Overview

• Oakmark’s Q3 2025 investor letter describes Salesforce as a leading software firm transforming into a more profitable, shareholder‑focused enterprise.
• The fund reports that Salesforce’s margins have risen since management refocused on operating discipline, with additional upside seen from AI initiatives and a sales reorganization.
• Oakmark says it exited its Salesforce position in December and notes the shares have fallen by more than 30% since, even as fundamentals tracked its expectations.
• Salesforce posted Q2 FY2026 revenue of $10.25 billion, up 10% year over year, reflecting continued top‑line growth.
• Hedge‑fund ownership declined to 121 portfolios at the end of Q2 from 140, while recent market data show the stock closed at $245.33 on Oct. 9 with a one‑month return of 1.65% and a 52‑week decline of 14.35%.