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Constellation Software Inc. (CSU)
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Shopify Inc. Class A Subordinate Voting Shares (SHOP)
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Topicus.com Inc. (TOI)
Q: CSU never dropped to the extent of these stocks in 2022. Why might that be?
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5i Research Answer:
Such questions can really only be speculated on. sometimes, as often there is no clear reason. CSU has a very strong shareholder base, and it is hard to re-buy if sold (in any large, institutional sizes). SHOP saw a big deceleration in growth, as well as high spending plans on fulfillment plans. TOI was only listed in 2021 and its 'newness' likely resulted in some selling when the tech market dropped last year. It was just not well known and even now has no analyst coverage. We would note that CSU did see its first annual decline in 2022, so it wasn't all rosy for it, at, at least in terms of its typically good performance.