Constellation Software’s AI Outlook and More Trouble in Private Credit

In this episode of The Canadian Investor Podcast, we break down Constellation Software’s latest earnings and conference call, including what management had to say about AI, software pricing, acquisition strategy, and why the company may be looking more closely at public market opportunities.

We then shift to the growing stress in private credit. We discuss new data showing record default rates in 2025, redemption pressure hitting major private credit funds, and what recent moves by BlackRock and Blackstone may be signaling for the broader market. We also talk about the incentives behind private credit funds, liquidity risks, and why many investors may not fully understand what they own.

Finally, we wrap up with Canadian Natural Resources’ latest results, highlighting strong production growth, free cash flow, dividend growth, and why elevated oil prices continue to support the Canadian energy sector.

Tickers mentioned: CSU.TO, SABR, BLK, BX, CNQ.TO

 

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