Arrowstreet's Diverse Portfolio Expansion
Arrowstreet Capital Significantly Boosts Holdings in Major Software and Mining Companies
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Key Points
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Arrowstreet added 611,358 shares of Adobe in the quarter—bringing its position to 6,228,503 shares—and valued the stake at about $2.18 billion; the article also notes Adobe was Arrowstreet’s 9th-largest holding.
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For Autodesk, brokerage reactions included specific target changes: Piper Sandler cut its price objective from $383 to $369 while keeping an “overweight” rating; Jefferies raised the stock to a “strong-buy”; Rothschild & Co Redburn cut from $375 to $360 with a “buy”; and BMO Capital Markets cut from $279 to $262 to “market perform.”
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Arrowstreet’s Salesforce increase came after buying 1,853,663 additional shares to reach 5,498,915 shares; the article says Salesforce accounted for ~0.9% of Arrowstreet’s portfolio and was the fund’s 16th-biggest position.
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Royal Gold also saw company-insider trading disclosed in the coverage: SVP Randy Shefman sold 1,000 shares at an average price of $243.74 (total $243,740), reducing his stake by 9.92%; the article notes insiders own 0.35% of the stock.
Arrowstreet Capital Limited Partnership added 611,358 shares of Adobe in the first quarter of 2026, lifting its total position to 6,228,503 shares and valuing the stake at roughly $2.18 billion, according to MarketBeat. The Boston-based quantitative hedge fund made Adobe its 9th-largest holding, with the stock accounting for about 1.3% of its portfolio.
The Adobe buy was part of a broader shopping spree. Arrowstreet also boosted its Salesforce stake by 50.9%, its Autodesk position by 46.8%, and nearly doubled its Royal Gold holdings — all in the same quarter, per SEC EDGAR filings disclosed on May 14, 2026.
Arrowstreet's Biggest Bets Across Four Names
The fund's Salesforce purchase was the largest in raw share count. Arrowstreet bought 1,853,663 additional shares to reach 5,498,915 total — a 50.9% increase. Salesforce now makes up about 0.9% of Arrowstreet's portfolio and is its 16th-biggest position, according to MarketBeat. Other major investors moved in the same direction. Both Vanguard and State Street raised their Salesforce holdings during the quarter.
Royal Gold saw the sharpest percentage jump. Arrowstreet added roughly 875,000 shares, growing its position by 89.1% to about 1.86 million shares. That makes Royal Gold about 2.2% of the fund's portfolio. For Autodesk, Arrowstreet added 952,343 shares — a 46.8% increase — bringing its total to about 2.99 million shares, per SEC EDGAR.
Analysts Split Sharply on Autodesk After Earnings
Autodesk reported Q1 results on May 29, 2026, and the reaction was immediate and divided. Piper Sandler cut its price target from $383 to $369 but kept an "overweight" rating. BMO Capital Markets dropped its target from $279 to $262, citing customer hesitation to sign multi-year deals, and held a "market perform" rating, according to TipRanks.
Not everyone was bearish. Jefferies initiated coverage with a "strong-buy" rating and a $300 target, arguing that large language models cannot replace Autodesk's proprietary data in architecture, engineering, and construction, per Investing.com. Rothschild & Co Redburn cut its target from $375 to $360 but kept a "buy" rating. Autodesk's $3.6 billion acquisition of MaintainX in June 2026 added to the uncertainty, with some analysts flagging near-term dilution risk.
Adobe Faces Leadership Exits and Analyst Downgrades
Adobe's stock faced fresh pressure in mid-June 2026. Wolfe Research analyst Alex Zukin called the company's latest quarterly results "thesis changing" and downgraded the stock to peer perform. Zukin pointed out that Adobe's net new annual recurring revenue growth — excluding Semrush — fell 3% year over year, making it hard to "underwrite durable growth," according to Investing.com. Evercore ISI also downgraded the stock following cuts to Adobe's ARR guidance.
Inside the company, executives were selling. CFO Daniel Durn sold 1,336 shares at $248.02 each — a total of $331,354 — ahead of his planned departure, per MarketBeat. CEO Shantanu Narayen is also expected to exit later in 2026. Despite all this, Arrowstreet kept buying. Institutional investors now own about 81.79% of Adobe's shares outstanding, suggesting large funds still see value at current prices.
Royal Gold Insider Sells Even as Institutions Buy In
Royal Gold saw strong institutional demand in Q1, but one senior executive quietly reduced his stake. SVP and General Counsel Randy Shefman sold 1,000 shares on May 11, 2026 at an average price of $243.74 per share, collecting $243,740 in total. That cut his direct holding by 9.92%, according to TipRanks. Insiders as a group own just 0.35% of the stock.
The insider sale did not slow institutional appetite. Arrowstreet's 89.1% increase in Royal Gold shares signals a possible hedge against software-sector volatility. Gold remained a preferred safe-haven asset in 2026 as the software sector — tracked by the IGV ETF — fell roughly 21% earlier in the year amid fears that AI could erode traditional software sales, per Investing.com. Institutional investors now own about 83.65% of Royal Gold's shares.
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