Salesforce named top Q3 2026 pick by Antipodes Global Fund

Antipodes Partners' Q3 2026 letter arrives in a quarter when global equities rose 1.6% amid swings between geopolitics, AI enthusiasm, and shifting central-bank policy. Energy and technology led, while bonds sold off on renewed Middle East tensions and oil rose 34.4%. Within that backdrop, the Antipodes Global Strategy beat its benchmark on technology, consumer discretionary, and communications exposure, with North America contributing positively.

Salesforce stood out in the letter because its Q2 results and upgraded FY2027 guidance came alongside Agentforce annual recurring revenue above $1.5 billion. The fund framed that figure as evidence generative AI is augmenting rather than displacing Salesforce's franchise. It also pointed to the expanded Anthropic partnership and the launch of "Claudeforce" as strengthening the AI narrative, while improving order growth and historically low customer attrition eased worries about structural disruption in SaaS.

The stock closed at $247.61 on October 26, 2026, with a $203.78 billion market capitalization. Antipodes says its portfolio remains well-positioned for market participation to broaden after a period of extreme concentration, suggesting the fund sees Salesforce as part of a wider opportunity set rather than a lone bet.