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Terry Smith Portfolio

Terry Smith founded Fundsmith.

Fundsmith LLP Holdings · Q1 2026

Disclosed value
$12.8B
Holdings
34
Top sector
Healthcare
Filed
May 15, 2026
Performance
YTD
+2.6%
−6.4% vs S&P 500
1Y
+3.9%
−12.7% vs S&P 500
3Y
+35.7%
−28.5% vs S&P 500
Terry Smith's latest portfolio (Q1 2026) holds 34 stocks worth $12.8B. Top holdings: Marriott International, Inc. (MAR), Stryker Corporation (SYK), Waters Corporation (WAT).Biggest last-quarter moves:

Fundsmith LLP Holdings · 34

Q1 2026 · Showing 15 positions from the selected holding view.
Stock % Avg. buy price Estimated gain Quarter-end price Last transaction
MTravel LodgingMarriott International, Inc. (MAR) 8.6%
Avg. buy price $197.44 Estimated gain+65.7%Quarter-end price $327.07 Last transaction Reduced· Q1 2026Sold 15.3% of shares
M 8.6% $197.44 +65.7% $327.07 Reduced· Q1 2026Sold 15.3% of shares
SMedical - DevicesStryker Corporation (SYK) 7.8%
Avg. buy price $240.55 Estimated gain+36.6%Quarter-end price $328.59 Last transaction Reduced· Q1 2026Sold 17.0% of shares
S 7.8% $240.55 +36.6% $328.59 Reduced· Q1 2026Sold 17.0% of shares
WMedical - Diagnostics & ResearchWaters Corporation (WAT) 7.5%
Avg. buy price $278.40 Estimated gain+7.0%Quarter-end price $297.80 Last transaction Reduced· Q1 2026Sold 9.7% of shares
W 7.5% $278.40 +7.0% $297.80 Reduced· Q1 2026Sold 9.7% of shares
VFinancial - Credit ServicesVisa Inc. (V) 7.3%
Avg. buy price $211.44 Estimated gain+42.9%Quarter-end price $302.24 Last transaction Reduced· Q1 2026Sold 12.2% of shares
V 7.3% $211.44 +42.9% $302.24 Reduced· Q1 2026Sold 12.2% of shares
GInternet Content & InformationAlphabet Inc. (GOOGL) 6.6%
Avg. buy price $112.56 Estimated gain+150.0%Quarter-end price $281.41 Last transaction Reduced· Q1 2026Sold 15.5% of shares
G 6.6% $112.56 +150.0% $281.41 Reduced· Q1 2026Sold 15.5% of shares
P 6.6% $85.39 +93.6% $165.34 Reduced· Q1 2026Sold 16.5% of shares
IMedical - Diagnostics & ResearchIDEXX Laboratories, Inc. (IDXX) 6.4%
Avg. buy price $501.12 Estimated gain+12.1%Quarter-end price $561.89 Last transaction Reduced· Q1 2026Sold 21.9% of shares
I 6.4% $501.12 +12.1% $561.89 Reduced· Q1 2026Sold 21.9% of shares
AStaffing & Employment ServicesAutomatic Data Processing, Inc. (ADP) 6.1%
Avg. buy price $176.68 Estimated gain+16.1%Quarter-end price $205.13 Last transaction Reduced· Q1 2026Sold 7.7% of shares
A 6.1% $176.68 +16.1% $205.13 Reduced· Q1 2026Sold 7.7% of shares
MSoftware - InfrastructureMicrosoft Corporation (MSFT) 6.0%
Avg. buy price $238.89 Estimated gain+55.0%Quarter-end price $370.17 Last transaction Reduced· Q1 2026Sold 0.0% of shares
M 6.0% $238.89 +55.0% $370.17 Reduced· Q1 2026Sold 0.0% of shares
MInternet Content & InformationMeta Platforms, Inc. (META) 5.9%
Avg. buy price $119.17 Estimated gain+367.7%Quarter-end price $557.37 Last transaction Reduced· Q1 2026Sold 3.1% of shares
M 5.9% $119.17 +367.7% $557.37 Reduced· Q1 2026Sold 3.1% of shares
MMedical - Diagnostics & ResearchMettler-Toledo International Inc. (MTD) 5.6%
Avg. buy price $1,382.21 Estimated gain−8.8%Quarter-end price $1,261.20 Last transaction Reduced· Q1 2026Sold 2.1% of shares
M 5.6% $1,382.21 −8.8% $1,261.20 Reduced· Q1 2026Sold 2.1% of shares
CHousehold & Personal ProductsChurch & Dwight Co., Inc. (CHD) 4.8%
Avg. buy price $85.75 Estimated gain+8.8%Quarter-end price $93.32 Last transaction Reduced· Q1 2026Sold 1.3% of shares
C 4.8% $85.75 +8.8% $93.32 Reduced· Q1 2026Sold 1.3% of shares
PHousehold & Personal ProductsThe Procter & Gamble Company (PG) 4.7%
Avg. buy price $147.56 Estimated gain−2.1%Quarter-end price $144.44 Last transaction Reduced· Q1 2026Sold 1.1% of shares
P 4.7% $147.56 −2.1% $144.44 Reduced· Q1 2026Sold 1.1% of shares
TSemiconductorsTexas Instruments Incorporated (TXN) 4.0%
Avg. buy price $179.27 Estimated gain+8.3%Quarter-end price $194.14 Last transaction Reduced· Q1 2026Sold 0.0% of shares
T 4.0% $179.27 +8.3% $194.14 Reduced· Q1 2026Sold 0.0% of shares
FSoftware - InfrastructureFortinet, Inc. (FTNT) 3.9%
Avg. buy price $62.85 Estimated gain+27.8%Quarter-end price $80.30 Last transaction Reduced· Q1 2026Sold 5.5% of shares
F 3.9% $62.85 +27.8% $80.30 Reduced· Q1 2026Sold 5.5% of shares
Data through Q1 2026 · filed May 15, 2026
15 of 34
Show all 34 holdings

