What smart money is saying about Workday
4 funds in our archive have pitched Workday — most recently Eagle Capital Management in March 2026.
Workday, Inc. delivers comprehensive, cloud-hosted enterprise software solutions to clients worldwide. These platforms empower organizations to strategize, operate, examine performance, integrate with existing systems, and oversee their overall business functions. A core offering includes a robust suite of financial management tools. These are designed to assist Chief Financial Officers (CFOs) in meticulously maintaining general ledger accounting data, streamlining financial workflows, gaining instant insights into financial and operational metrics, optimizing consolidation, accelerating month-end closes, bolstering internal controls and audit readiness, and ensuring uniformity throughout their financial activities. Workday also provides cloud-based spend management solutions. These facilitate smoother supplier engagement and contract administration, optimize the handling of indirect expenditures, and enable the effective execution of sourcing initiatives, including requests for proposals (RFPs). Its Human Capital Management (HCM) platform stands out, offering a comprehensive set of applications for overseeing the entire employee journey—from initial recruitment through to retirement. This empowers HR departments to efficiently handle hiring, onboarding, payroll, talent development, reskilling programs, and to cultivate exceptional employee experiences. Furthermore, the company offers dedicated applications for business planning, alongside powerful analytics and reporting capabilities. These advanced tools feature augmented analytics that translate complex data into easily digestible narratives for business users, leverage machine learning for enhanced operational efficiency and automation, and provide benchmarking features to compare performance against industry peers. Workday's diverse clientele spans numerous sectors, including professional and business services, financial institutions, healthcare providers, educational bodies, government agencies, technology firms, media organizations, retailers, and the hospitality industry. Originally incorporated in 2005 as North Tahoe Power Tools, Inc., the company adopted the name Workday, Inc. in July of the same year. Its corporate headquarters are located in Pleasanton, California.
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Position history
Between Q2 2025 and Q2 2026, 14 fund letters reported a position in Workday — 1 opened or added to the position, 7 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 10 | 0 | 5 | 0 |
| Q1 2026 | 4 | 1 | 2 | 2 |
| Q3 2025 | 0 | 0 | 0 | 1 |
| Q2 2025 | 0 | 0 | 0 | 1 |
Fund activity · 14 positions · 8 moves
- June 2026
“Workday Inc. (WDAY) is a leader in cloud software for back-office business functions, spanning human capital management (HCM), financial management, and adjacent ERP (enterprise resource planning) products, with 60% of the Fortune 500 as HCM customers. Shares declined over the period, pressured by investor concerns that AI could disrupt application software vendors. The most recent quarter, however, did not show evidence of this. Subscription revenue grew 14%, 12-month backlog grew 16%, retention remained best-in-class, margins expanded, and management reiterated full-year subscription revenue guidance while raising operating margin guidance. AI adoption also appears to be progressing, with Workday-developed agents now used by more than 4,000 customers and Recruiting Agent activity up sharply year over year. We continue to believe the disruption thesis significantly underestimates enterprise switching costs and the non-code moat that makes Workday durable.”
Workday - June 2026
“APA Corp. (APA) is an independent oil and gas E&P (exploration & production) company operating in the Permian and in Egypt. Quarterly results were in line with expectations and supportive of our investment thesis, but the stock fell as oil retreated due to optimism about a resolution to the conflict in Iran. APA offers strong free cash flow generation driven by favorable natural gas price differentials and underappreciated reinvestment opportunities in Suriname, Egypt, and potentially Alaska. Despite concerns over shorter Permian resource life, APA trades at attractive value metrics relative to its free cash flow yield and remains leveraged to a structurally undersupplied global energy market. The company has an investment grade balance sheet and trades at a valuation discount to its peers. Workday Inc. (WDAY) is a leader in cloud software for back-office business functions, spanning human capital management (HCM), financial management, and adjacent ERP (enterprise resource planning) products, with 60% of the Fortune 500 as HCM customers.”
