Fund · 13F holdings
Fundsmith LLP
Terry Smith · London, UK · Founded 2010
Fundsmith is a London-based investment firm founded in 2010 by Terry Smith, sometimes called "the English Warren Buffett." It follows three simple rules — buy good companies, don't overpay, do nothing — favoring highly cash-generative, high-return businesses held for the very long term with minimal trading.
The flagship Fundsmith Equity Fund is one of the UK's largest, concentrated in global consumer, healthcare and technology franchises. Because Fundsmith owns large US-listed positions, it files a 13F covering that portion of the book.
How to read these tables. A Form 13F reports each holding's market value as of the quarter-end date and the share count — not the price the fund paid, when it bought, or any short positions. Buys and sells are inferred by comparing share counts across quarters. Put/call lines are options (often hedges), and their value is notional rather than a straight equity stake. Figures are the fund's US-listed 13(f) holdings only; private positions appear when the manager reports them.
History
2010
Fundsmith founded
Terry Smith launches the firm around a buy-and-hold quality-growth philosophy.
2010s
Fundsmith Equity Fund scales
The flagship grows into one of the UK's largest funds on the strength of its concentrated quality approach.
2020s
Global quality franchises
The book stays anchored in durable consumer, healthcare and technology compounders.
Q2 2026 holdings
Period end
2026-06-30
Filed
2026-08-14
Portfolio value
$13.65B
Positions
41
We track
9
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Marriott Intl Inc New | CL A | $958.3M | 2.6M | 7.0% | TRIM |
| 2 | Stryker Corporation | COM | $917.4M | 2.9M | 6.7% | TRIM |
| 3 | Waters Corp | COM | $852.7M | 2.3M | 6.2% | TRIM |
| 4 | VVisa Inc.★ | COM CL A | $693.0M | 2.0M | 5.1% | TRIM |
| 5 | UBERUber Technologies, Inc.★ | COM | $645.3M | 8.9M | 4.7% | NEW |
| 6 | MAMastercard Incorporated★ | CL A | $639.5M | 1.2M | 4.7% | NEW |
| 7 | GOOGLAlphabet Inc.★ | CAP STK CL A | $633.7M | 1.8M | 4.6% | TRIM |
| 8 | Church & Dwight Co Inc | COM | $625.5M | 6.5M | 4.6% | TRIM |
| 9 | PGThe Procter & Gamble Company★ | COM | $598.1M | 4.1M | 4.4% | TRIM |
| 10 | MSFTMicrosoft Corporation★ | COM | $595.6M | 1.6M | 4.4% | TRIM |
| 11 | METAMeta Platforms, Inc.★ | CL A | $592.5M | 1.1M | 4.3% | TRIM |
| 12 | Automatic Data Processing In | COM | $582.6M | 2.6M | 4.3% | TRIM |
| 13 | Fortinet Inc | COM | $557.6M | 3.6M | 4.1% | TRIM |
| 14 | Taiwan Semiconductor Manufac | SPONSORED ADS | $548.5M | 1.1M | 4.0% | NEW |
| 15 | Idexx Labs Inc | COM | $536.9M | 1.0M | 3.9% | TRIM |
| 16 | Texas Instrs Inc | COM | $536.3M | 1.8M | 3.9% | TRIM |
| 17 | Philip Morris Intl Inc | COM | $527.1M | 2.9M | 3.9% | TRIM |
| 18 | NFLXNetflix, Inc.★ | COM | $499.1M | 7.0M | 3.7% | NEW |
| 19 | Ge Vernova Inc | COM | $481.5M | 410K | 3.5% | NEW |
| 20 | Applovin Corp | COM CL A | $358.9M | 697K | 2.6% | NEW |
| 21 | Tjx Cos Inc New | COM | $344.3M | 2.3M | 2.5% | NEW |
| 22 | Nextpower Inc | CLASS A COM | $340.3M | 2.9M | 2.5% | NEW |
| 23 | Veeva Sys Inc | CL A COM | $145.0M | 817K | 1.1% | NEW |
