Inside Broyhill’s Bearish Exit of Accenture (ACN)

Broyhill Asset Management, a Charlotte-based firm, disclosed its exit from Accenture plc (NYSE: ACN) in its Q2 2026 investor letter, obtained via download. The firm's Equity Composite saw an 8.8% gain in Q2, lagging behind the MSCI All Country World Index's 15.1% and MSCI ACWI Value Index's 10.8% returns for the same period. The letter attributes the second-quarter decline to market dynamics and geopolitical events, with tech, particularly semiconductors, contributing to recent gains.

Broyhill emphasizes its capital protection strategy in precarious market conditions, without direct semiconductor exposure. The report highlights Accenture's September 14, 2026, closing price at $195.00 per share, with a 12.35% gain over the past month and a 17.96% drop over the last 52 weeks. The firm exited its position in Accenture in June, citing unpriced optionality in revenue per employee growth, marginal increases in bookings, and a managed services book-to-bill ratio falling below one.

Management's decision to raise the acquisition target to $9 billion did not instill confidence in the core business, prompting Broyhill to sell its stake.