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Asset manager · Long-only 13F filer

Fundsmith

$13.6B+$821.2M vs prior 13FUS long stock positions · not assets under managementSEC EDGAR · 13F-HR · filed 14 August 2026

Fundsmith's latest 13F filing covers the quarter ended 30 June 2026 and was filed 14 August 2026 (45 days after quarter end): 41 disclosed US-listed positions — $13.6 billion in long stock. Thirteen new buys, two adds, eleven trims and six exits against the prior quarter. Holdings are up to 45 days old by the time they clear EDGAR.

Portfolio · vs S&P 500FundsmithS&P 500
Sept 2025Fundsmith -31% · S&P: +12%

The line rebuilds Fundsmith's disclosed 13F holdings at each filing and holds them to the next, tracked against the S&P 500 where daily price history overlaps. Long US equity only — an illustrative read, not an audited return.

S&P 500 overlay: Finazon · prior-day close, most closes dollar-rounded at the source

Portfolio · vs S&P 500FundsmithS&P 500
Sept 2024Fundsmith -46% · S&P from Sept 2025: +12%

The line rebuilds Fundsmith's disclosed 13F holdings at each filing and holds them to the next, tracked against the S&P 500 where daily price history overlaps. Long US equity only — an illustrative read, not an audited return.

S&P 500 overlay: Finazon · prior-day close, most closes dollar-rounded at the source

Long stock value$13.6B
Positions41
Top holdingMAR · 7.0%
Top sectorTechnology 33%
New buys · Q2 202613
Exits · Q2 20266

Portfolio reconstructed from SEC EDGAR 13F filings · values as reported · as of Q2 2026

Top holdings — quarter ended 30 June 2026

Largest 15 of 41 positions
PositionValueWeightSharesLast quarter
MARMARRIOTT INTL INC NEW$958.3M7.0%2.6MHeld
SYKSTRYKER CORPORATION$917.4M6.7%2.9MHeld
WATWATERS CORP$852.7M6.2%2.3MTrimmed
VVISA INC$693.0M5.1%2.0MTrimmed
UBERUBER TECHNOLOGIES INC$645.3M4.7%8.9MNew buy
MAMASTERCARD INCORPORATED$639.5M4.7%1.2MNew buy
GOOGLALPHABET INC$633.7M4.6%1.8MTrimmed
CHDCHURCH & DWIGHT CO INC$625.5M4.6%6.5MHeld
PGPROCTER & GAMBLE CO$598.1M4.4%4.1MHeld
MSFTMICROSOFT CORP$595.6M4.4%1.6MHeld
METAMETA PLATFORMS INC$592.5M4.3%1.1MHeld
ADPAUTOMATIC DATA PROCESSING IN$582.6M4.3%2.6MTrimmed
FTNTFORTINET INC$557.6M4.1%3.6MTrimmed
TSMTAIWAN SEMICONDUCTOR MANUFAC$548.5M4.0%1.1MNew buy
IDXXIDEXX LABS INC$536.9M3.9%1.0MTrimmed

† Share count moved sharply against value during the quarter — likely a stock split in the reporting, not a real position change.

Quarterly changes — quarter ended 30 June 2026

32 changes vs prior quarter
New buys13
Adds2
Trims11
Exits6

What changed against the previous quarter's filing: new positions first, then adds, trims and exits, each sorted by position size.

