Oakmark Equity and Income Fund Established a Position in Salesforce (CRM) in Q3

Oakmark Funds, advised by Harris Associates, released its “Oakmark Equity and Income Fund” Q3 2025 investor letter. A copy of the letter can be downloaded here. In the quarter, the Fund (Class I Shares) underperformed the 60% S&P 500 / 40% Bloomberg U.S. Aggregate Bond Index and outperformed the benchmark since inception. The equity portfolio returned 3.64% in the third quarter compared to 8.12% for the S&P 500 Index. The fixed income portfolio returned 2.40% compared to 2.03% for the Bloomberg U.S. Aggregate Bond Index. The Fund was allocated 59.6% in equities, 39.3% in fixed income, and 1.1% in cash. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2025.

In its third-quarter 2025 investor letter, Oakmark Equity and Income Fund highlighted stocks such as Salesforce, Inc. (NYSE:CRM). Salesforce, Inc. (NYSE:CRM) offers Customer Relationship Management (CRM) technology that brings companies and customers together. The one-month return of Salesforce, Inc. (NYSE:CRM) was 1.65%, and its shares lost 14.35% of their value over the last 52 weeks. On October 9, 2025, Salesforce, Inc. (NYSE:CRM) stock closed at $245.33 per share, with a market capitalization of $235.163 billion.

Oakmark Equity and Income Fund stated the following regarding Salesforce, Inc. (NYSE:CRM) in its third quarter 2025 investor letter:

"Salesforce, Inc. (NYSE:CRM) is a leading technology company that offers a collection of software products aimed at providing businesses with a full front office productivity suite. We believe Salesforce is a wonderful business going through a transformation into a more profitable, shareholder-focused enterprise. Since management announced their renewed focus on operating discipline a couple years ago, Salesforce’s margins have increased substantially. In our view, there is further room to improve as the company leverages its unique position to help businesses deploy AI and continues to restructure its sales organization. Since exiting our position in Salesforce in December, the stock price has declined by over 30% despite continuing to report fundamental results that are in line with our expectations."

Salesforce, Inc. (NYSE:CRM) is in the 16th position on our list of 30 Most Popular Stocks Among Hedge Funds. According to our database, 121 hedge fund portfolios held Salesforce, Inc. (NYSE:CRM) at the end of the second quarter, compared to 140 in the previous quarter. In the second quarter of 2026, Salesforce, Inc. (NYSE:CRM) reported revenue of $10.25 billion, reflecting an increase of 10% year over year and 9% in constant currency. 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 covered Salesforce, Inc. (NYSE:CRM) and shared Mar Vista U.S. Quality Strategy's views on the company. In addition, please check out our hedge fund investor letters Q3 2025 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.