Investment management company Vulcan Value Partners recently released its third-quarter 2022 investor letter. A copy of the same can be downloaded here. The firm has five strategies, trailing their benchmark indexes in the third quarter of 2022. The fund’s Large-Cap Composite returned -7.3% net of fees and expenses, the Small Cap Composite returned -14.4% net, Focus Composite returned -8.0% net, the Focus Plus composite returned -7.9%, and All Cap Composite returned -11.5% net during the quarter. You can check the top 5 holdings of the fund to know its best picks in 2022.
Vulcan Value Partners highlighted stocks like Salesforce, Inc. (NYSE:CRM) in the Q3 2022 investor letter. Headquartered in San Francisco, California, Salesforce, Inc. (NYSE:CRM) is a technology company that provides customer relationship management technologies to connect companies and customers. On November 3, 2022, Salesforce, Inc. (NYSE:CRM) stock closed at $146.33 per share. One-month return of Salesforce, Inc. (NYSE:CRM) was -2.63% and its shares lost 52.37% of their value over the last 52 weeks. Salesforce, Inc. (NYSE:CRM) has a market capitalization of $146.33 billion.
Vulcan Value Partners made the following comment about Salesforce, Inc. (NYSE:CRM) in its Q3 2022 investor letter:
“Salesforce, Inc. (NYSE:CRM) is a leading customer relationship management (CRM) platform with a broad suite of products that help its customers with sales, service, marketing, and analytics. Salesforce has steadily gained market share within its addressable market, that itself is growing 13% per year. Salesforce has used both organic innovation and selective M&A to expand its menu of products. This has improved penetration as customers increase the number of products, or clouds, they buy from Salesforce. As a customer moves from one Salesforce cloud to two clouds, annual recurring revenue (ARR) increases 3X on average. With 3 clouds, ARR is 9X higher vs. 1 cloud, and we believe this exponential growth dynamic will increase with each successive cloud. In addition to generating recurring revenue for Salesforce, each incremental cloud helps Salesforce increase its position within the daily operations of its customers, making its products stickier. Long term, we believe these secular trends will continue, and that Salesforce will continue to gain market share, expand margins, and innovate to address the needs of its customers.”
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Salesforce, Inc. (NYSE:CRM) is in 10th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 116 hedge fund portfolios held Salesforce, Inc. (NYSE:CRM) at the end of the second quarter, which was 114 in the previous quarter.
We discussed Salesforce, Inc. (NYSE:CRM) in another article and shared the stock picks of elite hedge funds for a growth stock portfolio. In addition, please check out our hedge fund investor letters Q3 2022 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.
