Fundsmith Equity Fund Sells Intuit (INTU) Amid Concerns Over Mailchimp Acquisition
In its Q2 2026 investor letter, the London-based investment firm Fundsmith disclosed that it sold shares of financial software company Intuit Inc. (NASDAQ: INTU). The decision followed concerns over how Intuit handled its acquisition of Mailchimp and subsequent reporting practices. Fundsmith noted a lack of transparency in results excluding Mailchimp's performance, which raised red flags about the long-term implications for the business. The fund reported an underperformance of 14.1 percentage points against the MSCI World Index during the first half of 2026 due to market dynamics favoring passive index funds and AI-driven stocks. With a portfolio turnover rate of 51%, Fundsmith is shifting toward a more active investment strategy while maintaining its core principles. Intuit's stock closed at $316.07 on July 31, with a one-month return of 16.14% but declined by nearly 60% over the past year.
Tickers: $INTU
Topics: Fundsmith Equity Fund Intuit (INTU) Q2 investor letter stock sale