Terry Smith - Fundsmith
Terry Smith founded Fundsmith in 2010 and is one of the UK's best-known investors, running a concentrated book of high-quality, cash-generative global companies under the mantra "buy good companies, don't overpay, do nothing."
Terry Smith - Fundsmith manages a $12B U.S. equity portfolio of 34 positions, based on the latest SEC Form 13F-HR filing (Q1 2026). Below you'll find every holding, the biggest quarter-over-quarter buys and sells, position weights, and an estimated average buy price.
Portfolio Value
$12B
Positions
34
Top 10 Weight
68.85%
Largest Position
8.59%
As of
Q1 2026
Filed
May 15, 2026
Portfolio Composition
Strategy Snapshot
- › Portfolio value fell 25.1% quarter-over-quarter to $12B.
- › Concentrated portfolio — the top 10 holdings make up 68.8% of assets.
- › This quarter: 1 new buys, 0 adds, 33 trims, 4 full exits — net seller
- › Biggest new buy: BADGER METER INC (BMI) ($21M)
- › Biggest exit: INTUIT (INTU) ($414M position closed)
Changes since Q4 2025
New Buys
Added To / Trimmed
- IDEXX LABS INC (IDXX)−21.9%
- STRYKER CORPORATION (SYK)−17.0%
- MARRIOTT INTL INC NEW (MAR)−15.3%
- Philip Morris Intl Inc (PM)−16.5%
- ALPHABET INC (GOOGL)−15.5%
- VISA INC (V)−12.2%
- WATERS CORP (WAT)−9.7%
- VERTIV HOLDINGS CO (VRT)−77.8%
- AUTOMATIC DATA PROCESSING IN (ADP)−7.7%
- CATALYST PHARMACEUTICALS INC (CPRX)−74.9%
Exited
- INTUIT (INTU)$414M
- NIKE INC (NKE)$367M
- ODDITY TECH LTD (ODD)$83M
- GRACO INC (GGG)$47M
Current Holdings
| # | Security | Value | % of Portfolio | Avg Buy Price | Price | Gain | vs 52W High | This Qtr | Last Activity | First Buy |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | MARRIOTT INTL INC NEW MAR | $1B | 8.59% | ~$241.77 | $394.61 | +63.2% | −4.0% | −15.3% | Sold Q1 2026 | Q2 2024 |
| 2 | STRYKER CORPORATION SYK | $1B | 7.84% | ~$340.25 | $301.14 | −11.5% | −25.6% | −17.0% | Sold Q1 2026 | Q2 2024 |
| 3 | WATERS CORP WAT | $956M | 7.46% | ~$290.97 | $357.00 | +22.7% | −13.8% | −9.7% | Sold Q1 2026 | Q2 2024 |
| 4 | VISA INC V | $938M | 7.31% | ~$262.48 | $330.38 | +25.9% | −8.1% | −12.2% | Sold Q1 2026 | Q2 2024 |
| 5 | ALPHABET INC GOOGL | $850M | 6.63% | ~$182.14 | $363.79 | +99.7% | −11.0% | −15.5% | Sold Q1 2026 | Q2 2024 |
| 6 | Philip Morris Intl Inc PM | $845M | 6.59% | ~$101.33 | $179.44 | +77.1% | −7.0% | −16.5% | Sold Q1 2026 | Q2 2024 |
| 7 | IDEXX LABS INC IDXX | $823M | 6.42% | ~$487.21 | $546.09 | +12.1% | −29.1% | −21.9% | Sold Q1 2026 | Q2 2024 |
| 8 | AUTOMATIC DATA PROCESSING IN ADP | $783M | 6.11% | ~$238.69 | $218.76 | −8.3% | −30.8% | −7.7% | Sold Q1 2026 | Q2 2024 |
| 9 | MICROSOFT CORP MSFT | $769M | 6.00% | ~$446.95 | $378.91 | −15.2% | −31.8% | −0.0% | Sold Q1 2026 | Q2 2024 |
| 10 | META PLATFORMS INC META | $755M | 5.89% | ~$504.22 | $567.58 | +12.6% | −28.7% | −3.1% | Sold Q1 2026 | Q2 2024 |
| 11 | METTLER TOLEDO INTERNATIONAL MTD | $717M | 5.59% | ~$1397.47 | $1129.53 | −19.2% | −25.9% | −2.1% | Sold Q1 2026 | Q2 2024 |
| 12 | CHURCH & DWIGHT CO INC CHD | $619M | 4.83% | ~$103.68 | $97.41 | −6.0% | −8.1% | −1.3% | Sold Q1 2026 | Q2 2024 |
| 13 | PROCTER & GAMBLE CO PG | $606M | 4.73% | ~$164.91 | $150.56 | −8.7% | −10.0% | −1.1% | Sold Q1 2026 | Q2 2024 |
| 14 | TEXAS INSTRS INC TXN | $509M | 3.97% | ~$189.64 | $301.88 | +59.2% | −8.9% | −0.0% | Sold Q1 2026 | Q2 2024 |
| 15 | FORTINET INC FTNT | $503M | 3.92% | ~$60.27 | $144.14 | +139.1% | −4.0% | −5.5% | Sold Q1 2026 | Q2 2024 |
