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Great investors · Terry Smith

Terry Smith portfolio · Q2 2026

Terry Smith, founder of Fundsmith. This is the stock portfolio Fundsmith reported to the SEC (Form 13F) as of Jun 30, 2026, filed on Aug 14, 2026.

The 13F is filed by the firm, not the person: when this page says what Terry Smith “owns” or “bought”, it means the positions of Fundsmith as a whole.

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Next 13F: Q3 2026 usually filed ~Nov 16, 2026; deadline Nov 16, 2026. See the quarter page →

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Stock portfolio
$13.6 bn
Positions
41
In the top 10
52%
Copying its 13F, 5 years
2.3%/yr
S&P 500 (SPY): 11.8%/yrboth price only, no dividends
Concentrated managerInvestment firm

What stocks does Terry Smith own?

The largest positions of Fundsmith in Q2 2026 are MAR, SYK, WAT, V, UBER.

  1. 1Marriott InternationalMARReduced7.0%Since Q1 2023 · 14 quartersIt bought in 3 quarters. Quarter-end prices of those quarters per 13F: $166.04 to $196.56.
  2. 2StrykerSYKReduced6.7%Since at least Q1 2013 · 54 quartersIt bought in 27 quarters. Quarter-end prices of those quarters per 13F: $64.68 to $267.42.
  3. 3WatersWATReduced6.2%Since Q1 2015 · 46 quartersIt bought in 18 quarters. Quarter-end prices of those quarters per 13F: $78.81 to $238.20.
  4. 4VisaVReduced5.1%Since at least Q1 2013 · 54 quartersIt bought in 20 quarters. Quarter-end prices of those quarters per 13F: $42.20 to $237.48.
  5. 5UBER TechnologiesUBERNew4.7%Since Q2 2026 · 1 quarterIt bought in 1 quarter. Quarter-end price of that quarter per 13F: $72.16.
  6. 6MastercardMANew4.7%Since Q2 2026 · 1 quarterIt bought in 1 quarter. Quarter-end price of that quarter per 13F: $513.60.
  7. 7AlphabetGOOGLReduced4.6%Since Q4 2021 · 19 quartersIt bought in 1 quarter. Quarter-end price of that quarter per 13F: $144.85.
  8. 8Church & DwightCHDReduced4.6%Since Q4 2020 · 23 quartersIt bought in 6 quarters. Quarter-end prices of those quarters per 13F: $82.57 to $102.50.
  9. 9Procter & GamblePGReduced4.4%Since Q4 2020 · 23 quartersIt bought in 7 quarters. Quarter-end prices of those quarters per 13F: $134.93 to $163.58.
  10. 10MicrosoftMSFTReduced4.4%Since Q3 2018 · 32 quartersIt bought in 3 quarters. Quarter-end prices of those quarters per 13F: $114.37 to $336.32.
Q2 2026 13F at the SEC ↗

“Since”: first quarter of the current run, unbroken until today. Prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.

What did Terry Smith buy in Q2 2026?

What did Terry Smith sell in Q2 2026?

17 positions opened or added to and 27 trimmed or closed, against the previous quarter's 13F. Each is measured the same way across the page: how much the share count changed and its weight in the portfolio today (share classes of the same company added together). The 13F has 44 positions with a change, 24 of them material (0.5 points of the portfolio or more). All full exits are listed, even those that moved less than 0.5 points of the portfolio.

How its portfolio changed (8 quarters)

Positions

Q2 2026: 41

410
Q3 2024Q2 2026
Top 10 weight

Q2 2026: 52%

71%52%
Q3 2024Q2 2026
Traded turnover

Q2 2026: 33.2%

33.2%0
Q3 2024Q2 2026

Traded turnover: the weight it bought plus the weight it sold in the quarter, divided by two, excluding price moves. The plain “turnover” in the header does include that effect. With a free account: the full history and sectors over time.

Source: SEC 13F filings show the portfolio at quarter end and are filed up to 45 days later: positions may have changed. They only cover U.S.-listed stocks and some others; no short positions or cash. Not investment advice.

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