• Wed. Apr 24th, 2024

What Makes Intuit (INTU) a Compelling Opportunity?

L1 Capital, an investment management firm, released its “L1 Capital International Fund” third quarter 2023 investor letter, a copy of the same can be downloaded here. In the September 2023 quarter, the fund outperformed the Index by 4.0% returning 3.6% (in Australian dollars). Year-to-date, the fund returned 28.3% (in Australian dollars), outperforming the Index by 11.6%. Please check the top five holdings of the fund to know its best picks in 2023.

L1 Capital International Fund highlighted stocks like Intuit Inc. (NASDAQ:INTU) in the third quarter 2023 investor letter. Headquartered in Mountain View, California, Intuit Inc. (NASDAQ:INTU) provides business and financial management solutions. On November 29, 2023, Intuit Inc. (NASDAQ:INTU) stock closed at $577.23 per share. One-month return of Intuit Inc. (NASDAQ:INTU) was 18.00%, and its shares gained 41.62% of their value over the last 52 weeks. Intuit Inc. (NASDAQ:INTU) has a market capitalization of $161.587 billion.

L1 Capital International Fund made the following comment about Intuit Inc. (NASDAQ:INTU) in its Q3 2023 investor letter:

“Following significant under-performance, some high-quality businesses in these sectors are now becoming more attractive from a valuation perspective – in our language they are now getting warmer on our Bench of potential investments.

Our ‘all-weather’ portfolio centred around our unique definition of ‘quality’ delivered strong performance in the September quarter. Three companies positively contributed over 0.5% (in Australian dollars) to the Fund’s returns for the quarter (Booking Holdings, Intuit Inc. (NASDAQ:INTU) and Natural Resource Partners, in alphabetical order), and another three companies almost reached this level of positive contribution. No companies detracted from the Portfolio’s returns by 0.5% or more.

As part of our travels during the quarter (see page 6) we had the opportunity to meet with management of both Booking Holdings and Intuit. We continue to view both companies as exceptionally well managed.

Intuit held its annual Investor Day during the quarter and the presentation materials are well-worth a review. Intuit is at the forefront of commercial application of artificial intelligence (AI) across its portfolio of businesses – QuickBooks, TurboTax, Credit Karma and Mailchimp. Intuit has been investing in AI for many years, well before ChatGPT became a buzz word…” (Click here to read the full text)

An accountant in front of a laptop, sifting through financial reports to find the best investment opportunities.

Intuit Inc. (NASDAQ:INTU) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 86 hedge fund portfolios held Intuit Inc. (NASDAQ:INTU) at the end of third quarter which was 86 in the previous quarter.

We discussed Intuit Inc. (NASDAQ:INTU) in another article and shared the list of best growth stocks to buy according to George Soros. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.

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