| 16 | ZOETIS INC ZTS | $458M | 3.57% | ~$158.14 | $77.26 | −51.1% | −52.2% | −0.6% | Sold Q1 2026 | Q2 2024 |
| 17 | OTIS WORLDWIDE CORP OTIS | $210M | 1.64% | ~$96.26 | $72.72 | −24.5% | −28.3% | −12.2% | Sold Q1 2026 | Q2 2024 |
| 18 | MSCI INC MSCI | $34M | 0.27% | ~$481.75 | $596.89 | +23.9% | −7.4% | −61.1% | Sold Q1 2026 | Q2 2024 |
| 19 | ROLLINS INC ROL | $33M | 0.26% | ~$48.79 | $45.13 | −7.5% | −31.8% | −58.1% | Sold Q1 2026 | Q2 2024 |
| 20 | MEDPACE HLDGS INC MEDP | $30M | 0.23% | ~$332.23 | $457.09 | +37.6% | −27.3% | −24.1% | Sold Q1 2026 | Q4 2024 |
| 21 | VERISIGN INC VRSN | $28M | 0.22% | ~$177.80 | $264.92 | +49.0% | −15.2% | −58.1% | Sold Q1 2026 | Q2 2024 |
| 22 | PAYCOM SOFTWARE INC PAYC | $26M | 0.21% | ~$169.81 | $123.72 | −27.1% | −50.3% | −58.1% | Sold Q1 2026 | Q2 2024 |
| 23 | CLOROX CO DEL CLX | $26M | 0.21% | ~$138.34 | $94.97 | −31.3% | −28.1% | −58.1% | Sold Q1 2026 | Q2 2024 |
| 24 | VERTIV HOLDINGS CO VRT | $22M | 0.18% | ~$128.41 | $317.58 | +147.3% | −16.4% | −77.8% | Sold Q1 2026 | Q2 2025 |
| 25 | NUTANIX INC NTNX | $21M | 0.17% | ~$51.69 | $46.47 | −10.1% | −43.6% | −58.1% | Sold Q1 2026 | Q4 2025 |
| 26 | BADGER METER INC BMI | $21M | 0.17% | ~$152.35 | $134.65 | −11.6% | −46.5% | NEW | Bought Q1 2026 | Q1 2026 |
| 27 | CATALYST PHARMACEUTICALS INC CPRX | $20M | 0.16% | ~$22.94 | $31.40 | +36.9% | −3.6% | −74.9% | Sold Q1 2026 | Q1 2025 |
| 28 | QUALYS INC QLYS | $19M | 0.15% | ~$137.54 | $112.18 | −18.4% | −27.8% | −65.1% | Sold Q1 2026 | Q2 2024 |
| 29 | DOXIMITY INC DOCS | $16M | 0.13% | ~$53.91 | $20.45 | −62.1% | −73.3% | −58.1% | Sold Q1 2026 | Q4 2024 |
| 30 | MANHATTAN ASSOCIATES INC MANH | $16M | 0.13% | ~$197.47 | $132.09 | −33.1% | −46.6% | −58.1% | Sold Q1 2026 | Q2 2025 |
| 31 | NAPCO SEC TECHNOLOGIES INC NSSC | $15M | 0.12% | ~$35.84 | $36.06 | +0.6% | −25.1% | −78.4% | Sold Q1 2026 | Q2 2025 |
| 32 | Adma Biologics Inc ADMA | $14M | 0.12% | ~$18.24 | $8.42 | −53.8% | −58.8% | −21.5% | Sold Q1 2026 | Q4 2025 |
| 33 | SABRE CORP SABR | $13M | 0.10% | ~$2.67 | $1.86 | −30.3% | −47.2% | −58.1% | Sold Q1 2026 | Q2 2024 |
| 34 | HOME DEPOT INC HD | $9M | 0.07% | ~$345.97 | $327.48 | −5.3% | −23.3% | −64.3% | Sold Q1 2026 | Q2 2024 |
Filing History
| Period | Portfolio Value | QoQ Change | Positions | Filed |
|---|---|---|---|---|
| Q1 2026 | $12B | −25.1% | 34 | May 15, 2026 |
| Q4 2025 | $17B | −13.5% | 37 | Feb 17, 2026 |
| Q3 2025 | $19B | −14.0% | 35 | Nov 14, 2025 |
| Q2 2025 | $23B | +4.7% | 39 | Aug 14, 2025 |
| Q1 2025 | $21B | −6.3% | 38 | May 15, 2025 |
| Q4 2024 | $23B | −7.2% | 38 | Feb 14, 2025 |
| Q3 2024 | $25B | +3.0% | 40 | Nov 14, 2024 |
| Q2 2024 | $24B | — | 40 | Aug 14, 2024 |
Frequently Asked Questions
What stocks does Terry Smith - Fundsmith own?
As of Q1 2026, Terry Smith - Fundsmith held 34 U.S.-listed positions worth $12B. The largest is MARRIOTT INTL INC NEW (MAR) (8.59% of the portfolio). The full holdings list is in the table above.
What is Terry Smith - Fundsmith's largest holding?
MARRIOTT INTL INC NEW (MAR) — about 8.59% of the equity portfolio as of Q1 2026.
What did Terry Smith - Fundsmith buy recently?
Their biggest new position last quarter was BADGER METER INC (BMI) ($21M).
Do these holdings reflect Terry Smith - Fundsmith's current portfolio?
They reflect the latest 13F filing (Q1 2026), which can lag actual trades by up to 45 days and excludes short positions, cash, and non-U.S. holdings.