What smart money is saying about Adobe
10 funds in our archive have pitched Adobe — most recently Harding Loevner Global Equity in June 2026.
Adobe Inc. stands as a prominent global software provider, delivering a diverse range of solutions. Its operations are structured into three primary business divisions: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment empowers individuals, teams, and enterprises to generate, disseminate, and amplify various forms of content through its array of products and services, including the cloud-native Document Cloud platform. Central to this segment is Creative Cloud, its subscription-based flagship, granting access to a comprehensive suite of creative tools. This division caters to a diverse range of users, from professional content creators and marketers to educators, communicators, and general consumers. Adobe's Digital Experience division offers an integrated suite of applications and services designed to empower brands and businesses to craft, orchestrate, assess, and enhance customer journeys, from initial analytical insights to final commercial transactions. It serves a broad professional base including marketing teams, advertisers, agencies, data scientists, and senior executives. The Publishing and Advertising segment provides specialized offerings such as e-learning tools, technical documentation services, web conferencing solutions, advanced printing technologies, and its Advertising Cloud suite. Adobe engages directly with enterprise clients through its dedicated sales teams and regional offices. Individual end-users can access its offerings via app stores or its official website, adobe.com. Additionally, an extensive indirect channel supports distribution, encompassing partners such as distributors, value-added resellers, system integrators, software vendors, retailers, and original equipment manufacturers. Established in 1982, the company, initially named Adobe Systems Incorporated, rebranded as Adobe Inc. in October 2018. Its corporate headquarters are situated in San Jose, California.
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Position history
Between Q2 2025 and Q3 2026, 23 fund letters reported a position in Adobe — 2 opened or added to the position, 4 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 7 | 0 | 1 | 0 |
| Q2 2026 | 12 | 2 | 3 | 3 |
| Q1 2026 | 4 | 0 | 0 | 3 |
| Q4 2025 | 0 | 0 | 0 | 1 |
| Q3 2025 | 0 | 0 | 0 | 2 |
| Q2 2025 | 0 | 0 | 0 | 1 |
Fund activity · 23 positions · 6 moves
- August 2026
“Portfolio holdings Adobe and Accenture both outperformed; AI- related annual recurring revenue for Adobe surpassed $500 million, while Accenture gained as investors reassessed the potential for AI- related consulting and services to support growth.”
Adobe - August 2026
“Portfolio We have maintained a small exposure to software and services companies over the past year, believing that the sharp sell-off in the industry over concerns about AI-related disruption was likely underestimating the competitive advantages and growth potential of our holdings. These AI-disruption concerns now seem to be abating; software and services was the strongest industry in August, rising over 13%. Portfolio holdings Adobe and Accenture both outperformed; AI-related annual recurring revenue for Adobe surpassed $500 million, while Accenture gained as investors reassessed the potential for AI-related consulting and services to support growth.”
Adobe - August 2026
“The top three absolute contributors to the Fund’s performance in August were Adobe, Walt Disney and Estée Lauder, and the top three”
Adobe - HoldsBlueBox Global Technology FundAugust 2026
Listed in BlueBox Global Technology Fund’s reported holdings.
Adobe - July 2026
“Sells We initially bought Adobe for its high-quality fundamentals: a subscription-based model that generated over 96% of revenue, profit margins approaching 30%, and a deep distribution network supported by strong brand equity. We believed these attributes would provide a durable competitive edge and saw potential for Adobe to expand into historically underpenetrated segments such as non-traditional enterprise users and individual creators to enable deeper monetisation. However, the shares have struggled recently due to the rapidly changing and increasingly competitive landscape in the creative design and data analytics markets. Initially, Adobe was seen as a beneficiary of the AI boom as its flagship tool Firefly quickly gained momentum, generated over 16 billion creative outputs and set adoption records. Despite this early promise, the picture has since been muddied by a disconnect between upbeat management commentary and the lack of a growth inflection that would be expected to follow. While Adobe was focusing on the longer term by prioritising user proliferation rather than immediate product monetisation, we felt achieving an inflection in the backlog and sales growth through pricing was going to be more difficult than previously envisioned. In particular, the potential need to adapt the industry-standard SaaS model to incorporate the token intensity of AI product presents a real challenge for the company. This has been compounded by the announced retirement of long-time CEO Shantanu Narayen and company changes to segment reporting, further complicating analysts' ability to assess performance over time. In light of these ongoing headwinds and the lack of clarity over how Adobe might have to adapt their model in the future, we saw better opportunities elsewhere and decided to exit the position.”
