Antipodes Partners published its “Antipodes Global Strategy” first-quarter 2026 investor letter, highlighting the key performance stocks, portfolio changes, and the market outlook. A copy of the letter can be downloaded here. The first quarter of 2026 was highly volatile. Early optimism shifted to a historic energy shock caused by US-Israeli strikes on Iran. Global equities dropped 3.2% in USD, with US equities falling 4.6%, and value stocks outperformed growth stocks as the rotation away from mega-cap tech accelerated due to AI fears. The strategy outperformed the benchmark over the quarter and the 12 months to March 31, 2026. Exposure in North America, Korea, Western Europe, and Latin America regions boosted performance, while Canada and the UK lagged. Energy, consumer discretionary, industrials, and healthcare sectors led the performance, while financials, real estate, and materials lagged. To manage risk, the firm increased its holdings in defensive sectors during the quarter. For insights into their key selections for 2026, please review the Strategy’s top five holdings.
In its first-quarter 2026 investor letter, Antipodes Global Strategy highlighted 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 24, 2026, Salesforce, Inc. (NYSE:CRM) closed at $152.76 per share. One-month return of Salesforce, Inc. (NYSE:CRM) was -13.57%, and its shares lost 42.70% over the past 52 weeks. Salesforce, Inc. (NYSE:CRM) has a market capitalization of $125.65 billion.
Antipodes Global Strategy stated the following regarding Salesforce, Inc. (NYSE:CRM) in its Q1 2026 investor letter:
“Salesforce, Inc. (NYSE:CRM) 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 continues to demonstrate robust fundamentals, and we estimate earnings can continue to grow at 14% year-on-year, driven by the momentum of its recently deployed autonomous AI agent platform, Agentforce.”
Salesforce, Inc. (NYSE:CRM) is in the 28th position 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 on a nominal basis 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.
