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Columbia Threadneedle Investments, an investment management company, released its first-quarter 2026 investor letter for the “Columbia Global Technology Growth Fund”. A copy of the letter is available to download here. In Q1 2026, the Fund’s institutional Class shares fell –6.05%, outperforming the S&P Global 1200 Information Technology Index, which declined –6.57%. Positive performance was mainly due to security selection in semiconductor and AI infrastructure companies, along with an underweight position in software and IT services. Broad markets declined amid a reversal in market dynamics, with energy and commodities surging while growth and tech fell sharply. The letter highlighted that, despite geopolitical risks and uncertainty, the U.S. economy continues to show resilience. In addition, you can check the Fund’s top 5 holdings for its best picks for 2026.

In its first-quarter 2026 investor letter, Columbia Global Technology Growth Fund highlighted stocks like Intuit Inc. (NASDAQ:INTU). Intuit Inc. (NASDAQ:INTU) is a financial software company offering products and services for financial management, payments, capital, compliance, and marketing. On June 10, 2026, Intuit Inc. (NASDAQ:INTU) closed at $281.77 per share. One-month return of Intuit Inc. (NASDAQ:INTU) was -29.93%, and its shares lost 63.38% over the past 52 weeks. Intuit Inc. (NASDAQ:INTU) has a market capitalization of $77.08 billion.

Columbia Global Technology Growth Fund stated the following regarding Intuit Inc. (NASDAQ:INTU) in its Q1 2026 investor letter:

"Intuit Inc. (NASDAQ:INTU) shares declined about 30% during the quarter. The financial software leader became one of the highest-profile casualties of the end of the “Software as a Service” (“SaaS”) business model and faced a repricing of traditional software business models as a result of accelerating AI capability. The sell-off was triggered by intensifying fears that general-purpose AI tools could automate core tax-preparation and small business accounting workflows and undermine the per-seat subscription models that have underpinned Intuit’s premium valuation for over a decade. Despite the narrative pressure, reported results were strong, and the company’s internal AI platform showed tangible traction. The company holds an embedded role in regulated financial workflows, with high switching costs and decades of compliance expertise that present opportunities for automation as well."

Intuit Inc. (NASDAQ:INTU) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 92 hedge fund portfolios held Intuit Inc. (NASDAQ:INTU) at the end of the first quarter, compared to 91 in the previous quarter. In the third quarter of fiscal 2026, Intuit Inc. (NASDAQ:INTU) reported revenue of $8.6 billion, reflecting a 10% year-over-year growth.  While we acknowledge the potential of Intuit Inc. (NASDAQ:INTU) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

In another article, we covered Intuit Inc. (NASDAQ:INTU) and shared the list of best tech stocks to invest in on the dip. In addition, please check out our hedge fund investor letters Q1 2026 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.