Magellan Cites Intuit Drag From Cautious SMB Outlook, Points to Pricing Strategy
The fund's latest letter portrays the guidance shortfall as pricing conservatism rather than demand weakness.
Overview
- Magellan Global Fund named Intuit one of its largest detractors after SMB segment guidance came in modestly below consensus.
- Managers said the outlook reflected a more moderate pricing approach, not a deterioration in end‑market demand.
- Intuit reported fiscal first‑quarter 2026 revenue of $3.9 billion, an 18% year‑over‑year increase.
- Hedge‑fund ownership of Intuit slipped to 96 portfolios at the end of Q3 from 105 in the prior quarter, according to Insider Monkey data.
- Intuit shares closed at $670.92 on December 12, implying a market value of about $186.8 billion.