Alternatives, Canada, fixed income, infrastructure, risk management, small caps, US, valuation | - | Focus Wealth Management warns of dangerous valuation extremes in US large-cap equities reminiscent of the late 1990s tech bubble. While markets celebrated 25% S&P 500 gains driven by the Magnificent 7, the team finds better opportunities in undervalued small-caps and international markets, maintaining defensive positioning with alternatives while preparing for inevitable market sentiment shifts. |
| Oct 10 2024 | 2024 Q3 | - | fixed income, international, Mid-cap, rates, value, volatility | - | Focus Wealth delivered 4.62% in Q3 despite emerging market fragility and carry trade unwinding. With the S&P 500 at 29x earnings and markets priced for perfection, the team emphasizes valuation discipline while finding selective opportunities in international and mid-cap markets. Positioned to deploy capital into quality companies with strong fundamentals should volatility create opportunities. |
| Jul 15 2024 | 2024 Q2 | AAPL, COST, MSFT, NVDA, PLC.TO | AI, Concentration, diversification, Mega Cap, Quality, small caps, technology, Valuations | COST | Market exuberance has returned with extreme concentration in mega-cap tech stocks trading at bubble-like valuations, while small-caps and international markets remain undervalued. Focus maintains diversified positioning with below-peer equity exposure, capitalizing on the opportunity set created by one-way capital flows into expensive mega-caps. |
| Apr 24 2024 | 2024 Q1 | META, MSFT, NVDA | AI, Alternatives, commodities, diversification, fixed income, international, technology, Valuations | - | Focus Wealth warns of AI bubble risks as mega cap concentration reaches 1929/2000 levels. Manager raising cash amid overvalued growth stocks, focusing on overlooked compounders and undervalued international markets. Diversified approach delivered 8.6% annualized returns versus 3.0% benchmark over three years through disciplined value investing and alternative asset allocation. |
| Jan 29 2024 | 2023 Q4 | AAPL, ALK, AMZN, GOOGL, HA, META, MSFT, NVDA, TSLA | Alternatives, Canada, dividends, fixed income, international, mid cap, private credit, value | - | Focus delivered strong 2023 performance through value-based investing in mid-cap North American companies and discounted international dividend stocks. They avoided expensive mega-cap tech concentration while positioning for attractive opportunities in private credit at 10% yields and recovering bond markets. The firm maintains diversified exposure across asset classes with cautious optimism for 2024 despite ongoing economic uncertainties. |
| Jul 24 2023 | 2023 Q2 | - | AI, Canada, credit, inflation, mid cap, rates, real estate, technology | - | Focus Wealth Management maintains steady diversified positioning despite missing the AI-driven mega-cap tech rally in Q2 2023. The firm sees attractive opportunities emerging in mid-cap North American equities and fixed income as valuations improve, while remaining cautious of elevated tech valuations and ongoing credit stress from monetary tightening. Their alternative strategies continue providing valuable portfolio diversification. |
| Apr 12 2023 | 2023 Q1 | - | Alternatives, Canada, dividends, fixed income, inflation, rates, technology | - | Focus delivered strong Q1 returns across equity and fixed income strategies while navigating the transition from decades of low rates to a higher-rate environment. The firm emphasizes bottom-up security selection and alternative diversification, finding opportunities outside technology despite sector strength. Economic resilience continues despite recession risks from banking stress and debt deterioration. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
GeopoliticsThe quarter was defined by relentless geopolitical events including US military action in Venezuela and Iran, tensions over Greenland annexation, and Supreme Court tariff rulings. The war in Iran disrupted global energy markets and shipping through the Strait of Hormuz, causing oil to spike over 50% and repricing inflation expectations higher. |
Iran Venezuela Energy Inflation Sanctions |
AIAI continues to reshape labor markets through automation and efficiency gains, potentially creating excess capacity and reducing wage-driven inflation over time. However, AI impacts on labor markets remain nascent and unlikely to counteract near-term inflationary forces from energy disruptions. The manager views AI as enhancing rather than threatening certain data-driven businesses. |
Automation Labor Efficiency Data Software | |
DiversificationThe manager emphasizes that truly diversified portfolios can protect capital during volatile periods, citing their Focus Fund's slightly positive return amid broader market declines. They argue diversification honors how the world actually works, contrasting with last year's concentrated AI narrative that abandoned intellectual honesty for technology hype. |
