Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Zelikovic Investments Yoav Zelikovic | “Constellation Software Inc. (CSU), an outstanding Canadian company that is a serial acquirer of niche software companies (Vertical Software) and which I expanded on in our 2023 letter. CSU's stock is one of the best performing stocks in the Canadian stock exchange over the last 20 years, as its EPS grew by 20% annually since its IPO. However the company has recently experienced a perfect storm, reflected in a decline of over 50% in its value compared to its peak. This was caused, firstly, by the fact that its excellent founder and CEO, Mark Leonard, was forced to retire due to health issues (he was replaced by his veteran and talented VP, Mark Miller). Secondly, the AI threat raised concern among many investors that the many CSU subsidiaries would become irrelevant as AI solutions continue to develop and cheaper alternatives to software may come into existence. In this new reality, I had to decide whether to align with the general concern relating to AI in the stock market and veer clear of the CSU stock or stick with my trust in and recommendations for this excellent company and recommend acquiring its stock at a 50% discount. A great deal of thought and deliberation made it clear to me that, with all due respect to the emergence of AI dominance in many fields, there are areas that require and will continue to require the capabilities and performance of existing systems. For example, CSU subsidiaries handles vital services, such as hospitals, medical systems, municipal services, etc. These services will continue to use the software that the CSU's subsidiaries provide even if there are AI alternatives. Furthermore, I believe CSU will be able to adapt its activities and new acquisitions to the AI revolution and harness it to its benefit, whether through its subsidiaries or by acquiring many companies that, due to difficulties in the software industry, will enable it to acquire them at bargain prices. Finally, CSU will be able to expand its fields of operation and penetrate different and diverse fields that are not necessarily susceptible to AI. As such, YTD in 2026 the company has already invested a record amount of its free cash flow in new acquisitions. In closing, the AI revolution may have indeed rendered the software company industry more fragile, but the path to closing out an entire industry is still very long. This is especially true for an excellent company like CSU, with hundreds of subsidiaries providing niche and irreplaceable services to thousands of clients. Therefore, I have decided to continue recommending, holding and even increasing my exposure to CSU and its subsidiaries. I recommend purchasing the company's stock at its current valuation, which already embodies the risk, at a P/E multiple of 15 on its profit forecast for the upcoming year, much lower than CSU's average historical multiple. Although Mark Leonard will sadly not return to the CEO's desk, I feel that this company is in excellent hands and that it will know how to take advantages of the many opportunities available in today's market.” | NEUTRAL | Q2 2026 Aug 3, 2026 | View Pitch |
Emerald Wealth Partners - Focused Equity Strategy Portfolio Manager | “Broad pressure on software stocks enabled us to initiate a position in Constellation Software. It is a permanent capital vehicle acquiring vertical market software businesses and holding them indefinitely. Founder Mark Leonard enforces strict capital allocation discipline with IRR hurdles above 20%. These businesses generate high recurring free cash flow, which is reinvested to compound value. The stock now offers an attractive free cash flow yield of about 5%, near an all-time low valuation. BSD Analysis: Constellation is one of the cleanest capital allocation machines ever built, quietly acquiring niche software businesses that never show up in hype cycles. Its focus on vertical market software creates extreme stickiness because customers run mission-critical operations with zero appetite for change. Growth looks incremental by design, but returns compound because acquisition discipline never slips. Investors struggle to model it because value is created deal by deal, not quarter by quarter. Pricing power exists because software costs are trivial relative to the disruption of switching. Decentralization prevents bureaucracy from killing incentives. This is private equity logic executed permanently inside a public company.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
