Terry Smith portfolio
Latest holdings of Fundsmith as of Q2 2026: 41 positions worth $13.6B, decoded into plain English.
Portfolio summary and charts
- Marriott International (MAR) is the largest position at 7.0% of a $13.6B portfolio.
- Biggest buy: opened a new position in Uber Technologies, about $645M of new money.
- Biggest sale: sold out of Mettler Toledo International Inc/, about $717M.
- Moderate conviction: the top 10 holdings make up 52%, and the portfolio behaves like 22 equal-sized bets.
Every box is a position, sized by its weight
What this meansMarriott International alone is 7% of the portfolio, and the top three make up 20%. Colors show what changed since last quarter, so you can spot fresh conviction at a glance.
Where the money is
What this meansTechnology is the biggest slice at 32% of the portfolio.
How focused is the portfolio?
What this meansThe steeper the gold curve rises above the dashed line, the more the portfolio depends on a few big bets. It behaves like 22 equal-sized positions.
Biggest buys and sells
What this meansThe largest move was opening Uber Technologies, worth about $645M. Values are estimated at quarter-end prices.
Two years of reported value
What this meansValue changes with both market prices and new money in or out. It moved from $24.5B to $13.6B over 9 quarters.
How today’s top positions grew over time
What this meansWide, steady bands are long-term core holdings; bands that appear suddenly are recent bets.
All 41 positions
| # | Stock | Sector | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|---|---|
| 1 | MAR Marriott International | Consumer Discretionary | 7.02% | Trimmed −23% | 2,585,757 | $958M |
| 2 | SYK Stryker | Health Care | 6.72% | Trimmed −5% | 2,913,833 | $917M |
| 3 | WAT Waters | Health Care | 6.25% | Trimmed −29% | 2,273,632 | $853M |
| 4 | V Visa | Financials | 5.08% | Trimmed −35% | 2,019,810 | $693M |
| 5 | UBER Uber Technologies | Industrials | 4.73% | New | 8,943,151 | $645M |
| 6 | MA Mastercard | Financials | 4.69% | New | 1,245,051 | $639M |
| 7 | GOOGL Alphabet (Class A) | Communication | 4.64% | Trimmed −40% | 1,773,354 | $634M |
| 8 | CHD Church & Dwight | Consumer Staples | 4.58% | Trimmed −3% | 6,456,634 | $626M |
| 9 | PG Procter & Gamble | Consumer Staples | 4.38% | Trimmed −3% | 4,078,371 | $598M |
| 10 | MSFT Microsoft | Technology | 4.36% | Trimmed −23% | 1,596,737 | $596M |
| 11 | META Meta Platforms | Communication | 4.34% | Trimmed −20% | 1,051,876 | $593M |
| 12 | ADP Automatic Data Processing | Technology | 4.27% | Trimmed −33% | 2,601,567 | $583M |
| 13 | FTNT Fortinet | Technology | 4.09% | Trimmed −41% | 3,629,938 | $558M |
| 14 | TSM Taiwan Semiconductor Manufacturing | Technology | 4.02% | New | 1,148,449 | $548M |
| 15 | IDXX Idexx Laboratories | Health Care | 3.93% | Trimmed −30% | 1,019,887 | $537M |
| 16 | TXN Texas Instruments | Technology | 3.93% | Trimmed −31% | 1,799,182 | $536M |
| 17 | PM Philip Morris International | Consumer Staples | 3.86% | Trimmed −43% | 2,913,693 | $527M |
| 18 | NFLX Netflix | Communication | 3.66% | New | 6,990,345 | $499M |
| 19 | GEV GE Vernova | Technology | 3.53% | New | 409,835 | $481M |
| 20 | APP AppLovin | Technology | 2.63% | New | 696,568 | $359M |
| 21 | TJX TJX Companies | Consumer Discretionary | 2.52% | New | 2,272,592 | $344M |
| 22 | NXT Nextpower | Technology | 2.49% | New | 2,856,092 | $340M |
| 23 | VEEV Veeva Systems | Technology | 1.06% | New | 816,785 | $145M |
| 24 | YUM Yum Brands | Consumer Discretionary | 0.65% | New | 556,107 | $89M |
| 25 | MSCI MSCI | Financials | 0.22% | Trimmed −17% | 53,580 | $30M |
| 26 | MEDP Medpace | Industrials | 0.20% | Trimmed −16% | 52,372 | $28M |
| 27 | NTNX Nutanix | Technology | 0.20% | Trimmed −7% | 538,281 | $27M |
| 28 | BMI Badger Meter | Technology | 0.19% | Added +23% | 174,627 | $26M |
| 29 | CLX Clorox | Consumer Staples | 0.19% | Added +5% | 271,318 | $26M |
| 30 | ROL Rollins | Industrials | 0.19% | Hold | 619,935 | $26M |
| 31 | MANH Manhattan Associates | Technology | 0.18% | Added +43% | 172,977 | $24M |
| 32 | NSSC Napco Security Technologies | Technology | 0.17% | Added +58% | 606,974 | $23M |
| 33 | FICO Fair Isaac | Industrials | 0.16% | New | 17,953 | $21M |
| 34 | SABR Sabre | Technology | 0.14% | Hold | 9,013,783 | $19M |
| 35 | IDCC InterDigital | Financials | 0.13% | New | 60,324 | $17M |
| 36 | ORLY O Reilly Automotive | Consumer Discretionary | 0.11% | New | 162,691 | $15M |
| 37 | VRT Vertiv | Technology | 0.10% | Trimmed −54% | 41,893 | $14M |
| 38 | VRSN Verisign | Technology | 0.10% | Trimmed −51% | 55,713 | $14M |
| 39 | ADMA Adma Biologics | Health Care | 0.10% | Hold | 1,649,493 | $14M |
| 40 | DOCS Doximity | Technology | 0.10% | Trimmed −6% | 653,324 | $14M |
| 41 | PAYC Paycom Software | Technology | 0.09% | Trimmed −54% | 100,763 | $13M |
Values as reported at quarter end (30 Jun 2026). Activity compares share counts with the Q1 2026 filing. Source: SEC filing 0001569205-26-000012 · all filings on EDGAR.
Terry Smith
Terry Smith founded Fundsmith in 2010 with a strategy that fits on a single page. The firm owns high-quality global companies that need little debt and earn high returns on capital. The 13F covers its US-listed holdings.
Philosophy in brief
- Buy good companies.
- Don’t overpay.
- Do nothing.
How to read this page
Who else is trading these holdings
- 01MAR Marriott International1 congressional trade disclosed (1 buys)7.0% of portfolio
- 02SYK Stryker3 congressional trades disclosed (0 buys)6.7% of portfolio
- 03WAT Waters4 congressional trades disclosed (1 buys)6.2% of portfolio
- 04V Visa7 congressional trades disclosed (2 buys)5.1% of portfolio
- 05UBER Uber Technologies7 congressional trades disclosed (4 buys) · insiders bought $15M in Q3 20264.7% of portfolio
- 06MA Mastercard6 congressional trades disclosed (1 buys)4.7% of portfolio
- 07GOOGL Alphabet (Class A)24 congressional trades disclosed (7 buys)4.6% of portfolio
- 09PG Procter & Gamble14 congressional trades disclosed (6 buys)4.4% of portfolio
Investors who think alike
Cosine similarity of position weights (100 = identical portfolios). Chips show the biggest shared holdings.
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