Terry Smith

Net selling

Fundsmith LLP — managed by Terry Smith; US equity positions disclosed quarterly via SEC 13F

Data as of 2026-06-30 (filed 2026-08-14) · Source: SEC EDGAR

Portfolio value$13.65B (+6%)

Holdings41 (+7)

Top holdingMarriott Intl Inc

Below band1

New

Added

Exited

By what price implies: 18 demand a demanding growth rate, 6 modest.

13F × valuation

Valuation posture

Of 20 valued US positions, 1 trade below a conservative value band (1 in the strike zone) (as of 2026-08-25):

Paycom Software IncPAYC48% · strike

13F · concentration

Lonely conviction

Held by ≤2 tracked superinvestors, each ≥3% of this portfolio (as of 2026-06-30):

Church & Dwight Co IncCHD5% · 2
Fortinet IncFTNT4% · 1

SEC 13F · latest filing

Holdings

Security	Value	Valuation	Holders	Shares	Weight	Signal
Marriott Intl IncMAR	$958.3M	—	5	2,585,757	7.0%	Core 8q
Stryker CorporationSYK	$917.4M	—	3	2,913,833	6.7%	Core 8q
Waters CorpWAT	$852.7M	—	7	2,273,632	6.2%	Core 8q
Visa IncV	$693.0M	—	32	2,019,810	5.1%	Core 8q
Uber Technologies IncUBER	$645.3M	—	15	8,943,151	4.7%	Big new
Mastercard IncorporatedMA	$639.5M	—	21	1,245,051	4.7%	Big new
Alphabet IncGOOGL	$633.7M	—	41	1,773,354	4.6%	—
Church & Dwight Co IncCHD	$625.5M	—	2	6,456,634	4.6%	—
Procter & Gamble CoPG	$598.1M	—	10	4,078,371	4.4%	—
Microsoft CorpMSFT	$595.6M	—	43	1,596,737	4.4%	—
Meta Platforms IncMETA	$592.5M	—	35	1,051,876	4.3%	—
Automatic Data Processing InADP	$582.6M	—	4	2,601,567	4.3%	—
Fortinet IncFTNT	$557.6M	—	1	3,629,938	4.1%	—
Taiwan Semiconductor ManufacTSM	$548.5M	—	28	1,148,449	4.0%	Big new
Idexx Labs IncIDXX	$536.9M	—	5	1,019,887	3.9%	—
Texas Instrs IncTXN	$536.3M	—	13	1,799,182	3.9%	—
Philip Morris Intl IncPM	$527.1M	—	11	2,913,693	3.9%	—
Netflix IncNFLX	$499.1M	—	12	6,990,345	3.7%	Big new
Ge Vernova IncGEV	$481.5M	—	12	409,835	3.5%	Big new
Applovin CorpAPP	$358.9M	—	5	696,568	2.6%	—
Tjx Cos IncTJX	$344.3M	—	4	2,272,592	2.5%	—
Nextpower IncNXT	$340.3M	—	3	2,856,092	2.5%	—
Veeva Sys IncVEEV	$145.0M	—	8	816,785	1.1%	—
Yum Brands IncYUM	$88.9M	—	6	556,107	0.7%	—
Msci IncMSCI	$30.0M	—	7	53,580	0.2%	—

Marriott Intl IncMARCore 8q
Value$958.3MValuation—Holders5Weight7.0%
Stryker CorporationSYKCore 8q
Value$917.4MValuation—Holders3Weight6.7%
Waters CorpWATCore 8q
Value$852.7MValuation—Holders7Weight6.2%
Visa IncVCore 8q
Value$693.0MValuation—Holders32Weight5.1%
Uber Technologies IncUBERBig new
Value$645.3MValuation—Holders15Weight4.7%
Mastercard IncorporatedMABig new
Value$639.5MValuation—Holders21Weight4.7%
Alphabet IncGOOGL—
Value$633.7MValuation—Holders41Weight4.6%
Church & Dwight Co IncCHD—
Value$625.5MValuation—Holders2Weight4.6%
Procter & Gamble CoPG—
Value$598.1MValuation—Holders10Weight4.4%
Microsoft CorpMSFT—
Value$595.6MValuation—Holders43Weight4.4%
Meta Platforms IncMETA—
Value$592.5MValuation—Holders35Weight4.3%
Automatic Data Processing InADP—
Value$582.6MValuation—Holders4Weight4.3%
Fortinet IncFTNT—
Value$557.6MValuation—Holders1Weight4.1%
Taiwan Semiconductor ManufacTSMBig new
Value$548.5MValuation—Holders28Weight4.0%
Idexx Labs IncIDXX—
Value$536.9MValuation—Holders5Weight3.9%
Texas Instrs IncTXN—
Value$536.3MValuation—Holders13Weight3.9%
Philip Morris Intl IncPM—
Value$527.1MValuation—Holders11Weight3.9%
Netflix IncNFLXBig new
Value$499.1MValuation—Holders12Weight3.7%
Ge Vernova IncGEVBig new
Value$481.5MValuation—Holders12Weight3.5%
Applovin CorpAPP—
Value$358.9MValuation—Holders5Weight2.6%
Tjx Cos IncTJX—
Value$344.3MValuation—Holders4Weight2.5%
Nextpower IncNXT—
Value$340.3MValuation—Holders3Weight2.5%
Veeva Sys IncVEEV—
Value$145.0MValuation—Holders8Weight1.1%
Yum Brands IncYUM—
Value$88.9MValuation—Holders6Weight0.7%
Msci IncMSCI—
Value$30.0MValuation—Holders7Weight0.2%

Showing top 25 of 41 positions

Exited this quarter (6)Mettler Toledo International、Zoetis Inc、Otis Worldwide Corp、Catalyst Pharmaceuticals Inc、Qualys Inc、Home Depot Inc

What is a superinvestor

About this investor

Portfolio overview

Fundsmith LLP's most recent 13F filing, for the quarter ended 2026-06-30, reports 41 positions worth $13.65B. The top 5 holdings represent 30% of that value, a broadly diversified portfolio.

The single largest position is Marriott Intl Inc at 7.0% of the portfolio, followed by Stryker Corporation at 6.7% and Waters Corp at 6.2%.

Against the prior quarter, Terry Smith opened 13 new positions, exited 6, added to 4, and trimmed 21. The largest new buy was Uber Technologies Inc. The most notable sale was the full exit from Zoetis Inc.

Across all 8 quarters on file, Marriott Intl Inc has appeared in every filing, as has Stryker Corporation. Marriott Intl Inc currently ranks first by value.

A 13F is filed roughly 45 days after quarter-end and covers only long positions in US-listed equities, so it is a lagging and partial view of the portfolio. Source: SEC EDGAR.

Terry Smith holds 1 position now in the strike zone. See the full strike-zone list

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

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