What smart money is saying about Salesforce
13 funds in our archive have pitched Salesforce — most recently Harris Associates Global All Cap Strategy in June 2026.
Salesforce, Inc. is a leading provider of customer relationship management (CRM) solutions, dedicated to connecting businesses and their clientele on a global scale. At its core, the Customer 360 platform empowers organizations to create seamless, integrated experiences for their customers. The company's extensive suite of services encompasses a wide array of functionalities: Sales: Tools designed to manage sales pipelines, track leads, forecast opportunities, extract data-driven insights through analytics, and streamline the creation of quotes, contracts, and invoices. Service: Capabilities enabling companies to deliver highly personalized, trustworthy, and scalable customer support. Platform: A versatile development environment, featuring intuitive drag-and-drop tools, that allows businesses of diverse sizes, locations, and industries to build tailored applications, thereby strengthening customer relationships. Learning: An online educational platform providing accessible training to acquire sought-after Salesforce skills. Slack: A comprehensive system for team collaboration and engagement. Marketing: Solutions for strategizing, personalizing, and optimizing individual customer marketing journeys. Commerce: Offerings that unify customer interactions across various channels, including mobile, web, social media, and physical retail stores. Tableau: A complete analytics solution addressing a broad spectrum of enterprise data analysis needs. MuleSoft: An integration platform designed to unlock and connect data residing across an organization's various systems. Salesforce's offerings cater to numerous sectors, such as financial services, healthcare, life sciences, and manufacturing, among others. Beyond its core products, the company also provides professional services and conducts both in-person and online courses to certify customers and partners in the architecture, administration, deployment, and development of its services. Its solutions are distributed through direct sales channels, as well as a network of consulting firms, systems integrators, and other strategic partners. Established in 1999, Salesforce, Inc. maintains its headquarters in San Francisco, California.
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Position history
Between Q4 2024 and Q3 2026, 25 fund letters reported a position in Salesforce — 2 opened or added to the position, 5 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 2 | 0 | 0 | 0 |
| Q2 2026 | 19 | 2 | 2 | 3 |
| Q1 2026 | 4 | 0 | 3 | 3 |
| Q4 2025 | 0 | 0 | 0 | 2 |
| Q3 2025 | 0 | 0 | 0 | 1 |
| Q2 2025 | 0 | 0 | 0 | 2 |
| Q1 2025 | 0 | 0 | 0 | 1 |
| Q4 2024 | 0 | 0 | 0 | 1 |
Fund activity · 25 positions · 7 moves
- HoldsAcatisSeptember 2026
“Salesforce (+38.6%): It was just a few months ago that conventional SaaS providers were thought to be the big losers of the AI revolution.”
Salesforce - August 2026
“with Roper (+16.1%) and Salesforce (+17.5%) outperforming the industry.”
Salesforce - AddedDistillate CapitalJune 2026
Listed in Distillate Capital’s reported holdings.
Salesforce - June 2026
“• Salesforce was a detractor during the quarter.”
Salesforce - June 2026
“• Salesforce was a detractor during the quarter.”
Salesforce - HoldsACATIS InvestmentJune 2026
Listed in ACATIS Investment’s reported holdings.
Salesforce - June 2026
Listed in ACATIS Investment Report’s reported holdings.
Salesforce - June 2026
“Our bottom five contributors to return in Q2 were Accenture, EOG Resources, Permian Resources, Comcast and Salesforce.”
Salesforce - June 2026
“• Salesforce was a detractor during the quarter.”
Salesforce - June 2026
“• Salesforce underperformed, with sentiment concerned by the pace of revenue acceleration and returns from ongoing AI investments.”
Salesforce - June 2026
“Salesforce is our clearest expression of the system-of-record thesis. It holds the customer relationships of a large slice of the corporate world. That data is the fuel for every AI sales and service agent a company might want to deploy, and the natural place to deploy them is inside the platform that already holds the data. When the software selloff was at its most indiscriminate, we added to our position. We were, in effect, buying the fear.”