Risk Management Volatility Portfolio Protection Balance | |
InflationEnergy and material cost increases from Middle East conflicts are feeding directly into inflation through transportation, manufacturing, food production, and supply chains. The manager expects inflation to move higher, creating a difficult backdrop for policymakers caught between tightening risks and easing risks that could entrench inflation like the 1970s. |
Energy Supply Chain Food Manufacturing Policy | |
ValuationsTechnology equity valuations had gotten ahead of themselves with expectations leaving little room for error. Recent volatility has brought some valuations back into reasonable ranges while companies have grown into their valuations over time. The valuation premium of mega cap stocks has narrowed significantly, creating opportunities in previously expensive names. |
Technology Mega Cap Premium Opportunity Correction | |
| 2025 Q4 |
CopperCopper surged 17% over the quarter driven by supply disruptions and geotechnical issues at large-scale mines. Portfolio holdings Freeport McMoRan, Teck Resources, and BHP performed strongly. The fund maintains conviction in copper due to impending supply shortfall and record low inventories. |
Mining Supply Infrastructure Commodities |
GoldGold gained 12% over the quarter reaching record highs, with extraordinary 64% gains for 2025. Monetary policy uncertainty and geopolitical tensions provide positive backdrop. Portfolio holdings Newmont delivered strong performance. The fund expects favorable sentiment to continue. |
Monetary Policy Geopolitical Safe Haven Commodities | |
European BanksEuropean banking sector produced outperformance led by Bank of Ireland, Lloyds Banking Group, and CaixaBank. Sector benefits from interest rate stabilization and yield curve steepening. Market transitioning from rate normalization toward improving organic loan growth with disciplined capital management. |
Interest Rates Credit Growth Dividends Buybacks | |
RailUnion Pacific's proposed merger with Norfolk Southern would create first transcontinental rail network in US. This provides credible pathway to renewed volume growth and productivity gains in mature industry. The fund initiated position believing this unlocks rail's potential for long-distance freight. |
Infrastructure Logistics Consolidation Network Effects | |
HealthcareInitiated position in Siemens Healthineers, global leader in medical imaging and advanced therapies. Company well-placed to benefit from aging demographics and rising chronic diseases. Investment supported by dominant market position and transition towards value partnerships with recurring revenue. |
Demographics Medical Devices Recurring Revenue Technology | |
| 2025 Q3 |
AIAI is described as potentially transformative as the Industrial Revolution, with largest public companies investing hundreds of billions annually into AI infrastructure, semiconductors, and model development. However, concerns exist about AI capex boom sustainability and potential overbuild similar to railway mania and dot-com boom. |
Infrastructure Semiconductors Capex Technology Innovation |
ValuationsS&P 500 forward multiple at ~23x earnings approaching dot-com era levels of 25x. Historically, such levels have preceded muted future returns. Even defensive sectors like Consumer Staples and Utilities trade above long-run norms at premium multiples. |
Multiples Premium Historical Returns Expensive | |
Risk AppetiteMarkets display unmistakable risk-on tone with corporate bond spreads at multi-decade lows. Retail speculation roaring with FINRA margin debt hitting record $1.13T. Companies raising capital to buy bitcoin rather than fund productive investment signals late-cycle exuberance. |
Speculation Leverage Credit Exuberance Late-cycle | |
Small CapsOpportunity continues in under-followed small and mid-cap companies where information edges and multi-year growth runways can be bought at reasonable valuations. Structural advantages include less sell-side coverage, more idiosyncratic drivers, and ability to grow. |
Under-followed Growth Reasonable Coverage Idiosyncratic | |
| 2025 Q2 |
Trade PolicyTrump administration announced sweeping reciprocal tariffs in April, the most protectionist agenda in over a century, sending shockwaves through markets. Despite some walkbacks and temporary exemptions, significant levies remain on aluminum, car parts, and a 10% universal import tax. The unpredictable nature of trade policy continues to create uncertainty. |
Tariffs Protectionism Trade China Aluminum |
DollarThe U.S. dollar has fallen over 10% against major currencies this year while Treasury yields remain elevated, signaling eroding trust and strained trade relationships. America's inward turn has frayed alliances and weakened structures that underpinned decades of economic leadership, jeopardizing the dollar's reserve currency status. |
