Fundsmith
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Terry Smith's Fundsmith reported 34 stock positions worth $12.8 billion. Its top holding was Marriott International Class A (MAR) at 8.6% of the portfolio, followed by Stryker (SYK, 7.8%) and Waters (WAT, 7.5%). Compared with Q4 2025, it opened 1 new position, sold out of 4 and reduced 33. The biggest buy was a new position in Badger Meter (BMI) and the biggest sale an exit from Intuit (INTU).
- Most Recent 13F
- Q2 2026
- Notable People
- Terry Smith
- Location
- LONDON, X0
- CIK
- 0001569205
- Portfolio Value
- $12.8B (Q1 2026)
- SEC Filing
- 0001569205-26-000005 ↗ filed May 15, 2026
Holdings Value
Holdings 34 stocks · $12.8B
| MAR Marriott International Class A | 8.59% | 3,370,872 | $1.1B | Reduce -15.3% |
| SYK Stryker Corp. | 7.84% | 3,061,416 | $1.0B | Reduce -17.0% |
| WAT Waters Corp. | 7.46% | 3,212,075 | $956.6M | Reduce -9.7% |
| V Visa Inc. Class A | 7.31% | 3,104,090 | $938.2M | Reduce -12.2% |
| GOOGL Alphabet Inc. Class A | 6.63% | 2,956,198 | $850.1M | Reduce -15.5% |
| PM Philip Morris International | 6.59% | 5,113,163 | $845.4M | Reduce -16.5% |
| IDXX Idexx Laboratories Inc. | 6.42% | 1,465,786 | $823.6M | Reduce -21.9% |
| ADP Automatic Data Processing | 6.11% | 3,855,105 | $783.3M | Reduce -7.7% |
| MSFT Microsoft Corp. | 6.00% | 2,079,737 | $769.9M | Reduce -0.0% |
| META Meta Platforms Inc. Class A | 5.89% | 1,321,375 | $756.0M | Reduce -3.1% |
| MTD Mettler-Toledo International | 5.59% | 568,516 | $717.0M | Reduce -2.1% |
| CHD Church & Dwight Co. Inc. | 4.83% | 6,641,508 | $619.8M | Reduce -1.3% |
| PG The Procter & Gamble Co. | 4.73% | 4,199,914 | $606.6M | Reduce -1.1% |
| TXN Texas Instruments Inc. | 3.97% | 2,623,124 | $509.3M | Reduce -0.0% |
| FTNT Fortinet Inc. | 3.92% | 6,156,675 | $503.1M | Reduce -5.5% |
| ZTS Zoetis Inc. | 3.57% | 3,877,559 | $458.4M | Reduce -0.6% |
| OTIS Otis Worldwide Corp. | 1.64% | 2,731,635 | $210.6M | Reduce -12.2% |
| MSCI MSCI Inc. | 0.27% | 64,788 | $34.9M | Reduce -61.1% |
| ROL Rollins Inc. | 0.26% | 619,935 | $33.1M | Reduce -58.1% |
| MEDP Medpace Holdings Inc. | 0.23% | 62,668 | $30.1M | Reduce -24.1% |
| VRSN Verisign Inc. | 0.22% | 113,467 | $28.2M | Reduce -58.1% |
| PAYC Paycom Software Inc. | 0.21% | 219,457 | $26.7M | Reduce -58.1% |
| CLX Clorox Company | 0.21% | 257,217 | $26.7M | Reduce -58.1% |
| VRT Vertiv Holdings Co. Class A | 0.18% | 91,254 | $22.9M | Reduce -77.8% |
| NTNX Nutanix Inc. Class A | 0.17% | 577,392 | $21.9M | Reduce -58.1% |
| BMI Badger Meter Inc. | 0.17% | 142,491 | $21.7M | New |
| CPRX Catalyst Pharmaceuticals Inc. | 0.16% | 844,887 | $20.9M | Reduce -74.9% |
| QLYS Qualys Inc. | 0.15% | 226,077 | $19.9M | Reduce -65.1% |
| DOCS Doximity Inc. Class A | 0.13% | 691,786 | $16.1M | Reduce -58.1% |
| MANH Manhattan Associates Inc. | 0.13% | 120,888 | $16.1M | Reduce -58.1% |
| NSSC Napco Security Technologies | 0.12% | 383,596 | $15.1M | Reduce -78.5% |
| ADMA Adma Biologics Inc. | 0.12% | 1,649,493 | $14.9M | Reduce -21.5% |
