Harris Oakmark's third-quarter 2026 investor letter identifies Salesforce, Inc. as a top contributor to the Oakmark Fund, attributing the stock's performance to investor confidence in its AI capabilities. The fund returned 3.45% for the quarter, outperforming the S&P 500 Index's 2.30% return, with gains in Information Technology and Health Care offsetting losses in Industrials and Materials.
In the letter, Oakmark noted that Salesforce shares rose after the company reported accelerating revenue growth and raised guidance. Management highlighted strong momentum in Agentforce, Data Cloud, and Slack, along with continued growth in net new annual recurring revenue and historically low customer attrition. The fund stated that investors grew more confident that Salesforce's AI capabilities can enhance the value of its software platform, which eased concerns that advances in AI could diminish the importance of traditional enterprise software applications.
As of October 14, 2026, Salesforce closed at $235.95 per share on the New York Stock Exchange. The company's market capitalization stands at $194.19 billion, with a 52-week trading range between $146.32 and $269.11. Over the past month, the stock returned 0.72%, while it is down 0.57% over the past year.
Insider Monkey data indicates that 99 hedge fund portfolios held Salesforce at the end of the second quarter, a decrease from 101 in the previous quarter. The outlet noted that while it acknowledges the potential of Salesforce as an investment, it believes certain AI stocks offer greater upside potential and carry less downside risk. The letter also encourages investors to focus on well-managed businesses selling at discounts to their intrinsic value, suggesting that patient investors can benefit as the price-value gap narrows over time despite mega-cap concentration driving broad market returns.