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I archive quarterly fund letters (about 2,400 now) and pull out every company each one mentions, with the exact sentence attached. Filtering last quarter for Intuit returned six exits, all in the same quarter. Here they are.
**Jensen Quality Growth Fund**, Q2:
>During the quarter, we exited our position in Intuit, reflecting a meaningful decline in our confidence in two areas central to our process: the durability of the company's competitive advantages and the stability of its earnings.
**ClearBridge Large Cap Growth**, Q2:
>The Strategy also exited a position in Intuit due to growing concerns that AI could commoditize parts of its tax business.
**Findlay Park American Fund**, Q2:
>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.
**Mar Vista Quality Strategy**, Q2:
>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.
**Fundsmith** listed it without comment, among twelve names:
>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.
**Guinness Global Innovators** still owned it at 30 June:
>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.
By 31 July they were out:
>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.
Not everyone left. **Baillie Gifford** wrote the same sentence in two of its letters:
>Intuit continues to make strong operational progress, even as the market worries that AI could disrupt its tax business.
No single one of these is surprising. Seeing them stacked up over one quarter is.
Sources:
Jensen: [https://www.hfbestideas.com/letters?open=T2utvUR8GIiO](https://www.hfbestideas.com/letters?open=T2utvUR8GIiO)
ClearBridge: [https://www.hfbestideas.com/letters?open=pH1rGtp4W6HM](https://www.hfbestideas.com/letters?open=pH1rGtp4W6HM)
Findlay Park: [https://www.hfbestideas.com/letters?open=oWMJOoJFTihs](https://www.hfbestideas.com/letters?open=oWMJOoJFTihs)
Mar Vista: [https://www.hfbestideas.com/letters?open=muERoMXyzphN](https://www.hfbestideas.com/letters?open=muERoMXyzphN)
Fundsmith: [https://www.hfbestideas.com/letters?open=s7VsSnMpbLnJ](https://www.hfbestideas.com/letters?open=s7VsSnMpbLnJ)
Guinness, June: [https://www.hfbestideas.com/letters?open=vl8smqlHEuTk](https://www.hfbestideas.com/letters?open=vl8smqlHEuTk)
Guinness, July: [https://www.hfbestideas.com/letters?open=wSSJ9W6DuJC4](https://www.hfbestideas.com/letters?open=wSSJ9W6DuJC4)
Baillie Gifford: [https://www.hfbestideas.com/letters?open=HXNkGU4cGArT](https://www.hfbestideas.com/letters?open=HXNkGU4cGArT)