| 24 | Yum Brands Inc | COM | $88.9M | 556K | 0.7% | NEW |
| 25 | Msci Inc | COM | $30.0M | 54K | 0.2% | TRIM |
| 26 | Medpace Hldgs Inc | COM | $27.7M | 52K | 0.2% | TRIM |
| 27 | Nutanix Inc | CL A | $27.4M | 538K | 0.2% | TRIM |
| 28 | Badger Meter Inc | COM | $25.9M | 175K | 0.2% | ADD |
| 29 | Clorox Co Del | COM | $25.9M | 271K | 0.2% | ADD |
| 30 | Rollins Inc | COM | $25.9M | 620K | 0.2% | HOLD |
| 31 | Manhattan Associates Inc | COM | $24.1M | 173K | 0.2% | ADD |
| 32 | Napco Sec Technologies Inc | COM | $23.1M | 607K | 0.2% | ADD |
| 33 | Fair Isaac Corp | COM | $21.4M | 18K | 0.2% | NEW |
| 34 | Sabre Corp | COM | $18.8M | 9.0M | 0.1% | HOLD |
| 35 | Interdigital Inc | COM | $17.1M | 60K | 0.1% | NEW |
| 36 | Oreilly Automotive Inc | COM | $15.0M | 163K | 0.1% | NEW |
| 37 | VRTVertiv Holdings Co★ | COM CL A | $14.0M | 42K | 0.1% | TRIM |
| 38 | Verisign Inc | COM | $14.0M | 56K | 0.1% | TRIM |
| 39 | Adma Biologics Inc | COM | $13.8M | 1.6M | 0.1% | HOLD |
| 40 | Doximity Inc | CL A | $13.5M | 653K | 0.1% | TRIM |
| 41 | Paycom Software Inc | COM | $12.7M | 101K | 0.1% | TRIM |
Notable Q2 2026 moves
New positions
- UBER Uber Technologies, Inc. $645.3M
- MA Mastercard Incorporated $639.5M
- Taiwan Semiconductor Manufac $548.5M
- NFLX Netflix, Inc. $499.1M
- Ge Vernova Inc $481.5M
- Applovin Corp $358.9M
- Tjx Cos Inc New $344.3M
- Nextpower Inc $340.3M
- Veeva Sys Inc $145.0M
- Yum Brands Inc $88.9M
- Fair Isaac Corp $21.4M
- Interdigital Inc $17.1M
- Oreilly Automotive Inc $15.0M
Exited
- Mettler Toledo International was $717.0M
- Zoetis Inc was $458.4M
- Otis Worldwide Corp was $210.6M
- Catalyst Pharmaceuticals Inc was $20.9M
- Qualys Inc was $19.9M
- HD The Home Depot, Inc. was $9.4M
Position history in tracked names
Quarter-end value of each holding that has a page on R40, most recent first.
| Stock | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 |
|---|---|---|---|---|
| VVisa Inc | $693.0M | $938.2M | $1.24B | $1.32B |
| UBERUber Technologies Inc | $645.3M | — | — | — |
| MAMastercard Incorporated | $639.5M | — | — | — |
| GOOGLAlphabet Inc | $633.7M | $850.1M | $1.10B | $1.53B |
| PGProcter & Gamble Co | $598.1M | $606.6M | $608.8M | $703.3M |
| MSFTMicrosoft Corp | $595.6M | $769.9M | $1.01B | $1.34B |
| METAMeta Platforms Inc | $592.5M | $756.0M | $900.1M | $1.14B |
| NFLXNetflix INC. | $499.1M | — | — | — |
| VRTVertiv Holdings Co | $14.0M | $22.9M | $66.6M | $89.2M |
Earlier filings
Q1 2026 · 34 positions · $12.83B · filed 2026-05-15
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Marriott Intl Inc New | CL A | $1.10B | 3.4M | 8.6% | TRIM |
| 2 | Stryker Corporation | COM | $1.01B | 3.1M | 7.8% | TRIM |
| 3 | Waters Corp | COM | $956.6M | 3.2M | 7.5% | TRIM |
| 4 | VVisa Inc.★ | COM CL A | $938.2M | 3.1M | 7.3% | TRIM |
| 5 | GOOGLAlphabet Inc.★ | CAP STK CL A | $850.1M | 3.0M | 6.6% | TRIM |
| 6 | Philip Morris Intl Inc | COM | $845.4M | 5.1M | 6.6% | TRIM |
| 7 | Idexx Labs Inc | COM | $823.6M | 1.5M | 6.4% | TRIM |
| 8 | Automatic Data Processing In | COM | $783.3M | 3.9M | 6.1% | TRIM |
