About this episode
Small-caps are outperforming. Software stocks are getting crushed. Is this the great rotation? On this episode of In the Money with Amber Kanwar, Andrey Omelchak, President, CEO & CIO at LionGuard Capital, breaks down one of the biggest shifts happening in markets right now. As AI fears hammer software valuations and once-untouchable names get cut in half, small and mid-cap stocks are quietly catching a bid. Andrey explains why he believes the market has overreacted in parts of software — but also why select small caps, defense plays, and “Build Canada” beneficiaries may offer stronger risk-adjusted returns from here.He shares how he’s thinking about geopolitics, rising oil prices, gold as a safe haven, and why defense spending is becoming one of the most obvious long-term investment themes. At the same time, he argues that today’s short-term market mindset is creating major inefficiencies — particularly in overlooked Canadian small caps.In the mailbag, we tackle the AI disruption debate head-on with a look at major software names including Thomson Reuters (TRI) and Constellation Software (CSU), plus small-cap tech like Docebo (DCBO) and Kneat.com (KSI). Are these sharp drawdowns buying opportunities — or signs of structural change? Andrey also weighs in on engineering and infrastructure firms WSP Global (WSP), AtkinsRéalis (ATRL) and Stantec (STN), battery manufacturer Electrovaya (ELVA), healthcare roll-up WELL Health (WELL), fintech lender Propel Holdings (PRL), and GoEasy (GSY). Which names are unfairly penalized — and which still carry real risk?In Pro Picks, Andrey highlights Calian Group (CGY), a defense and cybersecurity player benefiting from rising NATO and Canadian military spending; Bird Construction (BDT), a direct “Build Canada” infrastructure beneficiary with a rapidly expanding, higher-quality backlog; and Canaccord Genuity Group (CF), where he sees meaningful upside from a capital markets recovery and potential monetization of its UK wealth business.Is this the beginning of a lasting market regime change — from software dominance to small-cap opportunity — or just another bout of AI-driven volatility?Email us your questions @inthemoneypod.com and don’t forget to subscribe so you never miss an episode.Timestamps02:20 Intro05:00 Andrey’s approach to small-cap investing06:20 Investing through geopolitical events 08:40 There appears to be sustained interest in the small-cap sector10:30 Has the small-cap space gotten too expensive?11:20 The biggest repricing of SaaS companies14:50 ITM Mailbag: Thomson Reuters & Constellation Software stocks (TRI, CSU)22:20 Docebo & Kneat.com stocks(DCBO, KSI)24:45 Is it easy to find a software short right now? 27:00 Stantec, AtkinsRealis, WSP Global stocks(STN, ATRL, WSP)29:35 Electrovaya stock (ELVA)34:40 Build Canada as an investable team