PositionChangeShares movedValue after
UBERUBER TECHNOLOGIES INCNew buy+8.9M$645.3M
MAMASTERCARD INCORPORATEDNew buy+1.2M$639.5M
TSMTAIWAN SEMICONDUCTOR MANUFACNew buy+1.1M$548.5M
NFLXNETFLIX INC.New buy+7.0M$499.1M
GEVGE VERNOVA INCNew buy+409.8K$481.5M
APPAPPLOVIN CORPNew buy+696.6K$358.9M
TJXTJX COS INC NEWNew buy+2.3M$344.3M
NXTNEXTPOWER INCNew buy+2.9M$340.3M
VEEVVEEVA SYS INCNew buy+816.8K$145.0M
YUMYUM BRANDS INCNew buy+556.1K$88.9M
FICOFAIR ISAAC CORPNew buy+18.0K$21.4M
IDCCINTERDIGITAL INCNew buy+60.3K$17.1M
ORLYOREILLY AUTOMOTIVE INCNew buy+162.7K$15.0M
MANHMANHATTAN ASSOCIATES INCAdded+52.1K$24.1M
NSSCNAPCO SEC TECHNOLOGIES INCAdded+223.4K$23.1M
WATWATERS CORPTrimmed−938.4K$852.7M
VVISA INCTrimmed−1.1M$693.0M
GOOGLALPHABET INCTrimmed−1.2M$633.7M
ADPAUTOMATIC DATA PROCESSING INTrimmed−1.3M$582.6M
FTNTFORTINET INCTrimmed−2.5M$557.6M
IDXXIDEXX LABS INCTrimmed−445.9K$536.9M
TXNTEXAS INSTRS INCTrimmed−823.9K$536.3M
PMPHILIP MORRIS INTL INCTrimmed−2.2M$527.1M
VRTVERTIV HOLDINGS COTrimmed−49.4K$14.0M
VRSNVERISIGN INCTrimmed−57.8K$14.0M
PAYCPAYCOM SOFTWARE INCTrimmed−118.7K$12.7M
MTDMETTLER TOLEDO INTERNATIONALSold out−568.5Kwas $717.0M
ZTSZOETIS INCSold out−3.9Mwas $458.4M
OTISOTIS WORLDWIDE CORPSold out−2.7Mwas $210.6M
CPRXCATALYST PHARMACEUTICALS INCSold out−844.9Kwas $20.9M
QLYSQUALYS INCSold out−226.1Kwas $19.9M
HDHOME DEPOT INCSold out−28.6Kwas $9.4M

Sector allocation

Technology33%
Healthcare17%
Consumer Cyclical14%
Consumer Defensive13%
Financial Services10%
Industrials5%
Communication Services4%
Utilities4%

Holdings by sector

Technology carries the largest share of disclosed value, at 33%.

Technology33%
APP · BMI · FICO · FTNT · GOOGL · MANH · MSFT · NTNX · NXT · PAYC · SABR · TSM · TXN · UBER · VEEV · VRSN
Healthcare17%
ADMA · DOCS · IDXX · MEDP · SYK · WAT
Consumer Cyclical14%
MAR · NFLX · ORLY · TJX · YUM
Consumer Defensive13%
CHD · CLX · PG · PM
Financial Services10%
MA · MSCI · V
Industrials5%
ADP · NSSC · ROL · VRT
Communication Services4%
IDCC · META
Utilities4%
GEV
What is Fundsmith's biggest holding?

As of the quarter ended 30 June 2026, the largest disclosed position was MAR (MARRIOTT INTL INC NEW), about 7.0% of the disclosed US-listed portfolio by reported value.

What did Terry Smith's Fundsmith buy in Q2 2026?

13 new positions were disclosed for the quarter ended 30 June 2026; the largest were UBER, MA, TSM. Adds and trims are listed in the quarterly-changes table on this page.

How concentrated is the portfolio?

Broadly diversified. The top five positions are 30% of disclosed value and the top ten are 52%.

When is Fundsmith's next 13F due?

13F filings for the quarter ended 30 September 2026 are due by 16 November 2026 — managers have 45 days after each calendar quarter ends. Whether Fundsmith files is up to the manager; we show whatever EDGAR receives.

Does this show the whole portfolio?

No. Form 13F covers US-listed long equity and some options only — no short bets, bonds, cash, private businesses, non-US holdings or timing inside the quarter. Amended filings replace originals; this page always shows the latest canonical version.

Read the form itself on SEC EDGAR or see our plain-words guide to 13F filings — Fundsmith may have already changed these positions since 30 June 2026.

Fundsmith 13F portfolio — holdings and quarterly moves · The Distributed