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.
2026 Q2 holdings
Period end
Filed
Portfolio value
$13.65B
Positions
41
We track
11
| # | 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 | TSMTaiwan Semiconductor Manufacturing Company Limited★ | 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 | GEVGE 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 2026 Q2 moves
New positions
- UBER Uber Technologies, Inc. $645.3M
- MA Mastercard Incorporated $639.5M
- TSM Taiwan Semiconductor Manufacturing Company Limited $548.5M
- NFLX Netflix, Inc. $499.1M
- GEV 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 | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 |
|---|---|---|---|---|
| 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 |
| TSMTaiwan Semiconductor Manufac | $548.5M | — | — | — |
| NFLXNetflix INC. | $499.1M | — | — | — |
| GEVGe Vernova Inc | $481.5M | — | — | — |
| VRTVertiv Holdings Co | $14.0M | $22.9M | $66.6M | $89.2M |
| HDHome Depot Inc | — | $9.4M | $27.6M | $34.4M |