Royal London Cuts $NOW 1% to $88.8M, Trims $INTU 3.4%

For portfolio managers, 13F season is a lagging but valuable sentiment gauge. Royal London Asset Management's latest filing shows it trimmed ServiceNow by 1.0% to $88.8 million and cut Intuit by 3.4%, yet Bank of New York Mellon added 20.3% to its Intuit stake. That divergence—not the small redemptions—is the real story for market participants.

Royal London Asset Management's latest 13F filing revealed modest but telling adjustments in two major enterprise software positions during the second quarter of 2026. The London-based institutional manager trimmed its ServiceNow holdings by 9,344 shares, or 1.0%, leaving a remaining stake of 894,905 shares valued at $88.8 million as of the end of the most recent reporting period. In a parallel disclosure captured in the same August 29 reporting cycle, Royal London also cut its Intuit position by 13,453 shares, or 3.4%, retaining 380,963 shares worth approximately $99.4 million. Neither transaction suggests a wholesale exit; rather, they reflect a manager fine-tuning portfolio weights in two of the most richly valued names in the software sector.

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Royal London Asset Management's latest filing shows it trimmed ServiceNow by 1.0% to $88.8 million and cut Intuit by 3.4%, yet Bank of New York Mellon added 20.3% to its Intuit stake.

The most important context for finance readers is that 13F filings are inherently backward-looking. They reflect holdings as of June 30, 2026, and are not published until roughly 45 days later. By the time Royal London's reduced ServiceNow stake hit the newswire, the market had already absorbed a full quarter of subsequent trading. For a $149.69 billion company like ServiceNow, a 9,344-share sale is immaterial to daily liquidity, representing roughly $1.35 million based on the stock's $144.77 Friday open. That said, the filing arrives at a moment when ServiceNow's valuation metrics demand scrutiny: 90.48 times trailing earnings, a PEG ratio of 2.44, and a beta of just 0.94. The low beta is notable for a high-multiple software company, implying the stock has traded with less volatility than the broader market, but the P/E multiple leaves little room for operational missteps.

The Intuit side of the cluster is arguably more instructive about institutional sentiment. While Royal London trimmed its Intuit exposure by 3.4%, other institutions were far more aggressive in the opposite direction. Bank of New York Mellon raised its Intuit holdings by 20.3% in the fourth quarter, adding 471,451 shares to reach 2,791,212 shares valued at $1.85 billion. Rakuten Investment Management grew its Intuit stake by a staggering 522.3%, while Vestcor, Janney Montgomery Scott, and O'Shaughnessy Asset Management all notched double-digit to triple-digit percentage increases. These movements, while sometimes based on different quarter-end dates, indicate that institutional demand for Intuit remained robust even as Royal London took chips off the table. The divergence between Royal London's modest reduction and BNY Mellon's massive addition illustrates that 13F data must be read in aggregate, not in isolation.

For ServiceNow, the institutional backdrop is more fragmented. The filing notes that institutions and hedge funds collectively own 87.18% of the company's shares, a high concentration that can amplify moves when large holders act in concert. Yet the additional institutional activity reported for NOW is mostly small-scale: CBIZ Investment Advisory Services boosted its position by 540%, but that translates to just 160 shares worth $25,000. New stakes from Wealth Watch Advisors, Kelleher Financial Advisors, and Jupiter Wealth Management are similarly small, ranging from $29,000 to $154,000. Pin Oak Investment Advisors lifted its ServiceNow holdings by 20.7%, but its total position is just 134 shares. These flows are far too small to be market-moving, and they reinforce the impression that the quarter's ServiceNow trade was routine portfolio management rather than a fundamental reevaluation.