Agentforce: Scaling the Next Generation of Salesforce (CRM)

The Q2 2026 investor update from First Eagle Investment Management detailed the performance and outlook of the First Eagle Global Fund. Market conditions in Q2 were bolstered by the resolution of Middle East tensions, resulting in robust gains across risk markets. The S&P 500 Index climbed by 15.2% and the MSCI EAFE Index increased by 10.8%.

Growth stocks led the charge, with MSCI World Growth Index outperforming value assets. However, uncertainties surrounding fiscal policy and limited policy flexibility persisted despite market optimism. The U.S. interest rate outlook shifted following Kevin Warsh's appointment as chair of the Federal Open Market Committee, causing Treasury yields to rise and the dollar to strengthen.

Despite this positive market atmosphere, fiscal constraints and policy flexibility limitations lingered. TIGHTER CREDIT SPREADS AND ELEVATED EQUITY VALUATIONS INDICATE STRONG DEMAND FOR FINANCIAL ASSETS, WITH HOUSEHOLD WEALTH IN EQUITIES REACHING POST-WWII LEVELS. EARNINGS EXPECTATIONS ARE HIGHLY OPTIMISTIC, DRIVEN BY ADVANCEMENTS IN AI INFRASTRUCTURE.

Within the broader investment landscape, the First Eagle Global Fund returned 2.86% in Q2 2026, with emerging markets and developed Europe being the main contributors. Developed Asia (excluding Japan) was the sole underperformer, and Japan trailed behind. Among equity sectors, information technology and financials led, while materials and energy lagged.

The fund underperformed relative to the MSCI World Index during this period. Additionally, the fund's top five holdings were highlighted, offering insights into its best picks for 2026. The second-quarter 2026 investor letter from First Eagle Global Fund spotlighted Salesforce, Inc. (NYSE:CRM), a cloud computing company offering Customer Relationship Management (CRM) technology that brings companies and customers together.

On August 31, 2026, Salesforce, Inc.'s stock closed at $257.54 per share. Over the past month, the company's stock returned 36.58%, and it has increased by 3.16% over the past year. Salesforce, Inc. boasts a market capitalization of $211.96 billion. The investment firm noted that Salesforce, Inc.'s technology serves as an economic moat against potential disruption from AI, as its products are embedded as foundational systems of record for its customers.

The company is well-positioned for growth and scaling its Agentforce platform over time. Salesforce, Inc. (NYSE:CRM) was not included in the list of the 40 Most Popular Stocks Among Hedge Funds. During the second quarter, 99 hedge fund portfolios held Salesforce, Inc., a slight decrease from the previous quarter's 101. While acknowledging Salesforce's potential as an investment, the fund believed that certain AI stocks offered greater upside potential with less downside risk.

For those seeking an extremely undervalued AI stock that could benefit from Trump-era tariffs and the onshoring trend, the firm recommended a free report on the best short-term AI stock. Further discussion on Salesforce, Inc. and insights from Parnassus Core Equity Fund were provided in other articles. Investors can also refer to the hedge fund investor letters Q2 2026 page for additional investor letters from notable investors.