| 9 | MSFTMicrosoft Corporation★ | COM | $769.9M | 2.1M | 6.0% | TRIM |
| 10 | METAMeta Platforms, Inc.★ | CL A | $756.0M | 1.3M | 5.9% | TRIM |
| 11 | Mettler Toledo International | COM | $717.0M | 569K | 5.6% | TRIM |
| 12 | Church & Dwight Co Inc | COM | $619.8M | 6.6M | 4.8% | TRIM |
| 13 | PGThe Procter & Gamble Company★ | COM | $606.6M | 4.2M | 4.7% | TRIM |
| 14 | Texas Instrs Inc | COM | $509.3M | 2.6M | 4.0% | TRIM |
| 15 | Fortinet Inc | COM | $503.1M | 6.2M | 3.9% | TRIM |
| 16 | Zoetis Inc | CL A | $458.4M | 3.9M | 3.6% | TRIM |
| 17 | Otis Worldwide Corp | COM | $210.6M | 2.7M | 1.6% | TRIM |
| 18 | Msci Inc | COM | $34.9M | 65K | 0.3% | TRIM |
| 19 | Rollins Inc | COM | $33.1M | 620K | 0.3% | TRIM |
| 20 | Medpace Hldgs Inc | COM | $30.1M | 63K | 0.2% | TRIM |
| 21 | Verisign Inc | COM | $28.2M | 113K | 0.2% | TRIM |
| 22 | Paycom Software Inc | COM | $26.7M | 219K | 0.2% | TRIM |
| 23 | Clorox Co Del | COM | $26.7M | 257K | 0.2% | TRIM |
| 24 | VRTVertiv Holdings Co★ | COM CL A | $22.9M | 91K | 0.2% | TRIM |
| 25 | Nutanix Inc | CL A | $21.9M | 577K | 0.2% | TRIM |
| 26 | Badger Meter Inc | COM | $21.7M | 142K | 0.2% | NEW |
| 27 | Catalyst Pharmaceuticals Inc | COM | $20.9M | 845K | 0.2% | TRIM |
| 28 | Qualys Inc | COM | $19.9M | 226K | 0.2% | TRIM |
| 29 | Doximity Inc | CL A | $16.1M | 692K | 0.1% | TRIM |
| 30 | Manhattan Associates Inc | COM | $16.1M | 121K | 0.1% | TRIM |
| 31 | Napco Sec Technologies Inc | COM | $15.1M | 384K | 0.1% | TRIM |
| 32 | Adma Biologics Inc | COM | $14.9M | 1.6M | 0.1% | TRIM |
| 33 | Sabre Corp | COM | $13.1M | 9.0M | 0.1% | TRIM |
| 34 | HDThe Home Depot, Inc.★ | COM | $9.4M | 29K | 0.1% | TRIM |
Q4 2025 · 37 positions · $17.12B · filed 2026-02-17
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Waters Corp | COM | $1.35B | 3.6M | 7.9% | TRIM |
| 2 | Stryker Corporation | COM | $1.30B | 3.7M | 7.6% | TRIM |
| 3 | Idexx Labs Inc | COM | $1.27B | 1.9M | 7.4% | TRIM |
| 4 | VVisa Inc.★ | COM CL A | $1.24B | 3.5M | 7.2% | TRIM |
| 5 | Marriott Intl Inc New | CL A | $1.23B | 4.0M | 7.2% | TRIM |
| 6 | GOOGLAlphabet Inc.★ | CAP STK CL A | $1.10B | 3.5M | 6.4% | TRIM |
| 7 | Automatic Data Processing In | COM | $1.07B | 4.2M | 6.3% | TRIM |
| 8 | MSFTMicrosoft Corporation★ | COM | $1.01B | 2.1M | 5.9% | TRIM |
| 9 | Philip Morris Intl Inc | COM | $982.4M | 6.1M | 5.7% | TRIM |
| 10 | METAMeta Platforms, Inc.★ | CL A | $900.1M | 1.4M | 5.3% | TRIM |
| 11 | Mettler Toledo International | COM | $809.3M | 581K | 4.7% | TRIM |
| 12 | PGThe Procter & Gamble Company★ | COM | $608.8M | 4.2M | 3.6% | TRIM |
| 13 | Church And Dwight Co Inc | COM | $564.2M | 6.7M | 3.3% | TRIM |
| 14 | Fortinet Inc | COM | $517.4M | 6.5M | 3.0% | TRIM |
| 15 | Zoetis Inc | CL A | $490.8M | 3.9M | 2.9% | ADD |
| 16 | Texas Instrs Inc | COM | $455.2M | 2.6M | 2.7% | TRIM |
| 17 | Intuit | COM | $414.4M | 626K | 2.4% | ADD |
| 18 | Nike Inc | CL B | $367.6M | 5.8M | 2.1% | TRIM |
| 19 | Otis Worldwide Corp | COM | $271.9M | 3.1M | 1.6% | TRIM |
| 20 | Msci Inc | COM | $95.6M | 167K | 0.6% | HOLD |
| 21 | Rollins Inc | COM | $88.7M | 1.5M | 0.5% | HOLD |
| 22 | Qualys Inc | COM | $86.1M | 648K | 0.5% | TRIM |
