Oakmark Funds, an investment management company, released its “Oakmark Select Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. The fund declined 5.9% in the third quarter, roughly in line with the S&P 500 Index. For the fiscal year that ended September 30, 2022, the fund fell 23.6% compared to a 15.5% decline for the S&P 500 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Oakmark Funds discussed stocks like Salesforce, Inc. (NYSE:CRM) in the Q3 2022 investor letter. Headquartered in San Francisco, California, Salesforce, Inc. (NYSE:CRM) is a technology company that provides customer relationship management technologies to connect companies and customers. On October 11, 2022, Salesforce, Inc. (NYSE:CRM) stock closed at $142.57 per share. One-month return of Salesforce, Inc. (NYSE:CRM) was -11.05% and its shares lost 49.87% of their value over the last 52 weeks. Salesforce, Inc. (NYSE:CRM) has a market capitalization of $142.57 billion.
Here is what Oakmark Funds specifically said about Salesforce, Inc. (NYSE:CRM) in its Q3 2022 investor letter:
“Salesforce, Inc. (NYSE:CRM) has become a dominant global player in sales, customer service, commerce and marketing software over the past 20 years. The company earns 80% gross margins and grows 20% organically. Plus, virtually all of its revenue is recurring. We see Salesforce as a great business that we’ve admired from afar for a long time. More recently, the organization has made some changes at the top that prompted us to take a closer look at the stock. New CEO Bret Taylor and CFO Amy Weaver are bringing a culture of financial discipline. We believe this renewed focus on profitability and capital return, combined with Salesforce’s strong underlying business characteristics, will yield strong results. The current valuation of 3.9x next year’s revenues represents a significant discount compared to publicly traded peers and recent private market values in the software space that have similar growth profiles. We view this discount as an opportunity to invest in a great business at a good value.”
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Salesforce, Inc. (NYSE:CRM) is in 10th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 116 hedge fund portfolios held Salesforce, Inc. (NYSE:CRM) at the end of the second quarter, which was 114 in the previous quarter.
We discussed Salesforce, Inc. (NYSE:CRM) in another article and shared the list of best stocks for long-term growth. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
