YTD NAV return: -17.5%
107 holdings · as of July 24, 2026Official fund data →
MRTNZ Investment Office · Theme 360
The SaaS Trade
Cash flow before narrative. Find the software opportunity now—and next.
The MRTNZ callThe reset created a stock-picker’s market.
Recurring revenue still matters. The next winners must pair durable growth with cash generation—and prove AI expands customer value before it compresses seats.
28Liquid software names
+15.8%Median Street upside
50.2Median cash-growth score
7.0×Median equity value / sales
Benchmark tape
Software is already in a reset.
IGV captures the broad North American software complex. WCLD leans toward emerging cloud software. Their current fact sheets frame a very different risk profile from the megacap indexes.
1-year NAV return: -11.3%
64 holdings · as of July 27, 2026Official fund data →The 360 vantage
AI does not kill SaaS. It changes who gets paid.
The old playbook rewarded recurring revenue almost indiscriminately. The new one asks whether software owns the workflow, captures usage, expands cash flow, and survives platform bundling.
The opportunity map
Quality on one axis. Price on the other.
Use the lenses to separate efficient compounders, AI monetization candidates, and reset setups. Select any company for the exact inputs and invalidation risk.
Opportunity lensFull universe
Higher valuation →
Efficient compoundersQuality, pricedReset / prove itNarrative risk
Growth + operating cash flow margin →
SelectedORCLPlatforms · Fat pitch
Database, applications, and AI cloud. Risk: Financing intensity and backlog conversion are the key proof points.
- Revenue growth
- +17.3%
- OCF margin
- 47.5%
- Cash-growth
- 64.8
- Price / sales*
- 5.1×
- Street upside
- +116.5%
*Equity market value divided by latest annual revenue—not enterprise value. Cash-growth is annual revenue growth plus operating-cash-flow margin, a screening proxy rather than a reported KPI. Median lines use this 28-name universe.
Software stack
Where durable value can accrue
Six clusters, six different paths to pricing power. Counts reflect this curated 28-name universe.
Platforms
Distribution, installed base, and bundled AI can compound—if new revenue outruns the cost of the stack.
Capital intensity and suite bundling.Workflow
Systems of record become systems of action when agents improve expansion, price, or labor economics.
Seat compression and slow enterprise cycles.Data + Dev
The application layer still needs data, observability, delivery, and developer control planes.
Consumption volatility and platform competition.Security
Threat growth and vendor consolidation sustain demand, but premium pricing requires clean execution.
Crowded multiples and suite convergence.Vertical
Domain depth and embedded workflows defend pricing where horizontal copilots are easiest to copy.
End-market concentration.SMB + Growth
The sharpest resets can create upside, but customer health and efficient acquisition must prove durable.
Cyclicality and weaker retention.Opportunity board
Best product ≠ best setup
The score combines 25% reported quality, 20% AI readiness, 20% Street setup, 20% price dislocation, and 15% valuation.
28 names · ranked by MRTNZ SaaS opportunity score
Rank / companyRoleScorePriceFrom highCash-growthNext earnings
01ORCLOracle CorporationPlatformsDatabase, applications, and AI cloud91.8Fat pitch$120−65.3%64.8Sep 8 →02INTUIntuit Inc.WorkflowFinancial workflow software85.1Fat pitch$313−61.5%48.6Aug 20 →03NOWServiceNow, Inc.WorkflowEnterprise workflow agents85.0Fat pitch$111−45.0%61.9Not listed →04ZSZscaler, Inc.SecurityZero-trust cloud security83.1Strong watch$152−55.0%59.7Sep 1 →05TEAMAtlassian Corporation Class AData + DevDeveloper and collaboration workflows82.6Strong watch$101−50.8%47.7Aug 6 →06MSFTMicrosoft CorporationPlatformsCloud distribution and copilots80.6Strong watch$393−29.2%63.2Jul 29 →07CRMSalesforce, Inc.WorkflowCustomer workflows and agents78.7Strong watch$182−33.8%45.7Sep 2 →08HUBSHubSpot, Inc.SMB + GrowthSMB customer platform76.7Strong watch$238−58.1%43.5Aug 5 →09TYLTyler Technologies, Inc.VerticalPublic-sector software74.7Reset / prove it$333−46.3%37.1Not listed →10ADSKAutodesk, Inc.VerticalDesign and construction cloud73.4Quality / wait$237−27.9%51.5Aug 27 →11MDBMongoDB, Inc. Class AData + DevDeveloper