Letters by company
Constellation Software Inc
8 letters discussing CNSWF. Everything written about it on this site is on its ticker page.
- Giverny Capital Annual Letter to our Partners 2025 Giverny Capital sold CarMax after its turnaround faltered and exited Fiserv after leadership changes, weakened guidance and balance-sheet concerns raised risk. The firm retained Constellation Software, arguing its niche vertical software, embedded customer data and acquisition model remain resilient despite AI fears. It cautioned that AI infrastructure spending may produce poor early-investor economics. 2025 CNSWF $43BCNI $72BFISV $24B
- Andvari Associates Andvari's Q2 2026 Letter Andvari argues that Constellation Software, Tyler Technologies and S&P Global retain durable advantages while cloud conversion, transaction revenue and the Mobility Global spinout create further value drivers. It adds Amazon, Microsoft, Texas Instruments and Martin Marietta but underweights AI infrastructure, warning that excessive capital investment, circular financing and competition could erode returns. Q2 2026 AMZN $2.7TCNSWF $43BMBGL $5.3B
- Bretton Fund 2026 Q2 Shareholder Letter Bretton Fund added to UnitedHealth after its selloff and initiated SAP and Constellation Software, arguing that mission-critical enterprise and niche vertical software are more insulated from AI disruption than investors assume. The fund avoided the expensive AI data-center and memory boom, citing unsustainable capital spending and inflated semiconductor valuations. 2nd Quarter 2026 CNSWF $43BGOOGL $4.2TSAP $240B
- SaltLight Capital 2Q 2026 Co-Investor Letter - Is It "Good Enough?" SaltLight Capital argues that AI competition could erode NVIDIA's CUDA and infrastructure economics as open-weight models, alternative chips and algorithmic efficiency improve. The portfolio has become more cautious, revisits hyperscalers after prior profit-taking, and adds Constellation Software for its mission-critical vertical software franchises. 2Q 2026 CNSWF $43BMSFT $3.9TNVDA $5.8T
- Chautauqua Capital Management Q2 2026 International & Global Funds Market Commentary Chautauqua trimmed semiconductor and automation winners, added to Adyen and Constellation Software, and built 3i and AIA as valuations in lagging holdings compressed despite continued earnings growth. It pairs TSMC, ASML, Keyence and Fanuc with software, China and health-care franchises, arguing that durable cash generation and competitive moats can close the gap between intrinsic value and prices. Q2 2026 453950 ADYEY $31BASML $693B
- Sequoia Fund Year-End 2025 Sequoia Fund Letter Sequoia Fund trimmed Rolls-Royce and Alphabet after their weightings and valuations rose, while retaining both as its largest holdings. It added to Elevance and built new positions in MSA Safety, Accenture, and Align Technology, arguing that each combines a durable franchise with a temporary source of market concern or a favorable valuation. 2025 GOOGL $4.2TRLLCF $87BACN $118B
- Weitz Investment Management Letter to Shareholders: Value Matters Weitz Investments kept portfolios focused on steady earners with understandable long-term prospects rather than the AI market leaders. It argues that Salesforce, Constellation Software and Accenture can benefit from bringing AI to business users, while Danaher and Thermo Fisher retain durable life-sciences prospects despite policy and funding disruptions. third quarter 2025 ACN $118BCNSWF $43BCRM $183B
- Sequoia Fund Annual Shareholder Report | December 31, 2025 Sequoia Fund trimmed several holdings on valuation, position-size and opportunity grounds, added to Ashtead Group, exited Jacobs Solutions and opened positions in MSA Safety, Accenture and Align Technology. Rolls-Royce, Alphabet, Taiwan Semiconductor Manufacturing, Eurofins Scientific and Charles Schwab led contributors, while Constellation Software and UnitedHealth Group were among detractors. year ended December 31, 2025 —
