13F · As of Q2 2026 · filed 2026-08-14 · compared with Q1 2026

Fundsmith

Terry Smith's firm

Fundsmith reported 41 US-listed positions worth $13.6B at the end of Q2 2026. The top three — Marriott Intl (7.02%), Stryker (6.72%), Waters (6.25%) — make up 20.0% of the portfolio. Against Q1 2026 it opened 13 new positions, sold out of 6, added to 4 and trimmed 21.

$13.6BReported value
41Positions
13 / 6New / Sold out

New positions

13
SecurityTickerValue ($)WeightSharesvs prior quarter
Uber TechnologiesUBER 645M4.73%8,943,151 New
Mastercard IncorporatedMA 639M4.69%1,245,051 New
Taiwan Semiconductor ManufacTSM 548M4.02%1,148,449 New
NetflixNFLX 499M3.66%6,990,345 New
GE VernovaGEV 481M3.53%409,835 New
ApplovinAPP 359M2.63%696,568 New
TJX CosTJX 344M2.52%2,272,592 New
NextpowerNXT 340M2.49%2,856,092 New
Veeva SysVEEV 145M1.06%816,785 New
Yum BrandsYUM 88.9M0.65%556,107 New
Fair IsaacFICO 21.4M0.16%17,953 New
InterdigitalIDCC 17.1M0.13%60,324 New
Oreilly AutomotiveORLY 15.0M0.11%162,691 New

Sold out

6
SecurityTickerValue ($)WeightSharesvs prior quarter
Mettler Toledo InternationalMTD 717M—568,516 Sold out
ZoetisZTS 458M—3,877,559 Sold out
Otis WorldwideOTIS 211M—2,731,635 Sold out
CCatalyst Pharmaceuticals— 20.9M—844,887 Sold out
QualysQLYS 19.9M—226,077 Sold out
Home DepotHD 9.4M—28,611 Sold out

Added to

4
SecurityTickerValue ($)WeightSharesvs prior quarter
Badger MeterBMI 25.9M0.19%174,627 ▲ 23%
CloroxCLX 25.9M0.19%271,318 ▲ 5%
Manhattan AssociatesMANH 24.1M0.18%172,977 ▲ 43%
Napco Sec TechnologiesNSSC 23.1M0.17%606,974 ▲ 58%

Trimmed

21
SecurityTickerValue ($)WeightSharesvs prior quarter
Marriott IntlMAR 958M7.02%2,585,757 ▼ 23%
StrykerSYK 917M6.72%2,913,833 ▼ 5%
WatersWAT 853M6.25%2,273,632 ▼ 29%
VisaV 693M5.08%2,019,810 ▼ 35%
AlphabetGOOGL 634M4.64%1,773,354 ▼ 40%
Church & DwightCHD 626M4.58%6,456,634 ▼ 3%
Procter & GamblePG 598M4.38%4,078,371 ▼ 3%
MicrosoftMSFT 596M4.36%1,596,737 ▼ 23%
Meta PlatformsMETA 593M4.34%1,051,876 ▼ 20%
Automatic Data Processing InADP 583M4.27%2,601,567 ▼ 33%
FortinetFTNT 558M4.09%3,629,938 ▼ 41%
Idexx LabsIDXX 537M3.93%1,019,887 ▼ 30%
Texas InstrsTXN 536M3.93%1,799,182 ▼ 31%
Philip Morris IntlPM 527M3.86%2,913,693 ▼ 43%
MsciMSCI 30.0M0.22%53,580 ▼ 17%

