Great investors · Terry Smith · Q2 2026
What Terry Smith bought and sold in Q2 2026
Fundsmith 13F portfolio as of Jun 30, 2026: 41 positions worth $13.6 bn. Largest: MAR, SYK, WAT, V. Filed with the SEC on Aug 14, 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 Q2 2026
- NewUBER TechnologiesUBER+4.7 pp
- NewMastercardMA+4.7 pp
- NewTaiwan Semiconductor ManufacturingTSM+4.0 pp
- NewNetflixNFLX+3.7 pp
- NewGE VernovaGEV+3.5 pp
- NewAppLovinAPP+2.6 pp
- NewTJXTJX+2.5 pp
- NewNextpowerNXT+2.5 pp
- NewVeeva SystemsVEEV+1.1 pp
- NewYum! BrandsYUM+0.7 pp
Sells in Q2 2026
- Sold outMettler-Toledo InternationalMTD−5.3 pp
- Sold outZoetisZTS−3.4 pp
- ReducedAlphabetGOOGL−3.1 pp
- ReducedPhilip Morris InternationalPM−2.9 pp
- ReducedFortinetFTNT−2.8 pp
- ReducedVisaV−2.7 pp
- ReducedWatersWAT−2.6 pp
- ReducedMarriott InternationalMAR−2.1 pp
- ReducedAutomatic Data ProcessingADP−2.1 pp
- ReducedTexas InstrumentsTXN−1.8 pp
- ReducedIdexx LaboratoriesIDXX−1.7 pp
- Sold outOtis WorldwideOTIS−1.5 pp
24 companies with material moves, out of 44 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 Q2 2026 13F lists 41 lines of US-listed securities worth $13.6 bn; the largest is MAR at 7.02% of the portfolio. It was accepted by the SEC on Aug 14, 2026 at 6:56 AM ET.
Against the previous quarter, it opened 13 positions (UBER, MA, TSM and NFLX and 9 more), closed 6 (MTD, ZTS, OTIS and Catalyst Pharmaceuticals and 2 more), added to 4 (NSSC, MANH, BMI and CLX) and trimmed 21 (GOOGL, WAT, V and FTNT and 17 more). 3 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Marriott International MAR | 2.6 M | $958M | 7.02% | −23% |
| 2 | Stryker SYK | 2.9 M | $917M | 6.72% | −4.8% |
| 3 | Waters WAT | 2.3 M | $853M | 6.25% | −29% |
| 4 | Visa V | 2.0 M | $693M | 5.08% | −35% |
| 5 | UBER Technologies UBER | 8.9 M | $645M | 4.73% | new |
| 6 | Mastercard MA | 1.2 M | $639M | 4.69% | new |
| 7 | Alphabet GOOGL | 1.8 M | $634M | 4.64% | −40% |
| 8 | Church & Dwight CHD | 6.5 M | $626M | 4.58% | −2.8% |
| 9 | Procter & Gamble PG | 4.1 M | $598M | 4.38% | −2.9% |
| 10 | Microsoft MSFT | 1.6 M | $596M | 4.36% | −23% |
| 11 | Meta Platforms META | 1.1 M | $593M | 4.34% | −20% |
| 12 | Automatic Data Processing ADP | 2.6 M | $583M | 4.27% | −33% |
| 13 | Fortinet FTNT | 3.6 M | $558M | 4.09% | −41% |
| 14 | Taiwan Semiconductor Manufacturing TSM | 1.1 M | $548M | 4.02% | new |
| 15 | Idexx Laboratories IDXX | 1.0 M | $537M | 3.93% | −30% |
| 16 | Texas Instruments TXN | 1.8 M | $536M | 3.93% | −31% |
| 17 | Philip Morris International PM | 2.9 M | $527M | 3.86% | −43% |
| 18 | Netflix NFLX | 7.0 M | $499M | 3.66% | new |
| 19 | GE Vernova GEV | 409,835 | $481M | 3.53% | new |
| 20 | AppLovin APP | 696,568 | $359M | 2.63% | new |
| 21 | TJX TJX | 2.3 M | $344M | 2.52% | new |
| 22 | Nextpower NXT | 2.9 M | $340M | 2.49% | new |
| 23 | Veeva Systems VEEV | 816,785 | $145M | 1.06% | new |
| 24 | Yum! Brands YUM | 556,107 | $88.9M | 0.65% | new |
| 25 | MSCI MSCI | 53,580 | $30.0M | 0.22% | −17% |
| 26 | Medpace Holdings MEDP | 52,372 | $27.7M | 0.20% | −16% |
| 27 | Nutanix NTNX | 538,281 | $27.4M | 0.20% | −6.8% |
| 28 | Badger Meter BMI | 174,627 | $25.9M | 0.19% | +23% |
| 29 | Clorox CLX | 271,318 | $25.9M | 0.19% | +5.5% |
| 30 | Rollins ROL | 619,935 | $25.9M | 0.19% | no change |
| 31 | Manhattan Associates MANH | 172,977 | $24.1M | 0.18% | +43% |
| 32 | Napco Security Technologies NSSC | 606,974 | $23.1M | 0.17% | +58% |
| 33 | Fair Isaac FICO | 17,953 | $21.4M | 0.16% | new |
| 34 | Sabre SABR | 9.0 M | $18.8M | 0.14% | no change |
| 35 | Interdigital IDCC | 60,324 | $17.1M | 0.13% | new |
| 36 | O Reilly Automotive ORLY | 162,691 | $15.0M | 0.11% | new |
| 37 | Vertiv Holdings VRT | 41,893 | $14.0M | 0.10% | −54% |
| 38 | Verisign VRSN | 55,713 | $14.0M | 0.10% | −51% |
| 39 | ADMA Biologics ADMA | 1.6 M | $13.8M | 0.10% | no change |
| 40 | Doximity DOCS | 653,324 | $13.5M | 0.10% | −5.6% |
| 41 | Paycom Software PAYC | 100,763 | $12.7M | 0.09% | −54% |
Positions it closed (6)
- Mettler-Toledo International MTDwas 5.59% · 568,516 shares
- Zoetis ZTSwas 3.57% · 3.9 M shares
- Otis Worldwide OTISwas 1.64% · 2.7 M shares
- Catalyst Pharmaceuticals was 0.16% · 844,887 shares
- Qualys QLYSwas 0.15% · 226,077 shares
- Home Depot HDwas 0.07% · 28,611 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.