Fundsmith
Terry SmithLONDON, X0files as Fundsmith LLP
$13.6bn in 41 US stocks at the end of 30 June 2026. The top 10 are 52.5% of the money. It changed about 30.7% of the portfolio this quarter.
Value
$13.6bn
Stocks
41
Top 10 share
52.5%
Turnover
30.7%
What changed this quarter
New
Bought for the first time this quarter.
- Uber TechnologiesUBER4.7% of the fund
- MastercardMA4.7% of the fund
- Taiwan Semiconductor ManufacturingTSM4.0% of the fund
- NetflixNFLX3.7% of the fund
- GE VernovaGEV3.5% of the fund
- AppLovinAPP2.6% of the fund
- TJX CompaniesTJX2.5% of the fund
- NextpowerNXT2.5% of the fund
- Veeva SystemsVEEV1.1% of the fund
- YUM BrandsYUM0.7% of the fund
- Fair IsaacFICO0.2% of the fund
- InterDigitalIDCC0.1% of the fund
- O'Reilly AutomotiveORLY0.1% of the fund
Added
Bought more of a stock they already held.
- Badger MeterBMI0.2% of the fund+23%
- CloroxCLX0.2% of the fund+5%
- Manhattan AssociatesMANH0.2% of the fund+43%
- Napco Security TechnologiesNSSC0.2% of the fund+58%
Cut
Sold some of their stake.
- Marriott InternationalMAR7.0% of the fund-23%
- StrykerSYK6.7% of the fund-5%
- WatersWAT6.2% of the fund-29%
- VisaV5.1% of the fund-35%
- AlphabetGOOGL4.6% of the fund-40%
- Church & DwightCHD4.6% of the fund-3%
- Procter & GamblePG4.4% of the fund-3%
- MicrosoftMSFT4.4% of the fund-23%
- Meta PlatformsMETA4.3% of the fund-20%
- Automatic Data ProcessingADP4.3% of the fund-33%
- FortinetFTNT4.1% of the fund-41%
- Idexx LaboratoriesIDXX3.9% of the fund-30%
- Texas InstrumentsTXN3.9% of the fund-31%
- Philip Morris InternationalPM3.9% of the fund-43%
- MsciMSCI0.2% of the fund-17%
- Medpace HoldingsMEDP0.2% of the fund-16%
- NutanixNTNX0.2% of the fund-7%
- Vertiv HoldingsVRT0.1% of the fund-54%
- VerisignVRSN0.1% of the fund-51%
- DoximityDOCS<0.1% of the fund-6%
- Paycom SoftwarePAYC<0.1% of the fund-54%
Sold out
Sold their entire stake.
- Mettler Toledo InternationalMTD-100%
- ZoetisZTS-100%
- Otis WorldwideOTIS-100%
- Catalyst Pharmaceuticals-100%
- QualysQLYS-100%
- Home DepotHD-100%
Holdings
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Marriott InternationalMAR | 7.0% | $958m | 2,585,757 | -23% |
| StrykerSYK | 6.7% | $917m | 2,913,833 | -5% |
| WatersWAT | 6.2% | $853m | 2,273,632 | -29% |
| VisaV | 5.1% | $693m | 2,019,810 | -35% |
| Uber TechnologiesUBER | 4.7% | $645m | 8,943,151 | New |
| MastercardMA | 4.7% | $639m | 1,245,051 | New |
| AlphabetGOOGL | 4.6% | $634m | 1,773,354 | -40% |
| Church & DwightCHD | 4.6% | $626m | 6,456,634 | -3% |
| Procter & GamblePG | 4.4% | $598m | 4,078,371 | -3% |
| MicrosoftMSFT | 4.4% | $596m | 1,596,737 | -23% |
| Meta PlatformsMETA | 4.3% | $593m | 1,051,876 | -20% |
| Automatic Data ProcessingADP | 4.3% | $583m | 2,601,567 | -33% |
| FortinetFTNT | 4.1% | $558m | 3,629,938 | -41% |
| Taiwan Semiconductor ManufacturingTSM | 4.0% | $548m | 1,148,449 | New |
| Idexx LaboratoriesIDXX | 3.9% | $537m | 1,019,887 | -30% |
| Texas InstrumentsTXN | 3.9% | $536m | 1,799,182 | -31% |
| Philip Morris InternationalPM | 3.9% | $527m | 2,913,693 | -43% |
| NetflixNFLX | 3.7% | $499m | 6,990,345 | New |
| GE VernovaGEV | 3.5% | $481m | 409,835 | New |
| AppLovinAPP | 2.6% | $359m | 696,568 | New |
| TJX CompaniesTJX | 2.5% | $344m | 2,272,592 | New |
| NextpowerNXT | 2.5% | $340m | 2,856,092 | New |
| Veeva SystemsVEEV | 1.1% | $145m | 816,785 | New |
| YUM BrandsYUM | 0.7% | $89m | 556,107 | New |
| MsciMSCI | 0.2% | $30m | 53,580 | -17% |
| Medpace HoldingsMEDP | 0.2% | $28m | 52,372 | -16% |
| NutanixNTNX | 0.2% | $27m | 538,281 | -7% |
| Badger MeterBMI | 0.2% | $26m | 174,627 | +23% |
| CloroxCLX | 0.2% | $26m | 271,318 | +5% |
| RollinsROL | 0.2% | $26m | 619,935 | Held |
| Manhattan AssociatesMANH | 0.2% | $24m | 172,977 | +43% |
| Napco Security TechnologiesNSSC | 0.2% | $23m | 606,974 | +58% |
| Fair IsaacFICO | 0.2% | $21m | 17,953 | New |
| SabreSABR | 0.1% | $19m | 9,013,783 | Held |
| InterDigitalIDCC | 0.1% | $17m | 60,324 | New |
| O'Reilly AutomotiveORLY | 0.1% | $15m | 162,691 | New |
| Vertiv HoldingsVRT | 0.1% | $14m | 41,893 | -54% |
| VerisignVRSN | 0.1% | $14m | 55,713 | -51% |
| Adma BiologicsADMA | 0.1% | $14m | 1,649,493 | Held |
| DoximityDOCS | <0.1% | $14m | 653,324 | -6% |
| Paycom SoftwarePAYC | <0.1% | $13m | 100,763 | -54% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 40.7% since 30 June 2025.
Where the money is
Health care18.4%
Technology17.6%
Industrials15.5%
Media & telecom15.3%
Everyday goods13.0%
Retail & consumer10.3%
Financial services10.0%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.