Funds › Fundsmith (Terry Smith) › Q1 2026Fundsmith (Terry Smith) 13F holdings, Q1 2026 Fundsmith (Terry Smith) disclosed 34 US equity positions worth $12.8bn in its Q1 2026 13F filing. Its largest position is MAR at 8.6% of the reported book, followed by SYK and WAT. Versus Q4 2025 it opened 1 new position, added to 0, reduced 31 and exited 4.
$12.8bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
34 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
8.6% Largest position The largest single position as a share of the reported equity book.
68.8% Top 10 weight The ten largest positions together, as a share of the reported equity book.
17 Effective positions 1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
55 Quarters on file since Q4 2012 Quarters for which this manager's 13F holdings are on record. Holdings Against Q4 2025: 1 new , 0 added , 31 reduced , 4 exited
34 rows
Stock Sector Weight Value Shares Δ shares Action MAR MARRIOTT INTL INC NEW Consumer Cyclical 8.6% $1.1bn 3.37m −15% reduced SYK STRYKER CORPORATION Healthcare 7.8% $1.0bn 3.06m −17% reduced WAT WATERS CORP Healthcare 7.5% $957m 3.21m −9.7% reduced V VISA INC Financial Services 7.3% $938m 3.10m −12% reduced GOOGL ALPHABET INC Communication Services 6.6% $850m 2.96m −16% reduced PM PHILIP MORRIS INTL INC Consumer Defensive 6.6% $845m 5.11m −17% reduced IDXX IDEXX LABS INC Healthcare 6.4% $824m 1.47m −22% reduced ADP AUTOMATIC DATA PROCESSING IN Technology 6.1% $783m 3.86m −7.7% reduced MSFT MICROSOFT CORP Technology 6.0% $770m 2.08m 0.0% held META META PLATFORMS INC Communication Services 5.9% $756m 1.32m −3.1% reduced MTD METTLER TOLEDO INTERNATIONAL Healthcare 5.6% $717m 568,516 −2.1% reduced CHD CHURCH & DWIGHT CO INC Consumer Defensive 4.8% $620m 6.64m −1.3% reduced PG PROCTER & GAMBLE CO Consumer Defensive 4.7% $607m 4.20m −1.1% reduced TXN TEXAS INSTRS INC Technology 4.0% $509m 2.62m 0.0% held FTNT FORTINET INC Technology 3.9% $503m 6.16m −5.5% reduced ZTS ZOETIS INC Healthcare 3.6% $458m 3.88m −0.6% reduced OTIS OTIS WORLDWIDE CORP Industrials 1.6% $211m 2.73m −12% reduced MSCI MSCI INC Financial Services 0.3% $34.9m 64,788 −61% reduced ROL ROLLINS INC Consumer Cyclical 0.3% $33.1m 619,935 −58% reduced MEDP MEDPACE HLDGS INC Healthcare 0.2% $30.1m 62,668 −24% reduced VRSN VERISIGN INC Technology 0.2% $28.2m 113,467 −58% reduced PAYC PAYCOM SOFTWARE INC Technology 0.2% $26.7m 219,457 −58% reduced CLX CLOROX CO DEL Consumer Defensive 0.2% $26.7m 257,217 −58% reduced VRT VERTIV HOLDINGS CO Industrials 0.2% $22.9m 91,254 −78% reduced NTNX NUTANIX INC Technology 0.2% $21.9m 577,392 −58% reduced BMI BADGER METER INC Technology 0.2% $21.7m 142,491 – new CPRXEUR CATALYST PHARMACEUTICALS INC – 0.2% $20.9m 844,887 −75% reduced QLYS QUALYS INC Technology 0.2% $19.9m 226,077 −65% reduced DOCS DOXIMITY INC Healthcare 0.1% $16.1m 691,786 −58% reduced MANH MANHATTAN ASSOCIATES INC Technology 0.1% $16.1m 120,888 −58% reduced NSSC NAPCO SEC TECHNOLOGIES INC Industrials 0.1% $15.1m 383,596 −78% reduced ADMA ADMA BIOLOGICS INC Healthcare 0.1% $14.9m 1.65m −22% reduced SABR SABRE CORP Technology 0.1% $13.1m 9.01m −58% reduced HD HOME DEPOT INC Consumer Cyclical 0.07% $9.4m 28,611 −64% reduced
Exited since Q4 2025 4 rows
Stock Prior weight Prior value INTU INTUIT 2.4% $414m NKE NIKE INC 2.1% $368m ODD ODDITY TECH LTD 0.5% $83.3m GGG GRACO INC 0.3% $47.5m
Sector mix Healthcare 31.4% Technology 21.1% Consumer Defensive 16.4% Communication Services 12.5% Consumer Cyclical 8.9% Financial Services 7.6% Industrials 1.9% Unclassified 0.2% Book over time Every quarter on file (55) Where Fundsmith (Terry Smith) was early Concentration and tenure
9.9% Median largest position, all quarters The largest single position as a share of the reported equity book.
68.8% Median top 10 weight, all quarters The ten largest positions together, as a share of the reported equity book.
Concentrated Style, by median largest position
9 Median completed holding, quarters