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Constellation Software Inc. (CSU $2,759.37)
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Topicus.com Inc. (TOI $113.00)
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Lumine Group Inc. (LMN $24.31)
5i Balanced portfolio combined weight is down to 10%, as at Dec, 2025, from 14%, at the start of the year, and perhaps will be lower, today.
These Co's have dragged the performance of the Portfolio down ( 5i and ours), significantly, over 2025 ( acknowledging huge contribution consistent outperformance over several years ) and the trend continues this year.
If you were managing clients' money, in the real world as a Portfolio Manager ( like Peter did for many years, brilliantly ), would you act differently, at some point, considering constant deterioration in Technical picture and bleeding price of the stocks, instead of holding on a large weighting in the Group, prompting you to reduce the positions (protecting clients' capital), instead of HOPING for a sentiment change, in the future, as much as you believe in the Co/Management/History, while market is telling you otherwise.
My sincere apologies, if the question sounds frustrating !!
Thank You
We have learned over the year not to react to sentiment changes without fundamental changes. The only real piece of news in the group is the CEO exit of CSU. Yes, this is a negative. But everything else is speculation. Technicals are not great but these are not really great stocks for technical analysis. The sentiment shift is (now) causing the technical shift. We have some patience, and valuations of course have changed significntly for the better. In a real life portfolio, exposure of course drops with the decline. Admittedly is still a hefty weight, but if we had institutional-sized holdings we would certainly not sell into this decline and feed more shares into this sentiment. We would keep fundamentals in mind as much as we could. Could AI be a threat? Absolutely. Could it be an opportunity? Yes. Will the company change its MO? Probably not, and we will be watching for continued M&A and 'business as usual' signs.