# Terry Smith — Fundsmith

Portfolio USD 13,648,927,000 · 41 positions · 2026 Q2 · history from 2018 Q2.
Source: quarterly 13F filings via dataroma.com. Page: https://gigainvestors.com/FS

## Positions (2026 Q2)

| Ticker | Company | % of portfolio | Value | This quarter | Holders |
|---|---|---:|---:|---|---:|
| MAR | Marriott Int'l. | 7.0% | USD 958,256,000 | -23.29% |  |
| SYK | Stryker Corp. | 6.7% | USD 917,391,000 | -4.82% |  |
| WAT | Waters Corp. | 6.3% | USD 852,703,000 | -29.22% |  |
| V | Visa Inc. | 5.1% | USD 692,977,000 | -34.93% |  |
| UBER | Uber Technologies Inc. | 4.7% | USD 645,338,000 | new |  |
| MA | Mastercard Inc. | 4.7% | USD 639,458,000 | new |  |
| GOOGL | Alphabet Inc. | 4.6% | USD 633,744,000 | -40.01% |  |
| CHD | Church & Dwight | 4.6% | USD 625,519,000 | -2.78% |  |
| PG | Procter & Gamble | 4.4% | USD 598,052,000 | -2.89% |  |
| MSFT | Microsoft Corp. | 4.4% | USD 595,615,000 | -23.22% |  |
| META | Meta Platforms Inc. | 4.3% | USD 592,511,000 | -20.4% |  |
| ADP | Automatic Data Processing Inc. | 4.3% | USD 582,621,000 | -32.52% |  |
| FTNT | Fortinet Inc. | 4.1% | USD 557,631,000 | -41.04% |  |
| TSM | Taiwan Semiconductor S.A. | 4.0% | USD 548,465,000 | new |  |
| IDXX | IDEXX Laboratories | 3.9% | USD 536,909,000 | -30.42% |  |
| TXN | Texas Instruments | 3.9% | USD 536,282,000 | -31.41% |  |
| PM | Philip Morris Intl. | 3.9% | USD 527,116,000 | -43.02% |  |
| NFLX | Netflix Inc. | 3.7% | USD 499,111,000 | new |  |
| GEV | Ge Vernova Inc | 3.5% | USD 481,499,000 | new |  |
| APP | Applovin Corp. | 2.6% | USD 358,893,000 | new |  |
| TJX | TJX Companies Inc. | 2.5% | USD 344,298,000 | new |  |
| NXT | Nextracker Inc Cl A | 2.5% | USD 340,275,000 | new |  |
| VEEV | Veeva Systems Inc. | 1.1% | USD 144,955,000 | new |  |
| YUM | Yum! Brands Inc. | 0.7% | USD 88,899,000 | new |  |
| MSCI | MSCI Inc. | 0.2% | USD 30,007,000 | -17.3% |  |
| MEDP | Medpace Holdings Inc. | 0.2% | USD 27,736,000 | -16.43% |  |
| NTNX | Nutanix Inc. | 0.2% | USD 27,431,000 | -6.77% |  |
| BMI | Badger Meter Inc. | 0.2% | USD 25,911,000 | +22.55% |  |
| CLX | Clorox Co. | 0.2% | USD 25,895,000 | +5.48% |  |
| ROL | Rollins Inc. | 0.2% | USD 25,876,000 | hold |  |
| MANH | Manhattan Associates | 0.2% | USD 24,087,000 | +43.09% |  |
| NSSC | Napco Security Technologies Inc. | 0.2% | USD 23,053,000 | +58.23% |  |
| FICO | Fair Isaac Corp. | 0.2% | USD 21,450,000 | new |  |
| SABR | Sabre Corp. | 0.1% | USD 18,839,000 | hold |  |
| IDCC | InterDigital Inc. | 0.1% | USD 17,080,000 | new |  |
| ORLY | O'Reilly Automotive | 0.1% | USD 14,982,000 | new |  |
| VRT | Vertiv Holdings Co. | 0.1% | USD 14,027,000 | -54.09% |  |
| VRSN | Verisign Inc. | 0.1% | USD 14,015,000 | -50.9% |  |
| ADMA | ADMA Biologics Inc. | 0.1% | USD 13,806,000 | hold |  |
| DOCS | Doximity Inc. | 0.1% | USD 13,550,000 | -5.56% |  |
| PAYC | Paycom Software Inc. | 0.1% | USD 12,664,000 | -54.09% |  |

