Investment management company Vulcan Value Partners recently released its first quarter 2024 investor letter. A copy of the letter can be downloaded here. The firm is happy with the first quarter’s outcomes. All of the strategic composites generated positive returns, and many of them outperformed their respective benchmarks. In the quarter, the fund’s Large Cap Composite returned 12.0% net of fees and expenses, the Small Cap Composite returned 0.2% net, the Focus Composite returned 12.7% net, the Focus Plus composite returned 12.9%, and the All-Cap Composite returned 6.6% net. You can check the top 5 holdings of the fund to know its best picks in 2023.
Vulcan Value Partners featured stocks like Salesforce, Inc. (NYSE:CRM) in the first quarter 2024 investor letter. Headquartered in San Francisco, California, Salesforce, Inc. (NYSE:CRM) designs and develops cloud-based software for customer relationship management. On May 9, 2024, Salesforce, Inc. (NYSE:CRM) stock closed at $275.17 per share. One-month return of Salesforce, Inc. (NYSE:CRM) was -8.02%, and its shares gained 35.24% of their value over the last 52 weeks. Salesforce, Inc. (NYSE:CRM) has a market capitalization of $266.915 billion.
Vulcan Value Partners stated the following regarding Salesforce, Inc. (NYSE:CRM) in its first quarter 2024 investor letter:
“Salesforce, Inc. (NYSE:CRM) is the world’s leading SaaS vendor for customer relationship management (CRM) and salesforce automation (SFA) software. Free cash flow for FY2024 came in significantly better than expected, and Salesforce guided free cash flow growth to again be very strong in FY2025. The company also pointed to several things with the potential to accelerate future growth including pricing, artificial intelligence, and a better buying environment.”
A customer service team in an office setting using the company’s Customer 360 platform to communicate with customers.
Salesforce, Inc. (NYSE:CRM) is in 11th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 131 hedge fund portfolios held Salesforce, Inc. (NYSE:CRM) at the end of the fourth quarter which was 122 in the previous quarter. Ken Fisher’s Fisher Asset Management was the largest shareholder of Salesforce, Inc. (NYSE:CRM) which holds $3.9 billion worth shares of the company.
We previously discussed Salesforce, Inc. (NYSE:CRM) in another article, where we shared the list of best artificial intelligence stocks to buy according to Wall Street analysts. In addition, please check out our hedge fund investor letters Q1 2024 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.