Reserve Currency Treasury Yields Trust Leadership | |
CanadaCanada appears to be turning a corner with more rational policymaking emerging. March's rollback of the consumer carbon tax marked the beginning of a broader shift, with Ottawa moving forward on lowering interprovincial trade barriers, investing in housing, and streamlining infrastructure permitting. Canadian leadership feels more aligned in attracting capital and encouraging productive investment. |
Carbon Tax Housing Infrastructure Capital Leadership | |
AIAI enthusiasm continues to drive sentiment in U.S. mega-cap stocks, contributing to the narrow market rally where only 22 of 503 S&P 500 stocks have reached historical highs. The AI rush has largely ignored small and mid-cap names, creating opportunities in overlooked segments. |
Mega Cap Rally Sentiment Technology Opportunity | |
Private CreditPrivate and alternative assets continue to act as a ballast in multi-asset portfolios, with volatility in public markets sharpening their appeal. Private credit, along with real estate and infrastructure investments, delivers steady contractual cash flows and contributes to true diversification. |
Diversification Cash Flows Volatility Ballast Alternatives | |
| 2025 Q1 |
Trade PolicyPresident Trump unleashed aggressive protectionist policies including a 10% baseline tariff on all imports and sweeping reciprocal tariffs, marking the most aggressive shift since the Great Depression. These tariffs are expected to be inflationary and weaken economic growth globally. |
Tariffs Protectionism Trade War Inflation Economic Growth |
AIMarkets began 2025 with AI enthusiasm but faced headwinds when China's DeepSeek R1 model demonstrated a serious narrowing of the AI capability gap between the US and China. This development stunned global markets and contributed to the selloff in US tech stocks. |
DeepSeek AI Models Technology Gap China Innovation | |
Private CreditThe Private Debt Fund partners continue to benefit from higher base rates and attractive spreads to generate strong absolute returns. The firm remains mindful of deteriorating macro conditions and overcapitalization risks in the private credit industry broadly. |
Base Rates Spreads Asset-Backed Lending Middle Market Credit Risk | |
Infrastructure SpendingGermany announced a historic fiscal overhaul including a €500 billion infrastructure fund and reforms to borrowing rules for defense spending. The firm made a new investment in European infrastructure, specifically a water utility with an effective monopoly in Valencia, Spain. |
Defense Spending Fiscal Policy Water Utilities European Infrastructure Monopoly Assets | |
Student HousingThe Focus Infrastructure Fund had a material positive event with Alignvest Student Housing REIT being acquired by Forum Real Estate Income & Impact Fund. The investment delivered annualized returns in the high teens over a four-year holding period. |
REIT Acquisition Consolidation Real Estate Portfolio Scale Value Creation | |
Commercial Real EstateThe Focus Real Estate Fund benefited from strong performance at Hazelview Capital Corporation, which saw strong NOI growth at stabilized properties and material uplift in value from its 1141 Bloor West development project. The firm is pursuing opportunities in ground leases and senior housing. |
NOI Growth Development Projects Ground Leases Senior Housing Industrial Assets | |
| 2024 Q4 |
ValuationManager emphasizes extreme valuations in US large-cap equities, particularly comparing current levels to late 1990s tech bubble. Uses Walmart as case study showing how high valuations can lead to 15 years of sideways performance despite business growth. Warns that paying too high a price can lead to lackluster returns regardless of business quality. |
Valuation Price-to-earnings Tech bubble Overvaluation Returns |
Small CapsTeam finds opportunities in small- and mid-cap stocks in US and especially Canada, which offer relative value compared to large-cap counterparts. Particularly interested in Canadian-listed companies with majority business exposure outside Canada. Views these as having defensible investment cases unlike overvalued large caps. |
Small caps Mid caps Canada Relative value Investment case | |
InfrastructureFocus invests in infrastructure to provide portfolio ballast and modern diversification. Performance was strong in Q3 2024, supported by AMAROK investment providing contracted perimeter security infrastructure solutions. Infrastructure offers attractive idiosyncratic return profiles with minimal correlation to public markets and important inflation-hedging characteristics. |
Infrastructure Diversification Inflation hedge Security Uncorrelated returns | |
