Terry Smith

Terry Smith's Fundsmith ran an exceptionally quiet quarter on the $4.41B portfolio, with no new positions initiated and only minor adjustments — consistent with the fund's famously low-turnover, quality-compounder philosophy. The two exits were NKE (previously 2.60%) and INTU (2.14%), suggesting Smith has lost patience with Nike's brand/margin recovery timeline and Intuit's AI-disruption risk to its SMB software moat. The adds were trivially small: TSM (now just 0.02%, +372%), AAPL (0.01%), TJX (0.01%), and AMZN (0.009%) — these look more like initial research tracking positions than conviction buys. The top five (MAR 8.9%, SYK 8.8%, WAT 7.4%, GOOGL 7.4%, V 7.0%) remain unchanged in character, anchored by healthcare devices, analytical instruments, payments, and travel. OTIS was trimmed 23% to 1.69%, perhaps reflecting slowing elevator modernization in China. The NKE/INTU exits are the real signal here — both were multi-year holdings. Watch whether the TSM and AAPL micro-positions are scaled up meaningfully next quarter, which would mark a rare Fundsmith pivot toward semiconductor exposure.