Investment management company Vulcan Value Partners recently released its fourth quarter 2023 investor letter. A copy of the same can be downloaded here. All five investing strategies outperformed their respective benchmarks and produced strong double-digit annual returns that were far higher than inflation. Additionally, the firm is happy with the fourth quarter’s outcomes. All of the investment strategies produced double-digit returns and all of them except Small Cap beat their respective benchmarks. In the quarter, the fund’s Large Cap Composite returned 18.4% net of fees and expenses, the Small Cap Composite returned 13.0% net, the Focus Composite returned 20.0% net, the Focus Plus composite returned 19.8% (net), and the All-Cap Composite returned 18.5% net. You can check the top 5 holdings of the fund to know its best picks in 2023.
Vulcan Value Partners featured stocks such as Salesforce, Inc. (NYSE:CRM) in the fourth quarter 2023 investor letter. Headquartered in San Francisco, California, Salesforce, Inc. (NYSE:CRM) designs and develops cloud-based software for customer relationship management. On January 16, 2024, Salesforce, Inc. (NYSE:CRM) stock closed at $269.19 per share. One-month return of Salesforce, Inc. (NYSE:CRM) was 3.44%, and its shares gained 85.07% of their value over the last 52 weeks. Salesforce, Inc. (NYSE:CRM) has a market capitalization of $260.576 billion.
Vulcan Value Partners stated the following regarding Salesforce, Inc. (NYSE:CRM) in its fourth quarter 2023 investor letter:
“Salesforce, Inc. (NYSE:CRM) is the world’s leading SaaS vendor for customer relationship management (CRM) and salesforce automation (SFA) software. The company offers many other products including software for marketing automation, customer service automation, analytics, application integration, and enterprise collaboration among others. During the quarter, Salesforce increased guidance for the fiscal year including higher revenue growth, higher free cash flow growth, and higher operating margins. The company also indicated it is seeing a less measured buying environment and more business opportunities, indicating the macro environment is getting relatively better for them. Salesforce is deeply entrenched within its customer base, has high retention, high recurring revenue, and is a very scalable business with high margin potential. Salesforce is dominant across its offerings and is constantly innovating with new products, features, and artificial intelligence to deepen customer relationships and grow the business.”
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Salesforce, Inc. (NYSE:CRM) is in 11th position our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 122 hedge fund portfolios held Salesforce, Inc. (NYSE:CRM) at the end of third quarter which was 122 in the previous quarter.
We discussed Salesforce, Inc. (NYSE:CRM) in another article and shared the list of AI stocks that will skyrocket in 2024 as per analysts. In addition, please check out our hedge fund investor letters Q4 2023 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.