Salesforce - HoldsMontaka Global FundJune 2026
“Performance Deconstruction While Montaka delivered positive returns in the June quarter, performance over the last 12-month period was materially negative – driven overwhelmingly by the declines experienced in the March quarter related to the ‘SaaSpocalypse’ (the selloff in software and AI–exposed names). We shared our detailed analysis of this selloff, and why we believe many competitively advantaged businesses have been drastically oversold in our most recent whitepaper: Where Advantages Lie (and Lie) in the Age of AI . Declines in ServiceNow, Microsoft, KKR, Salesforce and Meta Platforms were among the largest detractors from portfolio performance over the 12 months.”
Salesforce Listed in Sustainable Growth Advisers U.S. Large Cap Growth Strategy’s reported holdings.
Salesforce- June 2026
“Salesforce Salesforce was a detractor from performance during the quarter as investor sentiment remained cautious following another quarter that merely met its guidance targets.”
Salesforce - HoldsAkre Focus ETFJune 2026
Listed in Akre Focus ETF’s reported holdings.
Salesforce - June 2026
“Within technology, our software exposure was a significant detractor, as uncertainty around the impact of AI continues to weigh on the industry. While this remains a risk we are monitoring closely, we still believe investors are underestimating the stickiness of Salesforce and Adobe products among enterprise customers, and that current valuations embed too much pessimism about their future prospects.”
Salesforce - June 2026
“its key industrial end market. Our software exposure continued to detract from relative performance, as uncertainty around the impact of AI continues to weigh on the industry. While this remains a risk we are monitoring closely, we still believe investors are underestimating the stickiness of Salesforce, Adobe and Microsoft products among enterprise customers, and that current valuations embed too much pessimism about their future prospects.”
Salesforce - June 2026
“Conversely, our software holdings, largely Salesforce and Adobe, continued to detract.”
Salesforce - June 2026
“its key industrial end market. Our software exposure continued to detract from relative performance, as uncertainty around the impact of AI continues to weigh on the industry. While this remains a risk we are monitoring closely, we still believe investors are underestimating the stickiness of Salesforce and Microsoft products among enterprise customers, and that current valuations embed too much pessimism about their future prospects.”
Salesforce - June 2026
“We also decreased the Fund’s exposure to several top detractors (Accenture, Salesforce, CoStar Group) to help manage risk.”
Salesforce - May 2026
“Portfolio activity (Q2/2026) In Q2 we continued to concentrate our software holdings on companies and market segments that we consider long-term winners from AI. While some investors had worried that artificial-intelligence tools would displace traditional cybersecurity players, we have been of the opposite opinion for some time. The strong results reported by leading Cyber Security players and their enlisting as key partners to the Glasswing project by Anthropic Initiation/Increase SAP Increase position Booking Increase position Zscaler Increase position ServiceNow Increase position Synopsys Increase position Exit/Reduction Adobe Exit position Intuit Exit position Siemens Healthineers Exit position BYD Exit position Salesforce Exit position Quarterly Commentary – Growth Equity Strategy | June 2026 Emerald Wealth Partners AG |Weinbergstrasse 100 |CH-8802 Kilchberg |Switzerland Page 2 killed those fears and triggered a steep rally in the sub-sector. We will maintain our overweight in Cyber Security,”
Salesforce - March 2026
“We sold our remaining stub position in Salesforce.com (CRM), as the range of potential outcomes has widened due to the growing risk that AI will disrupt the traditional seat-based software revenue model, despite Salesforce’s efforts to aggressively build an agentic enterprise platform.”
Salesforce - March 2026
“Top detractors: • Salesforce was a detractor during the quarter.”
Salesforce - March 2026
“We sold our remaining stub position in Salesforce.com (CRM), as the range of potential outcomes has widened due to the growing risk that AI will disrupt the traditional seat-based software revenue model, despite Salesforce’s efforts to aggressively build an agentic enterprise platform.”
Salesforce - March 2026
“We sold Salesforce to fund the purchase of SAP.”
Salesforce
Also mentioned · 8
These funds discuss Salesforce — as a competitor, benchmark or comparable — without disclosing a position in it.