## Moves this quarter (44)

- MAR Marriott Int'l.: -23.29% (USD 958,256,000)
- SYK Stryker Corp.: -4.82% (USD 917,391,000)
- WAT Waters Corp.: -29.22% (USD 852,703,000)
- MTD Mettler-Toledo International Inc.: sold (USD 717,012,379)
- V Visa Inc.: -34.93% (USD 692,977,000)
- UBER Uber Technologies Inc.: new (USD 645,338,000)
- MA Mastercard Inc.: new (USD 639,458,000)
- GOOGL Alphabet Inc.: -40.01% (USD 633,744,000)
- CHD Church & Dwight: -2.78% (USD 625,519,000)
- PG Procter & Gamble: -2.89% (USD 598,052,000)
- MSFT Microsoft Corp.: -23.22% (USD 595,615,000)
- META Meta Platforms Inc.: -20.4% (USD 592,511,000)
- ADP Automatic Data Processing Inc.: -32.52% (USD 582,621,000)
- FTNT Fortinet Inc.: -41.04% (USD 557,631,000)
- TSM Taiwan Semiconductor S.A.: new (USD 548,465,000)
- IDXX IDEXX Laboratories: -30.42% (USD 536,909,000)
- TXN Texas Instruments: -31.41% (USD 536,282,000)
- PM Philip Morris Intl.: -43.02% (USD 527,116,000)
- NFLX Netflix Inc.: new (USD 499,111,000)
- GEV Ge Vernova Inc: new (USD 481,499,000)
- ZTS Zoetis Inc.: sold (USD 458,366,249)
- APP Applovin Corp.: new (USD 358,893,000)
- TJX TJX Companies Inc.: new (USD 344,298,000)
- NXT Nextracker Inc Cl A: new (USD 340,275,000)
- OTIS Otis Worldwide Corp.: sold (USD 210,554,426)
- VEEV Veeva Systems Inc.: new (USD 144,955,000)
- YUM Yum! Brands Inc.: new (USD 88,899,000)
- MSCI MSCI Inc.: -17.3% (USD 30,007,000)
- MEDP Medpace Holdings Inc.: -16.43% (USD 27,736,000)
- NTNX Nutanix Inc.: -6.77% (USD 27,431,000)
- BMI Badger Meter Inc.: +22.55% (USD 25,911,000)
- CLX Clorox Co.: +5.48% (USD 25,895,000)
- MANH Manhattan Associates: +43.09% (USD 24,087,000)
- NSSC Napco Security Technologies Inc.: +58.23% (USD 23,053,000)
- FICO Fair Isaac Corp.: new (USD 21,450,000)
- CPRX-OLD Catalyst Pharmaceuticals Inc.: sold (USD 20,919,402)
- QLYS Qualys Inc.: sold (USD 19,860,864)
- IDCC InterDigital Inc.: new (USD 17,080,000)
- ORLY O'Reilly Automotive: new (USD 14,982,000)
- VRT Vertiv Holdings Co.: -54.09% (USD 14,027,000)
- VRSN Verisign Inc.: -50.9% (USD 14,015,000)
- DOCS Doximity Inc.: -5.56% (USD 13,550,000)
- PAYC Paycom Software Inc.: -54.09% (USD 12,664,000)
- HD Home Depot: sold (USD 9,409,872)

## Portfolio value by quarter

- 2018 Q2: USD 13,436,546,676 (17 positions)
- 2018 Q3: USD 14,910,989,989 (17 positions)
- 2018 Q4: USD 15,749,450,518 (32 positions)
- 2019 Q1: USD 17,595,897,165 (31 positions)
- 2019 Q2: USD 19,185,597,986 (31 positions)
- 2019 Q3: USD 19,559,679,857 (31 positions)
- 2019 Q4: USD 21,166,416,817 (31 positions)
- 2020 Q1: USD 17,767,185,533 (34 positions)
- 2020 Q2: USD 22,917,301,887 (34 positions)
- 2020 Q3: USD 25,598,730,312 (36 positions)
- 2020 Q4: USD 30,169,238,639 (39 positions)
- 2021 Q1: USD 31,445,063,482 (42 positions)
- 2021 Q2: USD 36,078,382,947 (43 positions)
- 2021 Q3: USD 36,166,730,367 (43 positions)
- 2021 Q4: USD 40,978,650,212 (44 positions)
- 2022 Q1: USD 29,112,911,976 (44 positions)
- 2022 Q2: USD 23,451,019,991 (43 positions)
- 2022 Q3: USD 21,064,761,880 (46 positions)
- 2022 Q4: USD 21,893,437,229 (38 positions)
- 2023 Q1: USD 23,181,302,002 (40 positions)
- 2023 Q2: USD 23,838,013,810 (39 positions)
- 2023 Q3: USD 22,013,238,292 (39 positions)
- 2023 Q4: USD 23,888,150,521 (40 positions)
- 2024 Q1: USD 25,542,743,581 (40 positions)
- 2024 Q2: USD 24,537,013,100 (40 positions)
- 2024 Q3: USD 25,278,411,425 (40 positions)
- 2024 Q4: USD 23,453,487,170 (38 positions)
- 2025 Q1: USD 21,972,429,847 (38 positions)
- 2025 Q2: USD 23,021,132,096 (39 positions)
- 2025 Q3: USD 19,795,225,546 (35 positions)
- 2025 Q4: USD 17,112,668,384 (37 positions)
- 2026 Q1: USD 12,829,049,871 (34 positions)
- 2026 Q2: USD 13,648,927,000 (41 positions)