William Blair Large Cap Growth Fund on Intuit

Intuit remains a leading software provider in tax preparation, personal finance and small-business management, but the fund has become more selective because of AI-related pressure on software valuations. The quarter disappointed mainly in DIY TurboTax, where price and unit softness affected the most price-sensitive filers. Outside tax preparation, results exceeded consensus expectations and management raised earnings guidance, partly because cost reductions expanded margins. The fund reduced the position, leaving a smaller long exposure while weighing the positive core-business execution against AI disruption and TurboTax weakness.