Reported portfolio
Terry Smith
Fundsmith LLP
- Reported portfolio value
- $12,827,767,000
- Current positions
- 34
- Top five concentration
- 37.8%
- Largest position
- 8.6%
- New positions
- 1
- Closed positions
- 4
Reported holdings
| Company | Portfolio | Quarterly activity | Shares | Reported price | Reported value | Updated / source |
|---|---|---|---|---|---|---|
MAR MARRIOTT INTL INC NEW | 8.59% | Reduced 15.3% | 3,370,872−609,055 | $327 | $1,102,511,000−$132,221,000 | 13F2026-03-31 ↗ |
SYK STRYKER CORPORATION | 7.84% | Reduced 17.0% | 3,061,416−626,095 | $329 | $1,005,951,000−$290,099,000 | 13F2026-03-31 ↗ |
WAT WATERS CORP | 7.46% | Reduced 9.7% | 3,212,075−345,903 | $298 | $956,556,000−$394,871,000 | 13F2026-03-31 ↗ |
V VISA INC | 7.31% | Reduced 12.2% | 3,104,090−430,594 | $302 | $938,180,000−$301,469,000 | 13F2026-03-31 ↗ |
GOOGL ALPHABET INC | 6.63% | Reduced 15.5% | 2,956,198−542,321 | $288 | $850,084,000−$244,952,000 | 13F2026-03-31 ↗ |
PM PHILIP MORRIS INTL INC | 6.59% | Reduced 16.5% | 5,113,163−1,011,434 | $165 | $845,410,000−$136,975,000 | 13F2026-03-31 ↗ |
IDXX IDEXX LABS INC | 6.42% | Reduced 21.9% | 1,465,786−410,249 | $562 | $823,610,000−$445,583,000 | 13F2026-03-31 ↗ |
ADP AUTOMATIC DATA PROCESSING IN | 6.11% | Reduced 7.7% | 3,855,105−322,864 | $203 | $783,280,000−$291,419,000 | 13F2026-03-31 ↗ |
MSFT MICROSOFT CORP | 6.00% | Reduced 0.0% | 2,079,737−234 | $370 | $769,856,000−$236,059,000 | 13F2026-03-31 ↗ |
META META PLATFORMS INC | 5.89% | Reduced 3.1% | 1,321,375−42,164 | $572 | $755,998,000−$144,060,000 | 13F2026-03-31 ↗ |
MTD METTLER TOLEDO INTERNATIONAL | 5.59% | Reduced 2.1% | 568,516−11,991 | $1,261 | $717,012,000−$92,325,000 | 13F2026-03-31 ↗ |
CHD CHURCH & DWIGHT CO INC | 4.83% | Reduced 1.3% | 6,641,508−86,896 | $93 | $619,786,000+$55,609,000 | 13F2026-03-31 ↗ |
PG PROCTER & GAMBLE CO | 4.73% | Reduced 1.1% | 4,199,914−48,134 | $144 | $606,636,000−$2,152,000 | 13F2026-03-31 ↗ |
TXN TEXAS INSTRS INC | 3.97% | Reduced 0.0% | 2,623,124−428 | $194 | $509,253,000+$54,093,000 | 13F2026-03-31 ↗ |
FTNT FORTINET INC | 3.92% | Reduced 5.5% | 6,156,675−359,336 | $82 | $503,123,000−$14,313,000 | 13F2026-03-31 ↗ |
ZTS ZOETIS INC | 3.57% | Reduced 0.6% | 3,877,559−23,244 | $118 | $458,366,000−$32,433,000 | 13F2026-03-31 ↗ |
OTIS OTIS WORLDWIDE CORP | 1.64% | Reduced 12.2% | 2,731,635−380,745 | $77 | $210,554,000−$61,312,000 | 13F2026-03-31 ↗ |
MSCI MSCI INC | 0.27% | Reduced 61.1% | 64,788−101,831 | $539 | $34,921,000−$60,673,000 | 13F2026-03-31 ↗ |
ROL ROLLINS INC | 0.26% | Reduced 58.1% | 619,935−858,694 | $53 | $33,111,000−$55,637,000 | 13F2026-03-31 ↗ |
MEDP MEDPACE HLDGS INC | 0.23% | Reduced 24.1% | 62,668−19,899 | $480 | $30,093,000−$16,281,000 | 13F2026-03-31 ↗ |
VRSN VERISIGN INC | 0.22% | Reduced 58.1% | 113,467−157,167 | $248 | $28,181,000−$37,570,000 | 13F2026-03-31 ↗ |
PAYC PAYCOM SOFTWARE INC | 0.21% | Reduced 58.1% | 219,457−303,976 | $122 | $26,673,000−$56,741,000 | 13F2026-03-31 ↗ |
CLX CLOROX CO DEL | 0.21% | Reduced 58.1% | 257,217−356,280 | $104 | $26,655,000−$35,204,000 | 13F2026-03-31 ↗ |
