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.
Portfolio value (13F)
$24.54BQ2 2024
$25.28BQ3 2024
$23.46BQ4 2024
$21.97BQ1 2025
$23.02BQ2 2025
$19.80BQ3 2025
$17.12BQ4 2025
$12.83BQ1 2026
$13.65BQ2 2026
| Quarter | Value | Positions | New | Added | Trimmed | Sold | Quarterly turnover |
|---|---|---|---|---|---|---|---|
| Q2 2026 | $13.65B | 41 | 13 | 4 | 21 | 6 | 30.5% |
| Q1 2026 | $12.83B | 34 | 1 | 0 | 31 | 4 | 0.2% |
| Q4 2025 | $17.12B | 37 | 2 | 4 | 22 | 0 | 1.2% |
| Q3 2025 | $19.80B | 35 | 0 | 8 | 8 | 4 | 2.3% |
| Q2 2025 | $23.02B | 39 | 3 | 4 | 18 | 2 | 1.7% |
| Q1 2025 | $21.97B | 38 | 2 | 5 | 14 | 2 | 3.6% |
| Q4 2024 | $23.46B | 38 | 2 | 0 | 13 | 4 | 0.3% |
| Q3 2024 | $25.28B | 40 | 0 | 6 | 8 | 0 | 0.2% |
| Q2 2024 | $24.54B | 40 | — | — | — | — | — |
Weight of the largest positions
The latest quarter's 10 largest positions, with their weights in earlier quarters.
| Stock | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|---|---|---|
| MAR | 4.2% | 4.2% | 5.1% | 4.6% | 5.0% | 5.6% | 7.2% | 8.6% | 7.0% |
| SYK | 7.4% | 7.6% | 8.2% | 8.6% | 8.0% | 8.6% | 7.6% | 7.8% | 6.7% |
| WAT | 4.3% | 5.2% | 5.7% | 6.1% | 5.5% | 6.0% | 7.9% | 7.5% | 6.2% |
| V | 5.9% | 6.0% | 6.2% | 6.6% | 5.9% | 6.6% | 7.2% | 7.3% | 5.1% |
| UBER | — | — | — | — | — | — | — | — | 4.7% |
| MA | 0.1% | 0.1% | 0.1% | 0.1% | <0.1% | — | — | — | 4.7% |
| GOOGL | 5.1% | 4.5% | 5.5% | 4.8% | 5.2% | 7.7% | 6.4% | 6.6% | 4.6% |
| CHD | 2.9% | 2.9% | 3.1% | 3.4% | 2.8% | 3.0% | 3.3% | 4.8% | 4.6% |
| PG | 3.1% | 3.2% | 3.3% | 3.6% | 3.2% | 3.6% | 3.6% | 4.7% | 4.4% |
| MSFT | 13.0% | 11.7% | 11.1% | 9.2% | 10.7% | 6.8% | 5.9% | 6.0% | 4.4% |
| META | 10.0% | 11.0% | 11.4% | 10.2% | 11.4% | 5.8% | 5.3% | 5.9% | 4.3% |
| ADP | 5.4% | 6.1% | 6.3% | 6.3% | 5.8% | 6.4% | 6.3% | 6.1% | 4.3% |
| FTNT | 2.5% | 3.1% | 3.4% | 3.7% | 3.9% | 3.6% | 3.0% | 3.9% | 4.1% |
| TSM | — | — | — | — | — | — | — | — | 4.0% |
| IDXX | 5.3% | 5.3% | 4.7% | 5.1% | 6.2% | 8.4% | 7.4% | 6.4% | 3.9% |
| TXN | 1.2% | 1.4% | 1.4% | 2.2% | 2.5% | 2.5% | 2.7% | 4.0% | 3.9% |
| PM | 6.0% | 5.8% | 5.8% | 7.8% | 7.2% | 5.9% | 5.7% | 6.6% | 3.9% |
| NFLX | — | — | — | — | — | — | — | — | 3.7% |
| GEV | — | — | — | — | — | — | — | — | 3.5% |
| APP | — | — | — | — | — | — | — | — | 2.6% |
| TJX | — | — | — | — | — | — | — | — | 2.5% |
| NXT | — | — | — | — | — | — | — | — | 2.5% |
| VEEV | — | — | — | — | — | — | — | — | 1.1% |
| YUM | — | — | — | — | — | — | — | — | 0.7% |
| MSCI | 0.3% | 0.4% | 0.4% | 0.4% | 0.4% | 0.5% | 0.6% | 0.3% | 0.2% |
| MEDP | — | — | 0.2% | 0.2% | 0.2% | 0.3% | 0.3% | 0.2% | 0.2% |
| NTNX | — | — | — | — | — | — | 0.4% | 0.2% | 0.2% |
| BMI | — | — | — | — | — | — | — | 0.2% | 0.2% |
| CLX | 0.3% | 0.4% | 0.4% | 0.4% | 0.3% | 0.4% | 0.4% | 0.2% | 0.2% |
| ROL | 0.3% | 0.3% | 0.3% | 0.4% | 0.4% | 0.4% | 0.5% | 0.3% | 0.2% |
| MANH | — | — | — | — | 0.2% | 0.3% | 0.3% | 0.1% | 0.2% |
| NSSC | — | — | — | — | 0.1% | 0.4% | 0.4% | 0.1% | 0.2% |
| FICO | — | — | — | — | — | — | — | — | 0.2% |
| SABR | 0.2% | 0.3% | 0.3% | 0.3% | 0.3% | 0.2% | 0.2% | 0.1% | 0.1% |
| IDCC | — | — | — | — | — | — | — | — | 0.1% |
| ORLY | — | — | — | — | — | — | — | — | 0.1% |
| VRT | — | — | — | — | 0.4% | 0.5% | 0.4% | 0.2% | 0.1% |
| VRSN | 0.5% | 0.5% | 0.6% | 0.7% | 0.3% | 0.4% | 0.4% | 0.2% | 0.1% |
| ADMA | — | — | — | — | — | — | 0.2% | 0.1% | 0.1% |
| DOCS | — | — | 0.2% | 0.3% | 0.4% | 0.5% | 0.4% | 0.1% | <0.1% |
| PAYC | 0.2% | 0.2% | 0.3% | 0.4% | 0.4% | 0.6% | 0.5% | 0.2% | <0.1% |
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.