Investment Q&A

Q: Hi, Sorry there are lot of companies listed but in summary this is three part question:

1. I have BAM2%,BN9%,BEP5%. I was thinking of putting new money to KKR or BX or APO. Should i add new money to existing positions or to new positions. Which one and approx. price please.

2. All the listed are in red in various taxable and registered accounts. Which one is good candidate for new money , which one would be sell and hold.

3. ISRG is at 1.5%. Should i go to 5% in one shot or go slowly or just hold on . This is in taxable account.

Thanks

Q: Good day,

Wild few days in the market. As a stroke of luck, I transferred one of my managed accounts over so I could manage it myself, and that sale happened early last week and it is sitting in my account, ready to deploy. As a lucky tailwind, I don't want to squander it. Mostly in RRSP account.

Would you be adding to CLS, BAM, SHOP, TVK, PNG, ZDC right now? In order of priority please with a small 'why'.


I had purchased some AEM 1-2 years ago (great recommendation, thanks), and it has flown. Is it an add now and/or are there other Materials tickers you would suggest? Doesn't have to be precious, as long as they are executing well and have quality assets and a solid runway. maybe 1-2 each for precious, critical, and non-precious?

I sold TOI last summer, and with this crazy "Software off" cycle here, would you start accumulating? like 20 or 25% of a position? Is TOI the most likely candidate to return to its growth trajectory when the world begins to appear normal again?

Thanks for Everything!

James

PS. While looking at all my statements while transferring over to Questrade for their cashback promotion, my statements had my annualized returns calculated over 1 3 5 and inception. Since inception was 21% which I'm staked about, but my 3 year annualized was 43% !!! I just renewed my 4th year with 5i. Thanks Thanks THANKS!

Q: Hi 5i Team - With the continued downward trend of these three companies, do you think it is still now all AI fear related, and if so is there a chance some of these fears are legitimate. I think you have stated that fundamentals remain the same. Have there been any announcements from CSU, TOI, and LMN supporting their businesses and attempting to reassure investors over the past several months.
Has there been any insider buying or selling over the past half year.
It seems that Lumine may be getting hit the hardest of the three. Would that be your opinion as well.
If trimming positions in these three stocks, in what order would you do it and would the reverse hold true if adding.
Thanks.

Q: I currently have HIVE,ZOMD,SHOP,GFL,CLBT and TOI. All are less than 2% weight. Would you be buying any of these stocks today? I am a long term holder and money not needed for 15 years.

Thanks

Q: These stocks are all down today. Does this have anything to do with Anthropic?

thanks

Q: Another question about TOI...I've owned for a few years now, entry was at $120, so no under water by a decent amount. I have read your other recent answers on TOI describing that fundamentals have not changed. What would trigger you to give advice to sell with this stock? Thanks much

Q: Hi Team,
Can I have your take on NOW earnings? Beat on all metrics it seems like, yet the stock nose dives. CNBC has a headline saying "bear market is in for software stocks". What is a person to do now when I am stuck with NOW, and all the CSU family? Can I expect CSU, LMN, TOI to sell off a bunch more on earnings when they report like NOW is doing today even though they beat? I am finding it hard to decide whether to just Hold, buy more, or Sell? Usually selling is not a good long term idea in a proven quality name, but maybe this is different this time? However selling a sector that is being oversold might be a bad idea if I am expecting to invest it in momentum names at their "highs" (such as MU) that might roll over at any time...that would be a bad scenerio. Today is an awful day. My portfolio has peaked last October and still has not came back since and continues to fall. Losing confidence in holdings I thought were all quality names..

Thanks for any input you may have,

Shane.

Q: I currently don't hold any companies in the software space and I am looking to add some of these to my current portfolio. How would you rank them in order of purchase for a long term hold?

Q: Patience is wearing thin on some of these names, they just continue to have negative momentum and I don't want to sell into the negativity and sell just because others are selling. What are your thoughts? Are fundamentals still strong in these quality companies? Is your updated view still a hold on these? Thanks!

