SGA Sold Intuit (INTU) as TurboTax and Mailchimp Weakness Deepened
Sustainable Growth Advisers (SGA) sold its stake in Intuit (INTU) amid concerns over DIY Tax performance and Mailchimp's decline, as highlighted in its second-quarter 2026 investor letter. Intuit, a provider of financial management and marketing products and services, closed at $367.00 per share on August 21, 2026, with a one-month return of 20.76% and a 52-week loss of 44.14%.
The portfolio returned 7.4% gross and 7.2% net for the quarter, trailing the MSCI ACWI and MSCI ACWI Growth Index. SGA's Global Growth Portfolio, which included AI beneficiaries, saw median revenue and EPS growth at 12% and 14%, respectively, with more than 60% of holdings surpassing expectations. The firm maintained a preference for durable compounders and expected 16% revenue growth and 20% earnings growth over three years.
Despite Intuit's double-digit revenue growth and above 40% margin expansion, the firm exited its position due to weaker than expected Consumer Tax performance and concerns over management's execution in a challenging environment.
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