Fund cites AI substitution risks as key factor in selling Intuit, contributing to an 8.3% Q1 2026 portfolio decline.
Brown Advisory’s Global Leaders Strategy sold its stake in Intuit Inc. (NASDAQ:INTU) during Q1 2026, citing concerns over AI-driven substitution threatening the financial software firm’s market position. The move came as the strategy posted an 8.3% absolute loss for the quarter, underperforming the MSCI ACWI Net Return Index’s 3.2% decline.
The fund attributed part of its underperformance to avoiding the Energy sector, which accounted for roughly 20% of its relative decline year-to-date. Broader market weakness and the “AI loser” narrative weighed on concentrated holdings, amplifying losses.
Intuit shares closed at $353.76 on June 1, 2026, down 20.06% over the prior month and 58.36% over the past five months, reflecting growing investor skepticism about its long-term growth prospects.