Biggest position changes

In Q1 2026: 1 new, 0 added, 33 reduced, 3 exited.
Q1 2026Q4 2025Q3 2025Q2 2025
Largest disclosed changes in Q1 2026, ranked by estimated dollar change using the quarter's average market price.
Reduced or exitedBought or added
N NIKE, Inc. (NKE) Exited−$350M I Intuit Inc. (INTU) Exited−$298M I IDEXX Laboratories, Inc. (IDXX) −$263M S Stryker Corporation (SYK) −$225M M Marriott International, Inc. (MAR) −$200M P Philip Morris International Inc. (PM) −$176M G Alphabet Inc. (GOOGL) −$170M V Visa Inc. (V) −$138M B Badger Meter, Inc. (BMI) New+$22M
Other share changes without a dollar estimate, ranked by size.
Reduced or exitedBought or added
S Sabre Corporation (SABR) −12.5M M Medpace Holdings, Inc. (MEDP) −20K

New this quarter

B Badger Meter, Inc. (BMI) New· Q1 2026

Portfolio composition

Largest holdings in Q1 2026, sized by their share of the disclosed portfolio. This shows what is owned, not what changed.

Marriott International, Inc. (MAR): 8.6%Stryker Corporation (SYK): 7.8%Waters Corporation (WAT): 7.5%Visa Inc. (V): 7.3%Alphabet Inc. (GOOGL): 6.6%Other holdings: 62.2%
M Marriott International, Inc. (MAR) 8.6%
S Stryker Corporation (SYK) 7.8%
W Waters Corporation (WAT) 7.5%
V Visa Inc. (V) 7.3%
G Alphabet Inc. (GOOGL) 6.6%
Other holdings 62.2%
Show more

Portfolio over time

Each band is a top holding's share of the disclosed portfolio, quarter by quarter; the rest is grouped as other.
3Y5YAll
0%50%100%202120222023202420252026
Marriott International, Inc. (MAR)Stryker Corporation (SYK)Waters Corporation (WAT)Visa Inc. (V)Alphabet Inc. (GOOGL)Philip Morris International Inc. (PM)IDEXX Laboratories, Inc. (IDXX)Automatic Data Processing, Inc. (ADP)Other holdings

