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First Eagle Investment Management, an investment management company, released its Q2 2026 investor update for "First Eagle Global Fund". The letter can be downloaded here. Easing tensions in the Middle East led to a strong rally in risk markets in Q2. The S&P 500 Index rose 15.2%, while the MSCI EAFE Index gained 10.8%. Growth stocks outperformed, with the MSCI World Growth Index significantly exceeding value returns. A notable shift in U.S. interest rate expectations followed Kevin Warsh's appointment as chair of the Federal Open Market Committee, pushing Treasury yields higher and strengthening the dollar. Despite the optimistic market environment, concerns about fiscal constraints and limited policy flexibility remain. Tighter credit spreads and elevated equity valuations reflect strong demand for financial assets, with household wealth in equities at a post-WWII high. Earnings expectations are buoyant, driven by AI infrastructure developments. Against this backdrop, Global Fund A Shares returned 2.86% in Q2 2026, with emerging markets and developed Europe as the primary contributors. Developed Asia (excluding Japan) was the only detractor, and Japan lagged. Information technology and financials led among equity sectors, while materials and energy detracted. The fund underperformed relative to the MSCI World Index during this period. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, First Eagle Global Fund highlighted Salesforce, Inc. (NYSE:CRM). Salesforce, Inc. (NYSE:CRM) is a cloud computing company that offers Customer Relationship Management (CRM) technology that brings companies and customers together. On August 31, 2026, Salesforce, Inc. (NYSE:CRM) closed at $257.54 per share. Over the past month, Salesforce, Inc. (NYSE:CRM) returned 36.58%, and its shares are up 3.16% over the past year. Salesforce, Inc. (NYSE:CRM) has a market capitalization of $211.96 billion.
First Eagle Global Fund stated the following regarding Salesforce, Inc. (NYSE:CRM) in its Q2 2026 investor letter:
"Despite reporting better-than-expected results for its most recent quarter, shares of enterprise software developer Salesforce, Inc. (NYSE:CRM) were weak during the quarter because of ongoing industrywide concerns that generative AI will trigger an exodus from software applications. We believe that Salesforce's technology serves as an economic moat to the potential disruption of AI because its products are embedded as the foundational system of record for its customers. In addition, we continue to believe that the company is well positioned to grow and scale its Agentforce platform over time."
Salesforce, Inc. (NYSE:CRM) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 99 hedge fund portfolios held Salesforce, Inc. (NYSE:CRM) at the end of the second quarter, which was 101 in the previous quarter. While we acknowledge the potential of Salesforce, Inc. (NYSE:CRM) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
In another article, we discussed Salesforce, Inc. (NYSE:CRM) and Parnassus Core Equity Fund's insights on the company. In addition, please check out our hedge fund investor letters Q2 2026 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.
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