What smart money is saying about Intuit
9 funds in our archive have pitched Intuit — most recently Baillie Gifford Positive Change in June 2026.
Intuit Inc. provides financial management, payments and capital, compliance, and marketing products and services in the United States. The company operates in four segments: Global Business Solutions, Consumer, Credit Karma, and ProTax. The Global Business Solutions segment provides QuickBooks services, which include financial and business management online services, desktop software, payroll solutions, time tracking, merchant payment processing and bill pay solutions, checking accounts, and financing services for small and mid-market businesses; and Mailchimp, a marketing automation and customer relationship management. This segment also offers QuickBooks online services and desktop software solutions comprising QuickBooks Online, QuickBooks Live, QuickBooks Online Advanced, QuickBooks Self-Employed, QuickBooks Solopreneur financial and business management offerings, QuickBooks Online Payroll, QuickBooks Checking, QuickBooks Desktop software subscriptions, and QuickBooks Assisted Payroll. The Consumer segment provides do-it-yourself and assisted TurboTax income tax preparation products and services. The Credit Karma segment offers consumers with a personal finance platform that provides recommendations for credit card, home, auto, and personal loan, and insurance products; online savings and checking accounts; and access to its credit scores and reports, credit and identity monitoring, credit report dispute, credit building tools, and tools. The ProTax segment provides Lacerte, ProSeries, and ProFile desktop tax-preparation software products; and ProConnect Tax Online bill pay tax products, electronic tax filing service, and bank products and related services. It sells products and services through direct sales channels, multichannel shop-and-buy experiences, mobile application stores, and partner and other channels. Intuit Inc. was founded in 1983 and is headquartered in Mountain View, California.
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Position history
Between Q1 2025 and Q3 2026, 41 fund letters reported a position in Intuit — 3 opened or added to the position, 26 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 4 | 0 | 1 | 0 |
| Q2 2026 | 28 | 2 | 20 | 2 |
| Q1 2026 | 9 | 1 | 5 | 5 |
| Q3 2025 | 0 | 0 | 0 | 1 |
| Q1 2025 | 0 | 0 | 0 | 1 |
Fund activity · 41 positions · 29 moves
- August 2026
“Of your portfolio’s 25 holdings, 11 produced double-digit total returns over these two months (in local currencies), with Nintendo, Intuit, Shiseido and SAP up by a third or more.”
Intuit - July 2026
“We initially bought Intuit for its market-leading position in mission-critical tax and accounting software, a deeply embedded QuickBooks platform with significant switching costs, and a strong consumer brand in TurboTax. QuickBooks’ c.80% market share, high customer retention and accountant-led distribution created a durable competitive advantage, while Intuit’s expanding ecosystem across payments, payroll, lending, Mailchimp, and tax services provided a clear runway for long-term growth and further monetisation. Toward the end of 2025 and in early 2026, markets became increasingly concerned with the ‘Saaspocalypse’, the implications of AI disruption of the software sector, causing sentiment on the stock to sour. While Intuit continued to deliver resilient results overall, its most recent earnings print changed the thesis for us. Revenue and earnings were modestly ahead of consensus, but the quarter was overshadowed by disappointing TurboTax performance, where revenue growth of 7% fell short of expectations (c.8%) and paid DIY returns declined sharply, particularly among price-sensitive, lower-income filers. This reignited concerns that Intuit’s pricing power and share at the lower end of the tax market may be more vulnerable than previously anticipated. Although QuickBooks remains a high-quality asset, embedded in small business workflows and supported by a growing services layer, we felt the quarter weakened the durability of the broader Intuit thesis. In particular, TurboTax’s DIY weakness, combined with management’s shift toward ‘value-based’ pricing, suggests that the moat around simple tax filing may be 15 Guinness Global Innovators July 2026 eroding faster than expected. This further complicated the potential for re-rating as we believe AI does not need to fully displace TurboTax to create a problem; it only needs to pressure willingness to pay in commoditised filing use cases. While other products, namely QuickBooks Online Advanced and Intuit Enterprise Suite, continue to offer attractive growth opportunities, the risk of a faster-than-expected plateau in TurboTax, alongside limited near-term clarity on AI monetisation, led us to conclude that there were better opportunities elsewhere and we decided to exit the position.”