database platform73.4Reset / prove it$311−30.2%43.3Aug 25 →12GTLBGitLab Inc. Class AData + DevSoftware delivery platform73.3Quality / wait$32.97−37.1%50.2Sep 2 →13VEEVVeeva Systems Inc. Class AVerticalLife-sciences cloud70.8Quality / wait$201−35.2%60.6Aug 26 →14ADBEAdobe Inc.WorkflowCreative and document clouds70.6Quality / wait$249−33.8%52.7Sep 10 →15WDAYWorkday, Inc. Class AWorkflowHuman-capital and finance workflows68.7Reset / prove it$160−36.1%43.9Aug 20 →16GDDYGoDaddy Inc. Class ASMB + GrowthSMB web and commerce tools66.7Reset / prove it$103−38.4%40.6Jul 30 →17SHOPShopify Inc. Class A Subordinate Voting SharesVerticalCommerce operating system66.0Quality / wait$130−28.5%47.7Aug 5 →18DOCUDocuSign, Inc.SMB + GrowthAgreement cloud64.2Reset / prove it$56.02−35.3%44.4Sep 3 →19BILLBILL Holdings, Inc.SMB + GrowthSMB financial operations62.4Reset / prove it$46.36−19.0%37.4Aug 19 →20TWLOTwilio Inc. Class ASMB + GrowthCustomer communications platform60.6Reset / prove it$194−18.5%33.5Aug 6 →21SNOWSnowflake Inc.Data + DevCloud data and AI platform52.8Quality / wait$270−5.1%55.3Aug 26 →22DDOGDatadog, Inc. Class AData + DevCloud observability52.2Quality / wait$251−10.0%58.3Aug 6 →23CRWDCrowdStrike Holdings, Inc. Class ASecurityCloud-native security platform51.7Quality / wait$182−16.4%55.2Aug 26 →24PANWPalo Alto Networks, Inc.SecuritySecurity platform consolidation50.9Quality / wait$319−13.5%55.2Aug 17 →25OKTAOkta, Inc. Class ASecurityIdentity cloud49.5Reset / prove it$136−13.2%42.1Aug 25 →26NETCloudflare, Inc. Class AData + DevEdge, developer, and security cloud49.4Quality / wait$264−9.2%57.6Aug 6 →27FTNTFortinet, Inc.SecurityNetwork and cloud security45.5Quality / wait$150−12.0%52.3Jul 29 →28CFLTCFLTData + DevReal-time data streaming24.6Research only—−——Not listed →Top five now
The current research queue
These are screen leaders, not buy instructions. Recheck earnings, valuation, and company-specific invalidation before any position decision.
ORCL
91.8Database, applications, and AI cloud. Latest annual revenue growth: +17.3%.
- Price
- $120
- Cash-growth
- 64.8
- Equity / sales
- 5.1×
INTU
85.1Financial workflow software. Latest annual revenue growth: +15.6%.
- Price
- $313
- Cash-growth
- 48.6
- Equity / sales
- 4.5×
NOW
85.0Enterprise workflow agents. Latest annual revenue growth: +20.9%.
- Price
- $111
- Cash-growth
- 61.9
- Equity / sales
- 8.6×
ZS
83.1Zero-trust cloud security. Latest annual revenue growth: +23.3%.
- Price
- $152
- Cash-growth
- 59.7
- Equity / sales
- 9.2×
TEAM
82.6Developer and collaboration workflows. Latest annual revenue growth: +19.7%.
- Price
- $101
- Cash-growth
- 47.7
- Equity / sales
- 4.9×
Opportunity sequence
Where the trade moves next
Promote software only when reported economics confirm the narrative.
- NowOwn efficient distribution
Favor vendors with durable growth, strong cash conversion, and reasonable revenue multiples.
- NextPromote AI proof
Reward usage, retention, and separately monetized agents—not launch volume.
- ThenBuy the reset selectively
Move down-cap only when customer health and sales efficiency stabilize together.
- RiskWatch seat compression
Bundling and automation can reduce seats before vendors perfect usage-based pricing.
12–24 month framework
Three paths through the reset
MRTNZ scenarios—not Street forecasts or price targets.
AI expands the wallet
Agents earn separate budgets, usage accelerates, and the best vendors pair reacceleration with operating leverage.
Proof before re-rating
Cash-generative leaders outperform while the market rewards AI only when retention, growth, or margins measurably improve.
Seats compress first
Bundling and automation reduce user counts before usage pricing matures, extending the multiple reset across weaker vendors.
Method
Facts first. Judgment labeled.
Market facts use the current Nasdaq coverage snapshot and latest reported annual financials.
Cash-growth is annual revenue growth plus operating-cash-flow margin. It is a screening proxy, not issuer-reported Rule of 40.
Valuation is equity market value divided by latest annual revenue, not enterprise value or forward revenue.
Benchmark facts come directly from iShares and WisdomTree. Scores and sequence are MRTNZ judgment.
Refresh cadence follows the Market 360 pipeline at open, midday, and close.