Terry Smith of Fundsmith Reduces Holdings Across Top Stocks in Q1 2026

As of March 31, 2026, Terry Smith, managing the Fundsmith portfolio, has made notable adjustments to its top holdings during the first quarter of 2026. The disclosed activity primarily involves reductions in existing positions, with no new positions or fully exited positions identified among the top holdings.

The most significant change observed is the reduction in shares held for Marriott International Inc New (MAR). The position saw a decrease of 609,055 shares, representing a 15.3% change from the previous quarter. Similarly, Stylus Corporation (SYK) experienced a 16.98% reduction in shares, while Waters Corporation (WAT) and Visa Inc (V) each saw reductions of 9.72% and 12.18%, respectively. These changes were substantial across several holdings.

Further reductions were noted in Alphabet Inc (GOOGL), Philip Morris International Inc (PM), IDEXX Labs Inc (IDXX), Automatic Data Processing Inc (ADP), and Meta Platforms Inc (META). The reductions ranged from 15.5% to 21.87% in terms of share count, reflecting a consistent selling pressure on these previously large positions.

Microsoft Corporation (MSFT) was the only stock among the top holdings to show a negligible change, with a decrease of just 0.01% in shares during the quarter.

For a detailed view of Terry Smith's investment activities, including this quarter's changes, please visit the investor profile on Insiderset: Terry Smith @ Fundsmith. You can also explore the specific stock movements by visiting the profiles for each company: MAR, SYK, WAT, V, GOOGL, PM, IDXX, ADP, MSFT, META.