Intuit - July 2026
“Information Services names such as Intuit (+19%) and RELX (+10%) reversed some of their earlier losses this year,”
Intuit - July 2026
“Information Services names such as Intuit (+22%) reversed some of their earlier losses this year, as the market perhaps began to consider that the SaaSpocalypse thesis had been overdone.”
Intuit - June 2026
“During the quarter, we initiated new investments in ASML Holding (ASML) and we exited our position in Intuit (INTU).”
Intuit - ExitedFundsmith Equity FundJune 2026
“We exited or have started exiting: Atlas Copco, Coloplast, Essilor Luxottica, Intuit, LVMH, Magnum Ice Cream, Mettler-Toledo, Nike, Novo Nordisk, Otis, Unilever, Wolters Kluwer, and Zoetis.”
Intuit - June 2026
“Intuit (INTU) shares came under pressure amid growing investor concerns that emerging AI-native companies could disrupt the economics of the TurboTax business, particularly at the lower end of the market. While we continue to hold Intuit’s management team in high regard, and the company has a long track record of successfully adapting to technological change, we believe the range of potential outcomes has widened as software increasingly transitions toward autonomous AI agents. Accordingly, we exited our remaining stub position and reallocated the capital to a business where we see stronger long-term secular tailwinds and a more attractive risk-reward profile, consistent with our disciplined capital allocation process.”
Intuit - June 2026
“Intuit (-14.7%), the leading provider of financial and tax software for small and medium-sized businesses, remained one of the Fund’s weakest performers as markets grappled with the broader implications of AI for the software sector.”
Intuit - June 2026
“We added to the portfolio’s holdings in Intuit, Lowe’s, Medtronic, Meta (Facebook), Nike, PepsiCo, TE Connectivity, Thermo Fisher Scientific, and Tyson Foods.”
Intuit - ExitedFindlay Park American FundJune 2026
“Intuit was the clearest example. We have previously defended the quality of this franchise, but the evidence changed: TurboTax revenue growth slowed unexpectedly and QuickBooks revenue growth was heading below the low-end of management’s longer-term ambition. Discussions with management on these topics was underwhelming. We did not want thesis creep to replace evidence and sold our remaining position.”
Intuit - June 2026
“Intuit continues to make strong operational progress, even as the market worries that AI could disrupt its tax business.”
Intuit - June 2026
“To enable these moves, we substantially trimmed exposure to Amazon.com and Microsoft. The Strategy also exited a position in Intuit due to growing concerns that AI could commoditize parts of its tax business.”
Intuit - June 2026
“We eliminated holdings in Boston Scientific Corp., Intuit Inc., Münchener Rückversicherungs-Gesellschaft AG, ServiceNow Inc., and Waste Connections Inc.”
Intuit - June 2026
“Recent Activity During the second quarter, we initiated a new position in the aerospace and defense focused proprietary component manufacturer, Arxis . We took advantage of market volatility to add to our electrical systems and components designer and manufacturer, Amphenol , and also continued building our recently initiated position in the semiconductor equipment manufacturer, Lam Research. To finance these purchases, we exited two investments: Thermo Fisher Scientific , and Intuit , and reduced nine existing positions.”
Intuit - June 2026
“The derating was most savage in the software sector, where once-envied per-seat subscription models are being questioned in light of AI agents occupying no seats at all. Intuit continues to make strong operational progress, even as the market worries that AI could disrupt its tax business.”
Intuit - June 2026
“We eliminated holdings in Boston Scientific Corp., Intuit Inc., Münchener Rückversicherungs-Gesellschaft AG, ServiceNow Inc., and Waste Connections Inc.”
