Q2 2026 · SEC CIK 0001569205

Terry Smith portfolio

SuperinvestorHedge fundFundsmith LLP filed on 2026-08-14. Open SEC filings ↗

Reported 13F value: $13.6B
Reported positions: 41
Eligible equities: 40
Holdings vs S&P 500, 3 years: -8.6 pts

Average holding period of the top positions: 7.0 yrs. Holdings vs the S&P 500 over 1 and 5 years: -14.5 pts, -8.6 pts.

In its Q2 2026 13F, filed 2026-08-14, Fundsmith LLP reported 41 positions worth $13.6B. Its largest holdings were MARRIOTT INTL INC NEW (MAR, 7.0%), STRYKER CORPORATION (SYK, 6.7%), WATERS CORP (WAT, 6.2%). Over the last 3 years its top holdings ran 8.6 points a year behind the S&P 500.

Reported holdings in the Q2 2026 13F.

The portfolio weight uses the full reported share-portfolio denominator. Weight changes compare this 13F with the one before it; price moves also change weights, so these are not trade labels. “New” means the position was not in the previous 13F at all; “—” marks a small position the earlier filing data does not cover.

Terry Smith eligible holdings
Stock	% of reported portfolio	Prior quarter	Weight change	Reported shares	Reported value
MARMARRIOTT INTL INC NEW	7.0%	8.6%	-1.57 pp	2,585,757	$958.3M
SYKSTRYKER CORPORATION	6.7%	7.8%	-1.12 pp	2,913,833	$917.4M
WATWATERS CORP	6.2%	7.5%	-1.21 pp	2,273,632	$852.7M
VVISA INC	5.1%	7.3%	-2.24 pp	2,019,810	$693.0M
UBERUBER TECHNOLOGIES INC	4.7%	New	New	8,943,151	$645.3M
MAMASTERCARD INCORPORATED	4.7%	New	New	1,245,051	$639.5M
GOOGLALPHABET INC	4.6%	6.6%	-1.98 pp	1,773,354	$633.7M
CHDCHURCH & DWIGHT CO INC	4.6%	4.8%	-0.25 pp	6,456,634	$625.5M
PGPROCTER & GAMBLE CO	4.4%	4.7%	-0.35 pp	4,078,371	$598.1M
MSFTMICROSOFT CORP	4.4%	6.0%	-1.64 pp	1,596,737	$595.6M
METAMETA PLATFORMS INC	4.3%	5.9%	-1.55 pp	1,051,876	$592.5M
ADPAUTOMATIC DATA PROCESSING IN	4.3%	6.1%	-1.84 pp	2,601,567	$582.6M
FTNTFORTINET INC	4.1%	3.9%	+0.16 pp	3,629,938	$557.6M
TSMTAIWAN SEMICONDUCTOR MANUFAC	4.0%	New	New	1,148,449	$548.5M
IDXXIDEXX LABS INC	3.9%	6.4%	-2.49 pp	1,019,887	$536.9M
TXNTEXAS INSTRS INC	3.9%	4.0%	-0.04 pp	1,799,182	$536.3M
PMPHILIP MORRIS INTL INC	3.9%	6.6%	-2.73 pp	2,913,693	$527.1M
NFLXNETFLIX INC.	3.7%	New	New	6,990,345	$499.1M
GEVGE VERNOVA INC	3.5%	New	New	409,835	$481.5M
APPAPPLOVIN CORP	2.6%	New	New	696,568	$358.9M
TJXTJX COS INC NEW	2.5%	New	New	2,272,592	$344.3M
NXTNEXTPOWER INC	2.5%	New	New	2,856,092	$340.3M
VEEVVEEVA SYS INC	1.1%	New	New	816,785	$145.0M
YUMYUM BRANDS INC	0.7%	New	New	556,107	$88.9M
MSCIMSCI INC	0.2%	0.3%	-0.05 pp	53,580	$30.0M
MEDPMEDPACE HLDGS INC	0.2%	0.2%	-0.03 pp	52,372	$27.7M
NTNXNUTANIX INC	0.2%	0.2%	+0.03 pp	538,281	$27.4M
BMIBADGER METER INC	0.2%	0.2%	+0.02 pp	174,627	$25.9M
CLXCLOROX CO DEL	0.2%	0.2%	-0.02 pp	271,318	$25.9M
ROLROLLINS INC	0.2%	0.3%	-0.07 pp	619,935	$25.9M
MANHMANHATTAN ASSOCIATES INC	0.2%	0.1%	+0.05 pp	172,977	$24.1M
NSSCNAPCO SEC TECHNOLOGIES INC	0.2%	0.1%	+0.05 pp	606,974	$23.1M
FICOFAIR ISAAC CORP	0.2%	New	New	17,953	$21.4M
IDCCINTERDIGITAL INC	0.1%	New	New	60,324	$17.1M
ORLYOREILLY AUTOMOTIVE INC	0.1%	New	New	162,691	$15.0M
VRTVERTIV HOLDINGS CO	0.1%	0.2%	-0.07 pp	41,893	$14.0M
VRSNVERISIGN INC	0.1%	0.2%	-0.12 pp	55,713	$14.0M
ADMAADMA BIOLOGICS INC	0.1%	0.1%	-0.01 pp	1,649,493	$13.8M
DOCSDOXIMITY INC	0.1%	0.1%	-0.03 pp	653,324	$13.5M
PAYCPAYCOM SOFTWARE INC	0.1%	0.2%	-0.11 pp	100,763	$12.7M

