Terry Smith - Fundsmith Portfolio (Q2 2026)

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Fundsmith, Terry Smith, has built a diversified portfolio of 41 publicly traded holdings with a total market value of $13.65B, according to the SEC 13F filed on Aug 14, 2026 (holdings as of quarter-end Jun 30, 2026). This analysis examines that filing to understand the investment strategy and recent portfolio adjustments.

The portfolio demonstrates a diversified approach to stock selection, with the top holding representing 7.0% of the total portfolio value. The top 5 holdings account for 29.8% of the overall portfolio allocation.

Recent portfolio activity shows 10 significant position adjustments, indicating active portfolio management and strategic repositioning. These changes reflect the investor's response to market conditions and evolving investment thesis.

Portfolio Statistics

41
Total Holdings
$13.6B
Portfolio Value
Jun 30, 2026
Latest Filing
7.0%
Largest Position

Top Holdings Analysis

The portfolio's top holdings reveal the investor's core investment thesis and sector preferences. The largest position in MARRIOTT INTL INC NEW (MAR) represents 7.0% of the total portfolio, valued at $958.3M.

Rank Symbol Company Value Portfolio % Change
1 MAR MARRIOTT INTL INC NEW $958.3M 7.0% -23.3%
2 SYK STRYKER CORPORATION $917.4M 6.7% -4.8%
3 WAT WATERS CORP $852.7M 6.2% -29.2%
4 V VISA INC $693.0M 5.1% -34.9%
5 UBER UBER TECHNOLOGIES INC $645.3M 4.7% +100.0%

For a complete analysis of all holdings and detailed portfolio breakdown by sector and market cap, visit our comprehensive holdings page.

Recent Portfolio Activity

Recent portfolio adjustments provide insights into the investor's evolving strategy and market outlook. The following table shows the top 10 most significant position changes from recent reporting periods (out of 169 total transactions), sorted by the magnitude of change.

For a complete history of all portfolio transactions and detailed activity analysis, visit our comprehensive activity page.

Symbol Company Quantity Change Date Action
UBER Uber Technologies, Inc. +8,943,151 Jun 30, 2026 BUY
NFLX Netflix, Inc. +6,990,345 Jun 30, 2026 BUY
ZTS Zoetis Inc. -3,877,559 Jun 30, 2026 SELL
NXT Nextracker Inc. +2,856,092 Jun 30, 2026 BUY
OTIS Otis Worldwide Corporation -2,731,635 Jun 30, 2026 SELL
FTNT Fortinet, Inc. -2,526,737 Jun 30, 2026 SELL
TJX TJX Companies, Inc. (The) +2,272,592 Jun 30, 2026 BUY
PM Philip Morris International Inc -2,199,470 Jun 30, 2026 SELL
ADP Automatic Data Processing, Inc. -1,253,538 Jun 30, 2026 SELL
MA Mastercard Incorporated +1,245,051 Jun 30, 2026 BUY

Investment Strategy Insights

Fundsmith's investment approach can be analyzed through several key metrics. The portfolio's concentration in top holdings suggests a diversified investment strategy, with significant positions in companies that align with the investor's long-term thesis.

The largest position in MARRIOTT INTL INC NEW (MAR) demonstrates strong conviction in this particular investment opportunity. Recent activity shows a decrease of 23.3% in this position, indicating active portfolio management and strategic positioning.

Portfolio turnover can be assessed through recent activity patterns. The 10 most significant transactions shown here (out of 169 total transactions) suggest a highly active approach to portfolio management, with frequent strategic adjustments and position changes.

Additional Analysis

Complete Holdings

View all 41 holdings with detailed analysis

Trading Activity

Track all portfolio transactions and position changes

Performance Metrics

Analyze profit, winning trades, and investment returns

Sector Allocation

Analyze portfolio breakdown by sector and industry

Fundsmith's portfolio as of Jun 30, 2026 reflects a strategic approach to equity investing with 41 holdings valued at $13.6B. The concentrated position in MARRIOTT INTL INC NEW and other top holdings demonstrates the investor's confidence in specific investment themes and long-term value creation opportunities. Recent activity indicates ongoing portfolio optimization and strategic repositioning.

For the most current portfolio data and detailed analysis, refer to the latest SEC 13F filings and our comprehensive holdings and activity pages, which are updated regularly with the latest filing information.

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