Terry Smith portfolio: holdings and latest trades
The stocks Fundsmith reported in its latest 13F filing, for Q2 2026: 41 positions worth about $13.6B, what was bought and sold in the quarter, and who Smith is.
Data updated August 14, 2026 (13F for Q2 2026)
- 13F portfolio value
- $13.6B
- Positions
- 41
- Top 10 holdings
- 52%
- Change in value vs previous quarter
- +6.3%
Terry Smith top holdings (Q2 2026)
| # | Stock | % of portfolio | Value | Last quarter |
|---|---|---|---|---|
| 1 | MAR Marriott International -Cl A | 7.0% | $958M | Trimmed 23% |
| 2 | SYK Stryker Corp | 6.7% | $917M | Trimmed 5% |
| 3 | WAT Waters Corp | 6.2% | $853M | Trimmed 29% |
| 4 | V Visa Inc-Class A Shares | 5.1% | $693M | Trimmed 35% |
| 5 | UBER Uber Technologies Inc | 4.7% | $645M | New |
| 6 | MA Mastercard Inc - A | 4.7% | $639M | New |
| 7 | GOOGL Alphabet Inc-Cl A | 4.6% | $634M | Trimmed 40% |
| 8 | CHD Church & Dwight Co Inc | 4.6% | $626M | Trimmed 3% |
| 9 | PG Procter & Gamble Co/The | 4.4% | $598M | Trimmed 3% |
| 10 | MSFT Microsoft Corp | 4.4% | $596M | Trimmed 23% |
| 11 | META Meta Platforms Inc-Class A | 4.3% | $593M | Trimmed 20% |
| 12 | ADP Automatic Data Processing | 4.3% | $583M | Trimmed 32% |
| 13 | FTNT Fortinet Inc | 4.1% | $558M | Trimmed 41% |
| 14 | TSM Taiwan Semiconductor-Sp ADR | 4.0% | $548M | New |
| 15 | IDXX Idexx Laboratories Inc | 3.9% | $537M | Trimmed 30% |
| 16 | TXN Texas Instruments Inc | 3.9% | $536M | Trimmed 31% |
| 17 | PM Philip Morris International | 3.9% | $527M | Trimmed 43% |
| 18 | NFLX Netflix Inc | 3.7% | $499M | New |
| 19 | GEV Ge Vernova Inc | 3.5% | $482M | New |
| 20 | APP Applovin Corp-Class A | 2.6% | $359M | New |
| 21 | TJX Tjx Companies Inc | 2.5% | $344M | New |
| 22 | NXT Nextpower Inc | 2.5% | $340M | New |
| 23 | VEEV Veeva Systems Inc-Class A | 1.1% | $145M | New |
| 24 | YUM Yum! Brands Inc | 0.7% | $89M | New |
| 25 | MSCI Msci Inc | 0.2% | $30M | Trimmed 17% |
| 26 | MEDP Medpace Holdings Inc | 0.2% | $28M | Trimmed 16% |
| 27 | NTNX Nutanix Inc - A | 0.2% | $27M | Trimmed 7% |
| 28 | BMI Badger Meter Inc | 0.2% | $26M | Added 23% |
| 29 | CLX Clorox Company | 0.2% | $26M | Added 6% |
| 30 | ROL Rollins Inc | 0.2% | $26M | Unchanged |
Showing the 30 largest of 41 positions.
What Smith bought and sold in Q2 2026
Bought or added
- UBER Uber Technologies IncNew
- MA Mastercard Inc - ANew
- TSM Taiwan Semiconductor-Sp ADRNew
- NFLX Netflix IncNew
- GEV Ge Vernova IncNew
- APP Applovin Corp-Class ANew
- TJX Tjx Companies IncNew
- NXT Nextpower IncNew
- VEEV Veeva Systems Inc-Class ANew
- YUM Yum! Brands IncNew
Sold or reduced
- MTD Mettler-Toledo InternationalSold out
- ZTS Zoetis IncSold out
- GOOGL Alphabet Inc-Cl ATrimmed 40%
- PM Philip Morris InternationalTrimmed 43%
- FTNT Fortinet IncTrimmed 41%
- V Visa Inc-Class A SharesTrimmed 35%
- WAT Waters CorpTrimmed 29%
- MAR Marriott International -Cl ATrimmed 23%
- ADP Automatic Data ProcessingTrimmed 32%
- TXN Texas Instruments IncTrimmed 31%
Changes in number of shares against the 13F for the previous quarter (Q1 2026), largest first.
Who is Terry Smith
- Role
- Founder of Fundsmith
- Fund
- Fundsmith, founded 2010
- Investment style
- Quality growth: “buy good companies, don’t overpay, do nothing”.
- Known for
- The three-step rule: buy good companies, don’t overpay, do nothing
Terry Smith, a British fund manager and former analyst, founded Fundsmith in 2010. Its flagship Fundsmith Equity Fund became one of the largest funds sold to UK private investors, built on a three-step rule: buy good companies, don’t overpay, do nothing.
Its funds hold a few dozen global companies with high returns on capital and trade very little; the 13F shows their US-listed holdings.
- •The three-step rule: buy good companies, don’t overpay, do nothing
- •Very low turnover
- •Annual letters criticising short-termism
How to read 13F data
A 13F filing lists the US-listed stocks, ETFs and some options a manager held at the end of a quarter. It is filed up to 45 days after the quarter ends, so positions may have changed since. It does not show short positions, bonds, cash, foreign-listed shares or private investments, so for many funds it is only part of the picture.
Questions
What stocks does Terry Smith own?
According to the 13F filing of Fundsmith for Q2 2026 (period ending June 30, 2026), the largest holdings were Marriott International -Cl A (MAR) 7.0%, Stryker Corp (SYK) 6.7%, Waters Corp (WAT) 6.2%, Visa Inc-Class A Shares (V) 5.1%, Uber Technologies Inc (UBER) 4.7%, out of 41 positions worth about $13.6B.
What did Smith buy and sell last quarter?
New or larger positions in Q2 2026: UBER, MA, TSM, NFLX, GEV, APP. Sold or reduced: MTD, ZTS, GOOGL, PM, FTNT, V. Changes are measured in shares against the previous quarter’s filing.
How up to date is Fundsmith’s portfolio?
13F filings are due within 45 days after each quarter ends. This page shows the filing made on August 14, 2026 for the quarter ended June 30, 2026; the fund may have traded since.
What does a 13F filing leave out?
A 13F filing lists the US-listed stocks, ETFs and some options a manager held at the end of a quarter. It is filed up to 45 days after the quarter ends, so positions may have changed since. It does not show short positions, bonds, cash, foreign-listed shares or private investments, so for many funds it is only part of the picture.
Other famous investors
- All famous investorsHoldings and latest trades
- Warren BuffettBerkshire Hathaway
- Michael BurryScion Asset Management
- Bill AckmanPershing Square Capital
- Ray DalioBridgewater Associates
- Cathie WoodARK Investment Management
- Bill GatesGates Foundation Trust
- George SorosSoros Fund Management
- Stanley DruckenmillerDuquesne Family Office
- Carl IcahnIcahn Enterprises
- Seth KlarmanBaupost Group
- Li LuHimalaya Capital
Source: SEC Form 13F-HR filings via EDGAR. Holdings are as reported by the manager for the quarter shown and may have changed since. Educational content, not investment advice: MEDGE Capital does not recommend buying or selling any security. Risk disclaimer.