Terry Smith (Fundsmith) portfolio: Q2 2026 13F
Every US-listed position Fundsmith reported in its 13F for Q2 2026, the quarter ended Jun 30, 2026, filed with the SEC on Aug 14, 2026. 41 positions at the quarter end, after opening 13 and exiting 6 during it.
Holdings at Q2 2026
| Ticker | Company | Allocation | Value | Shares | Change |
|---|---|---|---|---|---|
| MAR | Marriott International Inc | 7.02% | $958.26M | 2,585,757 | Trimmed |
| SYK | Stryker Corp | 6.72% | $917.39M | 2,913,833 | Trimmed |
| WAT | Waters Corp | 6.25% | $852.70M | 2,273,632 | Trimmed |
| V | Visa Inc. | 5.08% | $692.98M | 2,019,810 | Trimmed |
| UBER | Uber Technologies, Inc | 4.73% | $645.34M | 8,943,151 | New |
| MA | Mastercard Inc | 4.69% | $639.46M | 1,245,051 | New |
| GOOGL | Alphabet Inc. | 4.64% | $633.74M | 1,773,354 | Trimmed |
| CHD | Church & Dwight Co Inc | 4.58% | $625.52M | 6,456,634 | Trimmed |
| PG | Procter & Gamble Co | 4.38% | $598.05M | 4,078,371 | Trimmed |
| MSFT | Microsoft Corp | 4.36% | $595.61M | 1,596,737 | Trimmed |
| META | Meta Platforms, Inc. | 4.34% | $592.51M | 1,051,876 | Trimmed |
| ADP | Automatic Data Processing Inc | 4.27% | $582.62M | 2,601,567 | Trimmed |
| FTNT | Fortinet, Inc. | 4.09% | $557.63M | 3,629,938 | Trimmed |
| TSM | Taiwan Semiconductor Manufacturing Co Ltd | 4.02% | $548.46M | 1,148,449 | New |
| IDXX | IDEXX Laboratories Inc | 3.93% | $536.91M | 1,019,887 | Trimmed |
| TXN | Texas Instruments Inc | 3.93% | $536.28M | 1,799,182 | Trimmed |
| PM | Philip Morris International Inc. | 3.86% | $527.12M | 2,913,693 | Trimmed |
| NFLX | Netflix Inc | 3.66% | $499.11M | 6,990,345 | New |
| GEV | GE Vernova Inc. | 3.53% | $481.50M | 409,835 | New |
| APP | AppLovin Corp | 2.63% | $358.89M | 696,568 | New |
| TJX | TJX Companies Inc | 2.52% | $344.30M | 2,272,592 | New |
| NXT | Nextpower Inc. | 2.49% | $340.27M | 2,856,092 | New |
| VEEV | Veeva Systems Inc | 1.06% | $144.95M | 816,785 | New |
| YUM | Yum Brands Inc | 0.65% | $88.90M | 556,107 | New |
| MSCI | MSCI Inc. | 0.22% | $30.01M | 53,580 | Trimmed |
| MEDP | Medpace Holdings, Inc. | 0.20% | $27.74M | 52,372 | Trimmed |
| NTNX | Nutanix, Inc. | 0.20% | $27.43M | 538,281 | Trimmed |
| BMI | Badger Meter Inc | 0.19% | $25.91M | 174,627 | Added |
| CLX | Clorox Co | 0.19% | $25.89M | 271,318 | Added |
| ROL | Rollins Inc | 0.19% | $25.88M | 619,935 | Unchanged |
| MANH | Manhattan Associates Inc | 0.18% | $24.09M | 172,977 | Added |
| NSSC | NAPCO Security Technologies, Inc | 0.17% | $23.05M | 606,974 | Added |
| FICO | Fair Isaac Corp | 0.16% | $21.45M | 17,953 | New |
| SABR | Sabre Corp | 0.14% | $18.84M | 9,013,783 | Unchanged |
| IDCC | InterDigital, Inc. | 0.13% | $17.08M | 60,324 | New |
| ORLY | O'Reilly Automotive Inc | 0.11% | $14.98M | 162,691 | New |
| VRT | Vertiv Holdings Co | 0.10% | $14.03M | 41,893 | Trimmed |
