Cooper Investors, an investment management firm, published its “Cooper Investors Global Equities Fund” third-quarter 2022 investor letter – a copy of which can be downloaded here. The portfolio returned -4.77% in the quarter, versus the benchmark return of -5.52%. Profound US Dollar strength was a feature of the period; the A$ fell -6.5%, Yen -6.1%, Euro -6.3%, and the Pound – 8.1%. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.
In its Q3 2022 investor letter, Cooper Investors Global Equities Fund mentioned Salesforce, Inc. (NYSE:CRM) and explained its insights for the company. Founded in 1999, Salesforce, Inc. (NYSE:CRM) is a San Francisco, California-based cloud-based software company with a $153.5 billion market capitalization. Salesforce, Inc. (NYSE:CRM) delivered a -39.59% return since the beginning of the year, while its 12-month returns are down by -47.48%. The stock closed at $153.53 per share on October 18, 2022.
Here is what Cooper Investors Global Equities Fund has to say about Salesforce, Inc. (NYSE:CRM) in its Q3 2022 investor letter:
“It seems unfashionable to discuss technology stocks given the current market mood, but we are observing positive signs from US software companies in terms of their journey along the ‘HubrisHumility’ cycle. We have trimmed and concentrated our software exposure significantly over the last 18 months down to two cloud-native SAAS players, Workday and Salesforce. We met with both businesses during our trip and came away encouraged from language indicating increased focus on profitability and cost control.
We see significant optionality in these businesses to grow at the same time as expanding margins and free cash flow. The discussions increased our conviction that returns on capital are now becoming a
priority for CEOs and CFOs in this sector who are talking for the first time about cost discipline, reduced capex, more measured hiring practices, a reduction in the level of stock-based compensation and scaled back M&A ambitions. Salesforce in a recent earnings update announced its first ever buyback for US$10bn…” (Click here to see the full text)
Our calculations show that Salesforce, Inc. (NYSE:CRM) ranks 10th on our list of the 30 Most Popular Stocks Among Hedge Funds. Salesforce, Inc. (NYSE:CRM) was in 116 hedge fund portfolios at the end of the second quarter of 2022, compared to 114 funds in the previous quarter. Salesforce, Inc. (NYSE:CRM) delivered a -11.67% return in the past 3 months.
In October 2022, we also shared another hedge fund’s views on Salesforce, Inc. (NYSE:CRM) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.
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Disclosure: None. This article is originally published at Insider Monkey.
