Terry Smith
Fundsmith
Terry Smith (Fundsmith) discloses a $4.41B portfolio across 24 US-listed positions in the latest 13F filing (2026Q1, filed May 15, 2026). The largest holding is MAR at 8.9% of the book. The biggest move of the quarter: fully exited NKE (was 2.6% of the book). Latticework's clone backtest puts this 13F book at -10.0%/yr vs SPY over 4.8 years.
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.
2026Q1 brief
Terry Smith's Fundsmith remains the most static portfolio in this cohort—24 positions, $4.41B, zero new names in Q1 2026—but the quarter's activity is telling in its details. The two exits are significant: NKE (was 2.6%) and INTU (was 2.1%) were fully liquidated, removing a struggling consumer brand and a now-expensive software compounder, consistent with Smith's discipline of selling when quality or valuation no longer meets his bar. The additions are all small and likely reflect dividend reinvestment or minor rebalancing: TSM (+372%, but only 0.02% of portfolio), AAPL (+261%, 0.01%), and TJX and AMZN each tiny. The real story is the steadfast top-five: MAR (8.9%), SYK (8.8%), WAT (7.4%), GOOGL (7.4%), and V (7.0%) dominate an extremely low-turnover, quality-growth book. Smith trimmed OTIS by 23%—worth monitoring given its modest 1.7% weight. His divergence from peers on crypto, EM, and cyclicals remains total. Watch next filing: whether OTIS is trimmed to an exit, and if any of the tiny TSM or AAPL positions are built into meaningful weights.
AI-generated. Not investment advice.
In the news
all news →- Terry Smith’s Radical Strategic Pivot At FundsmithForbes ·
- Has Terry Smith fixed Fundsmith's problem or found an excuse?Trustnet ·
- Terry Smith makes radical changes to stem poor performanceAJ Bell ·
- Terry Smith accuses Unilever of misleading shareholders over McCormick mergerFoodNavigator.com ·
- Terry Smith capitulates to market pressure and overhauls FundsmithInvestors' Chronicle ·
- Terry Smith: Why I’m changing my investment styleFT Adviser ·
Headlines via Google News. Links open in a new tab.
Holdings (24) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | MAR | 8.9% | $392M | |||
| 2 | SYK | 8.8% | $390M | |||
| 3 | WAT | 7.4% | $327M | |||
| 4 | GOOGL | 7.4% | $326M | |||
| 5 | V | 7.0% | $310M | |||
| 6 | MTD | 6.4% | $281M | |||
| 7 | PM | 6.3% | $277M | |||
| 8 | IDXX | 6.1% | $271M | |||
| 9 | ADP | 6.1% | $270M | |||
| 10 | META | 6.1% | $268M | |||
| 11 | PG | 5.8% | $254M | |||
| 12 | MSFT | 5.6% | $246M | |||
| 13 | CHD | 5.5% | $242M | |||
| 14 | TXN | 3.8% | $168M | |||
| 15 | FTNT | 3.1% | $136M | |||
| 16 | ZTS | 3.0% | $132M | |||
| 17 | OTIS | 1.7% | $75M | |||
| 18 | BMI | 0.5% | $20M | |||
| 19 | WM | 0.4% | $16M | |||
| 20 | HD | <0.1% | $2M | |||
| 21 | TSM | <0.1% | $964K | |||
| 22 | AAPL | <0.1% | $554K | |||
| 23 | TJX | <0.1% | $513K | |||
| 24 | AMZN | <0.1% | $414K |
- 1MARport8.9%val$392MMarriott International -cl Athis Q hold·13q
- 2SYKport8.8%val$390MStryker Corpthis Q hold·20q
- 3WATport7.4%val$327MWaters Corpthis Q hold·17q
- port7.4%val$326MAlphabet Inc-cl Athis Q hold·17q
- 5Vport7.0%val$310MVisa Inc-class A Sharesthis Q hold·20q
- 6MTDport6.4%val$281MMettler-toledo Internationalthis Q hold·17q
- 7PMport6.3%val$277MPhilip Morris Internationalthis Q hold·17q
- 8IDXXport6.1%val$271MIdexx Laboratories Incthis Q hold·17q
- 9ADPport6.1%val$270MAutomatic Data Processingthis Q hold·17q
- 10METAport6.1%val$268MMeta Platforms Inc-class Athis Q hold·20q
- 11PGport5.8%val$254MProcter & Gamble Co/thethis Q hold·17q
- 12MSFTport5.6%val$246MMicrosoft Corpthis Q hold·20q
- 13CHDport5.5%val$242MChurch & Dwight CO Incthis Q hold·17q
- 14TXNport3.8%val$168MTexas Instruments Incthis Q hold·9q
- 15FTNTport3.1%val$136MFortinet Incthis Q hold·12q
- 16ZTSport3.0%val$132MZoetis Incthis Q hold·20q
- 17OTISport1.7%val$75MOtis Worldwide Corpthis Q -23%·18q
- 18BMIport0.5%val$20MBadger Meter Incthis Q hold·2q
- 19WMport0.4%val$16MWaste Management Incthis Q hold·6q
- 20HDport<0.1%val$2MHome Depot Incthis Q -51%·20q
- 21TSMport<0.1%val$964KTaiwan Semiconductor-sp Adrthis Q +372%·6q
- 22AAPLport<0.1%val$554KApple Incthis Q +261%·11q
- 23TJXport<0.1%val$513KTjx Companies Incthis Q +178%·2q
- 24AMZNport<0.1%val$414KAmazon.com Incthis Q +178%·10q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| NKE | Nike Inc -cl B | EXIT | 2.6% | -100% | $0 |
| INTU | Intuit Inc | EXIT | 2.1% | -100% | $0 |
| OTIS | Otis Worldwide Corp | TRIM | 1.7% | -23% | $75M |
| HD | Home Depot Inc | TRIM | <0.1% | -51% | $2M |
| TSM | Taiwan Semiconductor-sp Adr | ADD | <0.1% | +372% | $964K |
| AAPL | Apple Inc | ADD | <0.1% | +261% | $554K |
| TJX | Tjx Companies Inc | ADD | <0.1% | +178% | $513K |
| AMZN | Amazon.com Inc | ADD | <0.1% | +178% | $414K |
- EXITNKE2.6%Nike Inc -cl BΔ -100%·$0
- EXITINTU2.1%Intuit IncΔ -100%·$0
- TRIMOTIS1.7%Otis Worldwide CorpΔ -23%·$75M
- TRIMHD<0.1%Home Depot IncΔ -51%·$2M
- ADDTSM<0.1%Taiwan Semiconductor-sp AdrΔ +372%·$964K
- ADDAAPL<0.1%Apple IncΔ +261%·$554K
- ADDTJX<0.1%Tjx Companies IncΔ +178%·$513K
- ADDAMZN<0.1%Amazon.com IncΔ +178%·$414K
Frequently asked questions
- What stocks does Terry Smith own?
- As of 2026Q1, Terry Smith's 13F discloses 24 positions worth $4.41B. The top five holdings: MAR (8.9%), SYK (8.8%), WAT (7.4%), GOOGL (7.4%), V (7.0%). 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 2026Q1, the filing shows 0 new positions and 4 additions to existing holdings. The largest positions touched by buying: TSM, AAPL, TJX, AMZN.
- How big is Terry Smith's portfolio?
- $4.41B across 24 positions per the latest 13F (filed May 15, 2026). The top five holdings account for 40% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001868537). Not investment advice.