Adobe - July 2026
“Our holdings of Adobe and Accenture, which had been weighted down by fears of AI-related disruption earlier this year, were up more than 20% and 30%, in July (gross of fees).”
Adobe - July 2026
“Our holdings of Adobe and Accenture, which had been weighted down by fears of AI-related disruption earlier this year, were up more than 20% and 30%, in July (gross of fees).”
Adobe - June 2026
“The ones we own—including Adobe, Microsoft, and SAP—provide critical services that would be costly and disruptive for customers to replace, and they are likely to retain far more of their long-term value than current valuations imply.”
Adobe - June 2026
“We made one change to the portfolio in May. We sold our position in Adobe and, as part of our one-in-one-out process, replaced it with a new position in AMD.”
Adobe - June 2026
“We have also maintained exposure to software companies, with a portfolio weight that’s roughly in line with the MSCI All Country World Index. These holdings have hurt our relative performance as investors worry AI will reduce pricing power, slow user growth, and reshape industry competition. However, the market appears to be overstating the long-term effects of AI on some established software players. The ones we own—including Adobe, Microsoft, and SAP—provide critical services that would be costly and disruptive for customers to replace, and they are likely to retain far more of their long-term value than current valuations imply.”
Adobe - June 2026
“The ones we own—including Adobe, Microsoft, and SAP—provide critical services that would be costly and disruptive for customers to replace, and they are likely to retain far more of their long-term value than current valuations imply.”
Adobe - HoldsRGA Investment Advisor Investment PortfolioJune 2026
“Adobe (NASDAQ: ADBE) – an AI loser so cheap that it will win We had watched and studied Adobe with admiration for many years following their evolution from selling licensed software to subscription software.”
Adobe - New positionTapasya Investment Fund IJune 2026
“Adobe (ADBE): We initiated this position recently, capitalizing on an over-correction driven by fears that generative AI would destroy its moat.”
Adobe - June 2026
“SAIA was eliminated after the stock significantly outperformed in response to PMI data and signs of an industry turnaround. Adobe was eliminated on concerns about potential AI disruption and management turnover.”
Adobe - AddedPolaris Capital Management Global Equity CompositeJune 2026
“We added Adobe Inc., trading well below its 2021 peak, given its “sticky” professional user base and”
Adobe - June 2026
“its key industrial end market. Our software exposure continued to detract from relative performance, as uncertainty around the impact of AI continues to weigh on the industry. While this remains a risk we are monitoring closely, we still believe investors are underestimating the stickiness of Salesforce, Adobe and Microsoft products among enterprise customers, and that current valuations embed too much pessimism about their future prospects.”
Adobe - June 2026
“Within technology, our software exposure was a significant detractor, as uncertainty around the impact of AI continues to weigh on the industry. While this remains a risk we are monitoring closely, we still believe investors are underestimating the stickiness of Salesforce and Adobe products among enterprise customers, and that current valuations embed too much pessimism about their future prospects.”
Adobe - June 2026
“Conversely, our software holdings, largely Salesforce and Adobe, continued to detract.”
Adobe - May 2026
“Portfolio activity (Q2/2026) In Q2 we continued to concentrate our software holdings on companies and market segments that we consider long-term winners from AI. While some investors had worried that artificial-intelligence tools would displace traditional cybersecurity players, we have been of the opposite opinion for some time. The strong results reported by leading Cyber Security players and their enlisting as key partners to the Glasswing project by Anthropic Initiation/Increase SAP Increase position Booking Increase position Zscaler Increase position ServiceNow Increase position Synopsys Increase position Exit/Reduction Adobe Exit position Intuit Exit position Siemens Healthineers Exit position BYD Exit position Salesforce Exit position Quarterly Commentary – Growth Equity Strategy | June 2026 Emerald Wealth Partners AG |Weinbergstrasse 100 |CH-8802 Kilchberg |Switzerland Page 2 killed those fears and triggered a steep rally in the sub-sector. We will maintain our overweight in Cyber Security,”
Adobe - March 2026
Listed in HL Global Carbon Transition Equity’s reported holdings.
