Terry Smith Portfolio · 13F Holdings & Trades
Terry Smith reported 41 holdings in the 2026Q2 13F, with a total portfolio value of $13.6B. (Fundsmith) 44 positions changed from the prior quarter (13 new, 4 increased, 21 reduced, 6 exited).
The most recent 13F holdings filed with the SEC by this manager are as of 2026Q2; holdings for later quarters (up to 2026Q3) are not in a 13F-HR.
Changes This Quarter (44)
| Stock | Action | Shares Change | Weight (%) | Value ($) |
|---|---|---|---|---|
| MARRIOTT INTL INC NEW | Reduced | 3,370,872 → 2,585,757 | 7.02 | 958,255,687 |
| STRYKER CORPORATION | Reduced | 3,061,416 → 2,913,833 | 6.72 | 917,391,182 |
| WATERS CORP | Reduced | 3,212,075 → 2,273,632 | 6.25 | 852,702,945 |
| VISA INC | Reduced | 3,104,090 → 2,019,810 | 5.08 | 692,976,613 |
| UBER TECHNOLOGIES INC | New | New | 4.73 | 645,337,776 |
| MASTERCARD INCORPORATED | New | New | 4.69 | 639,458,194 |
| ALPHABET INC | Reduced | 2,956,198 → 1,773,354 | 4.64 | 633,743,519 |
| CHURCH & DWIGHT CO INC | Reduced | 6,641,508 → 6,456,634 | 4.58 | 625,518,702 |
| PROCTER & GAMBLE CO | Reduced | 4,199,914 → 4,078,371 | 4.38 | 598,052,323 |
| MICROSOFT CORP | Reduced | 2,079,737 → 1,596,737 | 4.36 | 595,614,836 |
| META PLATFORMS INC | Reduced | 1,321,375 → 1,051,876 | 4.34 | 592,511,232 |
| AUTOMATIC DATA PROCESSING IN | Reduced | 3,855,105 → 2,601,567 | 4.27 | 582,620,930 |
| FORTINET INC | Reduced | 6,156,675 → 3,629,938 | 4.09 | 557,631,076 |
| TAIWAN SEMICONDUCTOR MANUFAC | New | New | 4.02 | 548,464,789 |
| TEXAS INSTRS INC | Reduced | 2,623,124 → 1,799,182 | 3.93 | 536,282,179 |
| IDEXX LABS INC | Reduced | 1,465,786 → 1,019,887 | 3.93 | 536,909,312 |
| PHILIP MORRIS INTL INC | Reduced | 5,113,163 → 2,913,693 | 3.86 | 527,116,201 |
| NETFLIX INC. | New | New | 3.66 | 499,110,633 |
| GE VERNOVA INC | New | New | 3.53 | 481,498,748 |
| APPLOVIN CORP | New | New | 2.63 | 358,892,731 |
| TJX COS INC NEW | New | New | 2.52 | 344,297,688 |
| NEXTPOWER INC | New | New | 2.49 | 340,274,801 |
| VEEVA SYS INC | New | New | 1.06 | 144,954,834 |
| YUM BRANDS INC | New | New | 0.65 | 88,899,265 |
| MSCI INC | Reduced | 64,788 → 53,580 | 0.22 | 30,006,943 |
| NUTANIX INC | Reduced | 577,392 → 538,281 | 0.20 | 27,430,800 |
| MEDPACE HLDGS INC | Reduced | 62,668 → 52,372 | 0.20 | 27,735,687 |
| CLOROX CO DEL | Increased | 257,217 → 271,318 | 0.19 | 25,894,590 |
| BADGER METER INC | Increased | 142,491 → 174,627 | 0.19 | 25,911,154 |
| MANHATTAN ASSOCIATES INC | Increased | 120,888 → 172,977 | 0.18 | 24,087,047 |
| NAPCO SEC TECHNOLOGIES INC | Increased | 383,596 → 606,974 | 0.17 | 23,052,873 |
| FAIR ISAAC CORP | New | New | 0.16 | 21,449,885 |
| INTERDIGITAL INC | New | New | 0.13 | 17,079,534 |
| OREILLY AUTOMOTIVE INC | New | New | 0.11 | 14,982,214 |
| DOXIMITY INC | Reduced | 691,786 → 653,324 | 0.10 | 13,549,940 |
| VERISIGN INC | Reduced | 113,467 → 55,713 | 0.10 | 14,015,162 |
| VERTIV HOLDINGS CO | Reduced | 91,254 → 41,893 | 0.10 | 14,026,614 |
| PAYCOM SOFTWARE INC | Reduced | 219,457 → 100,763 | 0.09 | 12,663,894 |
| ZOETIS INC | Exited | 3,877,559 → 0 | — | — |
| OTIS WORLDWIDE CORP | Exited | 2,731,635 → 0 | — | — |
| CATALYST PHARMACEUTICALS INC | Exited | 844,887 → 0 | — | — |
