Terry Smith's Fundsmith Portfolio Shows Widespread Share Reductions in Q1 2026
Terry Smith's Fundsmith portfolio experienced significant reductions in most top holdings during the quarter, with only minimal changes to Microsoft Corp (MSFT) positions.
As of March 31, 2026, Terry Smith's Fundsmith portfolio maintained a substantial total value of $12.83 billion, reflecting the performance of this prominent investment strategy.
Analysis of the top holdings reveals a clear trend of significant reductions across most positions during the most recent quarter:
MARRIOTT INTL INC NEW (MAR) saw its share count decrease by 15.3% to 3,370,872 shares, resulting in an 8.59% allocation reduction. STRYKER CORPORATION (SYK) experienced a 16.98% share decline to 3,061,416 shares, lowering its portfolio weight to 7.84%. WATERS CORP (WAT) shares fell by 9.72% to 3,212,075 shares, reducing its allocation to 7.46%.
VISA INC (V) shares decreased by 12.18% to 3,104,090 shares, lowering its portfolio weight to 7.31%. ALPHABET INC (GOOGL) saw a 15.5% reduction in shares to 2,956,198, decreasing its allocation to 6.63%. PHILIP MORRIS INTL INC (PM) experienced a 16.51% share decline to 5,113,163 shares, reducing its portfolio percentage to 6.59%.
IDEXX LABS INC (IDXX) shares dropped by 21.87% to 1,465,786 shares, lowering its allocation to 6.42%. AUTOMATIC DATA PROCESSING IN (ADP) saw a 7.73% reduction in shares to 3,855,105, decreasing its portfolio weight to 6.11%. MICROSOFT CORP (MSFT) experienced a negligible change of just 0.01% in shares (-234 shares), maintaining its 6.0% allocation.
For more information on Terry Smith's investment approach, visit https://www.insiderset.com/investor/terry-smith-fundsmith. Detailed analysis of individual holdings like MARRIOTT INTL INC NEW (MAR) can be found at https://www.insiderset.com/investors/stocks/MAR and for STRYKER CORPORATION (SYK) at https://www.insiderset.com/investors/stocks/SYK.