Great investors · Terry Smith · Q1 2026
What Terry Smith bought and sold in Q1 2026
Fundsmith 13F portfolio as of Mar 31, 2026: 34 positions worth $12.8 bn. Largest: MAR, SYK, WAT, V. Filed with the SEC on May 15, 2026.
The 13F is filed by Fundsmith, not by Terry Smith personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q1 2026
No purchase of 0.5 points of the portfolio or more this quarter.
Sells in Q1 2026
- ReducedWatersWAT−3.7 pp
- Sold outIntuitINTU−2.4 pp
- Sold outNikeNKE−2.1 pp
- ReducedIdexx LaboratoriesIDXX−1.3 pp
- ReducedStrykerSYK−1.2 pp
- ReducedMarriott InternationalMAR−1.2 pp
- ReducedPhilip Morris InternationalPM−1.0 pp
- ReducedAlphabetGOOGL−0.9 pp
- ReducedVisaV−0.8 pp
9 companies with material moves, out of 35 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Fundsmith's Q1 2026 13F lists 34 lines of US-listed securities worth $12.8 bn; the largest is MAR at 8.59% of the portfolio. It was accepted by the SEC on May 15, 2026 at 6:40 AM ET.
Against the previous quarter, it opened 1 position (BMI), closed 4 (INTU, NKE, ODD and GGG), added to none and trimmed 30 (WAT, IDXX, SYK and MAR and 26 more). 3 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Marriott International MAR | 3.4 M | $1.1 bn | 8.59% | −15% |
| 2 | Stryker SYK | 3.1 M | $1.0 bn | 7.84% | −17% |
| 3 | Waters WAT | 3.2 M | $957M | 7.46% | −40% |
| 4 | Visa V | 3.1 M | $938M | 7.31% | −12% |
| 5 | Alphabet GOOGL | 3.0 M | $850M | 6.63% | −16% |
| 6 | Philip Morris International PM | 5.1 M | $845M | 6.59% | −17% |
| 7 | Idexx Laboratories IDXX | 1.5 M | $824M | 6.42% | −22% |
| 8 | Automatic Data Processing ADP | 3.9 M | $783M | 6.11% | −7.7% |
| 9 | Microsoft MSFT | 2.1 M | $770M | 6.00% | no change |
| 10 | Meta Platforms META | 1.3 M | $756M | 5.89% | −3.1% |
| 11 | Mettler-Toledo International MTD | 568,516 | $717M | 5.59% | −2.1% |
| 12 | Church & Dwight CHD | 6.6 M | $620M | 4.83% | −1.3% |
| 13 | Procter & Gamble PG | 4.2 M | $607M | 4.73% | −1.1% |
| 14 | Texas Instruments TXN | 2.6 M | $509M | 3.97% | no change |
| 15 | Fortinet FTNT | 6.2 M | $503M | 3.92% | −5.5% |
| 16 | Zoetis ZTS | 3.9 M | $458M | 3.57% | no change |
| 17 | Otis Worldwide OTIS | 2.7 M | $211M | 1.64% | −12% |
| 18 | MSCI MSCI | 64,788 | $34.9M | 0.27% | −61% |
| 19 | Rollins ROL | 619,935 | $33.1M | 0.26% | −58% |
| 20 | Medpace Holdings MEDP | 62,668 | $30.1M | 0.23% | −24% |
| 21 | Verisign VRSN | 113,467 | $28.2M | 0.22% | −58% |
| 22 | Paycom Software PAYC | 219,457 | $26.7M | 0.21% | −58% |
| 23 | Clorox CLX | 257,217 | $26.7M | 0.21% | −58% |
| 24 | Vertiv Holdings VRT | 91,254 | $22.9M | 0.18% | −78% |
| 25 | Nutanix NTNX | 577,392 | $21.9M | 0.17% | −58% |
| 26 | Badger Meter BMI | 142,491 | $21.7M | 0.17% | new |
| 27 | Catalyst Pharmaceuticals | 844,887 | $20.9M | 0.16% | −75% |
| 28 | Qualys QLYS | 226,077 | $19.9M | 0.15% | −65% |
| 29 | Doximity DOCS | 691,786 | $16.1M | 0.13% | −58% |
| 30 | Manhattan Associates MANH | 120,888 | $16.1M | 0.13% | −58% |
| 31 | Napco Security Technologies NSSC | 383,596 | $15.1M | 0.12% | −78% |
| 32 | ADMA Biologics ADMA | 1.6 M | $14.9M | 0.12% | −22% |
| 33 | Sabre SABR | 9.0 M | $13.1M | 0.10% | −58% |
| 34 | Home Depot HD | 28,611 | $9.4M | 0.07% | −64% |
Positions it closed (4)
- Intuit INTUwas 2.42% · 625,619 shares
- Nike NKEwas 2.15% · 5.8 M shares
- Oddity Tech ODDwas 0.49% · 2.1 M shares
- Graco GGGwas 0.28% · 579,016 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Fundsmith's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.