Terry Smith Portfolio: All Stocks & Buys/Sells
Every US stock position Fundsmith reported in its most recent mandatory SEC filing — weightings, plus the buys and sells against the prior quarter.
As of Q1 2026 · reported on SEC Form 13F
Portfolio at a glance
What these numbers show — and what they don't
The source is SEC Form 13F, the disclosure institutional investment managers must file with the U.S. Securities and Exchange Commission (SEC). It covers long positions in US-listed securities — stocks, plus exchange-traded options and convertible notes, an option being carried at the value of the underlying shares. Cash, short positions, ordinary bonds and holdings outside the US never appear. Filings are quarterly and land up to 45 days after the reporting date, so these figures are an official but delayed and partial view — not a live portfolio.
Buys and sells this quarter
Comparing the Q1 2026 filing against Q4 2025.
New positions
- BMI 142,491 new
Added to
Nothing in this group.
Trimmed
- MAR 3,979,927 → 3,370,872
- SYK 3,687,511 → 3,061,416
- WAT 3,557,978 → 3,212,075
- V 3,534,684 → 3,104,090
- GOOGL 3,498,519 → 2,956,198
- PM 6,124,597 → 5,113,163
- IDXX 1,876,035 → 1,465,786
- ADP 4,177,969 → 3,855,105
- MSFT 2,079,971 → 2,079,737
- META 1,363,539 → 1,321,375
- MTD 580,507 → 568,516
- CHD 6,728,404 → 6,641,508
- PG 4,248,048 → 4,199,914
- TXN 2,623,552 → 2,623,124
- FTNT 6,516,011 → 6,156,675
and 18 more
Sold out
- INTU was 625,619
- NKE was 5,770,181
- ODDITY TECH LTD was 2,074,167
- GGG was 579,016
Every position in the portfolio
Scrolls sideways. Linked tickers lead to our own stock page for that company.
| # | Ticker | Company | Value | Weight | Shares | Change |
|---|---|---|---|---|---|---|
| 1 | MAR | MARRIOTT INTL INC NEW | $1.10B | 8.60% | 3,370,872 | -15.3% |
| 2 | SYK | STRYKER CORPORATION | $1.01B | 7.84% | 3,061,416 | -17.0% |
| 3 | WAT | WATERS CORP | $956.6M | 7.46% | 3,212,075 | -9.7% |
| 4 | V | VISA INC | $938.2M | 7.31% | 3,104,090 | -12.2% |
| 5 | GOOGL | ALPHABET INC | $850.1M | 6.63% | 2,956,198 | -15.5% |
| 6 | PM | PHILIP MORRIS INTL INC | $845.4M | 6.59% | 5,113,163 | -16.5% |
| 7 | IDXX | IDEXX LABS INC | $823.6M | 6.42% | 1,465,786 | -21.9% |
| 8 | ADP | AUTOMATIC DATA PROCESSING IN | $783.3M | 6.11% | 3,855,105 | -7.7% |
| 9 | MSFT | MICROSOFT CORP | $769.9M | 6.00% | 2,079,737 | 0.0% |
| 10 | META | META PLATFORMS INC | $756.0M | 5.89% | 1,321,375 | -3.1% |
| 11 | MTD | METTLER TOLEDO INTERNATIONAL | $717.0M | 5.59% | 568,516 | -2.1% |
| 12 | CHD | CHURCH & DWIGHT CO INC | $619.8M | 4.83% | 6,641,508 | -1.3% |
| 13 | PG | PROCTER & GAMBLE CO | $606.6M | 4.73% | 4,199,914 | -1.1% |
| 14 | TXN | TEXAS INSTRS INC | $509.3M | 3.97% | 2,623,124 | 0.0% |
| 15 | FTNT | FORTINET INC | $503.1M | 3.92% | 6,156,675 | -5.5% |
| 16 | ZTS | ZOETIS INC | $458.4M | 3.57% | 3,877,559 | -0.6% |
| 17 | OTIS | OTIS WORLDWIDE CORP | $210.6M | 1.64% | 2,731,635 | -12.2% |
| 18 | MSCI | MSCI INC | $34.9M | 0.27% | 64,788 | -61.1% |
| 19 | ROL | ROLLINS INC | $33.1M | 0.26% | 619,935 | -58.1% |
| 20 | MEDP | MEDPACE HLDGS INC | $30.1M | 0.24% | 62,668 | -24.1% |
| 21 | VRSN | VERISIGN INC | $28.2M | 0.22% | 113,467 | -58.1% |
| 22 | PAYC | PAYCOM SOFTWARE INC | $26.7M | 0.21% | 219,457 | -58.1% |
| 23 | CLX | CLOROX CO DEL | $26.7M | 0.21% | 257,217 | -58.1% |
| 24 | VRT | VERTIV HOLDINGS CO | $22.9M | 0.18% | 91,254 | -77.8% |
| 25 | NTNX | NUTANIX INC | $21.9M | 0.17% | 577,392 | -58.1% |
| 26 | BMI | BADGER METER INC | $21.7M | 0.17% | 142,491 | new |
| 27 | CPRX | CATALYST PHARMACEUTICALS INC | $20.9M | 0.16% | 844,887 | -74.9% |
| 28 | QLYS | QUALYS INC | $19.9M | 0.16% | 226,077 | -65.1% |
