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Montaka investor letter calls Salesforce mispriced despite recent plunge
Montaka cited Salesforce shares down sharply over 52 weeks, after the recent SaaS selloff, while arguing the underlying business remains solid.
Montaka Global Investments said in its second-quarter 2026 investor letter that it views Salesforce, Inc. as mispriced, pointing to a broad selloff that has pushed the stock down dramatically even as it characterized Salesforce’s underlying business as performing well. The firm said it delivered positive returns in the June quarter, but its 12-month performance was largely negative due to declines in the March quarter amid a period it described as a “SaaSpocalypse.”
According to the letter, Montaka focuses on a concentrated, long-term portfolio of high-conviction businesses it buys when prices are attractive. It said it targets companies that can grow earnings in large markets, which it suggested have faced pressure from short-term “bottleneck trades” that have gained popularity.
The investor update highlighted Salesforce’s market positioning in customer relationship management software and noted that the stock had closed at $163.00 per share on July 22, 2026. It also referenced that shares were up 3.52% over one month but down 41.92% over the past 52 weeks, with a market capitalization of $133.5 billion.
Montaka said the market’s current concerns center on whether AI could make software easier and cheaper to build, and whether new “agents” might reduce the need for traditional, seat-based software interfaces. In the letter, the firm argued those worries are flawed and that current pricing could eventually correct.