2 managers · $84M totalData: SEC EDGAR 13F · 2026Q1
Manager holders · last 4 qtrsⓘ
2
2025Q2 – 2026Q1 · -2 QoQ
Total position
$84M
Combined value across tracked managers
Net move this quarter
↓ Trimming
Weighted by holders' share change
HolderQ actionValue% of port.Style
Valley ForgeTrim-14.54%$82M2.42%Ultra-concentrated / Quality growth
SaberNew$2M1.72%Concentrated value
What managers sayⓘ
2025-12-31FundsmithBullFundsmith Annual Letter to Shareholders 2025Detail →
2025-12-31FundsmithBullFundsmith Equity Fund Annual Report 2025Detail →
2025-06-30FundsmithBullFundsmith Equity Fund Interim Report 2025Detail →
2022-12-31FundsmithBearFundsmith Equity Fund Annual Report 2022Detail →
2022-06-30FundsmithBearFundsmith Equity Fund Interim Report 2022Detail →
2021-12-31FundsmithBullFundsmith Equity Fund Annual Report 2021Detail →
2021-06-30FundsmithBullFundsmith Equity Fund Interim Report 2021Detail →
2020-12-31FundsmithBullFundsmith Equity Fund Annual Report 2020Detail →
Earnings Callsⓘ
Q3 2026May 20, 2026
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Q3 revenue beat expectations, with the core driver being the AI-powered expert platform strategy, which fueled high growth in Assisted tax and Mid-market.
Q3 revenue was $8.6 billion, up 10% year-over-year. TurboTax Live customer growth was 38%, with revenue expected to grow 36%; Mid-market online ecosystem revenue grew 38%.
Assisted tax made strong progress, with TurboTax Live revenue accounting for over half. Mid-market and Money segments grew over 30%, and the new platform will launch in August. At the same time, the company announced a 17% workforce reduction to optimize structure.
Raised full-year guidance: revenue of $21.34–21.37 billion, growth of 13–14%; non-GAAP EPS of $23.80–23.85, growth of approximately 18%.
Highlights: Assisted tax and Mid-market continued high growth, demonstrating structural advantages. Risks: DIY low-end users are churning due to price sensitivity; management plans to adjust the model.