Intuit (NASDAQ:INTU) is down about 56% so far this year, but a look at the second quarter’s 13F filings shows plenty of billionaire-led funds building positions, even as the count dropped on a net basis. A total of 26 billionaire-led funds had stakes in the company at the end of the second quarter, down from 28 in the quarter prior.
Several well-known investors added significantly to their common stock holdings during the quarter. D. E. Shaw’s fund grew its stake by more than 100 times, moving from a tiny position to over 2.1 million shares worth $557 million. Israel Englander’s Millennium Management raised its stake by 406%, while Cliff Asness’s AQR Capital Management increased its holding by 191%. Noam Gottesman’s GLG Partners grew its position by 180%, and Joel Greenblatt’s Gotham Asset Management added 132% to its stake.
Paul Tudor Jones opened a brand new position in Intuit through Tudor Investment Corp, building a stake worth over $107 million. It’s his first disclosed bet on the stock.
AppLovin (NASDAQ:APP) is down about 49% this year, but Insider Monkey’s proprietary database showed a slight uptick in billionaire-led funds during the second quarter. A total of 31 funds had stakes in the company as of the end of the second quarter, up from 28 in the quarter prior. In the last quarter of 2025, 29 billionaire-led funds held a position in the stock.
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Several billionaire-led funds added to their AppLovin stakes in the second quarter. Ken Griffin’s Citadel Investment Group increased its common stock stake by 41%, and Discovery Capital Management added 64% to its holding.
Joel Greenblatt’s Gotham Asset Management raised its stake by 68%. Woodline Partners added 30%, Hiddenite Capital Partners grew its position by 50%, and Quantinno Capital increased its stake by 20%. Cliff Asness’s AQR Capital Management added 12% to its position. Bridgewater’s Ray Dalio and 3G Capital’s Jorge Paulo Lemann both took first-time stakes worth over $48 million each.
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Can Intuit Stock Rebound?
Intuit Inc. shares are under pressure amid competition from cheaper alternatives and concerns that artificial intelligence could disrupt the company’s tax and accounting businesses. TurboTax is already losing some do-it-yourself customers to lower-priced providers.
Agentic AI presents another risk. Instead of opening TurboTax or QuickBooks and manually entering information, customers could eventually use AI agents that complete tax and accounting tasks in the background.
However, bulls believe Intuit has several catalysts that could help the stock rebound. The company has decades of financial and tax data that can be used to develop its own AI tools. QuickBooks is also deeply integrated into many businesses, making it difficult and time-consuming for customers to move their financial data to another platform.
Intuit’s assisted tax revenue rose 37% in fiscal 2026, while the number of assisted tax customers increased 38% to 13 million. This service combines AI with human tax professionals who review, sign and accept responsibility for customers’ tax returns.
Valuation
At $275.79, Intuit trades at 11.5 times forward non-GAAP earnings, about 51% below the sector median of 23.5 and 64% below its five-year average of 32.4. Its forward EV-to-EBITDA multiple of 7.1 is also well below the sector median of 14.5 and its five-year average of 23.6.
The valuation leaves room for a rebound, but Intuit must prove that growth in assisted tax, payments and mid-market services can offset DIY customer losses and the threat from AI competitors.
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