BlackJack3D/iStock via Getty Images The following segment was excerpted from the Rowan Street Q1 2026 Letter. During the quarter, we initiated a position in Constellation Software ( CNSWF ) ( CNSWY ) ( CSU:CA ). This decision reflects our continued effort to allocate capital toward what we believe are the highest-quality long-term compounders available to us. We have been shareholders of Topicus (...
BlackJack3D/iStock via Getty Images The following segment was excerpted from the Rowan Street Q1 2026 Letter. During the quarter, we initiated a position in Constellation Software ( CNSWF ) ( CNSWY ) ( CSU:CA ). This decision reflects our continued effort to allocate capital toward what we believe are the highest-quality long-term compounders available to us. We have been shareholders of Topicus ( TOITF ) ( TOI:CA ), a spin-off from Constellation Software, since 2021. Over this period, we have been highly impressed with its execution, capital allocation discipline, and ability to compound value through the acquisition of vertical market software (VMS) businesses. Our familiarity with Topicus has provided us with a deeper understanding of the broader Constellation ecosystem-its decentralized operating model, disciplined approach to capital allocation, and the durability of its business model. In many ways, we view our investments in Constellation Software and Topicus as part of the same underlying system, sharing a common philosophy and approach to long-term value creation. A Business Built to Compound Constellation operates a simple but highly effective model. The company acquires small, mission-critical software businesses that serve specific industries-commonly referred to as vertical market software companies. These businesses provide essential systems that customers rely on to run their daily operations. While the cost of the software is relatively small, its importance is high, resulting in low customer churn and highly recurring revenues. These markets are often too small to attract meaningful competition, yet large enough to support attractive economics. As a result, many of these businesses enjoy durable competitive positions within their niches. What makes Constellation exceptional, however, is not just what it owns, but how it allocates capital. Since founding the company in 1995, Mark Leonard has built one of the most disciplined capital allocation platfo...
[The content of this article has been produced by our advertising partner.] Hong Kong, April 21st 2026 — HashKey Group’s asset management arm, HashKey Capital, today announced a comprehensive strategic upgrade to build an end-to-end boutique asset management company. The company expands beyond VC investment to asset management by covering diversified vehicles and asset types. This forms a full eco...
[The content of this article has been produced by our advertising partner.] Hong Kong, April 21st 2026 — HashKey Group’s asset management arm, HashKey Capital, today announced a comprehensive strategic upgrade to build an end-to-end boutique asset management company. The company expands beyond VC investment to asset management by covering diversified vehicles and asset types. This forms a full ecosystem spanning primary and secondary markets, yield strategies, customized solutions, and...