Terry Smith portfolio: what Fundsmith holds
Terry Smith is a British fund manager and the founder of Fundsmith. His Fundsmith Equity Fund was launched in 2010 and focuses on quality global companies held for the long term.
Stock portfolio value
$13.6B
Stock positions
41
Report date
30 June 2026
Filed
14 August 2026
Largest positions
| # | Company | Weight | Value | Last quarter |
|---|---|---|---|---|
| 1 | Marriott Intl Inc NewMAR | 7% | $958.3M | Trimmed -23% |
| 2 | Stryker CorporationSYK | 6.7% | $917.4M | Trimmed -5% |
| 3 | Waters CorpWAT | 6.2% | $852.7M | Trimmed -29% |
| 4 | Visa IncV | 5.1% | $693.0M | Trimmed -35% |
| 5 | Uber Technologies IncUBER | 4.7% | $645.3M | New |
| 6 | Mastercard IncorporatedMA | 4.7% | $639.5M | New |
| 7 | Alphabet IncGOOGL | 4.6% | $633.7M | Trimmed -40% |
| 8 | Church & Dwight Co IncCHD | 4.6% | $625.5M | Trimmed -3% |
| 9 | Procter & Gamble CoPG | 4.4% | $598.1M | Trimmed -3% |
| 10 | Microsoft CorpMSFT | 4.4% | $595.6M | Trimmed -23% |
| 11 | Meta Platforms IncMETA | 4.3% | $592.5M | Trimmed -20% |
| 12 | Automatic Data Processing InADP | 4.3% | $582.6M | Trimmed -33% |
| 13 | Fortinet IncFTNT | 4.1% | $557.6M | Trimmed -41% |
| 14 | Taiwan Semiconductor ManufacTSM | 4% | $548.5M | New |
| 15 | Idexx Labs IncIDXX | 3.9% | $536.9M | Trimmed -30% |
| 16 | Texas Instrs IncTXN | 3.9% | $536.3M | Trimmed -31% |
| 17 | Philip Morris Intl IncPM | 3.9% | $527.1M | Trimmed -43% |
| 18 | Netflix IncNFLX | 3.7% | $499.1M | New |
| 19 | Ge Vernova IncGEV | 3.5% | $481.5M | New |
| 20 | Applovin CorpAPP | 2.6% | $358.9M | New |
New positions last quarter
- Uber Technologies Inc$645.3M
- Mastercard Incorporated$639.5M
- Taiwan Semiconductor Manufac$548.5M
- Netflix Inc$499.1M
- Ge Vernova Inc$481.5M
- Applovin Corp$358.9M
- Tjx Cos Inc New$344.3M
- Nextpower Inc$340.3M
- Veeva Sys Inc$145.0M
- Yum Brands Inc$88.9M
Positions sold
- Mettler Toledo International$717.0M
- Zoetis Inc$458.4M
- Otis Worldwide Corp$210.6M
- Catalyst Pharmaceuticals Inc$20.9M
- Qualys Inc$19.9M
- Home Depot Inc$9.4M
Source: SEC filing. Values count stock positions only; options are left out of the totals and tables.
About Terry Smith
- His investment philosophy is: buy good companies, do not overpay and do nothing.
- He previously ran the British brokerage Collins Stewart.
- His book Accounting for Growth (1992), criticising accounting tricks, reportedly cost him his job at a bank.
- Fundsmith is known for a low trading frequency and a high share of quality brands.
How to use this page
A 13F filing shows what a manager held on the last day of a quarter, published up to 45 days later. It is a snapshot, not a trading signal: the manager may already have bought or sold since. Learn more in How to read 13F filings.
For information only, not investment advice. 13F filings are delayed by up to 45 days and do not show cash, bonds, short positions or non-US stocks.