5 fund managers on the stocks the market calls "AI losers" (Aug-Sep 2026 letters)
I read the August fund manager letters and the first September ones. Five houses wrote about companies that the market sold on AI fears. Three of them bought. Two explain why they kept their positions.
Acatis (added Wolters Kluwer):
"The significant drop in the share price of Wolters Kluwer (70% from the top) is primarily due to massive market fears that the business model will be disrupted by artificial intelligence, not because of operational problems in the company. Wolters Kluwer is trying to convert the threat of generative AI into a competitive advantage. Half of digital revenues are already based on integrated AI solutions. If sales revenues and margins do not suffer significantly as a result, the stock is much too cheap according to Penman. We believe that the original data from medicine and judicature is essential for the customers."
Malborough European Special Situations (new position in Wolters Kluwer):
"The second was Dutch business information provider Wolters Kluwer, whose valuation has been depressed by concerns that AI will weaken its competitive position."
Amati Global Innovation (new position in CI&T):
"We added one new holding to our portfolio, CI&T, a US listed IT services company. Regular followers of our fund know that we see the IT services industry as a beneficiary from AI, whereas the market views it as an "AI loser". Implementing AI applications in real enterprise environments requires integration with multiple systems, upgrades to core IT platforms and a lot of hand-holding. This is the job of IT services companies. CI&T is a great example of this. It is a more agile, entrepreneur led company, which was early in understanding the AI opportunity, invested (and continues to invest) in relevant capabilities and has seen tangible impact on its overall revenue growth, outperforming its peers. It is relatively undiscovered and is very attractively valued in our view."
Ennismore Global Smaller Companies (holds Grupa Pracuj):
"Pracuj.pl accounts for \~80% of time spent by Polish jobseekers on job portals, making it around 5.5x bigger than the number two player. That puts it among the more dominant classifieds businesses we have come across, with similarly attractive economics – portal EBITDA margins are above 50%. Yet concerns about AI mean the shares currently trade at just 12x our estimate of next year's free cash flow. We increasingly think AI could make job portals more valuable, not less, and as a dominant incumbent, Pracuj is well placed to capture that upside."
Harding Loevner Global Equity (holds Adobe and Accenture):
"We have maintained a small exposure to software and services companies over the past year, believing that the sharp sell-off in the industry over concerns about AI-related disruption was likely underestimating the competitive advantages and growth potential of our holdings. These AI-disruption concerns now seem to be abating; software and services was the strongest industry in August, rising over 13%. Portfolio holdings Adobe and Accenture both outperformed; AI-related annual recurring revenue for Adobe surpassed $500 million, while Accenture gained as investors reassessed the potential for AI-related consulting and services to support growth."
Sources:
[https://www.hfbestideas.com/letters?open=fTf5g232gJhq](https://www.hfbestideas.com/letters?open=fTf5g232gJhq)
[https://www.hfbestideas.com/letters?open=KDRCH5o0UEfo](https://www.hfbestideas.com/letters?open=KDRCH5o0UEfo)
[https://www.hfbestideas.com/letters?open=x0Hyq74gitfs](https://www.hfbestideas.com/letters?open=x0Hyq74gitfs)
[https://www.hfbestideas.com/letters?open=q404CbUPYp0K](https://www.hfbestideas.com/letters?open=q404CbUPYp0K)
[https://www.hfbestideas.com/letters?open=VLFPh3XaF306](https://www.hfbestideas.com/letters?open=VLFPh3XaF306)
