Terry Smith - Fundsmith Investment Strategy & Portfolio Analysis
How Fundsmith 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 portfolio reflects a quant / systematic investor approach across 41 reported 13F positions as of quarter-end Jun 30, 2026. Portfolio returns are distributed across holdings, with the top five positions representing approximately 30% of total exposure. The portfolio maintains structural breadth across 41 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 20.0% of assets, top five 29.8%, and the largest single position is 7.0%.
Top 3 weight
20.0%
Top 5 weight
29.8%
Top 10 weight
52.5%
Largest position
7.0%
Top holdings: Marriott International, Stryker Corporation, Waters Corporation, Visa Inc., Uber Technologies, 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 7.0%, top ten 52.5%) and high economic diversification (HHI 0.02). Turnover tolerance maps to a active profile.
Largest position
7.0%
Top 10 weight
52.5%
Max sector
31.7%
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 34 to 41 (+7 names).
- Top-five concentration fell from 37.8% to 29.8%.
- Dominant sector mix shifted from Healthcare, Technology to Technology, Healthcare.
- Quarter-over-quarter portfolio weight turnover: 30.7%.
For trade-level changes, see the Activity page. View activity.
Similar Investors
Peer group with comparable portfolio behavior.
Similar-investor comparisons are coming soon.