Q: Hold a position in TOI that is currently up 49% in my TFSA. Would you switch out to BN based on a long term outlook? Thanks Ron

Q: I don't think I've ever started a question with an apology, but sorry I'm bringing up these companies again.

I've read your Q & A's BUT I feel with the constant and dramatic fall of all 3 of these companies during a tech boom for tech stocks something else is amiss.


CSY -21% YTD (back to 2023 levels)
LMN -18% YTD (back to 2023 levels)
TOI -17% YTD (back to 2024 levels)

I could go on with

DSG-10% YTD
KXS-16% YTD

What is this telling you?

Should we not be buying CDN tech stocks. When looking for tech and healthcare just buy US?

If we hold these and are still positive should we just sell to prevent a loss?

Not sure what to do here. Waiting is soooo painful.

Thanks


Sheldon

Q: Very good article about how topicus approach AI in their day to day projects … data and customers is the key :
https://topicus.nl/en/news-and-knowledge/from-systems-of-record-to-systems-of-action-the-new-reality-of-ai?sector=education

Q: Please forgive another question about this suffering stock price. I just came across an old note that said CSU has 8 billion ownership of LMN and 8 billion ownership of TOI.
If those two stocks are also suffering, does that create a drag on CSU stock irrespective of its own earnings? Thanks for trying to reassure us all who are down so much on this one!

Q: Hi 5i Team - At today's prices what are some key metrics and ratios for each of these three companies starting with P/E and free cash flow. Also how do they compare with the same metrics and ratios a year ago or whenever the AI theme started to become a concern. Are all three companies profitable.
Thanks.

Q: Do you not find it odd/disappointing that we have yet to see any meaningful insider buying in these names?

Q: If CSU beats their numbers for Q4 handily, do you think the stock may still continue to go down because AI still hasn't had a full effect on their numbers?

thanks

Q: Most retail/5i investors appear to have concerns about precipitous drop in share prices of Constellation Software and the other two companies, since Jul 2025 and have sought advice. Your comments in recommending to hold the positions ( and even a best ideas to buy ) have been consistent, despite Technical charts looking horrible and shares continue to make new lows with no signs of change in sentiment due to AI related fears, expected to abate any time in the near future.

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

Q: I feel that these companies have been quite opaque in their communications with investors to date. Do you think that a bit more clarity on strategy, market conditions and future opportunities would help stabilize the market sentiment.

Q: With most software companies in a bear market, assuming AI is not really going to destroy all software companies, doesn't make this environment good for acquiring software companies (while valuations are lower)? Does the market believe that the AI companies (Open AI, Google, Anthropic, Perplexity etc.) will replace all enterprise companies? I really don't understand what is happening right now to CSU, LMN and TOI. It seems very irrational. Your thoughts?

Q: Hello Team 5i & Everyone,

Please share if you think this will be of help to other members (and not unintentionally hurt them), I thought that I would share what price levels I’m watching the CSU family at for a reaction. But at the end of the day it’s just a guess:

Lumine - It sold off the hardest initially, so it may recover first. There was a strong reaction as soon as the price action dropped just below $23. Someone likes that price and immediately bought enough to stop and reverse the sell off. Therefore, if the price action drops below $23 again I am going to watch and see what happens. What I would like to see is price go slightly lower than before and then bounce back up quickly like before, and maybe even start a bit of a rally.

Topicus - There was a strong reaction when price dropped just below $109 on Thursday that looks similar to Lumine’s $23 level on the chart, so I’m watching to see if the price action consolidates around the level that it is now. There’s also a gap fill at $104 that I’m also keeping an eye on.

CSU - I’m watching to see what the price action does if it gets down to the $2,700 (or even the $2,500) level and if there is a reaction around there.


A sell off this dramatic is like trying to stop a freight train, the same way the market sells off at the end of a bull run. It will take time, but as long as the fundamentals of the company justify it then institutional buyers will step back in at a price level that they like the potential risk/reward of and provide support for a bottom where they will start accumulating. When I see that, I will look at adding to my position. (Take a look at the chart for BCE if you’d like to see an example of this.)

Hope everyone is having a nice weekend!

Sandra