| 2024 Q3 |
RatesCentral banks continued their delicate balancing act with benchmark rates. The Federal Reserve cut rates by 50 basis points to 4.75%-5.00%, while the Bank of Canada lowered rates from 4.75% to 4.25%. Easing monetary conditions are expected to continue supporting fixed income performance. |
Interest Rates Federal Reserve Monetary Policy Rate Cuts Central Banks |
VolatilityMarkets experienced periods of volatility including technology stock corrections in July and carry trade unwinding in August following Fed and Bank of Japan meetings. An estimated ¥40 trillion was impacted by the carry trade unwind, though the financial system remained resilient. |
Market Volatility Carry Trade Technology Correction Japanese Yen Financial System | |
ValueThe team emphasizes valuation discipline as the S&P 500 trades at over 29x trailing earnings, historically elevated levels. They continue to find selective opportunities at reasonable valuations, particularly in international markets and North American mid-cap equities. |
Valuation Discipline Earnings Multiples International Markets Mid-Cap Margin of Safety | |
| 2024 Q2 |
AIMassive capital inflows into artificial intelligence related companies are driving market exuberance. AI is mentioned as one of the key factors behind investor optimism and the concentrated performance of mega-cap technology stocks. |
Technology Semiconductors Nvidia Growth Mega Cap |
QualityMany technology and quality companies trade at extremely high valuations. The letter uses Costco as an example of the quality at any price theme, where well-run companies with strong fundamentals trade at valuations that leave practically zero buffer for error. |
Valuations Premium Fundamentals Execution Margins | |
Small CapsSmall and medium sized companies are undervalued due to fund flows going one-way into mega caps. This creates attractive prospective returns for patient investors, similar to the dynamic in late 1999/early 2000 when small caps subsequently outperformed for multiple years. |
Undervalued Outperformance Fund Flows Opportunity Relative Value | |
| 2024 Q1 |
AIAI dominance drove Q1 performance with mega cap technology stocks accounting for over one third of S&P 500 market cap. Nvidia contributed over 20% to S&P 500 gains. Manager views current AI valuations as leaving little room for error, comparing the situation to historical hype cycles. |
Artificial Intelligence Technology Semiconductors Valuations Hype Cycle |
CommoditiesEnergy and commodities drove 50% of TSX gains in Q1 following years of lackluster returns. Manager notes few commodity companies have wealth-generating business models that produce returns above cost of capital over time. |
Energy Mining Gold Oil & Gas Natural Resources | |
ValueManager focuses on overlooked companies with compounding potential while avoiding overvalued high-quality businesses. International markets trade at historically attractive valuations with 15-year discount to North American markets. |
Valuation International Compounding Overlooked Discount | |
| 2023 Q4 |
ValueFocus employs a sound, value-based philosophy using bottom-up security selection. They find opportunities in mid-sized companies trading at attractive valuations with strong business models and healthy balance sheets. International stocks trade at meaningful discounts to North American stocks, with UK market offering dividend yield nearly three times that of S&P 500. |
Valuations Discounts Bottom-up Selectivity Margin of safety |
Mid CapCore Equity finds opportunities in mid-sized companies that trade at attractive valuations while having strong business models, healthy balance sheets and ample free cash flow. Unlike mega-cap companies, plenty of mid-cap stocks are available at attractive valuations. These companies have optionality around M&A as their size and characteristics make them attractive to Private Equity firms. |
Mid-sized Valuations Balance sheets Free cash flow M&A optionality | |
DividendsFocus International Dividend Equity Fund has seen very strong returns since shifting towards international stocks in mid-2022. They advocate for exposure to high quality, non-North American dividend-paying equities. UK market offers dividend yield nearly three times that of S&P 500 at 4% versus 1.4%. |
International High quality Yield UK market Non-North American | |
Private CreditFocus Credit Opportunities Fund benefits from yields on non-investment grade bonds that have more than doubled since early 2022. The broad US high-yield credit market was recently trading at 10% yield to maturity versus 4% in 2022. They believe properly curated high-yield credit offers attractive risk-adjusted, equity-like returns with far lower risk. |
High-yield Yield to maturity Risk-adjusted Credit structure Non-investment grade | |
| 2023 Q2 |
