Fundsmith Investment Services
BEAUX SONGES, O4files as FUNDSMITH INVESTMENT SERVICES LTD.
$4.5bn in 27 US stocks at the end of 30 June 2026. The top 10 are 55.2% of the money. It changed about 31.9% of the portfolio this quarter.
Value
$4.5bn
Stocks
27
Top 10 share
55.2%
Turnover
31.9%
What changed this quarter
New
Bought for the first time this quarter.
- Uber TechnologiesUBER4.7% of the fund
- MastercardMA4.5% of the fund
- NetflixNFLX3.5% of the fund
- GE VernovaGEV3.3% of the fund
- AppLovinAPP2.7% of the fund
- NextpowerNXT2.4% of the fund
- Veeva SystemsVEEV1.0% of the fund
- YUM BrandsYUM0.6% of the fund
- O'Reilly AutomotiveORLY<0.1% of the fund
Added
Bought more of a stock they already held.
- Taiwan Semiconductor ManufacturingTSM4.3% of the fund+14323%
- TJX CompaniesTJX2.4% of the fund+22357%
- Badger MeterBMI0.8% of the fund+89%
- Waste ManagementWM0.6% of the fund+63%
Cut
Sold some of their stake.
- Marriott InternationalMAR7.4% of the fund-25%
- StrykerSYK7.3% of the fund-11%
- WatersWAT7.0% of the fund-24%
- Church & DwightCHD5.4% of the fund-2%
- VisaV5.2% of the fund-34%
- Texas InstrumentsTXN5.0% of the fund-12%
- AlphabetGOOGL4.4% of the fund-51%
- Meta PlatformsMETA4.2% of the fund-27%
- MicrosoftMSFT4.2% of the fund-24%
- Automatic Data ProcessingADP4.1% of the fund-38%
- FortinetFTNT3.8% of the fund-32%
- Idexx LaboratoriesIDXX3.8% of the fund-32%
- Philip Morris InternationalPM3.8% of the fund-44%
- Procter & GamblePG3.5% of the fund-38%
Sold out
Sold their entire stake.
- Mettler Toledo InternationalMTD-100%
- ZoetisZTS-100%
- Otis WorldwideOTIS-100%
- Home DepotHD-100%
- AppleAAPL-100%
- Amazon.comAMZN-100%
Holdings
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Marriott InternationalMAR | 7.4% | $334m | 901,923 | -25% |
| StrykerSYK | 7.3% | $331m | 1,050,585 | -11% |
| WatersWAT | 7.0% | $314m | 837,764 | -24% |
| Church & DwightCHD | 5.4% | $246m | 2,537,243 | -2% |
| VisaV | 5.2% | $233m | 680,492 | -34% |
| Texas InstrumentsTXN | 5.0% | $226m | 759,134 | -12% |
| Uber TechnologiesUBER | 4.7% | $213m | 2,955,961 | New |
| MastercardMA | 4.5% | $202m | 392,933 | New |
| AlphabetGOOGL | 4.4% | $200m | 558,963 | -51% |
| Taiwan Semiconductor ManufacturingTSM | 4.3% | $197m | 411,476 | +14323% |
| Meta PlatformsMETA | 4.2% | $192m | 340,730 | -27% |
| MicrosoftMSFT | 4.2% | $189m | 505,361 | -24% |
| Automatic Data ProcessingADP | 4.1% | $184m | 823,664 | -38% |
| FortinetFTNT | 3.8% | $173m | 1,126,234 | -32% |
| Idexx LaboratoriesIDXX | 3.8% | $172m | 327,058 | -32% |
| Philip Morris InternationalPM | 3.8% | $171m | 944,396 | -44% |
| Procter & GamblePG | 3.5% | $159m | 1,085,919 | -38% |
| NetflixNFLX | 3.5% | $156m | 2,186,945 | New |
| GE VernovaGEV | 3.3% | $151m | 128,646 | New |
| AppLovinAPP | 2.7% | $121m | 233,921 | New |
| TJX CompaniesTJX | 2.4% | $109m | 721,550 | +22357% |
| NextpowerNXT | 2.4% | $108m | 903,523 | New |
| Veeva SystemsVEEV | 1.0% | $46m | 259,070 | New |
| Badger MeterBMI | 0.8% | $37m | 251,196 | +89% |
| YUM BrandsYUM | 0.6% | $28m | 178,009 | New |
| Waste ManagementWM | 0.6% | $26m | 114,984 | +63% |
| O'Reilly AutomotiveORLY | <0.1% | $498,207 | 5,410 | New |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 38.8% since 30 June 2025.
Where the money is
Health care19.1%
Technology17.4%
Industrials15.9%
Media & telecom14.8%
Everyday goods12.7%
Retail & consumer10.5%
Financial services9.6%
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.