Tech fund manager backs these 2 software stocks will outperform in a recession

📆 23/12/2022 05:45:00
📰 CNBC

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Jeremy Gleeson, who manages a $1.5 billion tech fund, thinks two Silicon Valley giants are set to outperform.

Enterprise-software giants ServiceNow and Salesforce are set to be beneficiaries of a recession in 2023, according to tech fund manager Jeremy Gleeson. The two Silicon Valley giants sell software services that aim to make businesses' sales, customer service, and operational workflows more efficient. Gleeson, who manages the £1.

However, analysts believe they will rebound by over 50% to $200 over the next 12 months, according to FactSet. Salesforce shares closed at $130 on Wednesday. "This is a company which is more mature than it was 10 years ago. Its growth rate is lower than it was 10 years ago, but they still continue to grow," Gleeson said of Salesforce, which is 2.3% of the AXA Framlington Global Technology Fund.

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