Jensen Quality Growth Equity Composite underperformed the S&P 500 in Q2 2026, flagging Intuit as a laggard due to AI disruption concerns.
Intuit Inc. (INTU) faced pressure after Jensen Investment Management highlighted AI disruption and earnings concerns in its Q2 2026 investor letter. The fund, which focuses on high-quality companies, trailed the S&P 500’s 15.20% return, posting a 10.94% gain net of fees for the quarter.
US equities surged in Q2 2026, driven by easing geopolitical tensions, resilient consumer spending, and AI infrastructure investment. AI and semiconductor stocks led the rally, while lower-quality and momentum stocks outperformed quality-focused strategies like Jensen’s. The fund’s underperformance stemmed from weak stock selection in Industrials and Information Technology, though it benefited from no exposure to Energy and Utilities.
Jensen’s portfolio remains balanced across quality compounders, AI beneficiaries, and defensive businesses, but Intuit’s challenges were noted as a drag on performance.