Terry Smith
Fundsmith
Founder of Fundsmith. Buys high-return quality companies and aims to do nothing - low turnover is the point.
13F portfolio value
Q2 2026
$13.65B
1-year growth
-40.7%
2-year growth
-44.4%
Positions
41
Top 10 share
52.5%
Quarterly turnover
30.5%
Last filed
Aug 14, 2026
Q2 2026: summary
MakklerAI- Fundsmith’s 13F portfolio was valued at $13.6B across 41 positions, with its top 10 holdings making up 52.5%.
- Turnover jumped to 30.5% from 0.2% in the prior quarter; the portfolio grew from 34 to 41 positions, including 13 new holdings.
- New positions included UBER at $645M, MA at $639M, TSM at $548M and NFLX at $499M.
- Fundsmith cut GOOGL by 40.0% and FTNT by 41.0%, and sold out of MTD and ZTS.
PROEstimated trade prices are PRO
See the average price in the quarter of each buy and sale and the move since. The first row of each group is open as a preview.
New positions 13
Est. buy price PRO
UBERNewUber Technologies, Inc.4.7%
4.73 pt impact
$73.33
-2.7% since
MANewMastercard Incorporated Class A4.7%
4.69 pt impact
TSMNewTaiwan Semiconductor-Sp Adr4.0%
4.02 pt impact
NFLXNewNetflix, Inc.3.7%
3.66 pt impact
GEVNewGE Vernova Inc.3.5%
3.53 pt impact
APPNewAppLovin Corp. Class A2.6%
2.63 pt impact
TJXNewTJX Companies Inc2.5%
2.52 pt impact
NXTNewNextpower Inc.2.5%
2.49 pt impact
VEEVNewVeeva Systems Inc. Class A1.1%
1.06 pt impact
YUMNewYum! Brands, Inc.0.7%
0.65 pt impact
FICONewFair Isaac Corporation0.2%
0.16 pt impact
IDCCNewInterDigital, Inc.0.1%
0.13 pt impact
+1 more positions
Added to 4
Est. buy price PRO
NSSC+58.2%NAPCO Security Technologies, Inc.0.2%
0.06 pt impact
$39.72
-8.9% since
MANH+43.1%Manhattan Associates, Inc.0.2%
0.05 pt impact
BMI+22.6%Badger Meter, Inc.0.2%
0.03 pt impact
CLX+5.5%Clorox Company0.2%
0.01 pt impact
Trimmed 21
Est. sell price PRO
GOOGL-40.0%Alphabet Inc. Class A4.6%
-3.10 pt impact
$359.96
-1.7% since
PM-43.0%Philip Morris International Inc.3.9%
-2.92 pt impact
FTNT-41.0%Fortinet, Inc.4.1%
-2.84 pt impact
V-34.9%Visa Inc. Class A5.1%
-2.73 pt impact
WAT-29.2%Waters Corporation6.2%
-2.58 pt impact
MAR-23.3%Marriott International, Inc. Class A7.0%
-2.13 pt impact
ADP-32.5%Automatic Data Processing, Inc.4.3%
-2.06 pt impact
TXN-31.4%Texas Instruments Incorporated3.9%
-1.80 pt impact
IDXX-30.4%IDEXX Laboratories, Inc.3.9%
-1.72 pt impact
MSFT-23.2%Microsoft Corporation4.4%
-1.32 pt impact
META-20.4%Meta Platforms Inc Class A4.3%
-1.11 pt impact
SYK-4.8%Stryker Corporation6.7%
-0.34 pt impact
+9 more positions
Sold out 6
Est. sell price PRO
MTDSoldMettler-Toledo International Inc.5.6%
-5.59 pt impact
$1,205.69
+32.5% since
ZTSSoldZoetis, Inc. Class A3.6%
-3.57 pt impact
OTISSoldOtis Worldwide Corporation1.6%
-1.64 pt impact
- CACatalyst Pharmaceuticals IncSoldCatalyst Pharmaceuticals Inc
0.2%
-0.16 pt impact
QLYSSoldQualys, Inc.0.2%
-0.15 pt impact
HDSoldHome Depot, Inc.<0.1%
-0.07 pt impact
MakklerAI
Ask MakklerAI about Terry Smith's portfolio
Explore this quarter's moves and where each position stands against its estimated buy price and Makkler Fair Value. Answers are based on the 13F and today's prices.