What smart money is saying about H&R Block
HRB
No fund has written a full thesis on H&R Block in our archive, but 4 fund letters report a position in it — most recently Alluvium AM Conventum in September 2026.
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4
Reported positions
3
Bought
1
Sold
4
Letters
Position history
Between Q1 2026 and Q3 2026, 4 fund letters reported a position in H&R Block — 3 opened or added to the position, 1 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 1 | 0 | 1 | 0 |
| Q2 2026 | 2 | 2 | 0 | 0 |
| Q1 2026 | 1 | 1 | 0 | 0 |
Fund activity · 4 positions · 4 moves
- TrimmedAlluvium AM ConventumSeptember 2026
“we also trimmed our positions in Mastercard, Visa and H&R Block to best manage our regulatory constraints.”
H&R Block - June 2026
“Last quarter we mentioned in regard to H&R Block, the tax agents, that a “SAASpocalypse” did not necessarily apply across the board, and that there was a mispricing opportunity so we bought more.”
H&R Block - June 2026
“Last quarter we mentioned in regard to H&R Block, the tax agents, that a “SAASpocalypse” did not necessarily apply across the board, and that there was a mispricing opportunity so we bought more.”
H&R Block - AddedAlluvium Global FundMarch 2026
“H&R Block, the tax agents, was the worst, falling 26.2%. Over the first 9 trading days of the SAASpocalypse, H&R Block’s share price fell 28.2%. It seems even the release of a pretty decent set of second quarter results on February 4 could not stem the tide. Those results were perfectly in line with our expectations, and management also reaffirmed its FY2026 guidance. We are by no means under the illusion that AI is not a threat to H&R Block’s tax return businesses. But we also feel there is a place for tax specific software backed up by tax professionals. And in any case, H&R Block has a variety of product offerings many of which include AI powered platforms serving not only personal filers but also the professional tax agents. Put simply, it is not clear to us that its business model is impacted to the degree implied by the share price reaction. To the contrary, we sense it more likely not to be the case. Hence, we bought more over the quarter, and this investment now accounts for 3.7% of the Fund.”
H&R Block
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