- MentionedPender Small Cap Opportunities FundAugust 2026
“Portfolio weights ~70.3% in Canadian equities and ~19.7% in US equities. That said, sentiment around the broader SaaS landscape appears to be improving, as we saw large US- listed names report encouraging results. Investor sentiment improved following strong enterprise software earnings, particularly Salesforce's Q2 results, which reinforced confidence in demand trends and AI monetization opportunities.”
Salesforce - MentionedHayden CapitalJune 2026
“Enterprises want guardrails and proprietary data they can trust, that lets them make decisions cost-efficiently. Instead of replacing software companies, the LLM firms are partnering with them (for example, see Salesforce and Anthropic’s “Claudeforce”).”
Salesforce - MentionedBaillie Gifford US Equity GrowthJune 2026
“Salesforce, which is not held in the portfolio, tells a different story. Its shares have almost halved and have yet to recover.”
Salesforce - June 2026
“Our bottom five contributors to return in Q2 were Accenture, CME Group, Salesforce, Boston Scientific and EOG Resources.”
Salesforce - June 2026
“We have also passed on many other businesses, such as Adobe, Salesforce, Gartner and FactSet. They appear to have business models that could substantially change in an AI world.”
Salesforce - MentionedArtisan Partners Global Value FundJune 2026
“We have also passed on many other businesses, such as Adobe, Salesforce, Wolters Kluwer and FactSet. They appear to have business models that could substantially change in an AI world.”
Salesforce - June 2026
“• Salesforce was a detractor during the quarter.”
Salesforce - MentionedGreenfield Seitz Capital ManagementJune 2026
“Just For Fun In 2020, we highlighted the craziness of the Dow Jones Industrial Index kicking Exxon out of their 30 stock composite and replacing it with Salesforce.com.”
Salesforce
Fund coverage · 13 theses
Salesforce is positioned to help customers deploy AI while continuing to grow revenue, expand margins, and repurchase shares.
Read the full thesis- Montaka Global FundJune 2026
Salesforce is a trusted enterprise platform whose AI agent layer, deployability moat, and accelerating agentic consumption could drive underappreciated long-term earnings power.
Read the full thesis - Nightview Capital NITE ETFJune 2026
Salesforce holds critical customer data and could benefit as AI agents are deployed inside its platform.
Read the full thesis Salesforce, Inc. is the leading CRM SaaS platform and could benefit from AI through its Agentforce offering.
Read the full thesis- Oakmark Global Select FundMarch 2026
Salesforce is a leading enterprise software company improving profitability and leveraging AI with further margin upside, trading at a discount to intrinsic value.
Read the full thesis - Distillate CapitalMarch 2026
Salesforce is a well-entrenched technology player with annuity-like characteristics, strong fundamentals, and an attractive valuation that supports substantial buybacks.
Read the full thesis - Vulcan Value PartnersDecember 2025
Salesforce, Inc. is a dominant CRM SaaS platform with high retention and scalability targeting double-digit growth and margin expansion supported by innovations like Agentforce.
Read the full thesis - Guinness Global InnovatorsDecember 2025
Salesforce Inc is the leading CRM software provider investing in AI agents, with resilient fundamentals and growing AI-driven pipeline despite near-term monetization concerns.
Read the full thesis - Equity and Income FundSeptember 2025
Salesforce is a leading technology company undergoing a transformation towards greater profitability and shareholder focus, with improving margins and ongoing fundamental performance despite a recent stock price decline.
Read the full thesis - Bristlemoon Global FundJune 2025
Salesforce is positioning itself as a dominant player in enterprise AI by leveraging proprietary data access and robust growth in its Data Cloud and Agentforce offerings, potentially elevating its stock valuation as these services gain traction.
Read the full thesis - Harris Oakmark Concentrated StrategyJune 2025
Salesforce is a leading technology company transforming into a profitable, shareholder-focused enterprise with strong competitive advantages despite a recent stock decline.
Read the full thesis - Mar Vista Global QualityMarch 2025
Salesforce is well-positioned to leverage its extensive customer data and strong interest in its generative AI chatbot, AgentForce, to drive growth and enhance customer outcomes.
Read the full thesis - MontakaDecember 2024
Salesforce is poised for significant revenue growth in 2025 due to pricing increases and the launch of its new AI platform, Agentforce, which enhances productivity and expands its addressable market.
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