Terry Smith portfolio & holdings
Fundsmith
Historical clone performance and limitations
Terry Smith (Fundsmith) discloses a $4.52B portfolio across 27 US-listed positions in the latest 13F filing (2026Q2, filed Aug 14, 2026). The largest holding is MAR at 7.4% of the book.
A material reported change · Q2 2026
Terry Smith reduced reported GOOGL shares by 50.7%.
Holdings as of Jun 30, 2026 · filed Aug 14, 2026. Position at period end: 4.4% of the reported portfolio. The filing does not reveal the trade date, price, or reason.
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Holdings (27) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | MAR | 7.4% | $334M | |||
| 2 | SYK | 7.3% | $331M | |||
| 3 | WAT | 7.0% | $314M | |||
| 4 | CHD | 5.4% | $246M | |||
| 5 | V | 5.2% | $233M | |||
| 6 | TXN | 5.0% | $226M | |||
| 7 | UBER | 4.7% | $213M | |||
| 8 | MA | 4.5% | $202M | |||
| 9 | GOOGL | 4.4% | $200M | |||
| 10 | TSM | 4.3% | $197M | |||
| 11 | META | 4.2% | $192M | |||
| 12 | MSFT | 4.2% | $189M | |||
| 13 | ADP | 4.1% | $184M | |||
| 14 | FTNT | 3.8% | $173M | |||
| 15 | IDXX | 3.8% | $172M | |||
| 16 | PM | 3.8% | $171M | |||
| 17 | PG | 3.5% | $159M | |||
| 18 | NFLX | 3.5% | $156M | |||
| 19 | GEV | 3.3% | $151M | |||
| 20 | APP | 2.7% | $121M | |||
| 21 | TJX | 2.4% | $109M | |||
| 22 | NXT | 2.4% | $108M | |||
| 23 | VEEV | 1.0% | $46M | |||
| 24 | BMI | 0.8% | $37M | |||
| 25 | YUM | 0.6% | $28M | |||
| 26 | WM | 0.6% | $26M | |||
| 27 | ORLY | <0.1% | $498K |
- 1MARport7.4%val$334MMarriott International -cl Athis Q -25%·14q
- 2SYKport7.3%val$331MStryker Corpthis Q hold·21q
- 3WATport7.0%val$314MWaters Corpthis Q -24%·18q
- 4CHDport5.4%val$246MChurch & Dwight CO Incthis Q hold·18q
- 5Vport5.2%val$233MVisa Inc-class A Sharesthis Q -34%·21q
- 6TXNport5.0%val$226MTexas Instruments Incthis Q hold·10q
- 7UBERport4.7%val$213MUber Technologies Incthis Q New·—1q
- 8MAport4.5%val$202MMastercard Inc - Athis Q New·14q
- port4.4%val$200MAlphabet Inc-cl Athis Q -51%·18q
- 10TSMport4.3%val$197MTaiwan Semiconductor-sp Adrthis Q +14323%·7q
- 11METAport4.2%val$192MMeta Platforms Inc-class Athis Q -27%·21q
- 12MSFTport4.2%val$189MMicrosoft Corpthis Q -24%·21q
- 13ADPport4.1%val$184MAutomatic Data Processingthis Q -38%·18q
- 14FTNTport3.8%val$173MFortinet Incthis Q -32%·13q
- 15IDXXport3.8%val$172MIdexx Laboratories Incthis Q -32%·18q
- 16PMport3.8%val$171MPhilip Morris Internationalthis Q -44%·18q
- 17PGport3.5%val$159MProcter & Gamble Co/thethis Q -38%·18q
- 18NFLXport3.5%val$156MNetflix Incthis Q New·—1q
- 19GEVport3.3%val$151MGE Vernova Incthis Q New·—1q
- 20APPport2.7%val$121MApplovin Corp-class Athis Q New·—1q
- 21TJXport2.4%val$109MTjx Companies Incthis Q +22357%·3q
- 22NXTport2.4%val$108MNextpower Inc-cl Athis Q New·—1q
- 23VEEVport1.0%val$46MVeeva Systems Inc-class Athis Q New·—1q
- 24BMIport0.8%val$37MBadger Meter Incthis Q +89%·3q
- 25YUMport0.6%val$28MYum! Brands Incthis Q New·—1q
- 26WMport0.6%val$26MWaste Management Incthis Q +63%·7q
- 27ORLYport<0.1%val$498KO'reilly Automotive Incthis Q New·4q
2026Q2 moves, by size (30)(expand ↓)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| MAR | Marriott International -cl A | TRIM | 7.4% | -25% | $334M |
| WAT | Waters Corp | TRIM | 7.0% | -24% | $314M |
| GOOGL | Alphabet Inc-cl A | TRIM | 4.4% | -51% | $200M |
| V | Visa Inc-class A Shares | TRIM | 5.2% | -34% | $233M |