| 23 | Paycom Software Inc | COM | $83.4M | 523K | 0.5% | HOLD |
| 24 | Oddity Tech Ltd | SHS CL A | $83.3M | 2.1M | 0.5% | ADD |
| 25 | Catalyst Pharmaceuticals Inc | COM | $78.5M | 3.4M | 0.5% | HOLD |
| 26 | Napco Sec Technologies Inc | COM | $74.2M | 1.8M | 0.4% | HOLD |
| 27 | Doximity Inc | CL A | $73.1M | 1.7M | 0.4% | ADD |
| 28 | Nutanix Inc | CL A | $71.2M | 1.4M | 0.4% | NEW |
| 29 | VRTVertiv Holdings Co★ | COM CL A | $66.6M | 411K | 0.4% | TRIM |
| 30 | Verisign Inc | COM | $65.8M | 271K | 0.4% | HOLD |
| 31 | Clorox Co Del | COM | $61.9M | 613K | 0.4% | HOLD |
| 32 | Manhattan Associates Inc | COM | $50.0M | 288K | 0.3% | HOLD |
| 33 | Graco Inc | COM | $47.5M | 579K | 0.3% | TRIM |
| 34 | Medpace Hldgs Inc | COM | $46.4M | 83K | 0.3% | TRIM |
| 35 | Adma Biologics Inc | COM | $38.3M | 2.1M | 0.2% | NEW |
| 36 | Sabre Corp | COM | $29.2M | 21.5M | 0.2% | HOLD |
| 37 | HDThe Home Depot, Inc.★ | COM | $27.6M | 80K | 0.2% | TRIM |
Q3 2025 · 35 positions · $19.80B · filed 2025-11-14
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Stryker Corporation | COM | $1.70B | 4.6M | 8.6% | |
| 2 | Idexx Labs Inc | COM | $1.67B | 2.6M | 8.4% | |
| 3 | GOOGLAlphabet Inc.★ | CAP STK CL A | $1.53B | 6.3M | 7.7% | |
| 4 | MSFTMicrosoft Corporation★ | COM | $1.34B | 2.6M | 6.8% | |
| 5 | VVisa Inc.★ | COM CL A | $1.32B | 3.9M | 6.6% | |
| 6 | Automatic Data Processing In | COM | $1.27B | 4.3M | 6.4% | |
| 7 | Waters Corp | COM | $1.19B | 4.0M | 6.0% | |
| 8 | Philip Morris Intl Inc | COM | $1.17B | 7.2M | 5.9% | |
| 9 | METAMeta Platforms, Inc.★ | CL A | $1.14B | 1.6M | 5.8% | |
| 10 | Marriott Intl Inc New | CL A | $1.10B | 4.2M | 5.6% | |
| 11 | Mettler Toledo International | COM | $725.1M | 591K | 3.7% | |
| 12 | Fortinet Inc | COM | $708.0M | 8.4M | 3.6% | |
| 13 | PGThe Procter & Gamble Company★ | COM | $703.3M | 4.6M | 3.6% | |
| 14 | Church & Dwight Co Inc | COM | $595.4M | 6.8M | 3.0% | |
| 15 | Otis Worldwide Corp | COM | $532.0M | 5.8M | 2.7% | |
| 16 | Zoetis Inc | CL A | $529.0M | 3.6M | 2.7% | |
| 17 | Texas Instrs Inc | COM | $500.1M | 2.7M | 2.5% | |
| 18 | Nike Inc | CL B | $427.4M | 6.1M | 2.2% | |
| 19 | Intuit | COM | $412.8M | 604K | 2.1% | |
| 20 | Qualys Inc | COM | $115.2M | 871K | 0.6% | |
| 21 | Paycom Software Inc | COM | $108.9M | 523K | 0.6% | |
| 22 | Doximity Inc | CL A | $99.2M | 1.4M | 0.5% | |
| 23 | Msci Inc | COM | $94.5M | 167K | 0.5% | |
| 24 | VRTVertiv Holdings Co★ | COM CL A | $89.2M | 591K | 0.5% | |
| 25 | Oddity Tech Ltd | SHS CL A | $88.3M | 1.4M | 0.4% | |
| 26 | Rollins Inc | COM | $86.9M | 1.5M | 0.4% | |
| 27 | Graco Inc | COM | $76.5M | 901K | 0.4% | |
| 28 | Napco Sec Technologies Inc | COM | $76.4M | 1.8M | 0.4% | |
| 29 | Verisign Inc | COM | $75.7M | 271K | 0.4% | |
| 30 | Clorox Co Del | COM | $75.6M | 613K | 0.4% | |
| 31 | Catalyst Pharmaceuticals Inc | COM | $66.3M | 3.4M | 0.3% | |
| 32 | Medpace Hldgs Inc | COM | $65.6M | 128K | 0.3% | |
| 33 | Manhattan Associates Inc | COM | $59.1M | 288K | 0.3% | |
| 34 | Sabre Corp | COM | $39.3M | 21.5M | 0.2% | |
| 35 | HDThe Home Depot, Inc.★ | COM | $34.4M | 85K | 0.2% |