Terry Smith's portfolio
In the Q2 2026 13F, filed August 14, 2026, Fundsmith LLP reported 41 US stock positions worth $13.6B. The largest was Marriott International (MAR) at 7.0% of the portfolio. New positions: Uber Technologies (UBER), Mastercard (MA) and Taiwan Semiconductor Manufacturing (TSM). Added to: Badger Meter (BMI) and Clorox (CLX). The Q3 2026 13F is due by November 14, 2026.
What changed in Q2 2026
Compared with the previous 13F. Values are as reported at quarter end. How to read a 13F.
New positions
- Uber TechnologiesUBER$645M
- MastercardMA$639M
- Taiwan Semiconductor ManufacturingTSM$548M
- NetflixNFLX$499M
- GE VernovaGEV$481M
- ApplovinAPP$359M
- NextrackerNXT$340M
- Veeva SystemsVEEV$145M
- Yum! BrandsYUM$89M
- Fair IsaacFICO$21M
Added to
Trimmed
- Marriott InternationalMAR$958M
- StrykerSYK$917M
- WatersWAT$853M
- VisaV$693M
- AlphabetGOOGL$634M
- Church & Dwight CompanyCHD$626M
- Procter & GamblePG$598M
- MicrosoftMSFT$596M
- Meta PlatformsMETA$593M
- Automatic Data ProcessingADP$583M
Sold out
None this quarter.
Holdings
41 US-listed positions in the Q2 2026 13F, largest first.
| Stock | % of portfolio | Value | Shares | Last quarter |
|---|---|---|---|---|
| Marriott InternationalMAR | 7.02% | $958M | 2,585,757 | Trimmed |
| StrykerSYK | 6.72% | $917M | 2,913,833 | Trimmed |
| WatersWAT | 6.25% | $853M | 2,273,632 | Trimmed |
| VisaV | 5.08% | $693M | 2,019,810 | Trimmed |
| Uber TechnologiesUBER | 4.73% | $645M | 8,943,151 | New |
| MastercardMA | 4.68% | $639M | 1,245,051 | New |
| AlphabetGOOGL | 4.64% | $634M | 1,773,354 | Trimmed |
| Church & Dwight CompanyCHD | 4.58% | $626M | 6,456,634 | Trimmed |
| Procter & GamblePG | 4.38% | $598M | 4,078,371 | Trimmed |
| MicrosoftMSFT | 4.36% | $596M | 1,596,737 | Trimmed |
| Meta PlatformsMETA | 4.34% | $593M | 1,051,876 | Trimmed |
| Automatic Data ProcessingADP | 4.27% | $583M | 2,601,567 | Trimmed |
| FortinetFTNT | 4.09% | $558M | 3,629,938 | Trimmed |
| Taiwan Semiconductor ManufacturingTSM | 4.02% | $548M | 1,148,449 | New |
| IDEXX LaboratoriesIDXX | 3.93% | $537M | 1,019,887 | Trimmed |
| Texas InstrumentsTXN | 3.93% | $536M | 1,799,182 | Trimmed |
| Philip Morris InternationalPM | 3.86% | $527M | 2,913,693 | Trimmed |
| NetflixNFLX | 3.66% | $499M | 6,990,345 | New |
| GE VernovaGEV | 3.53% | $481M | 409,835 | New |
| ApplovinAPP | 2.63% | $359M | 696,568 | New |
| Tjx Cos Inc New | 2.52% | $344M | 2,272,592 | Held |
| NextrackerNXT | 2.49% | $340M | 2,856,092 | New |
| Veeva SystemsVEEV | 1.06% | $145M | 816,785 | New |
| Yum! BrandsYUM | 0.65% | $89M | 556,107 | New |
| MSCIMSCI | 0.22% | $30M | 53,580 | Trimmed |
| MedpaceMEDP | 0.20% | $28M | 52,372 | Trimmed |
| NutanixNTNX | 0.20% | $27M | 538,281 | Trimmed |
| Badger MeterBMI | 0.19% | $26M | 174,627 | Added |
| CloroxCLX | 0.19% | $26M | 271,318 | Added |
| RollinsROL | 0.19% | $26M | 619,935 | Held |
| Manhattan AssociatesMANH | 0.18% | $24M | 172,977 | Added |
| NAPCO Security TechnologiesNSSC | 0.17% | $23M | 606,974 | Added |
| Fair IsaacFICO | 0.16% | $21M | 17,953 | New |
| SabreSABR | 0.14% | $19M | 9,013,783 | Held |
| InterDigitalIDCC | 0.12% | $17M | 60,324 | New |
| O’Reilly AutomotiveORLY | 0.11% | $15M | 162,691 | New |
| Vertiv HoldingsVRT | 0.10% | $14M | 41,893 | Trimmed |
| VeriSignVRSN | 0.10% | $14M | 55,713 | Trimmed |
| ADMA BiologicsADMA | 0.10% | $14M | 1,649,493 | Held |
| DoximityDOCS | 0.10% | $14M | 653,324 | Trimmed |
| Paycom SoftwarePAYC | 0.09% | $13M | 100,763 | Trimmed |
By sector
Share of the reported value.
Reported value over time
Total 13F value at each quarter end.
Questions
What stocks does Terry Smith own?
In the Q2 2026 13F, Fundsmith LLP reported 41 US stock positions worth $13.6B. The largest: Marriott International (MAR) 7.0%, Stryker (SYK) 6.7%, Waters (WAT) 6.2%, Visa (V) 5.1%, Uber Technologies (UBER) 4.7%.
What did Terry Smith buy last quarter?
In Q2 2026: new position in Uber Technologies (UBER); new position in Mastercard (MA); new position in Taiwan Semiconductor Manufacturing (TSM); added to Badger Meter (BMI); added to Clorox (CLX); added to Manhattan Associates (MANH).
What did Terry Smith sell last quarter?
In Q2 2026: cut Marriott International (MAR); cut Stryker (SYK); cut Waters (WAT).
When is Terry Smith's next 13F?
13F filings are due 45 days after each quarter ends. The Q3 2026 filing is due by November 14, 2026.
More investors
13F filings list US-listed long positions (and some options) held at quarter end. They leave out short positions, cash, bonds and non-US holdings, and arrive up to 45 days after the quarter ends, so the investor may have traded since. Information only, not investment advice.