| SABR Sabre Corp. | 0.10% | 9,013,783 | $13.1M | Reduce -58.1% |
| HD Home Depot Inc. | 0.07% | 28,611 | $9.4M | Reduce -64.3% |
Portfolio Sells Q4 2025 → Q1 2026
| INTU Intuit Inc. | Sold out | 0.00% | −2.42 |
| NKE Nike Inc. Class B | Sold out | 0.00% | −2.15 |
| IDXX Idexx Laboratories Inc. | Reduce -21.9% | 6.42% | −0.99 |
| ODD Oddity Tech Ltd. Class A | Sold out | 0.00% | −0.49 |
| WAT Waters Corp. | Reduce -9.7% | 7.46% | −0.44 |
| QLYS Qualys Inc. | Reduce -65.1% | 0.15% | −0.35 |
| NSSC Napco Security Technologies | Reduce -78.5% | 0.12% | −0.32 |
| DOCS Doximity Inc. Class A | Reduce -58.1% | 0.13% | −0.30 |
| CPRX Catalyst Pharmaceuticals Inc. | Reduce -74.9% | 0.16% | −0.30 |
| MSCI MSCI Inc. | Reduce -61.1% | 0.27% | −0.29 |
| PAYC Paycom Software Inc. | Reduce -58.1% | 0.21% | −0.28 |
| GGG Graco Inc. | Sold out | 0.00% | −0.28 |
| ROL Rollins Inc. | Reduce -58.1% | 0.26% | −0.26 |
| NTNX Nutanix Inc. Class A | Reduce -58.1% | 0.17% | −0.24 |
| VRT Vertiv Holdings Co. Class A | Reduce -77.8% | 0.18% | −0.21 |
| ADP Automatic Data Processing | Reduce -7.7% | 6.11% | −0.17 |
| MANH Manhattan Associates Inc. | Reduce -58.1% | 0.13% | −0.17 |
| VRSN Verisign Inc. | Reduce -58.1% | 0.22% | −0.16 |
| CLX Clorox Company | Reduce -58.1% | 0.21% | −0.15 |
| ADMA Adma Biologics Inc. | Reduce -21.5% | 0.12% | −0.11 |
| HD Home Depot Inc. | Reduce -64.3% | 0.07% | −0.09 |
| SABR Sabre Corp. | Reduce -58.1% | 0.10% | −0.07 |
| MEDP Medpace Holdings Inc. | Reduce -24.1% | 0.23% | −0.04 |
| OTIS Otis Worldwide Corp. | Reduce -12.2% | 1.64% | +0.05 |
| V Visa Inc. Class A | Reduce -12.2% | 7.31% | +0.07 |
| MSFT Microsoft Corp. | Reduce -0.0% | 6.00% | +0.12 |
| GOOGL Alphabet Inc. Class A | Reduce -15.5% | 6.63% | +0.23 |
| SYK Stryker Corp. | Reduce -17.0% | 7.84% | +0.27 |
| META Meta Platforms Inc. Class A | Reduce -3.1% | 5.89% | +0.63 |
| ZTS Zoetis Inc. | Reduce -0.6% | 3.57% | +0.71 |
| PM Philip Morris International | Reduce -16.5% | 6.59% | +0.85 |
| MTD Mettler-Toledo International | Reduce -2.1% | 5.59% | +0.86 |
| FTNT Fortinet Inc. | Reduce -5.5% | 3.92% | +0.90 |
| PG The Procter & Gamble Co. | Reduce -1.1% | 4.73% | +1.17 |
| TXN Texas Instruments Inc. | Reduce -0.0% | 3.97% | +1.31 |
| MAR Marriott International Class A | Reduce -15.3% | 8.59% | +1.38 |
| CHD Church & Dwight Co. Inc. | Reduce -1.3% | 4.83% | +1.54 |
Portfolio Buys Q4 2025 → Q1 2026
| BMI Badger Meter Inc. | New | 0.17% | +0.17 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 41 | $13.6B | MAR, SYK, WAT, V, UBER |
| Q1 2026 | 34 | $12.8B | MAR, SYK, WAT, V, GOOGL |
| Q4 2025 | 37 | $17.1B | WAT, SYK, IDXX, V, MAR |
| Q3 2025 | 35 | $19.8B | SYK, IDXX, GOOGL, MSFT, V |
| Q2 2025 | 39 | $23.0B | META, MSFT, SYK, PM, IDXX |
| Q1 2025 | 38 | $22.0B | META, MSFT, SYK, PM, V |
| Q4 2024 | 38 | $23.5B | META, MSFT, SYK, ADP, V |
| Q3 2024 | 40 | $25.3B | MSFT, META, SYK, ADP, V |
| Q2 2024 | 40 | $24.5B | MSFT, META, SYK, PM, V |
| Q1 2024 | 40 | $25.6B | MSFT, META, SYK, V, IDXX |