Terry Smith’s portfolio: Fundsmith 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001569205Latest: Q2 2026
Q1 2026 filing in brief
In its Q1 2026 13F, filed May 15, 2026, Fundsmith reported $12.8B across 34 US positions. The largest: MAR (8.6%), SYK (7.8%), WAT (7.5%), V (7.3%), GOOGL (6.6%). In the quarter it opened 1 position, sold out of 4, added to 0 and trimmed 30; positions opened and sold out came to 6.2% of the portfolio's value.
Methodology
Holdings come from the manager’s Form 13F-HR filings on SEC EDGAR, with amendments applied. Values and shares are reported at quarter-end; the filing date is when the report became public. These disclosures show reported long positions and listed options, not the manager’s entire portfolio or its trades since quarter-end.
Quarterly changes compare shares with the immediately preceding quarter on file. New and exited positions appear or disappear; added and trimmed positions change their share count by more than 1%. A share change can also reflect a stock split or other corporate action.
Opened and sold out is the value of new positions plus the prior value of exited positions, divided by the average of the two quarters’ reported portfolio values. It excludes changes to positions still held. Reported value growth includes price changes and is not a measure of investment performance. Largest-five and largest-ten weights exclude options.
Holdings
Filed May 15, 2026
- 1 New
- 0 Added
- 30 Trimmed
- 4 Exited
34 positions at March 31, 2026. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | MAR | MARRIOTT INTL INC NEW | $1.1B | 3.4M | 8.59% | −15.3% | Trimmed |
| 2 | SYK | STRYKER CORPORATION | $1.0B | 3.1M | 7.84% | −17.0% | Trimmed |
| 3 | WAT | WATERS CORP | $957M | 3.2M | 7.46% | −9.7% | Trimmed |
| 4 | V | VISA INC | $938M | 3.1M | 7.31% | −12.2% | Trimmed |
| 5 | GOOGL | ALPHABET INC | $850M | 3.0M | 6.63% | −15.5% | Trimmed |
| 6 | PM | PHILIP MORRIS INTL INC | $845M | 5.1M | 6.59% | −16.5% | Trimmed |
| 7 | IDXX | IDEXX LABS INC | $824M | 1.5M | 6.42% | −21.9% | Trimmed |
| 8 | ADP | AUTOMATIC DATA PROCESSING IN | $783M | 3.9M | 6.11% | −7.7% | Trimmed |
| 9 | MSFT | MICROSOFT CORP | $770M | 2.1M | 6.00% | 0.0% | Held |
| 10 | META | META PLATFORMS INC | $756M | 1.3M | 5.89% | −3.1% | Trimmed |
| 11 | MTD | METTLER TOLEDO INTERNATIONAL | $717M | 568.5K | 5.59% | −2.1% | Trimmed |
| 12 | CHD | CHURCH & DWIGHT CO INC | $620M | 6.6M | 4.83% | −1.3% | Trimmed |
| 13 | PG | PROCTER & GAMBLE CO | $607M | 4.2M | 4.73% | −1.1% | Trimmed |
| 14 | TXN | TEXAS INSTRS INC | $509M | 2.6M | 3.97% | 0.0% | Held |
| 15 | FTNT | FORTINET INC | $503M | 6.2M | 3.92% | −5.5% | Trimmed |
| 16 | ZTS | ZOETIS INC | $458M | 3.9M | 3.57% | −0.6% | Held |
| 17 | OTIS | OTIS WORLDWIDE CORP | $211M | 2.7M | 1.64% | −12.2% | Trimmed |
| 18 | MSCI | MSCI INC | $35M | 64.8K | 0.27% | −61.1% | Trimmed |
| 19 | ROL | ROLLINS INC | $33M | 619.9K | 0.26% | −58.1% | Trimmed |
| 20 | MEDP | MEDPACE HLDGS INC | $30M | 62.7K | 0.23% | −24.1% | Trimmed |
| 21 | VRSN | VERISIGN INC | $28M | 113.5K | 0.22% | −58.1% | Trimmed |
| 22 | PAYC | PAYCOM SOFTWARE INC | $27M | 219.5K | 0.21% | −58.1% | Trimmed |
| 23 | CLX | CLOROX CO DEL | $27M | 257.2K | 0.21% | −58.1% | Trimmed |
| 24 | VRT | VERTIV HOLDINGS CO | $23M | 91.3K | 0.18% | −77.8% | Trimmed |
| 25 | NTNX | NUTANIX INC | $22M | 577.4K | 0.17% | −58.1% | Trimmed |
| 26 | BMI | BADGER METER INC | $22M | 142.5K | 0.17% | — | New |
| 27 | — | CATALYST PHARMACEUTICALS INC | $21M | 844.9K | 0.16% | −74.9% | Trimmed |
| 28 | QLYS | QUALYS INC | $20M | 226.1K | 0.15% | −65.1% | Trimmed |
| 29 | DOCS | DOXIMITY INC | $16M | 691.8K | 0.13% | −58.1% | Trimmed |
| 30 | MANH | MANHATTAN ASSOCIATES INC | $16M | 120.9K | 0.13% | −58.1% | Trimmed |
| 31 | NSSC | NAPCO SEC TECHNOLOGIES INC | $15M | 383.6K | 0.12% | −78.4% | Trimmed |
| 32 | ADMA | ADMA BIOLOGICS INC | $15M | 1.6M | 0.12% | −21.5% | Trimmed |
| 33 | SABR | SABRE CORP | $13M | 9.0M | 0.10% | −58.1% | Trimmed |
| 34 | HD | HOME DEPOT INC | $9M | 28.6K | 0.07% | −64.3% | Trimmed |
Every quarter on file (54)
From the manager’s Form 13F-HR filings on SEC EDGAR, amendments applied. Long US positions only; not a recommendation.