All holdings

41
CSV ↓
SecurityTickerValue ($)WeightSharesvs prior quarter
Marriott IntlMAR 958M7.02%2,585,757 ▼ 23%
StrykerSYK 917M6.72%2,913,833 ▼ 5%
WatersWAT 853M6.25%2,273,632 ▼ 29%
VisaV 693M5.08%2,019,810 ▼ 35%
Uber TechnologiesUBER 645M4.73%8,943,151 New
Mastercard IncorporatedMA 639M4.69%1,245,051 New
AlphabetGOOGL 634M4.64%1,773,354 ▼ 40%
Church & DwightCHD 626M4.58%6,456,634 ▼ 3%
Procter & GamblePG 598M4.38%4,078,371 ▼ 3%
MicrosoftMSFT 596M4.36%1,596,737 ▼ 23%
Meta PlatformsMETA 593M4.34%1,051,876 ▼ 20%
Automatic Data Processing InADP 583M4.27%2,601,567 ▼ 33%
FortinetFTNT 558M4.09%3,629,938 ▼ 41%
Taiwan Semiconductor ManufacTSM 548M4.02%1,148,449 New
Idexx LabsIDXX 537M3.93%1,019,887 ▼ 30%
Texas InstrsTXN 536M3.93%1,799,182 ▼ 31%
Philip Morris IntlPM 527M3.86%2,913,693 ▼ 43%
NetflixNFLX 499M3.66%6,990,345 New
GE VernovaGEV 481M3.53%409,835 New
ApplovinAPP 359M2.63%696,568 New
TJX CosTJX 344M2.52%2,272,592 New
NextpowerNXT 340M2.49%2,856,092 New
Veeva SysVEEV 145M1.06%816,785 New
Yum BrandsYUM 88.9M0.65%556,107 New
MsciMSCI 30.0M0.22%53,580 ▼ 17%
MedpaceMEDP 27.7M0.20%52,372 ▼ 16%
NutanixNTNX 27.4M0.20%538,281 ▼ 7%
Badger MeterBMI 25.9M0.19%174,627 ▲ 23%
CloroxCLX 25.9M0.19%271,318 ▲ 5%
RollinsROL 25.9M0.19%619,935 –
Manhattan AssociatesMANH 24.1M0.18%172,977 ▲ 43%
Napco Sec TechnologiesNSSC 23.1M0.17%606,974 ▲ 58%
Fair IsaacFICO 21.4M0.16%17,953 New
SabreSABR 18.8M0.14%9,013,783 –
InterdigitalIDCC 17.1M0.13%60,324 New
Oreilly AutomotiveORLY 15.0M0.11%162,691 New
Vertiv HoldingsVRT 14.0M0.10%41,893 ▼ 54%
VerisignVRSN 14.0M0.10%55,713 ▼ 51%
Adma BiologicsADMA 13.8M0.10%1,649,493 –
DoximityDOCS 13.5M0.10%653,324 ▼ 6%
Paycom SoftwarePAYC 12.7M0.09%100,763 ▼ 54%
Top 10 holdings by weight · Q2 2026
Marriott…7.02%Stryker6.72%Waters6.25%Visa5.08%Uber Tec…4.73%Masterca…4.69%Alphabet4.64%Church &…4.58%Procter …4.38%Microsoft4.36%

If you had bought then

Q1 2026 → Q2 2026

Bought Fundsmith's top 10 holdings at the end of Q1 2026, in its weights, and they were +8.9% by the end of Q2 2026. The S&P 500 ETF (SPY) moved +14.8% over the same dates.

+8.9%Top 10, weighted
+14.8%S&P 500 (SPY)
-5.9%pDifference
StockWeightQ1 2026 endQ2 2026 endChange
Marriott Intl
12.5%$327.07$370.59+13.3%
Stryker
11.4%$328.59$314.84-4.2%
Waters
10.8%$297.80$375.04+25.9%
Visa
10.6%$302.24$343.09+13.5%
Alphabet
9.63%$287.56$357.37+24.3%
Philip Morris Intl
9.57%$165.34$180.91+9.4%
Idexx Labs
9.33%$561.89$526.44-6.3%
Automatic Data Processing In
8.87%$203.18$223.95+10.2%
Microsoft
8.72%$370.17$373.02+0.8%
Meta Platforms
8.56%$572.13$563.29-1.5%

Prices are the quarter-end values reported in 13F filings (value ÷ shares, median across tracked filers), adjusted for confirmed splits; dividends excluded. 13F shows only quarter-end holdings, so this is not the investor's actual return. Past performance does not indicate future results.

Questions

What is Fundsmith's largest holding?

Marriott Intl, 7.02% of reported US holdings ($958M) at the end of Q2 2026.

What did Fundsmith buy last quarter?

13 new positions, largest: Uber Technologies, Mastercard Incorporated, Taiwan Semiconductor Manufac.

What did Fundsmith sell out of?

6 positions, including Mettler Toledo International, Zoetis, Otis Worldwide.

How current is this data?

It is Fundsmith's Form 13F for the quarter ending 2026-06-30, filed 2026-08-14. 13F filings are due 45 days after quarter end and list US-listed long positions only.

Restated and computed from SEC (13F, 13D/G, Form 4) and DART filings and NPS public data. Filings describe a past date and may differ from current holdings (13F: quarter end, up to 45 days later). Not investment advice.
Sources: SEC EDGAR, DART, data.go.kr (NPS), OpenFIGI. See Methodology for how figures are computed.