Q1 Portfolio Moves
Paragon Capital Diversifies Q1 Portfolio with New Stakes in Salesforce, Workday, and Smurfit Westrock
Key Points
Workday is heavily owned by institutional investors (89.81% of shares held by hedge funds and institutions). Major holders include Vanguard Group, Auto Owners Insurance Co, and State Street Corp, with Vanguard up 14.7% to 25,009,288 shares, Auto Owners at 10,230,616 shares after adding 10,190,516, and State Street at 9,770,707 shares after buying 96,139.
iShares 7-10 Year Treasury Bond ETF (IEF) is Paragon's largest holding, representing 11.3% of the portfolio after adding 17,189 shares in the quarter; its value is about $13.37 million.
Smurfit Westrock PLC (SW) has strong institutional ownership at 83.38%, and analysts broadly favorable with 10 Buy ratings and 2 Hold; price targets cited range from $50 to $57.
Salesforce Inc. (CRM) became a new Paragon stake with 5,968 shares valued at about $1.114 million in Q1; institutional ownership stands at 80.43% of the stock.
Paragon Capital Management Inc. quietly opened a new $1.11 million stake in Salesforce during the first quarter of 2026, snapping up 5,968 shares of the enterprise software giant, according to Fintel. The Overland Park, Kansas-based investment firm, which manages roughly $118 million in assets, also bought into Workday for the first time and made a bold shift in its bond holdings — all disclosed in a Form 13F-HR filing with the SEC in April.
The moves signal a firm betting on two things at once: enterprise software powered by artificial intelligence, and the safety of medium-term government bonds. Together, the trades represent a significant reshaping of a 70-position portfolio.
Salesforce and Workday Get Fresh Votes of Confidence
Paragon paid an implied price of roughly $186.66 per share for its Salesforce position, suggesting it moved in during early Q1 volatility — well before Salesforce reported record revenue of $11.1 billion in May, according to Salesforce. That timing looks shrewd in hindsight. Salesforce CEO Marc Benioff credited
Paragon also bought 6,137 shares of Workday for about $797,000, according to Watchlist News. Both software companies are leaning heavily into agentic AI — technology that performs tasks on its own, rather than simply generating text. That shift is drawing new institutional money even as some older holders exit. Workday's institutional ownership stands at 89.81% of all shares.
Paragon Dumps Short-Term Bonds, Locks In 7-10 Year Rates
The most striking move in Paragon's quarter was in fixed income. The firm slashed its position in the iShares 0-3 Month Treasury Bond ETF (SGOV) by 69.8%, cutting it down to just 5,200 shares, according to Stockzoa. At the same time, it raised its stake in the iShares 7-10 Year Treasury Bond ETF (IEF) by 14%, adding 17,189 shares to reach 140,101 total.
IEF is now Paragon's single largest holding, worth about $13.37 million and representing 11.3% of the total portfolio. The shift from ultra-short to medium-duration bonds suggests the firm believes the Federal Reserve's rate-hiking cycle has peaked. Locking in 7-10 year rates now could pay off if interest rates fall.
Smurfit Westrock Buy Joins a Crowded Institutional Trade
Paragon also picked up 30,704 shares of Smurfit Westrock PLC (SW) for about $1.22 million. The packaging company, formed from the merger of Smurfit Kappa and WestRock, reported Q1 results on April 30. Analysts are broadly bullish: 10 out of 12 Wall Street ratings are
Not everyone agrees. The Zen Rating quantitative model rates SW as a
Big Institutions Pull in Opposite Directions on Workday
While Paragon is entering Workday, other institutions are sprinting for the exit. Auto-Owners Insurance Co liquidated roughly 99.5% of its position — about 10.18 million shares — in Q1 2026, according to MarketBeat. That is a dramatic reversal for a firm that had built one of the largest non-index positions in the stock.
Vanguard Group is moving the other way. It raised its Workday stake by 14.7% to 25,009,288 shares, making it the dominant institutional holder. State Street also added 96,139 shares to reach 9,770,707. The split suggests a rotation: momentum holders are leaving, while long-term value managers are stepping in alongside Paragon.
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