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 |
|---|---|---|---|---|
McElvaine Value Fund Tim McElvaine | “Unsecured subordinated floating-rate debenture maturing March 31, 2040. The coupon resets every March 31 to the annual change in Canadian CPI plus 6.5%. Coupon reset on March 31 from 8.9% to 8.6%, reflecting Canadian inflation of about 2.1%. Credit quality unchanged and interest paid quarterly. The debentures now trade at a premium to face value.” | BULL | Q2 2026 Aug 31, 2026 | View Pitch |
Andvari Associates Douglas Ott | “Constellation Software in its first quarter results showed revenue growth of 19.9% and record free cash flows. Given the contraction in software company values over the last 12 months, Constellation this year has also been very active in acquiring other vertical market software businesses. RBC Capital Markets estimates Constellation is on track to spend a record $2.76 billion on acquisitions in 2026. If that happens, it would be a record year for Constellation in terms of capital deployed for acquisitions. Finally, the company and its subsidiaries have devoted more time to sharing with the public how they are using AI tools to (1) become more productive and (2) to further solidify their customer relationships, which typically have spanned decades. If Constellation can prove over the next few years that its 1,000+ software businesses are still valuable, cash-flowing assets despite the fears and uncertainties caused by the advent of AI-based coding tools, its share price should begin to recover.” | NEUTRAL | Q2 2026 Aug 10, 2026 | View Pitch |
Saltlight Capital David Eborall | “Enterprise AI seems to us an incredibly fruitful place to seek opportunities. The value equation is simplified because there is an obvious, measurable human to compare costs and benefit” | NEUTRAL | Q2 2026 Aug 6, 2026 | View Pitch |
Saltlight Capital David Eborall | “Enterprise AI seems to us an incredibly fruitful place to seek opportunities. The value equation is simplified because there is an obvious, measurable human to compa...” | BULL | Q2 2026 Aug 6, 2026 | View Pitch |
Rowan Street Capital Alex Kopel | “We initiated our Constellation Software position during the first quarter of 2026, building on the experience we've gained over the past four years as shareholders of Topicus, a C” | NEUTRAL | Q2 2026 Aug 3, 2026 | View Pitch |
Bretton Fund Stephen Dodson and Raphael de Balmann | “When people think of business software, they often think of either widely adopted products like Microsoft Excel and fast-growing ones like Slack. These businesses usually raise venture” | NEUTRAL | Q2 2026 Aug 3, 2026 | View Pitch |
Rowan Street Capital Alex Kopel | “We initiated our Constellation Software position during the first quarter of 2026, building on the experience we've gained over the past four years as sharehol...” | BULL | Q2 2026 Aug 3, 2026 | View Pitch |
Bretton Fund Stephen Dodson and Raphael de Balmann | “When people think of business software, they often think of either widely adopted products like Microsoft Excel and fast-growing ones like Slack. These businesses us...” | BULL | Q2 2026 Aug 3, 2026 | View Pitch |
The Baird Chautauqua International Growth Fund Haicheng Li, CFA | “We took the opportunities afforded by the strong market to trim holdings that appreciated the most, led by our semiconductor and automation names, and to redirect the proceeds into a small number of higher conviction positions that lagged. For example, we added to beaten down compounders such as Adyen and Constellation Software. The market has de-rated many of our holdings in software and digital businesses, treating them as structural casualties of the AI disruption narrative. We view this terminal value assessment as materially disconnected from operational reality. The competitive moats of Constellation Software, Adyen, and Sea are built on deep customer integration, regulatory complexity, and network scale.” | NEUTRAL | Q2 2026 Jul 15, 2026 | View Pitch |
Pabrai Wagons Fund Mohnish Pabrai | “Constellation Software is a very high-quality compounder founded by Mark Leonard. It operates a buy and build flywheel of vertical market software (VMS) assets. The recent AI-driven software selloff has hammered these stocks. We believe Mr. Market is wrong, and AI will instead benefit incumbents like Constellation and its spin-offs, Topicus and Lumine, and they will continue to compound for years to come.” | NEUTRAL | Q2 2026 Jul 4, 2026 | View Pitch |
Pabrai Wagons Fund Mohnish Pabrai | “Constellation Software is a very high-quality compounder founded by Mark Leonard. It operates a buy and build flywheel of vertical market software (VMS) assets. The recent AI-driven software selloff h” | BULL | Q1 2026 Apr 28, 2026 | View Pitch |
Ironvine Capital Partners The Ironvine Investment Team | “Before AI, Constellation Software (CSU) was broadly viewed as possessing a strong moat and seemingly limitless runway to redeploy cash flows into vertical market software acquisitions at high returns.” | BULL | Q1 2026 Apr 22, 2026 | View Pitch |
Giverny Capital Asset Management David M. Poppe | “The manager defends the investment in Constellation Software despite its significant recent decline, arguing that artificial intelligence is unlikely to easily displace its deeply integrated enterprise resource planning (ERP) platforms. Operating databases and ERP tools remain highly sticky because transitioning to new systems is operationally disruptive and poses substantial data risks. Additionally, small business owners rely heavily on human service and customer support, a key competitive advantage for Constellation that AI cannot duplicate.” | BULL | Q1 2026 Apr 13, 2026 | View Pitch |
DKAM Donville Kent Asset Management Jason & Jesse | “As previously discussed, we sold our Constellation investment in 2025 at $3,250-$3,760/share. We made this decision due to three factors. Mark Leonard stepped down from his position as CEO (this past ” | BULL | Q1 2026 Apr 2, 2026 | View Pitch |
Atherean Value Fund Christopher Gething | “We took a position in Constellation Software (TSX: CSU, PINK: CNSWF). Constellation is a Toronto-based company which acquires enterprise software businesses which serve specialized niche industries. F” | BULL | Q1 2026 Mar 31, 2026 | View Pitch |
Avenue Investment Management Bryden Teich | “Constellation Software is an exceptional software consolidator with high capital efficiency and returns on tangible assets. It is highly resilient to persistent inflation because it does not require significant physical infrastructure to scale or operate, generating massive free cash flow that is continuously reinvested into value-add acquisitions.” | BULL | Q2 2025 Jul 23, 2025 | View Pitch |
Zelikovic Investments Yoav Zelikovic | “As an elite serial acquirer of vertical market software firms, Constellation Software has consistently scaled its free cash flow over the years. The manager increased holdings significantly, believing its programmatic, low-price acquisition model still has an immense runway for growth.” | BULL | Q4 2023 Dec 31, 2023 | 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.