AIThe letter discusses the AI revolution following ChatGPT's launch, noting an entrepreneurial explosion in Large Language Models that makes the dotcom boom look sedate. Technology stocks have rallied 38% in the first half of 2023, with AI-fever driving a snapback from 2022's poor performance. The manager notes they are still in very early innings of this structural theme. |
Artificial Intelligence Large Language Models Technology ChatGPT Revolution |
Commercial Real EstateThe letter identifies commercial real estate as facing pressure from higher interest rates, particularly Canadian commercial office space. However, the manager sees opportunities in other segments, noting that while office towers are challenged, the broader Canadian real estate market remains reasonably healthy with housing shortages and immigration-driven demand for multi-residential units. |
Office Space Interest Rates Housing Immigration Multi-residential | |
Credit StressRising interest rates have revealed vulnerabilities in the macroeconomic environment, with elevated private and public debt levels particularly in Canada. The banking crisis earlier in the year exposed these weaknesses, and the manager expects more signs of stress as central banks maintain pressure to lower inflation, potentially leading to credit losses and recession. |
Banking Crisis Debt Levels Interest Rates Vulnerabilities Recession | |
| 2023 Q1 |
RatesThe letter emphasizes the dramatic shift from three decades of low or declining interest rates to a new environment of persistently higher rates driven by inflation. Central banks are aggressively raising rates, fundamentally changing investment conditions from the COVID-era lows. This transition has created challenges across asset classes but also opportunities for higher yields in fixed income strategies. |
Interest Rates Central Banks Inflation Monetary Policy Fixed Income |
InflationPersistently higher inflation in developed countries has forced central banks to walk a tightrope between fighting inflation and maintaining growth. While inflation readings have been gradually falling, central banks have not yet broken inflation's back as Paul Volcker once did. The tenuous inflation environment requires nimble approaches, particularly in fixed income investing. |
Price Levels Central Banks Monetary Policy Economic Policy Fixed Income | |
ResilienceThe letter highlights the remarkable resilience of North American economies including Canada, the US, and Europe despite predictions of recession. Advanced economies show signs of both fragility and strength, continuing to surprise on the upside contrary to expert predictions. This resilience is evident in still-tight labor markets and gradual policy tightening slowdown. |
Economic Strength Recovery Labor Markets Growth Stability |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 14, 2026 | Fund Letters | Focus Wealth Management | MSFT | Microsoft Corporation | Software - Infrastructure | Systems Software | Bull | NASDAQ | AI, Cloud computing, large-cap, Mega Cap, Software, technology, valuation | Login |
| Jan 15, 2026 | Fund Letters | Jeff Hales | JWEL CN | Jamieson Wellness Inc. | Consumer Staples | Personal Products | Bull | New York Stock Exchange | Branded Supplements, cash flow, Consumer-health, International Growth, Recurring Demand | Login |
| Jan 15, 2026 | Fund Letters | Jeff Hales | DRX LN | Drax Group plc | Utilities | Electric Utilities | Bull | New York Stock Exchange | data centers, Dispatchable Power, Energy security, Free Cash Flow, valuation | Login |
| Jan 15, 2026 | Fund Letters | Jeff Hales | SPB | Spectrum Brands Holdings, Inc. | Consumer Discretionary | Household Products | Bull | New York Stock Exchange | balance sheet, Consumer products, Cyclical Recovery, essential goods, Free Cash Flow | Login |
| Jul 15, 2024 | Fund Letters | Focus Wealth Management | COST | Costco Wholesale Corporation | Consumer Staples | Hypermarkets & Super Centers | Bear | NASDAQ | consumer goods, High Expectations, Membership, overvalued, Quality, retailer, Warehouse | Login |
| TICKER | COMMENTARY |
|---|---|
| MSFT | Microsoft's recent 35% decline from its previous highs has given us an opportunity to become shareholders in the company once again. |
| REL.L | RELX, which owns large databases of legal, scientific, and insurance information that professionals rely on every day to do their jobs |
| LSEG.L | London Stock Exchange Group, which not only operates exchanges but also sells critical financial data and analytics to investors |
| EXPN.L | Experian, which provides credit data and scoring used by lenders globally |
| SAP.DE | SAP, whose software runs the core systems of large enterprises like accounting, inventory, and supply chains |
| ENX.PA | Euronext, which operates stock exchanges across Europe |
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