The Steppe Eagle OEIC Ltd on Salesforce, Inc.
Thesis
Salesforce is presented as a mature cloud CRM leader with more than $40 billion of sales, still growing while profitability has improved sharply and the balance sheet remains healthy. The fund sees its integrated product suite and corporate culture as durable advantages and says the shares deserve a 6% to 8.5% portfolio weight. The 2026 selloff is framed as market distrust of SaaS companies facing the LLM challenge rather than a break in the business, as Salesforce continued to post roughly 8-10% growth and pay dividends. The intended holding period is explicitly more than seven years. P(1) Harry Qelm Baabsman Steppe…
“The company's stocks deserve a hefty 6% to 8.5% portion of the investment portfolio and a prolonged holding period.”
Key risks
- LLMs could disrupt or pressure SaaS business models
- Growth is maturing and slower than in the earlier high-growth phase