What did Terry Smith actually do?

A source-backed history of material decisions from Fundsmith. We preserve the sequence and observed outcomes instead of compressing judgment into a guru grade.

Material decisions: 19
Stocks observed: 13
Outcomes observed: 19

Each outcome preserves the stock’s post-disclosure excess return over the fixed observation window. The evidence stays decision-level; it is not rolled into a manager score.

Observed decisions and outcomes

Q2 2026
filed Aug 14, 2026
45d lag
GOOGLTRIM-50.7%
Terry Smith · 7.4% of reported portfolio
Original SEC filing ↗
+0.1% vs SPY
34 sessions after disclosure
direction not supported so far
Q2 2026
filed Aug 14, 2026
45d lag
VTRIM-33.6%
Terry Smith · 7.0% of reported portfolio
Original SEC filing ↗
+0.7% vs SPY
34 sessions after disclosure
direction not supported so far
Q2 2026
filed Aug 14, 2026
45d lag
PMTRIM-43.7%
Terry Smith · 6.3% of reported portfolio
Original SEC filing ↗
+2.6% vs SPY
34 sessions after disclosure
direction not supported so far
Q2 2026
filed Aug 14, 2026
45d lag
METATRIM-27.4%
Terry Smith · 6.1% of reported portfolio
Original SEC filing ↗
+28.2% vs SPY
34 sessions after disclosure
direction not supported so far
Q2 2026
filed Aug 14, 2026
45d lag
MSFTTRIM-23.9%
Terry Smith · 5.6% of reported portfolio
Original SEC filing ↗
+8.1% vs SPY
34 sessions after disclosure
direction not supported so far
Q2 2026
filed Aug 14, 2026
45d lag
UBERNEWNEW
Terry Smith · 4.7% of reported portfolio
Original SEC filing ↗
-9.0% vs SPY
34 sessions after disclosure
direction not supported so far
Q2 2026
filed Aug 14, 2026
45d lag
MANEWNEW
Terry Smith · 4.5% of reported portfolio
Original SEC filing ↗
-1.6% vs SPY
34 sessions after disclosure
direction not supported so far
Q2 2026
filed Aug 14, 2026
45d lag
TSMADD+14322.6%
Terry Smith · 4.3% of reported portfolio
Original SEC filing ↗
+10.1% vs SPY
34 sessions after disclosure
direction supported so far
Q2 2026
filed Aug 14, 2026
45d lag
APPNEWNEW
Terry Smith · 2.7% of reported portfolio
Original SEC filing ↗
-13.9% vs SPY
34 sessions after disclosure
direction not supported so far
Q4 2025
filed Feb 17, 2026
48d lag
MSFTTRIM-33.5%
Terry Smith · 8.1% of reported portfolio
Original SEC filing ↗
-1.7% vs SPY
63 sessions after disclosure
direction supported so far
Q4 2025
filed Feb 17, 2026
48d lag
METATRIM-26.0%
Terry Smith · 8.1% of reported portfolio
Original SEC filing ↗
-12.8% vs SPY
63 sessions after disclosure
direction supported so far
Q4 2025
filed Feb 17, 2026
48d lag
GOOGLTRIM-35.4%
Terry Smith · 7.4% of reported portfolio
Original SEC filing ↗
+23.0% vs SPY
63 sessions after disclosure
direction not supported so far
Q3 2025
filed Nov 14, 2025
45d lag
METATRIM-38.1%
Terry Smith · 11.4% of reported portfolio
Original SEC filing ↗
+3.5% vs SPY
63 sessions after disclosure
direction not supported so far
Q3 2025
filed Nov 14, 2025
45d lag
MSFTTRIM-36.8%
Terry Smith · 10.7% of reported portfolio
Original SEC filing ↗
-24.5% vs SPY
63 sessions after disclosure
direction supported so far
Q3 2025
filed Nov 14, 2025
45d lag
INTUADD+65.3%
Terry Smith · 2.0% of reported portfolio
Original SEC filing ↗
-43.0% vs SPY
63 sessions after disclosure
direction not supported so far
Q2 2025
filed Aug 14, 2025
45d lag
INTUADD+141.2%
Terry Smith · 1.2% of reported portfolio
Original SEC filing ↗
-14.3% vs SPY
63 sessions after disclosure
direction not supported so far
Q1 2025
filed May 15, 2025
45d lag
PEPEXITEXIT
Terry Smith · 3.7% of reported portfolio
Original SEC filing ↗
+6.6% vs SPY
63 sessions after disclosure
direction not supported so far
Q1 2025
filed May 15, 2025
45d lag
TXNADD+85.9%
Terry Smith · 2.4% of reported portfolio
Original SEC filing ↗
-4.6% vs SPY
63 sessions after disclosure
direction not supported so far
Q4 2024
filed Feb 14, 2025
45d lag
AAPLEXITEXIT
Terry Smith · 1.7% of reported portfolio
Original SEC filing ↗
-10.9% vs SPY
63 sessions after disclosure
direction supported so far

Latticework Follow

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The evidence is limited to selected widely owned U.S.-listed securities in Form 13F filings. Filing dates can trail quarter end by up to 45 days in the normal reporting cycle, and the filings do not disclose transaction dates, prices, or intent.