Terry Smith
Fundsmith
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. The biggest move of the quarter: trimmed the MAR share count by 25% (position now $334M). Mechanically cloning this 13F returned 3.4%/yr over the past 4.9 years, versus 12.2%/yr for the S&P 500 across that identical 4.9-year window.
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.
Multibaggers Terry Smith held
Stocks up 5x or more since Terry Smith first held them at conviction size — the holding record behind the returns. Longest unbroken run and largest book weight are shown for each.
- FTNT34.6xFORTINET INC12q straight · peak 3.59% · still holds
- AAPL19.9xAPPLE INC9q straight · peak 1.74% · still holds
- APH14.9xAMPHENOL CORP-CL A3q straight · peak 3.37%
- AMZN13.8xAMAZON.COM INC8q straight · peak 5.16% · still holds
- MSFT11.2xMICROSOFT CORP20q straight · peak 13.77% · still holds
- GOOGL10.1xALPHABET INC-CL A17q straight · peak 7.4% · still holds
Six biggest of 16. Price multiple since the first quarter we observed a conviction holding (2014Q1 at the earliest), not Terry Smith's realized return — entry price and trades between filings aren't disclosed. Peak weight is share of disclosed US 13F book. All 129 multibaggers the cohort held →
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.
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Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001868537). Not investment advice.