Mar Vista Investment Partners, LLC, an investment management company, released the “Mar Vista Global Quality Strategy” fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. As investors welcomed reduced interest rates and inflation in developed economies, the global stock market rose in 2024. The MSCI World Net Index increased 18.7% for the year, finishing an incredible two-year run with a 47% total return and its second straight annual gain above 15%. In the fourth quarter, the strategy returned -3.31% net-of-fees compared to -0.16% and -0.99% returns for the MSCI World Net Index and the MSCI All Country World Net Index, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2024.
In its fourth quarter 2024 investor letter, Mar Vista Global Quality Strategy emphasized stocks such as Salesforce, Inc. (NYSE:CRM). Salesforce, Inc. (NYSE:CRM) offers Customer Relationship Management (CRM) technology that brings companies and customers together. The one-month return of Salesforce, Inc. (NYSE:CRM) was -10.75%, and its shares gained 3.13% of their value over the last 52 weeks. On February 21, 2025, Salesforce, Inc. (NYSE:CRM) stock closed at $309.80 per share with a market capitalization of $296.479 billion.
Mar Vista Global Quality Strategy stated the following regarding Salesforce, Inc. (NYSE:CRM) in its Q4 2024 investor letter:
“Investors cheered a solid fiscal year Q3 performance from Salesforce, Inc. (NYSE:CRM), with results driven by strength in subscription revenues, current remaining performance obligations (CRPO), and operating margin. Both the Sales and Service Clouds returned to double-digit growth, fueled by strong adoption of multi-cloud and vertical-specific solutions. These results highlight Salesforce’s ability to address diverse customer needs and sustain growth across its core offerings.
Management expressed significant excitement about Agentforce, an organically developed generative AI product that is garnering enthusiasm from both system integrator partners and customers alike. This innovation underscores Salesforce’s commitment to delivering innovative solutions that enhance customer engagement and drive productivity. While Agentforce’s contributions to subscription revenues and CRPO bookings are still immaterial for now, the growing pipeline provides a solid foundation for optimism around Salesforce’s ability to productize and monetize its generative AI offerings.”
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 16th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 162 hedge fund portfolios held Salesforce, Inc. (NYSE:CRM) at the end of the fourth quarter compared to 116 in the third quarter. While we acknowledge the potential of Salesforce, Inc. (NYSE:CRM) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article we discussed Salesforce, Inc. (NYSE:CRM) and shared the list of technology stocks with insider buying in 2024. In addition, please check out our hedge fund investor letters Q4 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.