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A copy of the letter can be downloaded here. U.S. equities entered 2026 with sustained momentum, despite market leadership evolving significantly over the first quarter. Initial support in equities was hampered by tariff uncertainty, doubts about AI-driven growth sustainability, and emerging private credit concerns, before geopolitical challenges. The quarter saw the lowest performance for U.S. equities in this volatile environment, influenced by rising oil prices due to the Middle East conflict, altering inflation and interest rate expectations. The Mar Vista U.S. Quality strategy returned -7.24% net-of-fees in the quarter vs Russell 1000® Index’s -4.18% and the S&P 500® Index’s -4.33% returns. The firm believes the market is transitioning towards high-quality businesses with strong competitive advantages. Please review the Strategy’s top five holdings to gain insights into their key selections for 2026.In its first-quarter 2026 investor letter, Mar Vista U.S. Quality Strategy highlighted Intuit Inc. (NASDAQ:INTU). Intuit Inc. (NASDAQ:INTU) is a financial software company offering financial management, payments, capital, compliance, and marketing products and services. On April 10, 2026, Intuit Inc. (NASDAQ:INTU) closed at $350.94 per share. One-month return of Intuit Inc. (NASDAQ:INTU) was -22.41%, and its shares lost 40.87% over the past 52 weeks. Intuit Inc. (NASDAQ:INTU) has a market capitalization of $97.05 billion.Mar Vista U.S. Quality Strategy stated the following regarding Intuit Inc. (NASDAQ:INTU) in its Q1 2026 investor letter:"Intuit Inc. (NASDAQ:INTU) experienced share price pressure during the quarter as investors grew concerned that emerging open-source autonomous agents, such as “OpenClaw,” could weaken the competitive positioning of traditional software-as-a-service providers. While we believe Intuit is well positioned to navigate the shift toward an agentic enterprise, we acknowledge that the range of potential outcomes has widened for both Intuit and the broader software industry. As a result, we reduced our position to approximately 1% early in the quarter.We continue to maintain a smaller position, as management identified the opportunity around machine learning and AI more than five years ago and invested heavily in building an AI-driven expert platform that combines artificial intelligence with human expertise. This strategy has enabled “done for-you” solutions across TurboTax, QuickBooks, and Credit Karma, including TurboTax Live, which has grown into a $2 billion business, expanding over 40% in fiscal 2025. As agentic AI becomes increasingly pervasive across enterprise software, we believe Intuit should be well positioned to leverage these capabilities over time."Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoTrending tickersMETA Meta Platforms, Inc. 662.49 +27.96 (+4.41%)BTC-USD Bitcoin USD 74,220.00 -440.87 (-0.59%)SNAL Snail, Inc. 1.7000 +1.3230 (+350.93%)IONQ IonQ, Inc. 35.76 +6.00 (+20.16%)QBTS D-Wave Quantum Inc. 16.97 +2.32 (+15.84%)PortfolioSign in to access your portfolioSign inTop gainersTVTX Travere Therapeutics, Inc. 42.13 +11.43 (+37.23%)XNDU Xanadu Quantum Technologies Limited 14.83 +3.34 (+29.07%)BE Bloom Energy Corporation 219.03 +42.36 (+23.98%)IONQ IonQ, Inc. 35.76 +6.00 (+20.16%)CRDO Credo Technology Group Holding Ltd 159.52 +25.16 (+18.73%)Top losersKMX CarMax, Inc. 41.66 -7.42 (-15.12%)FSLY Fastly, Inc. 20.95 -3.42 (-14.03%)ASTS AST SpaceMobile, Inc. 88.57 -10.40 (-10.51%)DOCN DigitalOcean Holdings, Inc. 73.45 -6.42 (-8.04%)VAL Valaris Limited 92.01 -7.06 (-7.13%)Most activeNVDA NVIDIA Corporation 196.51 +7.20 (+3.80%)INTC Intel Corporation 63.81 -1.39 (-2.13%)NOK Nokia Oyj 10.35 -0.02 (-0.19%)AAL American Airlines Group Inc. 12.13 +0.90 (+8.01%)PLUG Plug Power Inc. 2.9400 +0.1700 (+6.14%)Top economic eventsEarnings eventsMy earnings eventsEarnings events