Terry Smith - Fundsmith Investment Services Investment Strategy & Portfolio Analysis
How Fundsmith Investment Services allocates capital, manages risk, and constructs its portfolio — based on SEC 13F filings.
According to the SEC 13F filed on Aug 14, 2026, Terry Smith's Fundsmith Investment Services portfolio reflects a quant / systematic investor approach across 27 reported 13F positions as of quarter-end Jun 30, 2026. Portfolio returns are distributed across holdings, with the top five positions representing approximately 32% of total exposure. The portfolio maintains structural breadth across 27 positions, with economic weighting tilted toward digital asset and data-center infrastructure names. Exposure to high-growth and technology-oriented segments is elevated relative to peers, with performance weighted across technology, healthcare, and consumer staples. The portfolio maintains moderate turnover, consistent with periodic rebalancing rather than a fully static book. Distinctive traits include Moderate Turnover, Broadly Diversified, Structurally Diversified.
Investment Style
Value, growth, quality, and behavioral classification from latest 13F holdings.
Primary type: Quant / Systematic Investor
Traits: Moderate Turnover, Broadly Diversified, Structurally Diversified
Turnover profile
Active
Holding horizon
Moderate
Portfolio Construction
Concentration and position sizing in the latest filing.
Portfolio construction is lowly concentrated: top three names represent 21.7% of assets, top five 32.3%, and the largest single position is 7.4%.
Top 3 weight
21.7%
Top 5 weight
32.3%
Top 10 weight
55.2%
Largest position
7.4%
Top holdings: Marriott International, Stryker Corporation, Waters Corporation, Church & Dwight Company, Inc., Visa Inc. — view full holdings
Sector Preferences
Where capital is allocated by sector.
Capital is tilted toward Technology and Healthcare, with 8 sectors represented in the latest filing.
Leading sectors: Technology, Healthcare, Consumer Defensive
Risk Framework
Concentration, diversification, and turnover tolerance.
This investor accepts low single-name risk (largest position 7.4%, top ten 55.2%) and high economic diversification (HHI 0.01). Turnover tolerance maps to a active profile.
Largest position
7.4%
Top 10 weight
55.2%
Max sector
32.0%
Diversification
High
Strategy Evolution
How the strategy changed between the two most recent filing periods.
Mar 31, 2026 → Jun 30, 2026
- Position count increased from 24 to 27 (+3 names).
- Top-five concentration fell from 39.6% to 32.3%.
- Dominant sector mix shifted from Healthcare, Technology to Technology, Healthcare.
- Quarter-over-quarter portfolio weight turnover: 31.9%.
For trade-level changes, see the Activity page. View activity.
Similar Investors
Peer group with comparable portfolio behavior.
Similar-investor comparisons are coming soon.