| METTLER TOLEDO INTERNATIONAL | Exited | 568,516 → 0 | — | — |
| QUALYS INC | Exited | 226,077 → 0 | — | — |
| HOME DEPOT INC | Exited | 28,611 → 0 | — | — |
Top 15 Holdings
| Stock | Weight (%) | Shares | Value ($) |
|---|---|---|---|
| MARRIOTT INTL INC NEW | 7.02 | 2,585,757 | 958,255,687 |
| STRYKER CORPORATION | 6.72 | 2,913,833 | 917,391,182 |
| WATERS CORP | 6.25 | 2,273,632 | 852,702,945 |
| VISA INC | 5.08 | 2,019,810 | 692,976,613 |
| UBER TECHNOLOGIES INC | 4.73 | 8,943,151 | 645,337,776 |
| MASTERCARD INCORPORATED | 4.69 | 1,245,051 | 639,458,194 |
| ALPHABET INC | 4.64 | 1,773,354 | 633,743,519 |
| CHURCH & DWIGHT CO INC | 4.58 | 6,456,634 | 625,518,702 |
| PROCTER & GAMBLE CO | 4.38 | 4,078,371 | 598,052,323 |
| MICROSOFT CORP | 4.36 | 1,596,737 | 595,614,836 |
| META PLATFORMS INC | 4.34 | 1,051,876 | 592,511,232 |
| AUTOMATIC DATA PROCESSING IN | 4.27 | 2,601,567 | 582,620,930 |
| FORTINET INC | 4.09 | 3,629,938 | 557,631,076 |
| TAIWAN SEMICONDUCTOR MANUFAC | 4.02 | 1,148,449 | 548,464,789 |
| IDEXX LABS INC | 3.93 | 1,019,887 | 536,909,312 |
Top 15 Holdings · Quarterly Weight Trend
| Stock | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | Trend (shares) |
|---|---|---|---|---|---|---|---|---|---|
| MARRIOTT INTL INC NEW | 4.20 | 5.06 | 4.61 | 5.03 | 5.56 | 7.21 | 8.59 | 7.02 | Down 7 qtrs in a row |
| STRYKER CORPORATION | 7.63 | 8.19 | 8.59 | 8.04 | 8.57 | 7.57 | 7.84 | 6.72 | Down 7 qtrs in a row |
| WATERS CORP | 5.19 | 5.75 | 6.06 | 5.47 | 5.99 | 7.90 | 7.46 | 6.25 | Down 3 qtrs in a row |
| VISA INC | 6.03 | 6.23 | 6.60 | 5.95 | 6.65 | 7.24 | 7.31 | 5.08 | Down 3 qtrs in a row |
| UBER TECHNOLOGIES INC | — | — | — | — | — | — | — | 4.73 | — |
| MASTERCARD INCORPORATED | 0.13 | 0.14 | 0.12 | 0.07 | — | — | — | 4.69 | — |
| ALPHABET INC | 4.50 | 5.53 | 4.82 | 5.21 | 7.72 | 6.40 | 6.63 | 4.64 | Down 7 qtrs in a row |
| CHURCH & DWIGHT CO INC | 2.85 | 3.06 | 3.43 | 2.85 | 3.01 | 3.30 | 4.83 | 4.58 | Down 7 qtrs in a row |
| PROCTER & GAMBLE CO | 3.17 | 3.31 | 3.58 | 3.16 | 3.55 | 3.56 | 4.73 | 4.38 | Down 3 qtrs in a row |
| MICROSOFT CORP | 11.75 | 11.12 | 9.17 | 10.68 | 6.76 | 5.88 | 6.00 | 4.36 | Down 7 qtrs in a row |
| META PLATFORMS INC | 11.03 | 11.39 | 10.19 | 11.44 | 5.78 | 5.26 | 5.89 | 4.34 | Down 7 qtrs in a row |
| AUTOMATIC DATA PROCESSING IN | 6.10 | 6.26 | 6.28 | 5.84 | 6.39 | 6.28 | 6.11 | 4.27 | Down 7 qtrs in a row |
| FORTINET INC | 3.10 | 3.44 | 3.73 | 3.87 | 3.58 | 3.02 | 3.92 | 4.09 | Down 3 qtrs in a row |
| TAIWAN SEMICONDUCTOR MANUFAC | — | — | — | — | — | — | — | 4.02 | — |
| IDEXX LABS INC | 5.32 | 4.69 | 5.06 | 6.15 | 8.43 | 7.42 | 6.42 | 3.93 | Down 7 qtrs in a row |
Weights are shares of each quarter's total 13F stock holdings; "—" means not held or outside the tracked set. Earlier quarters track only the top 200 holdings by value. The trend is based on share counts, not price, and does not adjust for stock splits.
13F filings are published up to 45 days after quarter-end and do not show short positions. This page includes only stock holdings from the filing and excludes options and bonds. The data on this page is for reference and is not investment advice.
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