Jackson Peak Capital, an investment management firm, released its first-quarter 2026 investor letter. Jackson Peak Capital employs a concentrated long/short equity approach to deliver strong absolute returns across various market conditions. A copy of the letter is available to download here. In Q1 2026, Jackson Peak returned -21.0%, net, in a challenging environment. The underperformance in Q1 was driven by an increase in tech exposure, adverse movements in certain positions, and the lack of expected catalysts. The ACWI returned -2.2%, and the HFRX Equity Hedge Index returned -1.5% during the same time. The firm expects a strong Q2 start as AI acceleration and easing geopolitical tensions favor positions. At Q1’s end, net exposure was 36%, up from 25% from Q4’s end, with confidence in AI infrastructure, energy, compute, <a href="https://bitcomme.com/how-avl-modernizes-measurement-data-analytics-with-impulse/” title=”how AVL modernizes measurement data analytics with Impulse”>data center buildout, and event-driven positions. In addition, please check the fund’s top five holdings to know its best picks in 2026.
In its first-quarter 2026 investor letter, Jackson Peak Capital highlighted stocks like Salesforce, Inc. (NYSE:CRM). Salesforce, Inc. (NYSE:CRM) is a cloud computing company that offers Customer Relationship Management (CRM) technology that brings companies and customers together. On June 1, 2026, Salesforce, Inc. (NYSE:CRM) closed at $209.60 per share. One-month return of Salesforce, Inc. (NYSE:CRM) was 12.09%, and its shares lost 20.75% over the past 52 weeks. Salesforce, Inc. (NYSE:CRM) has a market capitalization of $171.66 billion.
Jackson Peak Capital stated the following regarding Salesforce, Inc. (NYSE:CRM) in its Q1 2026 investor letter:
“Salesforce, Inc. (NYSE:CRM) was a contributor as a short. We initiated the short on the back of Anthropic’s developments and product releases during the quarter, which we view as accelerating the competitive pressure on the incumbent enterprise software stack. CRM is one of the names where the gap between fundamentals and consensus narrative is widening.”
Salesforce, Inc. (NYSE:CRM) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 101 hedge fund portfolios held Salesforce, Inc. (NYSE:CRM) at the end of the first quarter, compared to 115 in the previous quarter. In the first quarter of fiscal 2027, Salesforce, Inc. (NYSE:CRM) generated revenue of $11.13 billion, up 13% year over year nominal and 12% at constant currency. While we acknowledge the potential of Salesforce, Inc. (NYSE:CRM) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on thebest short-term AI stock.