Intuit - June 2026
“Key detractors were Intuit and Tencent.”
Intuit - New positionYackman AM AMG Yacktman FundJune 2026
“We added two smaller positions to the portfolio in the second quarter: Broadridge Financial Solutions, Inc. and Intuit Inc.”
Intuit - June 2026
“Intuit Inc (INTU) declined after reporting lower-than-consensus-expected growth in its DIY tax franchise, driven primarily by top-of-funnel and price-sensitive consumers. While this had only a modest revenue impact, it led investors to reassess the long-term outlook for TurboTax and the potential impact of AI-driven competition. We continue to believe Intuit is well positioned, supported by the strength of its broader platform, rapid growth in Live and Assisted offerings, and durable competitive advantages.”
Intuit - June 2026
“The irony is that overall results were solid; in fact, the company reported a beat-and- raise quarter. However, Intuit Inc now likely needs to shift its top-of-funnel strategy within the tax segment, which creates some execution risk and growth trajectory uncertainty. We trimmed our Intuit Inc position in June on this concern.”
Intuit - June 2026
“Recent Activity During the second quarter, we initiated a new position in the aerospace and defense focused proprietary component manufacturer, Arxis. We took advantage of market volatility to add to our electrical systems and components designer and manufacturer, Amphenol, and also continued building our recently initiated position in the semiconductor equipment manufacturer, Lam Research. To finance these purchases, we exited two investments: Thermo Fisher Scientific, and Intuit, and reduced nine existing positions.”
Intuit - June 2026
“The detractors were led by two positions that we exited during the period: Intuit (-40%) and PTC (-21%).”
Intuit - June 2026
“The detractors were led by two positions that we exited during the period: Intuit (-40%) and PTC (-21%).”
Intuit - June 2026
“The detractors were led by two positions that we exited during the period: Intuit and PTC.”
Intuit - June 2026
“The detractors were led by two positions that we exited during the period: Intuit (-40%) and PTC (-21%).”
Intuit - June 2026
“The detractors were led by two positions that we exited during the period: Intuit and PTC.”
16 more words on why — unlock Liontrust GF Sustainable Future Multi-Asset Global Fund’s full commentIntuit - June 2026
“The detractors were led by two positions that we exited during the period: Intuit (-40%) and PTC (-21%).”
Intuit - June 2026
“Business software company Intuit was also an underperformer, despite reporting solid operating results.”
Intuit - June 2026
“We exited the position and reallocated the capital to other higher confidence opportunities in the portfolio.”
Intuit - June 2026
“New positions in Linde, Equinix, Schneider Electric, Arista Networks, Galderma, and Disco were initiated; positions in Universal Music Group, Alcon, and Intuit were exited.”
Intuit - June 2026
“Sales We exited five positions during the quarter, adhering strictly to our disciplined valuation and dividend-growth frameworks. Accenture (ACN) & Intuit (INTU) We liquidated our stakes in Accenture and Intuit due to overlapping thematic headwinds.”
Intuit - 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,”
Intuit - March 2026
“SAP, Workday, and Intuit are highly entrenched application software businesses.”
Intuit - March 2026
“During the quarter-end rebalance of the Quality Premier strategy, we added to our holdings in Danaher (DHR), Netflix (NFLX) and Linde plc (LIN), and trimmed Intuit (INTU) and Meta Platforms (META).”
Intuit - March 2026
“A leader in tax preparation and accounting software, Intuit shares sold off sharply early in the first quarter on concerns regarding the potential disruption of AI on the company’s long-term economic profits and competitive moat. We believe the company’s trusted brand, especially in regulated markets, along with its wide moat and proven track record of integrating new technology across its suite of products will enable Intuit to emerge as an AI winner in the years ahead. We added to our position during the quarter on weakness.”
Intuit - HoldsFlexible Equity FundMarch 2026
“ Intuit (INTU) traded lower during the quarter as the software sector remained under pressure amid ongoing concerns about AI-driven disruption.”
