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What smart money is saying about SalesforceUnited States flag

CRM · Technology · Software - Application · Market cap $253.33B

15 funds in our archive have pitched Salesforce, most recently Antipodes Global Fund in September 2026.

Company profile

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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Fund signal · last 12 months

60 letters

More funds are selling than buying

−7
Net flow
3 buys · 23%10 sells · 6 full exits

Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.

Position history

Between Q4 2024 and Q3 2026, 68 fund letters reported a position in Salesforce, with 4 buys (opened or added) and 12 sells (trimmed or exited).

Fund letters reporting a position in Salesforce, by quarter
QuarterLettersBoughtSoldTheses
Q3 202628122
Q2 202624253
Q1 20266023
Q4 20252012
Q3 20252011
Q2 20252102
Q1 20252001
Q4 20242011

Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.

Fund activity · 68 positions · 20 moves

  • HoldsAcatis
    September 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
  • September 2026
    “the way. For us, we welcomed the likes of Honeywell Aerospace (HONA), Dick’s Sporting Goods (DKS), Salesforce (CRM), Alibaba (BABA) The Coopers Companies (COO) to our portfolio.”
    Salesforce
  • “• Salesforce was a contributor during the quarter.”
    Salesforce
  • “Salesforce was a contributor during the quarter.”
    Salesforce
  • September 2026
    “For us, we welcomed the likes of Honeywell Aerospace (HONA), Dick’s Sporting Goods (DKS), Salesforce (CRM), Alibaba (BABA) The Coopers Companies (COO) to our portfolio.”
    Salesforce
  • September 2026
    “Other augmentations included an increase of capital to Uber, given its favourable risk/reward profile; and trimmings to our position in Salesforce, following its significant stock price rally; as well as our small outlier position in Moderna, also following its significant stock price rally.”
    Salesforce
  • September 2026
    “On the long side, the portfolio benefited from a rebound in stocks the market has been concerned would be vulnerable to disruption from AI. These included software holdings Salesforce and others that had faced pressure despite strong fundamentals.”
    Salesforce
  • “Salesforce was a contributor during the quarter.”
    Salesforce
  • September 2026

    Listed in Oakmark Global Select Fund’s reported holdings.

    Salesforce
  • September 2026
    “• Customer relationship management software provider Salesforce outperformed on strong 2027 guidance, creating a solid set-up for reaccelerating revenue growth.”
    Salesforce
  • September 2026
    “The top five performance contributors during the third quarter were Constellation Software, Mastercard, Salesforce, CCC Intelligent Solutions, and ServiceNow.”
    Salesforce
  • September 2026
    “The top five performance contributors during the third quarter were Constellation Software, Mastercard, Salesforce, CCC Intelligent Solutions, and ServiceNow.”
    Salesforce
  • September 2026
    “modest repositioning in financials, where we reduced exposure to insurance and added to banks, and in energy, where we reduced exposure to natural gas to gain more oil exposure. Unlike recent quarters when the information technology sector was the largest detractor from the portfolio’s relative performance, it was the largest contributor to performance in 3Q26. Our software holdings, including Salesforce and Microsoft, rose significantly as fundamentals remain strong and as investor sentiment seems to be modestly improving. Valuations remain attractive, in our view.”
    Salesforce
  • “Stock selection in information technology was the largest positive contributor, led by our enterprise software holdings, Workday and Salesforce.”
    Salesforce
  • “Salesforce is the fourth largest global software company, with a broad portfolio that includes Sales, Service, Marketing & Commerce Clouds, Slack, MuleSoft, Tableau, and the Data & AI Cloud. Its products are deeply embedded across a large enterprise customer base, creating a long runway for growth through seat expansions, cross selling, and pricing, and supporting strong revenue growth for many years.”
    Salesforce
  • “Other augmentations included an increase of capital to Uber, given its favourable risk/reward profile; and trimmings to our position in Salesforce, following its significant stock price rally; as well as our small outlier position in Moderna, also following its significant stock price rally.”
    Salesforce
  • “Information technology (+13.0% vs. +7.3%), consumer discretionary (-2.5% vs. -5.1%) and financials (+1.6% vs. -.1%) contributed positively to the relative performance of the Large Cap Core Strategy. Information technology outperformance was driven by overweight positions in Microsoft, Salesforce and Apple and an underweight in memory stocks as software stocks outperformed semiconductor stocks in the quarter.”
    Salesforce
  • “Salesforce outperformed after the company raised guidance due to accelerating adoption of its Agentforce AI platform and because software stocks broadly returned to favor as fears of AI disruption eased.”
    Salesforce
  • “Key stock contributors to performance over the Quarter included: • Microsoft finished higher over the Quarter following another robust earnings result, with Azure growth accelerating on sustained enterprise AI adoption and expanding Copilot deployments. Management's commentary reinforced confidence that AI investment was translating into improving revenue growth and operating leverage, easing concerns over elevated capital expenditure. Upward earnings revisions and Microsoft’s continued leadership in enterprise AI and cloud infrastructure renewed investor appetite. • Meta Platforms rallied strongly in September, driven by improving confidence in AI monetisation and the successful launch of its Muse AI assistant, which rapidly gained consumer adoption. The launch provided tangible evidence that Meta’s substantial AI investment could create new products and revenue streams, while AI-enhanced recommendations and advertising tools continued to improve engagement and conversion. Strong underlying advertising fundamentals and reduced regulatory uncertainty further supported sentiment. • Salesforce rallied following stronger-than-expected Q2 results and upgraded FY2027 guidance.”
    Salesforce
  • September 2026
    “• Salesforce rallied following stronger-than-expected Q2 results and upgraded FY2027 guidance.”
    Salesforce
  • “Salesforce rallied following stronger-than-expected Q2 results and upgraded FY2027 guidance.”
    Salesforce
  • “Salesforce was a contributor during the quarter.”
    Salesforce
  • “Salesforce was a contributor during the quarter.”
    Salesforce
  • “Salesforce was a contributor during the quarter.”
    Salesforce
  • “Salesforce’s stock rebounded from oversold levels as the company’s results and outlook were “good enough” versus muted expectations.”
    Salesforce
  • TrimmedFairtree Asset Management Global Equity Fund
    September 2026
    “On the sell side, the largest reduction was to Microsoft, alongside trims to Fortinet, Evolution and Salesforce, while the Fund fully exited Thermo Fisher, S&P Global, Capgemini, Bid Corp and Zoetis, where the risk-reward or portfolio fit had become less compelling.”
    Salesforce
  • “with Roper (+16.1%) and Salesforce (+17.5%) outperforming the industry.”
    Salesforce
  • HoldsBlueBox Global Technology Fund
    August 2026

