William Blair Growth Fund on Intuit

Intuit remains a leading provider of tax, personal-finance and small-business software, but the investment case is being tested by AI concerns and softness in DIY tax preparation. TurboTax saw price and unit pressure among the most price-sensitive filers, contributing to an underwhelming quarter. Outside tax preparation, results beat consensus and management raised earnings guidance as cost reductions supported margin expansion. The fund maintained a small position, balancing those positive fundamentals against the risk that AI changes software economics.