Montaka Global Investments, an investment management company, released its fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. Montaka’s December 2025 investor letter explains that while global equity markets performed strongly in 2025, driven largely by artificial intelligence (AI) and a small number of high-performing technology stocks, the fund did not outperform during the year due to significant dispersion in stock returns across its portfolio. Some holdings generated strong gains, while others declined due to short-term factors such as concerns about AI disruption, weakness in housing-related sectors, and negative sentiment toward alternative assets and enterprise software. The letter argues that these declines are likely temporary and that many of these businesses remain fundamentally strong but currently undervalued. Looking ahead, the fund maintains a positive market outlook, believing that long-term opportunities remain strong as AI adoption accelerates, driving major investments in data centres, semiconductors, energy infrastructure, and critical commodities like lithium. The managers also note that rising geopolitical competition, resource scarcity, and technological disruption are reshaping the global economy, but they believe their strategy of investing in high-quality companies benefiting from long-term structural trends will continue to deliver strong returns over time. Consequently, the portfolio has been adjusted by adding to undervalued positions, trimming holdings that rallied strongly, and initiating a new investment in a lithium producer to benefit from expected future supply shortages linked to renewable energy and battery demand. In addition, you can check the Strategy’s top 5 holdings to determine its best picks for 2025.
In its fourth-quarter 2025 investor letter, Montaka Global Investments highlighted stocks like Salesforce, Inc. (NYSE:CRM). Salesforce, Inc. (NYSE:CRM) is a leading provider of customer relationship management software delivered through the cloud, enabling businesses to manage sales, marketing, and customer service. The one-month return of Salesforce, Inc. (NYSE:CRM) was -4.55% while its shares traded between $174.57 and $296.05 over the last 52 weeks. On March 24, 2026, Salesforce, Inc. (NYSE:CRM) stock closed at approximately $183.02 per share, with a market capitalization of about $171.49 billion.
Montaka Global Investments stated the following regarding Salesforce, Inc. (NYSE:CRM) in its Q4 2025 investor letter:
“Enterprise software leaders like Salesforce, Inc. (NYSE:CRM) has been sold off as part of a broad-brushed negative narrative on software disruption by AI. We remain cognisant of these risks and follow them closely. On balance, however, we continue to see low probabilities that enterprise customers will be successful at, or even try to recreate such large, embedded, mission-critical software systems as Salesforce. And while critics point to slower-than-expected adoption of new agentic features as evidence of the decline of these businesses, we suspect these trends highlight the complexity involved in trying to extract corporate value out of AI, at scale. If so, this arguably favours those players with scale advantages in R&D, customer distribution, and customer data, such as Salesforce. And following their 2025 stock price declines, we see these businesses as significantly undervalued.”
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Salesforce, Inc. (NYSE:CRM) ranks 28th on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. As per our database, 115 hedge fund portfolios held Salesforce, Inc. (NYSE:CRM) at the end of the fourth quarter, which was 119 in the previous quarter. While we acknowledge the risk and potential of Salesforce, Inc. (NYSE:CRM) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Salesforce, Inc. (NYSE:CRM) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Salesforce, Inc. (NYSE:CRM) and shared the list of tech stocks with the best earnings growth in 2026. In addition, please check out our hedge fund investor letters Q4 2025 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.
