Broyhill Asset Management exited its position in Accenture plc in June after the stock fell 38%, according to the firm's second-quarter 2026 investor letter. Broyhill said its thesis rested on unpriced optionality appearing as revenue per employee, but that measure grew only marginally while bookings declined 3% and the managed services book-to-bill fell below one. Management responded by raising its acquisition guide to $9 billion, which Broyhill said does not inspire confidence in the core business given that a bookings inflection was a key point in the thesis. The Broyhill Equity Composite gained 8.8% in the second quarter, trailing the MSCI All Country World Index's 15.1% and the MSCI ACWI Value Index's 10.8%, and returned 2.3% in the first half versus 11.5% for the Index. Accenture closed at $195.00 per share on September 14, 2026, with a market capitalization of $119.33 billion, up 12.35% over the past month but down 17.96% over the past 52 weeks.
Accenture plcBroyhill exited Accenture after a 38% drop, citing weak bookings, a sub-1 managed services book-to-bill, and a $9B acquisition guide that failed to inspire confidence in the core business.
