Concentrix (CNXC): Can AI Turnaround This Cheap Customer Experience Stock?

First Pacific Advisors' Q2 2026 investor letter highlighted Concentrix (NASDAQ:CNXC) as a top pick among small-cap value stocks. The mutual fund returned 27.02% in the first half of 2026, outperforming both the Russell 2000 Value Index and the S&P 600 Index. Concentrix is one of two global customer experience vendors, having expanded from managing call centers to offering digital operations services and AI-integrated products.

The acquisition of WebHelp in 2023 left Concentrix with considerable debt. Despite the market's concerns about AI disruption, the fund remains cautiously optimistic about the company's iX Suite product, which incorporates AI across its offerings. However, the fund holds less than 50 basis points of CNXC, as they share the market's apprehension while recognizing the potential for higher returns from other AI stocks.