Investors with similar portfolios

Jeremy GranthamGrantham, Mayo, Van Otterloo & Co. LLCAlso holds Microsoft Corporation (MSFT) and Alphabet Inc. (GOOGL)InvescoInvesco Ltd.Also holds Alphabet Inc. (GOOGL) and Marriott International, Inc. (MAR)Tiger Global ManagementTiger Global Management LLCAlso holds Alphabet Inc. (GOOGL) and Meta Platforms, Inc. (META)Li LuHimalaya Capital Management LLCAlso holds Alphabet Inc. (GOOGL) and MSCI Inc. (MSCI)Ken FisherFisher Asset Management, LLCAlso holds Microsoft Corporation (MSFT) and Marriott International, Inc. (MAR)Bill AckmanPershing Square Capital Management, L.P.Also holds Microsoft Corporation (MSFT) and Meta Platforms, Inc. (META)

About Terry Smith and Fundsmith LLP

Terry Smith founded Fundsmith. This page shows Fundsmith's quarterly Form 13F report of certain United States listed long positions, not Smith's personal account or the fund's complete portfolio. Cash, short positions, private assets, many derivatives, and some foreign holdings may be absent.

SEC filing history for Fundsmith LLP

Terry Smith FAQ

Profile refreshed July 20, 2026

What stocks does Terry Smith own?

As of the Q1 2026 filing, Terry Smith's largest disclosed holdings are Marriott International, Inc. (MAR), Stryker Corporation (SYK), Waters Corporation (WAT). The table shows 15 of 34 positions by default, with an exact-count control for the remaining rows. Disclosed shares and values remain visible even when a separate market-price estimate is unavailable.

What did Terry Smith buy last quarter?

The biggest disclosed buys in Q1 2026 were Badger Meter, Inc. (BMI), based on the Fundsmith LLP 13F filing. New positions are marked "new" in the table above.

What did Terry Smith sell last quarter?

The biggest reductions in Q1 2026 were IDEXX Laboratories, Inc. (IDXX), Stryker Corporation (SYK), Marriott International, Inc. (MAR). The filing comparison contains 3 full exits, summarized in the activity view above.

How big is Terry Smith's portfolio?

The latest 13F discloses $12.8B across 34 positions in Q1 2026. 13F filings cover US-listed long positions only; cash and short positions are not disclosed.

How up to date is this?

Funds file 13Fs up to 45 days after each quarter ends, so this portfolio reflects Q1 2026, the latest disclosed quarter. The filing date is shown with every table.

Where does the Fundsmith LLP portfolio data come from?

Non-rejected, non-superseded SEC Form 13F filings for Fundsmith LLP provide the Q1 2026 holdings, disclosed values, and filing date shown here. WhoBought prefers filings whose value units validate and labels a sparse filing when validation is unavailable. Industry labels come from the local company classification record.

How is performance calculated?

Performance uses daily closing prices for holdings with available market-price history. It covers the priced share of disclosed value (95%); holdings without sufficient price history are excluded from the calculation.

Who is Terry Smith?

Terry Smith is an English fund manager and author who founded Fundsmith in 2010 and remains its chief executive.

Why is Terry Smith sometimes called the English Warren Buffett?

The comparison comes from his preference for owning a relatively small group of established companies and holding them for long periods.

How does Fundsmith describe its investment process?

Its three-part idea is straightforward: buy good companies, avoid overpaying, and then do nothing. The emphasis is on durable businesses and patience rather than frequent trading.

Why did Smith write Accounting for Growth?

He had examined prominent companies that failed despite reporting healthy profits. His work focused on weak cash flow and accounting techniques that made those businesses look healthier than they were.

What did Terry Smith do before Fundsmith?

He worked as a bank analyst, later led Collins Stewart, and served as chief executive of Tullett Prebon before leaving to concentrate on Fundsmith.

What did Terry Smith study?

He studied history at University College Cardiff and graduated with first-class honours. He later earned an MBA from Henley Management College in 1979.

Why did Terry Smith receive a New Zealand honour?

He led a campaign to commemorate Battle of Britain commander Sir Keith Park. He became a Member of the New Zealand Order of Merit in 2012 for services to New Zealand and United Kingdom relations.

Does this page show Terry Smith's personal wealth?

No. It tracks Fundsmith's 13F filing, not Smith's personal assets. It also does not cover every Fundsmith investment worldwide.

Can these filings show Fundsmith's full performance or let me copy its strategy?

No. They show delayed quarter-end positions, not fund returns or the complete portfolio. They are most useful for seeing whether the disclosed holdings and turnover resemble Smith's stated long-term approach.