Magellan Investment Partners, an Australian investment management company, released its second-quarter 2026 investor letter for “Magellan Global Opportunities Fund”. A copy of the letter can be downloaded here. The Fund invests in companies with sustainable competitive advantages that generate returns exceeding their cost of capital over time. In Q2, the global stock market rose 13.8%, reversing the stagflation narrative, with energy prices declining after US–Iran tensions eased. Focus shifted to chip stocks and data centre beneficiaries. Regionally, markets’ performance reflected the tech rebound and energy decline. Macro backdrop improved in the quarter with relief from avoiding a severe energy shock, though growth and inflation concerns kept central banks cautious. The portfolio gained 4.3% in the quarter, lagging the 12.5% benchmark rise, driven by bubble-like conditions in semiconductors and data centre supply chains. For insights into their key selections for 2026, please review the Strategy’s top five holdings.
In its Q2 2026 investor letter, Magellan Global Opportunities Fund highlighted Intuit Inc. (NASDAQ:INTU). Intuit Inc. (NASDAQ:INTU) is a financial software company offering products and services for financial management, payments, capital, compliance, and marketing. On July 15, 2026, Intuit Inc. (NASDAQ:INTU) closed at $279.70 per share. One-month return of Intuit Inc. (NASDAQ:INTU) was 4.76%, and its shares lost 62.97% over the past 52 weeks. Intuit Inc. (NASDAQ:INTU) has a market capitalization of $76.50 billion.
Magellan Global Opportunities Fund stated the following regarding Intuit Inc. (NASDAQ:INTU) in its Q2 2026 investor update:
“Key detractors included Intuit Inc. (NASDAQ:INTU), Netflix and Intercontinental Exchange (ICE). Intuit performed poorly on a combination of i) broad market concerns regarding the disruption of incumbent software providers, and ii) specific concerns related to its tax business where competition at the low end led to a small miss against guidance. We continue to view Intuit’s SMB platform in QuickBooks as resilient to AI disruption and more than underpinning Intuit’s current market valuation. Concerns about its tax business are more warranted, with consumer price sensitivity this tax season highlighting the impact a disruptive AI offering could have. That said, Intuit’s tax business is increasingly driven by more complicated tax offerings that should be more resilient.”
Intuit Inc. (NASDAQ:INTU) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 92 hedge fund portfolios held Intuit Inc. (NASDAQ:INTU) at the end of the first quarter, compared to 91 in the previous quarter. In the third quarter of fiscal 2026, Intuit Inc. (NASDAQ:INTU) reported revenue of $8.6 billion, reflecting a 10% year-over-year growth. While we acknowledge the risk and potential of Intuit Inc. (NASDAQ:INTU) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Intuit Inc. (NASDAQ:INTU) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Intuit Inc. (NASDAQ:INTU) and shared Mar Vista U.S. Quality Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q2 2026 page for more investor letters from hedge funds and other leading investors.
READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years.
Disclosure: None. This article is originally published at Insider Monkey.