Adobe - March 2026
“I nformat ion Technology 21.5 Adobe Inc. United States 1.0 Software”
Adobe - March 2026
“Portfolio Commentary In the first quarter of 2026 the Select Equity composite eked out a gain of 1.17% net of fees compared to a loss of 4.33% for the S&P 500. What became clear is that companies with strong backlogs of customer business were rewarded and those with more economically sensitive customers underperformed. The best contributors were led by Vertiv Holdings Co., Advanced Energy Industries, Inc., and Curtiss- Wright Corporation. All three saw customer order growth adding to already strong backlogs in their respective fields of computing infrastructure, and aerospace/nuclear power. We continue to monitor their business closely for cracks in the foundation but remain confident that they are essential to customers and the prospects for growth are solid. Hardman Johnston Global Advisors LLC®, 300 Atlantic Street, Stamford, CT 06901 T203 324 4722 hardmanjohnston.com 4 Hardman Johnston Select Equity 2 0 2 6 F I R S T QU A R T E R R E P O R T Detractors were led by PayPal Holdings, Inc.. The company has not demonstrated that it can capitalize on what should be strong competitive advantages in the digital payments space, leading us to exit the position. Also detracting was IQVIA Holdings Inc. A critical partner to the biotech and pharmaceutical industries, the stock has been under pressure from both fears of AI disruption (they argue that it will help both them and their customers) and a turn-up in interest rates slowing spending for some of their smaller customers. While there may be something to the second point, we continue to this that the collection of capabilities and assets this company holds makes them a powerful player in their industry. Finally, Adobe Inc. continues to lag based on fears of AI disruption.”
Adobe - March 2026
“We also hold smaller positions in Intuit, Adobe, and Autodesk, each of which declined 20-35% in the quarter. These are not companies we believe AI will replace.”
Adobe
Also mentioned · 6
These funds discuss Adobe — as a competitor, benchmark or comparable — without disclosing a position in it.
- MentionedPender Small Cap Opportunities FundAugust 2026
“Investor sentiment improved following strong enterprise software earnings, particularly Salesforce's Q2 results, which reinforced confidence in demand trends and AI monetization opportunities. Adobe also delivered a largely in-line result with no major surprises: revenue guidance was raised for the year on the back of a Q3 beat, while ARR guidance was maintained.”
Adobe - MentionedArtisan Partners Global Value FundJune 2026
“We have also passed on many other businesses, such as Adobe, Salesforce, Wolters Kluwer and FactSet. They appear to have business models that could substantially change in an AI world.”
Adobe - June 2026
“Below is an example of some of the most common names we have seen circulating on these lists:”
Adobe - MentionedMeditation CapitalJune 2026
“Braze, now with AI, is accelerating its disruption of its legacy competitors, Salesforce Marketing Cloud and Adobe Journey Optimizer;”
Adobe - MentionedHL Global Developed Markets EquityMay 2026
Named in a table in HL Global Developed Markets Equity’s letter.
Adobe - MentionedBrown Advisory Global LeadersMarch 2026
“Combined with two exits in 2025 (Wolters Kluwer (WTKWY) and Adobe (ADBE)),”
Adobe
Fund coverage · 10 theses
- Harding Loevner Global EquityJune 2026
Adobe provides critical software that is costly to replace, and the manager believes the market is overstating AI’s long-term disruption risk.
Read the full thesis - RGA Investment Advisor Investment PortfolioJune 2026
Adobe provides creative and subscription software, and the fund views it as undervalued with durable products, AI workflow positioning, and strong cash generation.
Read the full thesis - Tapasya Investment Fund IJune 2026
Adobe is expected to integrate AI successfully into its dominant creative suite and strengthen its moat.
Read the full thesis - Oakmark Equity and Income FundMarch 2026
Adobe Inc. is a leading cloud software company with entrenched products, a sound AI strategy, and a discounted valuation.
Read the full thesis - Patient Capital ManagementMarch 2026
Adobe Inc. is a leading creative software company with high free cash flow yield, strategic responses to competition, ongoing growth, and buybacks supporting attractive upside.
Read the full thesis Adobe has durable competitive advantages, a sound AI strategy, and attractive valuation after multiple compression.
Read the full thesis- Guinness Global InnovatorsDecember 2025
Adobe Systems Inc is a leading creative software provider with growing AI adoption, resilient subscription economics, and an attractive valuation despite near-term monetization skepticism.
Read the full thesis - Schafer Cullen ESG Value Equity StrategySeptember 2025
Adobe is a competitive leader in digital content creation and customer experience software, poised for long-term growth through innovative AI integrations and attractive valuations relative to peers.
Read the full thesis - Diamond Hill Select FundSeptember 2025
Adobe is the leading provider of creative content software with a strong market position, diverse offerings, and the potential for solid fundamentals despite competition and AI disruption.
Read the full thesis - Harding LoevnerJune 2025
Adobe is strategically positioned to thrive as a vital editing layer in the surge of AI-generated visual content, demonstrating strong financial performance and an expanding user base despite short-term market concerns.
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