    Listed in BlueBox Global Technology Fund’s reported holdings.

    Salesforce
  • June 2026

    Listed in Distillate Capital’s reported holdings.

    Salesforce
  • “• Salesforce was a detractor during the quarter.”
    Salesforce
  • “• Salesforce was a detractor during the quarter.”
    Salesforce
  • June 2026

    Listed in ACATIS Investment’s reported holdings.

    Salesforce
  • Listed in ACATIS Investment Report’s reported holdings.

    Salesforce
  • “Our bottom five contributors to return in Q2 were Accenture, EOG Resources, Permian Resources, Comcast and Salesforce.”
    Salesforce
  • “• Salesforce was a detractor during the quarter.”
    Salesforce
  • June 2026
    “Top detractors • Intercontinental Exchange • Salesforce • ConocoPhillips”
    Salesforce
  • “Top stock detractors • Accenture Cl A • Intercontinental Exchange • Salesforce New stock purchases”
    Salesforce
  • “• Salesforce underperformed, with sentiment concerned by the pace of revenue acceleration and returns from ongoing AI investments.”
    Salesforce
  • “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
  • June 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
  • “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
  • June 2026

    Listed in Akre Focus ETF’s reported holdings.

    Salesforce
  • “We also sold Verisk Analytics and Salesforce, reallocating assets toward opportunities that we believe have stronger long- term potential.”
    Salesforce
  • “Bottom Contributors Intercontinental Exchange shares came under pressure after U.S. regulators eased restrictions on perpetual futures— derivative contracts that let investors speculate on an asset's price movements without owning the asset, with no expiration date—which could present competitive challenges to established exchanges. Danaher underperformed as investors continued to wait for a recovery in the company's end markets. Weakness across the Health Care sector also weighed on shares during the quarter. Waste Management stock declined after the environmental solutions provider reported mixed financial results for the first quarter, with earnings topping consensus estimates while revenues fell short. The defensive stock also did not fully participate in the broader market rally. We remain confident in Waste Management’s long-term growth potential, given its strong competitive moat and dominant market position in landfill ownership. Salesforce underperformed amid persistent concerns that AI advancements will disrupt its key markets. We exited the position during the quarter.”
    Salesforce
  • “Sold Salesforce Inc. CRM Information Technology We sold Salesforce as conviction in horizontal application software declined amid increased competition and weaker pricing dynamics.”
    Salesforce
  • “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
  • “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
  • “Conversely, our software holdings, largely Salesforce and Adobe, continued to detract.”
    Salesforce
  • “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
  • “We also decreased the Fund’s exposure to several top detractors (Accenture, Salesforce, CoStar Group) to help manage risk.”
    Salesforce
  • “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
  • “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
  • “Top detractors: • Salesforce was a detractor during the quarter.”
    Salesforce
  • “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
  • “We sold Salesforce to fund the purchase of SAP.”
    Salesforce
  • HoldsBoyar Value Group
    March 2026
    “The broader software sector was hit in similar fashion. The iShares Expanded Tech-Software Sector ETF (IGV) declined 24.3% during the quarter, with once-market darlings such as Salesforce (-29.5%) and Adobe (-30.5%) falling even more.”
    Salesforce
  • “Salesforce finished lower amid sector-wide software sell-off driven by intensifying fears that rapid AI evolution could disrupt traditional enterprise software models and valuations.”
    Salesforce
  • December 2025
    “We added to our holdings in Amazon.com Inc. (AMZN), Linde plc (LIN), and Visa Inc. (V) and trimmed Amphenol Corp. (APH), Oracle Corp. (ORCL), SAP SE (SAP), and Salesforce Inc. (CRM).”
    Salesforce
  • December 2025
