William Oberndorf Liquidates Entire Stake in monday.com

Investor William Oberndorf has officially exited his position in monday.com (NASDAQ: MNDY), according to a recent 13F filing. The fund liquidated its entire holding of 73,705 shares during the first quarter of 2026, a transaction valued at approximately $7.07 million. This move marks a complete departure from the software company, which now accounts for 0% of the fund's reportable assets under management (AUM).

The divestment occurs against a backdrop of significant underperformance for monday.com, which saw its share price decline by nearly 77% over the preceding year. This sharp downturn highlights the broader challenges facing many SaaS providers, as traditional project management platforms increasingly compete with lower-cost, AI-driven workflow solutions. The fund's decision to fully liquidate this specific position suggests a lack of confidence in the company's near-term recovery or competitive positioning within the evolving software landscape.

Beyond the monday.com exit, the filing reveals a broader trend of contraction for the Oberndorf fund, which reported a 32% reduction in total AUM quarter-over-quarter. While the fund trimmed stakes in major holdings like Amazon and the Sprott Physical Gold Trust, it simultaneously increased its investment in Veeva Systems by 52%. This strategic reallocation indicates that while the fund is aggressively downsizing and shedding underperforming assets, it remains active in rebalancing its portfolio toward sectors it deems more resilient in the current economic environment.