Alluvium Asset Management noted in its Q2 2026 investor letter that H&R Block management stated during their earnings call in early May that the company is using AI to build better products, rather than AI replacing its products, and that these products have been well-received. H&R Block generated a 21.3% return for the fund during the quarter and currently accounts for 4.6% of the fund. The fund believes that H&R Block is reasonably valued, has a high return on capital, and double-digit cash flow and earnings yields. As of September 14, H&R Block's stock price was $45.74, down 10.21% over the past month and down 8.87% over the past 52 weeks.