Guinness Global Innovators Fund exits Intuit on AI disruption fears for TurboTax

Published Aug 25, 09:10 PM UTC

The Guinness Global Innovators Fund sold its stake in Intuit Inc. (INTU) during Q2 2026, citing growing concerns that artificial intelligence is disrupting TurboTax's competitive moat. The fund's investor letter noted that while Intuit's overall results were resilient, TurboTax's revenue growth of 7% missed expectations of 8%, and paid DIY tax returns declined sharply among price-sensitive, lower-income filers. This reignited fears that Intuit's pricing power and market share at the lower end of the tax market are vulnerable. The fund had initially invested in Intuit for its dominant QuickBooks platform and strong consumer brand in TurboTax. Intuit shares have fallen 44% over the past 52 weeks, closing at $367 on August 21, 2026, with a market cap of $100.4 billion.