Terry Smith
Q2 2026 versus Q1 2026: 13 bought, 4 added to, 21 reduced, 6 sold. By dollars, the largest buy was Uber, $645.3M more at the quarter-end price; the largest sale Mettler Toledo, $717.0M less. Net, $729.0M more sold than bought. What every tracked investor did in Q2 2026.
Every move, largest first
| Ticker | Issuer | Move | Shares Q1 2026 → Q2 2026 | Bought / sold | Of the portfolio | Weight now | Price vs model |
|---|---|---|---|---|---|---|---|
| MTD | Mettler Toledo International | sold | 568,516 → 0 | −$717.0M | −5.25% | — | — |
| UBER | Uber Technologies INC | bought | — → 8.9M | +$645.3M | +4.73% | 4.7% | 12% overvalued |
| MA | Mastercard Incorporated | bought | — → 1.2M | +$639.5M | +4.69% | 4.7% | 15% overvalued |
| TSM | Taiwan Semiconductor Manufac | bought | — → 1.1M | +$548.5M | +4.02% | 4.0% | — |
| NFLX | Netflix Inc. | bought | — → 7.0M | +$499.1M | +3.66% | 3.7% | 39% overvalued |
| GEV | Ge Vernova INC | bought | — → 409,835 | +$481.5M | +3.53% | 3.5% | 77% overvalued |
| ZTS | Zoetis INC | sold | 3.9M → 0 | −$458.4M | −3.36% | — | — |
| GOOGL | Alphabet INC | reduced −40% | 3.0M → 1.8M | −$422.7M | −3.10% | 4.6% | 51% overvalued |
| PM | Philip Morris Intl INC | reduced −43% | 5.1M → 2.9M | −$397.9M | −2.92% | 3.9% | 19% overvalued |
| FTNT | Fortinet INC | reduced −41% | 6.2M → 3.6M | −$388.2M | −2.84% | 4.1% | 178% overvalued |
| V | Visa INC | reduced −35% | 3.1M → 2.0M | −$372.0M | −2.73% | 5.1% | 40% overvalued |
| APP | Applovin Corp | bought | — → 696,568 | +$358.9M | +2.63% | 2.6% | 1% overvalued |
| WAT | Waters Corp | reduced −29% | 3.2M → 2.3M | −$352.0M | −2.58% | 6.2% | 73% overvalued |
| TJX | Tjx Cos INC New | bought | — → 2.3M | +$344.3M | +2.52% | 2.5% | 34% overvalued |
| NXT | Nextpower INC | bought | — → 2.9M | +$340.3M | +2.49% | 2.5% | — |
| MAR | Marriott Intl INC New | reduced −23% | 3.4M → 2.6M | −$291.0M | −2.13% | 7.0% | 115% overvalued |
| ADP | Automatic Data Processing In | reduced −33% | 3.9M → 2.6M | −$280.7M | −2.06% | 4.3% | 65% overvalued |
| TXN | Texas Instrs INC | reduced −31% | 2.6M → 1.8M | −$245.6M | −1.80% | 3.9% | 131% overvalued |
| IDXX | Idexx Labs INC | reduced −30% | 1.5M → 1.0M | −$234.7M | −1.72% | 3.9% | 152% overvalued |
| OTIS | Otis Worldwide Corp | sold | 2.7M → 0 | −$210.6M | −1.54% | — | — |
| MSFT | Microsoft Corp | reduced −23% | 2.1M → 1.6M | −$180.2M | −1.32% | 4.4% | 10% overvalued |
| META | Meta Platforms INC | reduced −20% | 1.3M → 1.1M | −$151.8M | −1.11% | 4.3% | 10% overvalued |
| VEEV | Veeva Sys INC | bought | — → 816,785 | +$145.0M | +1.06% | 1.1% | 157% overvalued |
| YUM | Yum Brands INC | bought | — → 556,107 | +$88.9M | +0.65% | 0.7% | 14% undervalued |
| SYK | Stryker Corporation | reduced −5% | 3.1M → 2.9M | −$46.5M | −0.34% | 6.7% | 13% overvalued |
| FICO | Fair Isaac Corp | bought | — → 17,953 | +$21.4M | +0.16% | 0.2% | at model |
| CPRX | Catalyst Pharmaceuticals INC | sold | 844,887 → 0 | −$20.9M | −0.15% | — | — |
| QLYS | Qualys INC | sold | 226,077 → 0 | −$19.9M | −0.15% | — | — |
| CHD | Church & Dwight CO INC | reduced −3% | 6.6M → 6.5M | −$17.9M | −0.13% | 4.6% | 32% overvalued |
| PG | Procter & Gamble CO | reduced −3% | 4.2M → 4.1M | −$17.8M | −0.13% | 4.4% | 32% overvalued |
| IDCC | Interdigital INC | bought | — → 60,324 | +$17.1M | +0.13% | 0.1% | — |
| VRT | Vertiv Holdings CO | reduced −54% | 91,254 → 41,893 | −$16.5M | −0.12% | 0.1% | 179% overvalued |
| ORLY | Oreilly Automotive INC | bought | — → 162,691 | +$15.0M | +0.11% | 0.1% | 25% overvalued |
| PAYC | Paycom Software INC | reduced −54% | 219,457 → 100,763 | −$14.9M | −0.11% | 0.1% | — |
| VRSN | Verisign INC | reduced −51% | 113,467 → 55,713 | −$14.5M | −0.11% | 0.1% | 43% overvalued |
| HD | Home Depot INC | sold | 28,611 → 0 | −$9.4M | −0.07% | — | — |
| NSSC | Napco Sec Technologies INC | added +58% | 383,596 → 606,974 | +$8.5M | +0.06% | 0.2% | — |
| MANH | Manhattan Associates INC | added +43% | 120,888 → 172,977 | +$7.3M | +0.05% | 0.2% | — |
| MSCI | Msci INC | reduced −17% | 64,788 → 53,580 | −$6.3M | −0.05% | 0.2% | 65% overvalued |
| MEDP | Medpace Hldgs INC | reduced −16% | 62,668 → 52,372 | −$5.5M | −0.04% | 0.2% | — |
| BMI | Badger Meter INC | added +23% | 142,491 → 174,627 | +$4.8M | +0.03% | 0.2% | — |
| NTNX | Nutanix INC | reduced −7% | 577,392 → 538,281 | −$2.0M | −0.01% | 0.2% | — |
| CLX | Clorox CO Del | added +5% | 257,217 → 271,318 | +$1.3M | +0.01% | 0.2% | 39% undervalued |
| DOCS | Doximity INC | reduced −6% | 691,786 → 653,324 | −$797,701.9 | −0.01% | 0.1% | — |
Bought / sold is the change in shares × the quarter's reported price (value ÷ shares in the filing); a position sold out is priced at the quarter before, since it has no price in this one. “Of the portfolio” is that amount against this quarter's reported book.
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.