This Fund Exits Intuit (INTU) Amid Concerns of AI Disruption to TurboTax’s Moat

Guinness Global Innovators Fund recently sold its stake in Intuit Inc. amid concerns of AI disruption to TurboTax's market dominance. The fund, which seeks investments in companies leveraging technological innovation, returned 13.8% in GBP for Q2 2026, outperforming the MSCI World Index and the IA Global sector average. Intuit, a leading provider of financial management and tax software, saw its stock price fall -44.14% over the past year.

The company holds a 80% market share in QuickBooks, a platform with high customer retention and accountant-led distribution. However, Intuit's TurboTax segment, which generates a significant portion of the company's revenue, underperformed in Q2 2026, with revenue growth of 7% falling short of expectations. This, coupled with a decline in paid DIY returns, reignited concerns over Intuit's pricing power and market share at the lower end of the tax market.

Despite its overall strong performance, the fund decided to exit its position in Intuit, expressing preference for other AI stocks with greater upside potential and lower downside risk.