Antipodes Global Strategy notes CRM’s one-month decline amid broader market rotation away from mega-cap tech in Q1 2026.
Salesforce (CRM) closed at $152.76 on June 24, 2026, marking a 13.5% decline over the prior month. The drop occurred despite the company’s strong fundamentals, as investors rotated away from mega-cap technology stocks amid AI-related volatility and a broader market shift toward value sectors.
Global equities fell 3.2% in USD during Q1 2026, with US equities down 4.6%. Value stocks outperformed growth stocks, driven by geopolitical tensions, including US-Israeli strikes on Iran, which triggered an energy shock. Defensive sectors like healthcare and consumer discretionary led performance, while financials and real estate lagged.
Antipodes Global Strategy outperformed its benchmark for the quarter and the 12 months ending March 31, 2026, by increasing exposure to North America, Korea, and Western Europe while reducing holdings in underperforming regions like Canada and the UK.