    “Top Quarterly Contributors Applied Materials, which supplies semiconductor manufacturing equipment, outperformed as optimism around AI-driven semiconductor capital spending persisted, supported by improving prospects at key customers such as Intel. Alphabet posted strong performance in the quarter as resilient revenues for its search business, improving growth in its cloud segment and renewed confidence in its vertically integrated AI strategy lifted investor sentiment. Danaher, a maker of diagnostics technology, benefited during the quarter from improving sentiment around life sciences end markets, as pharmaceutical customers signaled higher-than-expected spending on research and development. Salesforce reported better-than-expected earnings after having sold off significantly prior to the quarter, driving a rebound in the stock price and a contribution to relative performance.”
    Salesforce
  • September 2025
    “A fund holding since the first quarter of 2020, Salesforce reported solid quarterly financial results with most key metrics, including revenue, current remaining performance obligations bookings (“CRPO” a forward-looking measure of revenue), operating margins, and earnings per share above consensus estimates.”
    Salesforce
  • “we sold 7 positions to zero in Q3: o six in technology: Tyler Technologies, CyberArk Software, Salesforce, Atlassian, ARM Holdings, Toast”
    Salesforce
  • “• Salesforce is a leading technology company that offers a collection of software products aimed at providing businesses with a full front office productivity suite. We believe Salesforce is a wonderful business in the midst of a transfor- mation into a profitable, shareholder-focused enterprise. Since management announced their renewed focus on operating discipline a couple years ago, Salesforce’s margins have in- creased substantially. In our view, there is still room to improve from here as the company lev- erages its unique position to help businesses de- ploy AI and continues to restructure its sales or- ganization. Since exiting our position in Salesforce in December, the stock price has declined by over 30% despite continuing to re- port fundamental results that are in line with our expectations. This provided us the opportunity to buy shares in a leading software business that we view as having significant competitive ad- vantages. l We did not eliminate any positions during the period.”
    Salesforce
  • “• Salesforce is a leading technology company that offers a collection of software products aimed at providing businesses with a full front office productivity suite. We believe Salesforce is a wonderful business in the midst of a transfor- mation into a profitable, shareholder-focused enterprise. Since management announced their renewed focus on operating discipline a couple years ago, Salesforce’s margins have in- creased substantially. In our view, there is still room to improve from here as the company lev- erages its unique position to help businesses de- ploy AI and continues to restructure its sales or- ganization. Since exiting our position in Salesforce in December, the stock price has de- clined by over 30% despite continuing to report fundamental results that are in line with our ex- pectations. This provided us the opportunity to buy shares in a leading software business that we view as having significant competitive ad- vantages.”
    Salesforce
  • “Enterprise software aids in this goal, as the products and services of companies like ClearBridge holding ServiceNow, Strategy holdings Microsoft and Salesforce are key for enhancing economic productivity.”
    Salesforce
  • HoldsVulcan VP
    March 2025
    “There were five material detractors: Salesforce Inc., Amazon. com Inc., Microsoft Corp., Alphabet Inc., and Skyworks Solutions Inc.”
    Salesforce
  • December 2024
    “Investors cheered a solid fiscal year Q3 performance from Salesforce, with results driven by strength in subscription revenues, current remaining performance obligations (CRPO), and operating margin.”
    Salesforce
  • “We eliminated the following position(s) during the period: • Altria • eBay • Goldman Sachs • Salesforce • Truist Financial • Walt Disney”
    Salesforce

Also mentioned · 13

These funds discuss Salesforce as a competitor, benchmark or comparable, without disclosing a position in it.

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