SoloFIRE Portfolio Update - 2026 May - $991,000

Table of Contents

• 💡Monthly Highlight

• Updated Stock Analysis and Valuations

  • Constellation Software (TSE:CSU)

  • Brookfield Corporation (BN)

  • Salesforce (CRM)

  • Mainstreet Equity (TSE:MEQ)

• International Holdings

  • HENNGE (4475.T)

• 💸Detailed Portfolio Update

  • Trades in TFSA Account

    • TFSA portfolio long-term performance

  • Trades in RRSP Account

  • Trades in Taxable Accounts

  • Summary

• Quick Links

💡Monthly Highlight

The stock market reached new highs in May, and my portfolio followed suit as the software sector experienced a significant recovery from the recent “SaaSpocalypse” selloff. Excluding new contributions, net portfolio value increased by nearly 5% to about $991,000, while total invested capital surpassed $1 million for the first time.

I continue to see substantial opportunities in the software sector. The latest earnings reports from 2 of my core holdings, Constellation Software (CSU) and Salesforce (CRM), showed both accelerating revenue growth and improving profitability, providing increasingly strong evidence that the ongoing “SaaSpocalypse” narrative is likely wrong. At the same time, signs are beginning to emerge that the cost of AI agents could rise materially over time, forcing companies to reassess their AI spending and expected returns on investment. Given the discounted valuation of software positions in my portfolio, I expect them to perform well regardless of whether AI adoption accelerates or moderates in the years ahead. More details on this topic can be found in my previous writing.

Over the past month, I increased my investments in Adobe, Salesforce and Constellation Software as their shares continued to trade at bargain prices. I expect these holdings to deliver more than 20% annual return over the next 5 years as long as they can continue to grow earnings per share, successfully integrate AI into their products and workflows, and improve the efficiency of their operations. To fund these additional investment, I trimmed my Alphabet position (GOOGL), which is trading at premium valuations with likely lower expected future returns. Going forward, there will be no changes to my overall investing approach, and I intend to keep trading activity to a minimum and allow long-term business performance and compounding to drive returns with as little interference as possible.