Terry Smith
Portfolio value$13.6B
Positions41
QuarterQ2 2026ended 2026-06-30
Filed08/142026
Fundsmith LLP's Q2 2026 13F, filed Aug 14, 2026, reports 41 positions worth $13.6B. The ten largest are 52.5% of the book, led by Marriott International at 7.0%, Stryker at 6.7% and Waters at 6.2%. Against Q1 2026: 13 bought, 4 added to, 21 reduced, 6 sold; the largest moves were sold Mettler Toledo and bought Uber.
Where the money is
MARSYKWATVUBERMAGOOGLCHDPGMSFT31 other
Holdings
| Ticker | Issuer | Weight | Value | Q-end → now | Price vs model | Change |
|---|---|---|---|---|---|---|
| MAR | Marriott Intl INC New | 7.0% | $958.3M2.6M sh | 370.59 → +5% | 115% overvalued | reduced −23% |
| SYK | Stryker Corporation | 6.7% | $917.4M2.9M sh | 314.84 → −6% | 13% overvalued | reduced −5% |
| WAT | Waters Corp | 6.2% | $852.7M2.3M sh | 375.04 → +17% | 73% overvalued | reduced −29% |
| V | Visa INC | 5.1% | $693.0M2.0M sh | 343.09 → +17% | 40% overvalued | reduced −35% |
| UBER | Uber Technologies INC | 4.7% | $645.3M8.9M sh | 72.16 → −3% | 12% overvalued | bought |
| MA | Mastercard Incorporated | 4.7% | $639.5M1.2M sh | 513.60 → +20% | 15% overvalued | bought |
| GOOGL | Alphabet INC | 4.6% | $633.7M1.8M sh | 357.37 → −5% | 51% overvalued | reduced −40% |
| CHD | Church & Dwight CO INC | 4.6% | $625.5M6.5M sh | 96.88 → +8% | 32% overvalued | reduced −3% |
| PG | Procter & Gamble CO | 4.4% | $598.1M4.1M sh | 146.64 → +9% | 32% overvalued | reduced −3% |
| MSFT | Microsoft Corp | 4.4% | $595.6M1.6M sh | 373.02 → +42% | 10% overvalued | reduced −23% |
| META | Meta Platforms INC | 4.3% | $592.5M1.1M sh | 563.29 → +26% | 10% overvalued | reduced −20% |
| ADP | Automatic Data Processing In | 4.3% | $582.6M2.6M sh | 223.95 → +29% | 65% overvalued | reduced −33% |
| FTNT | Fortinet INC | 4.1% | $557.6M3.6M sh | 153.62 → +10% | 178% overvalued | reduced −41% |
| TSM | Taiwan Semiconductor Manufac | 4.0% | $548.5M1.1M sh | 477.57 | — | bought |
| IDXX | Idexx Labs INC | 3.9% | $536.9M1.0M sh | 526.44 → +6% | 152% overvalued | reduced −30% |
| TXN | Texas Instrs INC | 3.9% | $536.3M1.8M sh | 298.07 → −7% | 131% overvalued | reduced −31% |
| PM | Philip Morris Intl INC | 3.9% | $527.1M2.9M sh | 180.91 → +13% | 19% overvalued | reduced −43% |
| NFLX | Netflix Inc. | 3.7% | $499.1M7.0M sh | 71.40 → −1% | 39% overvalued | bought |
| GEV | Ge Vernova INC | 3.5% | $481.5M409,835 sh | 1,174.86 → −22% | 77% overvalued | bought |
| APP | Applovin Corp | 2.6% | $358.9M696,568 sh | 515.23 → −48% | 1% overvalued | bought |
| TJX | Tjx Cos INC New | 2.5% | $344.3M2.3M sh | 151.50 → −3% | 34% overvalued | bought |
| NXT | Nextpower INC | 2.5% | $340.3M2.9M sh | 119.14 | — | bought |
| VEEV | Veeva Sys INC | 1.1% | $145.0M816,785 sh | 177.47 → +75% | 157% overvalued | bought |
| YUM | Yum Brands INC | 0.7% | $88.9M556,107 sh | 159.86 → −6% | 14% undervalued | bought |
| MSCI | Msci INC | 0.2% | $30.0M53,580 sh | 560.04 → +2% | 65% overvalued | reduced −17% |
| MEDP | Medpace Hldgs INC | 0.2% | $27.7M52,372 sh | 529.59 | — | reduced −16% |
| NTNX | Nutanix INC | 0.2% | $27.4M538,281 sh | 50.96 | — | reduced −7% |
| BMI | Badger Meter INC | 0.2% | $25.9M174,627 sh | 148.38 | — | added +23% |
| CLX | Clorox CO Del | 0.2% | $25.9M271,318 sh | 95.44 → −9% | 39% undervalued | added +5% |
| ROL | Rollins INC | 0.2% | $25.9M619,935 sh | 41.74 → −20% | 25% overvalued | held |
| MANH | Manhattan Associates INC | 0.2% | $24.1M172,977 sh | 139.25 | — | added +43% |
| NSSC | Napco Sec Technologies INC | 0.2% | $23.1M606,974 sh | 37.98 | — | added +58% |
| FICO | Fair Isaac Corp | 0.2% | $21.4M17,953 sh | 1,194.78 → −35% | at model | bought |
| SABR | Sabre Corp | 0.1% | $18.8M9.0M sh | 2.09 | — | held |
| IDCC | Interdigital INC | 0.1% | $17.1M60,324 sh | 283.13 | — | bought |
| ORLY | Oreilly Automotive INC | 0.1% | $15.0M162,691 sh | 92.09 → −3% | 25% overvalued | bought |
| VRT | Vertiv Holdings CO | 0.1% | $14.0M41,893 sh | 334.82 → −38% | 179% overvalued | reduced −54% |
| VRSN | Verisign INC | 0.1% | $14.0M55,713 sh | 251.56 → +20% | 43% overvalued | reduced −51% |
| ADMA | Adma Biologics INC | 0.1% | $13.8M1.6M sh | 8.37 | — | held |
| DOCS | Doximity INC | 0.1% | $13.5M653,324 sh | 20.74 | — | reduced −6% |
| PAYC | Paycom Software INC | 0.1% | $12.7M100,763 sh | 125.68 | — | reduced −54% |
Source: the manager's Form 13F-HR on SEC EDGAR, kept as immutable quarterly snapshots; changes compare two consecutive filings. A 13F is filed up to 45 days after quarter end and covers US-listed long positions only. Tickers come from a self-maintained CUSIP map; a position without one shows its CUSIP. Method notes in where the numbers come from.