Terry Smith's Fundsmith Portfolio Shows Widespread Share Reductions in Q1 2026

Terry Smith's Fundsmith portfolio, as of March 31, 2026, maintained a substantial total value of $12.83 billion. Analysis of the top holdings reveals a clear trend of significant share reductions across most positions during the quarter.

The largest position, Marriott International Inc New (MAR), saw its share count decrease by 15.3% to 3,370,872 shares, resulting in an 8.59% allocation reduction. Similarly, Striker Corporation (SYK) experienced a 16.98% share decline, reducing its allocation to 7.84%. Other notable decreases include Waters Corp (WAT) (-9.72%), Visa Inc (V) (-12.18%), Alphabet Inc (GOOGL) (-15.5%), and Philip Morris International Inc (PM) (-16.51%), all showing significant reductions in both shares and portfolio weight.

Investment in IDEXX Labs Inc (IDXX) also saw a sharp cut, with a 21.87% reduction in shares, lowering its allocation to 6.42%. Automatic Data Processing Inc (ADP) (-7.73%) and Microsoft Corp (MSFT) showed the smallest relative change, with ADP experiencing a 0.01% reduction in shares and Microsoft's change being negligible (-0.01%).

For more information on Terry Smith's investment activities, visit InsiderSet. Detailed profiles for each stock, including Marriott International Inc New, Stryker Corporation, Waters Corp, Visa Inc, Alphabet Inc, Philip Morris International Inc, IDEXX Labs Inc, Automatic Data Processing Inc, and Microsoft Corp can be found at their respective company pages, pages, pages, pages, pages, pages, pages, pages, and pages on InsiderSet.