Annual Investor Meeting 2026

At our annual investor meeting in March, one of the most interesting AI discussions was not about software. It was about where AI creates real advantage, where it introduces risk, and why the answers differ so much across sectors and business models. That perspective came through repeatedly in the discussion of portfolio resilience, with a large share of the portfolio in physical businesses where AI is more likely to be a tailwind than a direct disruptor.

In many services businesses, for example, the core service may remain intact, but there is still meaningful upside through smarter workflows, more efficient operations, and better go-to-market execution.

The bigger point is that these gains will not be distributed evenly. They will depend on business model quality, defensibility, and the ability to act early with discipline.

Thank you to everyone who joined us for the day and contributed to the discussion.