2 managers · $654M totalData: SEC EDGAR 13F · 2026Q2
Manager holders · last 5 qtrsⓘ
2
2025Q2 – 2026Q2 · flat QoQ
Total position
$654M
Combined value across tracked managers
Net move this quarter
↑ Adding
Weighted by holders' share change
HolderQ actionValue% of port.Style
Harris (Oakmark)Add+23.33%$580M0.77%Deep value / Contrarian long-term
Patient CapitalⓘAdd+21.48%$74M2.43%Contrarian growth-value / Time arbitrage
What managers sayⓘ
2026-08-31Patient Capital ManagementBullOpportunity Equity Strategy Update for 8/21/2026 – 8/28/2026Detail →
2026-08-20Oakmark FundsNeutralBill Nygren, Portfolio Manager and Co-CIO U.S. on value investing in the AI eraDetail →
2026-08-04Patient Capital ManagementBullOpportunity Equity Strategy Update for 7/24/2026 – 7/31/2026Detail →
2026-07-27Patient Capital ManagementBullFinding Patience in... an Early 2000s Hip-Hop Song?Detail →
2026-07-20Patient Capital ManagementNeutralOpportunity Equity Strategy Update for 7/10/2026 – 7/17/2026Detail →
2026-07-10Patient Capital ManagementBullFinding Patience in... an Early 2000s Hip-Hop Song?Detail →
2026-07-09Patient Capital ManagementBull2Q26 Portfolio Activity & AttributionDetail →
2026-07-06Patient Capital ManagementBullOpportunity Equity Strategy Update for 6/26/2026 – 7/02/2026Detail →
Earnings Callsⓘ
Q2 2026June 11, 2026
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### Adobe Q2 2026 Results Beat Expectations, driven by strong AI-powered subscription revenue conversion, but the company proactively adjusted its strategy, prioritizing long-term user acquisition over short-term ARR growth.
Key data: Total revenue of $6.62 billion, up 11% year-over-year; Non-GAAP EPS of $5.96, up 18% year-over-year; AI-first ARR exceeded $500 million, up 3x year-over-year.
Business progress: The company has fully shifted to an AI-first freemium model. Acrobat and Express MAU surpassed 850 million, up 20% year-over-year; Creative Freemium MAU reached 90 million, up 70% year-over-year. Firefly ARR grew approximately 50% quarter-over-quarter, approaching $300 million. Launched Adobe Productivity Agent and Creative Agent, and deepened partnerships with NVIDIA, OpenAI, and others. Acquired SEMRush (ARR $480 million), integrating brand visibility solutions.
Guidance and outlook: Raised full-year revenue target to $20.5–$20.6 billion, and Non-GAAP EPS to $24.35–$24.45. However, the total ARR growth target was lowered to 10.2%, due to proactively delaying Creative Cloud price increases and accelerating freemium investments.
Risk/Highlight signals: Management tone was strongly optimistic, emphasizing that "now is the time to aggressively acquire the next generation of users" and calling this a "once-in-a-decade opportunity." However, the CFO's departure and ongoing CEO search add management uncertainty.