| VRSN | Verisign Inc | 0.10% | $14.02M | 55,713 | Trimmed |
| ADMA | ADMA Biologics, Inc. | 0.10% | $13.81M | 1,649,493 | Unchanged |
| DOCS | Doximity, Inc. | 0.10% | $13.55M | 653,324 | Trimmed |
| PAYC | Paycom Software, Inc. | 0.09% | $12.66M | 100,763 | Trimmed |
What changed in Q2 2026
| Action | Ticker | Company | Share change | Value |
|---|---|---|---|---|
| Trimmed | MAR | Marriott International Inc | -785,115 | $958.26M |
| Trimmed | SYK | Stryker Corp | -147,583 | $917.39M |
| Trimmed | WAT | Waters Corp | -938,443 | $852.70M |
| Trimmed | V | Visa Inc. | -1,084,280 | $692.98M |
| New | UBER | Uber Technologies, Inc | +8,943,151 | $645.34M |
| New | MA | Mastercard Inc | +1,245,051 | $639.46M |
| Trimmed | GOOGL | Alphabet Inc. | -1,182,844 | $633.74M |
| Trimmed | CHD | Church & Dwight Co Inc | -184,874 | $625.52M |
| Trimmed | PG | Procter & Gamble Co | -121,543 | $598.05M |
| Trimmed | MSFT | Microsoft Corp | -483,000 | $595.61M |
| Trimmed | META | Meta Platforms, Inc. | -269,499 | $592.51M |
| Trimmed | ADP | Automatic Data Processing Inc | -1,253,538 | $582.62M |
| Trimmed | FTNT | Fortinet, Inc. | -2,526,737 | $557.63M |
| New | TSM | Taiwan Semiconductor Manufacturing Co Ltd | +1,148,449 | $548.46M |
| Trimmed | IDXX | IDEXX Laboratories Inc | -445,899 | $536.91M |
| Trimmed | TXN | Texas Instruments Inc | -823,942 | $536.28M |
| Trimmed | PM | Philip Morris International Inc. | -2,199,470 | $527.12M |
| New | NFLX | Netflix Inc | +6,990,345 | $499.11M |
| New | GEV | GE Vernova Inc. | +409,835 | $481.50M |
| New | APP | AppLovin Corp | +696,568 | $358.89M |
| New | TJX | TJX Companies Inc | +2,272,592 | $344.30M |
| New | NXT | Nextpower Inc. | +2,856,092 | $340.27M |
| New | VEEV | Veeva Systems Inc | +816,785 | $144.95M |
| New | YUM | Yum Brands Inc | +556,107 | $88.90M |
| Trimmed | MSCI | MSCI Inc. | -11,208 | $30.01M |
The 25 largest changes by value. The full quarter, filterable by action, loads below.
About these holdings
The 13F on record for Terry Smith (Fundsmith LLP), filed on Aug 14, 2026, reports 41 positions as of Jun 30, 2026. The largest is Marriott International Inc (MAR) at 7.0% of the reported portfolio, followed by Stryker Corp (SYK, 6.7%) and Waters Corp (WAT, 6.3%). The ten largest make up 52.5% of it. Against the previous quarter, it opened 13 new positions, added to 4, trimmed 21 and sold out of 6. The largest new position is Uber Technologies, Inc (UBER), at 4.7% of the portfolio. The largest position it added to is Badger Meter Inc (BMI), now 0.2%. The largest it sold out of, by its value the quarter before, is Mettler-Toledo International Inc (MTD).
Marriott International Inc (MAR), the largest position, is also held by First Pacific Advisors, Ken Griffin and Glenn Greenberg.
Other investors
Glenn GreenbergDavid EinhornHarry BurnChase ColemanSamantha McLemoreMason HawkinsDan LoebKahn Brothers