Intuit - March 2026
“software companies Microsoft, Autodesk, and Workday (we exited Intuit during the quarter), and one of our Financial Market Infrastructure (FMI) investments the London Stock Exchange Group.”
Intuit - March 2026
“For the Strategy, these include our investments in payments companies Visa Inc (V) and Mastercard Inc (MA), credit bureaus Experian PLC (B19NLV) and Equifax Inc (EFX) (both initiated in 2025), software companies Microsoft Corporation (MSFT), Autodesk Inc (ADSK), and Workday Inc (WDAY) (we exited Intuit (INTU) during the quarter)”
Intuit - ExitedLarge-Cap GrowthMarch 2026
“Information Technology was the largest relative detractor during the quarter, driven primarily by the weakness in software, Within the portfolio, Intuit Inc (INTU) was the largest relative detractor in the sector, and we exited the position during the quarter as part of our broader effort to reposition exposure within software.”
Intuit - March 2026
“Intuit (INTU) experienced share price pressure during the quarter as investors grew concerned that emerging open-source autonomous agents, such as “OpenClaw,” could weaken the competitive positioning of traditional software-as-a-service providers. While we believe Intuit is well positioned to navigate the shift toward an agentic enterprise, we acknowledge that the range of potential outcomes has widened for both Intuit and the broader software industry. As a result, we reduced our position to approximately 1% early in the quarter.”
Intuit - 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.”
Intuit
Also mentioned · 2
These funds discuss Intuit — as a competitor, benchmark or comparable — without disclosing a position in it.
- MentionedCDTMay 2026
“Increasingly insiders from high caliber companies such as Boston Scientific (BSX), Intuit (INTU), Textron (TXT), Flowserve (FLS) and Cencora (COR) are buying up the shares of the businesses they manage.”
Intuit - December 2025
“The US business, which is the key value driver, has grown revenue organically at a 15% CAGR over the past 4 years, slightly better than my initial expectations. Management have also done a great job with integrations into Intuit’s tax prep software, which increases the value of each customer for both GetBusy and Intuit.”
Intuit
Fund coverage · 9 theses
- Baillie Gifford Positive ChangeJune 2026
Intuit is a software company added at an attractive valuation and viewed as a long-term sustainable opportunity.
Read the full thesis - Findlay Park American FundJune 2026
Intuit was sold as TurboTax and QuickBooks growth weakened and AI risk increased.
Read the full thesis - Brown Advisory Global LeadersMarch 2026
Intuit Inc. is described as the largest U.S. consumer tax software provider and SMB accounting leader, but the position was exited because AI substitution risk was judged to be rising.
Read the full thesis Intuit is a leading tax and accounting software company whose trusted brand, wide moat, and history of integrating new technology support the view that it can win in AI.
Read the full thesis- Eagle Capital ManagementMarch 2026
Intuit is a highly entrenched software company with QuickBooks as a functional monopoly and AI-enabled growth potential.
Read the full thesis - Mar Vista U.S. Quality StrategyMarch 2026
Intuit has an AI-driven expert platform and strong “done-for-you” products that position it well for the shift toward agentic software.
Read the full thesis - WS Lindsell Train North American Equity FundJanuary 2026
Intuit Inc. is a dominant accounting and tax software provider with trusted brands, data and AI advantages, and clear growth opportunities in assisted tax and the mid-market that support accelerating long-term revenue growth.
Read the full thesis - Polen Focus GrowthSeptember 2025
Intuit is well-positioned for growth in the small business accounting market due to its dominant market share, innovative features, and the integration of Gen AI agents, leading to projected mid-teens revenue and high-teens earnings growth.
Read the full thesis - Liontrust GF Global Technology FundMarch 2025
Intuit is leveraging AI advancements and strong growth in its Consumer Group to enhance efficiency and customer offerings, leading to significant revenue and EPS increases while positioning itself for future success in the AI-defined software era.
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