Committed some capital to software stocks amid selloff, says First Eagle's Matt McLennan

• First Eagle has committed capital to software stocks, which are trading at revenue multiples around 3x, significantly lower than private market transactions and historical valuations.
• Software companies like Workday and Salesforce are expected to grow revenues by about 10% and are increasingly focused on efficiency.
• AI is seen as an opportunity for these companies to expand their addressable market due to their enormous proprietary databases, rather than just a disruption.
• First Eagle holds positions in Workday (WDAY), Salesforce (CRM), Microsoft (MSFT), and Oracle (ORCL), among others.
• Microsoft's voluntary buyouts are viewed as a positive step towards maximizing efficiency and managing costs.

First Eagle's Matt McLennan is bullish on software stocks, having committed capital to the sector due to attractive revenue multiples and continued growth. He believes these companies are well-positioned to leverage their proprietary data for AI, despite market fears of disruption, and are focusing on efficiency.