| 29 | DOCS | DOXIMITY INC | $16.1M | 0.13% | 691,786 | -58.1% |
| 30 | MANH | MANHATTAN ASSOCIATES INC | $16.1M | 0.13% | 120,888 | -58.1% |
| 31 | NSSC | NAPCO SEC TECHNOLOGIES INC | $15.1M | 0.12% | 383,596 | -78.4% |
| 32 | ADMA | ADMA BIOLOGICS INC | $14.9M | 0.12% | 1,649,493 | -21.5% |
| 33 | SABR | SABRE CORP | $13.1M | 0.10% | 9,013,783 | -58.1% |
| 34 | HD | HOME DEPOT INC | $9.4M | 0.07% | 28,611 | -64.3% |
About Terry Smith
Terry Smith has earned the nickname "Britain's Warren Buffett" as founder and chief executive of Fundsmith, the London-based fund house he launched in 2010. Before running money himself, he built a reputation as a fearless banking analyst — his 1992 book "Accounting for Growth" exposed questionable accounting practices at major UK companies and famously cost him his job at the investment bank he worked for.
His investment philosophy is captured in a phrase he's repeated for years: buy good companies, don't overpay, do nothing. He looks for businesses with high returns on capital, durable brands or network effects, resilient cash generation, and little debt — then holds them for the long haul instead of trading in and out. Cyclical industries, commodity producers, and heavily leveraged companies are ruled out from the start.
This page shows automatically updated portfolio data drawn from mandatory institutional investor filings (SEC Form 13F): every US position, its weighting, and quarter-over-quarter buys and sells.
One thing worth knowing: an SEC Form 13F only captures long positions in US-listed stocks. Since Fundsmith has historically held substantial holdings outside the US alongside its American names, the table below reflects just the US slice of the fund's overall portfolio. Filings are quarterly and can be up to 45 days old by the time they're published, and they never disclose returns or performance figures.
Frequently Asked Questions
Terry Smith has long favored a small set of quality businesses in areas like consumer goods, software, and healthcare — companies with high returns on capital, strong brands, and recurring revenue. The table on this page always reflects the most recently reported US positions from SEC Form 13F.
Fundsmith typically holds positions for years and rarely reshuffles its portfolio — under this buy-and-hold approach, trades are the exception rather than the rule. The latest quarter-over-quarter changes, as disclosed in the most recent SEC Form 13F, are listed in the table above.
Terry Smith follows a concentrated quality-growth approach summed up in his own words as "buy good companies, don't overpay, do nothing." He targets businesses with high returns on invested capital, low debt, durable competitive advantages, and dependable cash flow — and trades deliberately rarely.
An SEC Form 13F is a mandatory quarterly filing that institutional investors managing more than $100 million must submit to the US Securities and Exchange Commission. It lists only US-listed long stock positions, is published up to 45 days after quarter-end, and includes no price targets or performance figures.
Fundsmith also invests outside the US, including in European consumer and healthcare names. Because SEC Form 13F only captures US-listed long positions, this page reflects just the US slice of the fund, not its complete holdings.
Source
SEC Form 13F — the mandatory quarterly disclosure institutional investment managers file with the U.S. Securities and Exchange Commission (SEC). One filing per quarter, submitted up to 45 days after the reporting date; values are market values on that date, in US dollars.
These pages show reported holdings. They are not investment advice and not a recommendation to buy.