| MTD | Mettler-toledo International | EXIT | 6.4% | -100% | $0 |
| PM | Philip Morris International | TRIM | 3.8% | -44% | $171M |
| IDXX | Idexx Laboratories Inc | TRIM | 3.8% | -32% | $172M |
| ADP | Automatic Data Processing | TRIM | 4.1% | -38% | $184M |
| META | Meta Platforms Inc-class A | TRIM | 4.2% | -27% | $192M |
| PG | Procter & Gamble Co/the | TRIM | 3.5% | -38% | $159M |
| MSFT | Microsoft Corp | TRIM | 4.2% | -24% | $189M |
| UBER | Uber Technologies Inc | NEW | 4.7% | +100% | $213M |
| MA | Mastercard Inc - A | NEW | 4.5% | +100% | $202M |
| TSM | Taiwan Semiconductor-sp Adr | ADD | 4.3% | +14323% | $197M |
| FTNT | Fortinet Inc | TRIM | 3.8% | -32% | $173M |
| NFLX | Netflix Inc | NEW | 3.5% | +100% | $156M |
| GEV | GE Vernova Inc | NEW | 3.3% | +100% | $151M |
| ZTS | Zoetis Inc | EXIT | 3.0% | -100% | $0 |
| APP | Applovin Corp-class A | NEW | 2.7% | +100% | $121M |
| TJX | Tjx Companies Inc | ADD | 2.4% | +22357% | $109M |
| NXT | Nextpower Inc-cl A | NEW | 2.4% | +100% | $108M |
| OTIS | Otis Worldwide Corp | EXIT | 1.7% | -100% | $0 |
| VEEV | Veeva Systems Inc-class A | NEW | 1.0% | +100% | $46M |
| BMI | Badger Meter Inc | ADD | 0.8% | +89% | $37M |
| YUM | Yum! Brands Inc | NEW | 0.6% | +100% | $28M |
| WM | Waste Management Inc | ADD | 0.6% | +63% | $26M |
| HD | Home Depot Inc | EXIT | <0.1% | -100% | $0 |
| AAPL | Apple Inc | EXIT | <0.1% | -100% | $0 |
| ORLY | O'reilly Automotive Inc | NEW | <0.1% | +100% | $498K |
| AMZN | Amazon.com Inc | EXIT | <0.1% | -100% | $0 |
- TRIMMAR7.4%Marriott International -cl AΔ -25%·$334M
- TRIMWAT7.0%Waters CorpΔ -24%·$314M
- TRIMGOOGL4.4%Alphabet Inc-cl AΔ -51%·$200M
- TRIMV5.2%Visa Inc-class A SharesΔ -34%·$233M
- EXITMTD6.4%Mettler-toledo InternationalΔ -100%·$0
- TRIMPM3.8%Philip Morris InternationalΔ -44%·$171M
- TRIMIDXX3.8%Idexx Laboratories IncΔ -32%·$172M
- TRIMADP4.1%Automatic Data ProcessingΔ -38%·$184M
- TRIMMETA4.2%Meta Platforms Inc-class AΔ -27%·$192M
- TRIMPG3.5%Procter & Gamble Co/theΔ -38%·$159M
- TRIMMSFT4.2%Microsoft CorpΔ -24%·$189M
- NEWUBER4.7%Uber Technologies IncΔ +100%·$213M
- NEWMA4.5%Mastercard Inc - AΔ +100%·$202M
- ADDTSM4.3%Taiwan Semiconductor-sp AdrΔ +14323%·$197M
- TRIMFTNT3.8%Fortinet IncΔ -32%·$173M
- NEWNFLX3.5%Netflix IncΔ +100%·$156M
- NEWGEV3.3%GE Vernova IncΔ +100%·$151M
- EXITZTS3.0%Zoetis IncΔ -100%·$0
- NEWAPP2.7%Applovin Corp-class AΔ +100%·$121M
- ADDTJX2.4%Tjx Companies IncΔ +22357%·$109M
- NEWNXT2.4%Nextpower Inc-cl AΔ +100%·$108M
- EXITOTIS1.7%Otis Worldwide CorpΔ -100%·$0
- NEWVEEV1.0%Veeva Systems Inc-class AΔ +100%·$46M
- ADDBMI0.8%Badger Meter IncΔ +89%·$37M
- NEWYUM0.6%Yum! Brands IncΔ +100%·$28M
- ADDWM0.6%Waste Management IncΔ +63%·$26M
- EXITHD<0.1%Home Depot IncΔ -100%·$0
- EXITAAPL<0.1%Apple IncΔ -100%·$0
- NEWORLY<0.1%O'reilly Automotive IncΔ +100%·$498K
- EXITAMZN<0.1%Amazon.com IncΔ -100%·$0
About Terry Smith
Terry Smith runs Fundsmith Equity, a London-based fund he founded in 2010 that became one of the UK's largest retail equity funds by applying a deliberately simple mandate: buy high-quality compounding businesses, don't trade them, and own a concentrated book. His framework — echoing Buffett but applied without the insurance float — prizes high returns on capital employed, durable pricing power, and minimal capital intensity; Fundsmith's UK flagship has owned names like Microsoft, Meta, and Philip Morris for years at a time. The 13F reflects only U.S. long equity exposure, a partial view of a global portfolio that also holds European and emerging-market listings outside SEC jurisdiction, so position weights and concentration metrics here understate both the full book and Smith's actual conviction sizing. With 24 disclosed positions and a top-five weight around 40%, the U.S. sleeve is meaningfully concentrated, but readers should treat these filings as a window into his style rather than a complete map of the fund.