What Terry Smith bought and sold in Q2 2026, against Q1 2026.

Share counts compared with the Q1 2026 13F; a split also changes share counts.

How the holdings did against the S&P 500.

1 year: +4.2% /yr; S&P 500 +20.1%
3 years: +10.7% /yr; S&P 500 +20.4%
5 years: +2.2% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Questions about Terry Smith's portfolio

What stocks does Terry Smith own?

Fundsmith LLP's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 41 positions worth $13.6B. The largest are Marriott Intl Inc New Cl A (MAR) at 7.0%, Stryker Corporation (SYK) at 6.7%, Waters Corp. (WAT) at 6.2%, Visa Inc Com Cl A (V) at 5.1% and Uber Technologies Inc (UBER) at 4.7%.

What did Terry Smith buy last quarter?

In Q2 2026, Fundsmith LLP added a new position in Uber Technologies Inc (UBER), a new position in Mastercard Inc. (MA), a new position in Taiwan Semiconductor Manufac (TSM), a new position in Netflix Inc Total (NFLX), a new position in Ge Vernova Inc (GEV), Napco Sec Technologies Inc (NSSC) (+58.2% shares), Manhattan Associates Inc (MANH) (+43.1% shares) and Badger Meter Inc (BMI) (+22.6% shares), compared with its Q1 2026 filing.

What did Terry Smith sell last quarter?

In Q2 2026, Fundsmith LLP sold all of Mettler-Toledo International I (MTD), sold all of Zoetis Inc (ZTS), sold all of Otis Worldwide Corp (OTIS), sold all of Catalyst Pharmaceuticals Inc (CPRX), sold all of Qualys Inc (QLYS), Vertiv Holdings Co (VRT) (-54.1% shares), Paycom Software Inc. (PAYC) (-54.1% shares) and Verisign Inc. (VRSN) (-50.9% shares), compared with its Q1 2026 filing.

How has Terry Smith's portfolio performed?

A portfolio copying Fundsmith LLP's 20 largest 13F holdings each quarter, from the day each filing was public, returned +10.7% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +4.2% against +20.1%. Over 5 years: +2.2% a year against +11.6%.

When is Fundsmith LLP's next 13F filing due?

13F filings are due 45 days after each quarter ends. Fundsmith LLP's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Fundsmith LLP manage?

Fundsmith LLP reported $18.5B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $13.6B.