Constellation Software, Jonas, & Portfolio Management
Former Portfolio Manager at Constellation Software
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Constellation Software
Why is this company interesting?
Constellation Software is a vertical market software (VMS) serial acquirer. Founded by Mark Leonard, the company has several notable attributes: its 21 million shares outstanding have not changed since inception. It has compounded free cash flow at a 29% clip since its IPO in 2006. It has no debt, high returns on capital and maintains a rational, return-based corporate culture.
Leonard and his team are widely regarded as among the best corporate capital allocators in the world. The business itself consists of hundreds of software companies, dominant in their niches with pricing power and sticky customers.
Former Portfolio Manager at Constellation Software
The executive worked in the Jonas operating group at Constellation and has over 11 years experience at CSU Group itself across a variety of Finance and Portfolio Management roles.
Interview Transcript
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