Workday - June 2026
“During the second quarter of 2026, the Strategy delivered positive absolute performance but underperformed its benchmark, the MSCI ACWI Net Return Index. The main detractors were the Strategy’s underexposure to parts of the technology sector and our investments within financials. In technology, underperformance was driven by both what we owned and what we did not own. Several companies in the benchmark that we do not own delivered very strong returns, particularly memory-chip producers and CPU manufacturers. At the same time, our investments across software and cloud-service providers were weak, including Microsoft, Autodesk and Workday. We exited Autodesk and Workday during the quarter.”
Workday - ExitedAntipodes Global FundJune 2026
“Workday (Exit): Over the Quarter Workday was exited reflective of AI disruption concerns to Workday's business model.”
Workday - June 2026
“Workday Inc. (WDAY) is a leader in cloud software for back-office business functions, spanning human capital management (HCM), financial management, and adjacent ERP (enterprise resource planning) products, with 60% of the Fortune 500 as HCM customers.”
Workday - June 2026
“Workday (Trim): Over the Quarter Workday was trimmed reflective of AI disruption concerns to Workday's business model.”
Workday - ExitedRGA Investment Advisor Investment PortfolioJune 2026
“In aggregate, we funded these acquisitions with the sale of Lattice Semiconductor, Disney and Workday, as well as a modest trim from our Alphabet position.”
Workday - June 2026
“Workday Inc. (WDAY) is a leader in cloud software for back-office business functions, spanning human capital management (HCM), financial management, and adjacent ERP (enterprise resource planning) products, with 60% of the Fortune 500 as HCM customers.”
Workday - June 2026
“During the second quarter of 2026, the Strategy delivered positive absolute performance but underperformed its benchmark, the MSCI ACWI Net Return Index. The main detractors were the Strategy’s underexposure to parts of the technology sector and our investments within financials. In technology, underperformance was driven by both what we owned and what we did not own. Several companies in the benchmark that we do not own delivered very strong returns, particularly memory-chip producers and CPU manufacturers. At the same time, our investments across software and cloud-service providers were weak, including Microsoft, Autodesk and Workday. We exited Autodesk and Workday during the quarter.”
Workday - May 2026
“Companies Held 16 Benchmark MSCI All Country World Index Net Total Returns (AUD) LAKEHOUSE GLOBAL GROWTH FUND MONTHLY LETTER 31 May 2026 Company Headquarters Strategic Advantage MercadoLibre Argentina Networks, Loyalty, IP Sansan Japan Loyalty, Networks ServiceNow USA Loyalty Adyen Netherlands Loyalty, IP Kinaxis Canada IP, Loyalty Microsoft USA Loyalty, Networks, IP Alphabet USA IP, Networks Workiva USA Loyalty, IP Workday USA Loyalty Amazon USA Networks, Loyalty, IP”
Workday - March 2026
“SAP, Workday, and Intuit are highly entrenched application software businesses.”
Workday - ExitedFlexible Equity FundMarch 2026
“During the quarter, we added three new positions—NVIDIA Corporation (NVDA), SAP SE Sponsored ADR (SAP), and Watsco, Inc. (WSO)—while exiting T- Mobile (TMUS), Workday, Inc. (WDAY), and Uber Technologies (UBER)”
Workday - March 2026
“We added to all the aforementioned companies and exited one investment: US tax and back-office software company Intuit.”
Workday - March 2026
“During the first quarter, we scrutinized AI risk of every position in the portfolio once again. Based on that analysis, we eliminated positions in Workday, Inc (WDAY), Gartner, Inc (IT), and Verisk Analytics, Inc (VRSK).”
Workday
Fund coverage · 4 theses
- Eagle Capital ManagementMarch 2026
Workday is a leading ERP and human capital management platform with margin upside and a potential product revival.
Read the full thesis Workday, Inc. is a leading back-office cloud software provider with strong retention, attractive margins, large underpenetrated markets, and an appealing valuation.
Read the full thesis- Brown Advisory Global LeadersSeptember 2025
Workday is a cloud-based human capital management software company with a high customer retention rate, strong growth potential through international expansion and AI-driven enhancements, making it an attractive investment opportunity.
Read the full thesis - RGA Investment AdvisorsJune 2025
Workday Inc is a mission-critical software provider for HR and finance functions, exhibiting double-digit revenue growth and potential for increased earnings under new CEO Carl Eschenbach, despite recent market challenges.
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