2026Q2 brief
Terry Smith's 2026Q2 13F for Fundsmith's $4.52B U.S. portfolio is one of the most active on record, with six new positions and six full exits signaling a meaningful style evolution. The headline move is initiating UBER (4.72%) and MA (4.47%) as top-eight holdings while simultaneously exiting MTD (previously 6.38%) and ZTS (3.01%) — suggesting Smith is trading out of slower-growth quality compounders for businesses with stronger network-effect moats and digital leverage. He also initiated NFLX (3.46%), GEV (3.35%), APP (2.67%), and NXT (2.38%), adding notable cyclical and technology exposure that contrasts with his historically defensive consumer-staples orientation. On the trim side, V was cut by 33.6% and GOOGL by 50.7%, while MAR and WAT — still his top two holdings — were each pared ~24%. The additions to TSM (+$14.3K shares) and TJX (+$22.4K shares) round out a portfolio rotating toward secular digital and infrastructure themes. The concentration remains tight at 27 names with top-5 at 32.3%. Watch whether GEV and APP are built into core positions (>5%) next quarter, which would confirm a structural shift away from Smith's traditional consumer-quality playbook.
AI-generated. Not investment advice.
Filing history
Terry Smith's disclosed 13F portfolio value and position count by quarter — the trajectory across every SEC filing.
| Quarter | Positions | Portfolio value |
|---|---|---|
| Q2 2026 — what changed → | 27 | $4.52B |
| Q1 2026 — what changed → | 24 | $4.41B |
| Q4 2025 — what changed → | 26 | $5.47B |
| Q3 2025 — what changed → | 23 | $6.42B |
| Q2 2025 — what changed → | 26 | $7.39B |
| Q1 2025 — what changed → | 27 | $7.09B |
| Q4 2024 holdings | 31 | $7.69B |
| Q3 2024 holdings | 28 | $8.04B |
| Q2 2024 holdings | 28 | $7.75B |
| Q1 2024 holdings | 27 | $7.52B |
| Q4 2023 holdings | 26 | $6.92B |
| Q3 2023 holdings | 26 | $6.42B |
Values as disclosed at each quarter end. Older filings on EDGAR.
Manager evidence
19 material decisions, preserved in sequence.
See what Terry Smith bought, added, trimmed, or exited across eight quarters—plus disclosure lag, SEC sources, and observed outcomes versus SPY. No guru grade.
Open Terry Smith's decision evidence →Frequently asked questions
- What stocks does Terry Smith own?
- As of 2026Q2, Terry Smith's 13F discloses 27 positions worth $4.52B. The top five holdings: MAR (7.4%), SYK (7.3%), WAT (7.0%), CHD (5.4%), V (5.2%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Terry Smith buy this quarter?
- In 2026Q2, the filing shows 9 new positions and 4 additions to existing holdings. The largest positions touched by buying: UBER, MA, TSM, NFLX, GEV.
- How big is Terry Smith's portfolio?
- $4.52B across 27 positions per the latest 13F (filed Aug 14, 2026). The top five holdings account for 32% of the disclosed book.
Similar portfolios
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001868537). Not investment advice.