VRT VERTIV HOLDINGS CO | 0.18% | Reduced 77.8% | 91,254−319,690 | $251 | $22,866,000−$43,711,000 | 13F2026-03-31 ↗ |
NTNX NUTANIX INC | 0.17% | Reduced 58.1% | 577,392−799,766 | $38 | $21,947,000−$49,239,000 | 13F2026-03-31 ↗ |
BMI BADGER METER INC | 0.17% | New | 142,491+142,491 | $152 | $21,709,000+$21,709,000 | 13F2026-03-31 ↗ |
CPRX CATALYST PHARMACEUTICALS INC | 0.16% | Reduced 74.9% | 844,887−2,518,920 | $25 | $20,919,000−$57,592,000 | 13F2026-03-31 ↗ |
QLYS QUALYS INC | 0.15% | Reduced 65.1% | 226,077−421,729 | $88 | $19,861,000−$66,233,000 | 13F2026-03-31 ↗ |
DOCS DOXIMITY INC | 0.13% | Reduced 58.1% | 691,786−958,216 | $23 | $16,119,000−$56,943,000 | 13F2026-03-31 ↗ |
MANH MANHATTAN ASSOCIATES INC | 0.13% | Reduced 58.1% | 120,888−167,444 | $133 | $16,093,000−$33,878,000 | 13F2026-03-31 ↗ |
NSSC NAPCO SEC TECHNOLOGIES INC | 0.12% | Reduced 78.4% | 383,596−1,396,261 | $39 | $15,110,000−$59,110,000 | 13F2026-03-31 ↗ |
ADMA ADMA BIOLOGICS INC | 0.12% | Reduced 21.5% | 1,649,493−452,561 | $9 | $14,862,000−$23,480,000 | 13F2026-03-31 ↗ |
SABR SABRE CORP | 0.10% | Reduced 58.1% | 9,013,783−12,485,312 | $1 | $13,070,000−$16,169,000 | 13F2026-03-31 ↗ |
HD HOME DEPOT INC | 0.07% | Reduced 64.3% | 28,611−51,595 | $329 | $9,410,000−$18,189,000 | 13F2026-03-31 ↗ |
INTU INTUIT | 0.00% | Exited | 0−625,619 | $662 | $0−$414,423,000 | 13F2026-03-31 ↗ |
NKE NIKE INC | 0.00% | Exited | 0−5,770,181 | $64 | $0−$367,618,000 | 13F2026-03-31 ↗ |
ODD ODDITY TECH LTD | 0.00% | Exited | 0−2,074,167 | $40 | $0−$83,340,000 | 13F2026-03-31 ↗ |
GGG GRACO INC | 0.00% | Exited | 0−579,016 | $82 | $0−$47,462,000 | 13F2026-03-31 ↗ |
Reported price is calculated from the reported value and share count. It is not the investor's actual purchase price.
Filing history
Historical holdings
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| MAR | MARRIOTT INTL INC NEW | 8.59% | 3,370,872 | $1,102,511,000 |
| SYK | STRYKER CORPORATION | 7.84% | 3,061,416 | $1,005,951,000 |
| WAT | WATERS CORP | 7.46% | 3,212,075 | $956,556,000 |
| V | VISA INC | 7.31% | 3,104,090 | $938,180,000 |
| GOOGL | ALPHABET INC | 6.63% | 2,956,198 | $850,084,000 |
| PM | PHILIP MORRIS INTL INC | 6.59% | 5,113,163 | $845,410,000 |
| IDXX | IDEXX LABS INC | 6.42% | 1,465,786 | $823,610,000 |
| ADP | AUTOMATIC DATA PROCESSING IN | 6.11% | 3,855,105 | $783,280,000 |
| MSFT | MICROSOFT CORP | 6.00% | 2,079,737 | $769,856,000 |
| META | META PLATFORMS INC | 5.89% | 1,321,375 | $755,998,000 |
| MTD | METTLER TOLEDO INTERNATIONAL | 5.59% | 568,516 | $717,012,000 |
| CHD | CHURCH & DWIGHT CO INC | 4.83% | 6,641,508 | $619,786,000 |
| PG | PROCTER & GAMBLE CO | 4.73% | 4,199,914 | $606,636,000 |
| TXN | TEXAS INSTRS INC | 3.97% | 2,623,124 | $509,253,000 |
| FTNT | FORTINET INC | 3.92% | 6,156,675 | $503,123,000 |
| ZTS | ZOETIS INC | 3.57% | 3,877,559 | $458,366,000 |
| OTIS | OTIS WORLDWIDE CORP | 1.64% | 2,731,635 | $210,554,000 |
| MSCI | MSCI INC | 0.27% | 64,788 | $34,921,000 |
| ROL | ROLLINS INC | 0.26% | 619,935 | $33,111,000 |
| MEDP | MEDPACE HLDGS INC | 0.23% | 62,668 | $30,093,000 |
| VRSN | VERISIGN INC | 0.22% | 113,467 | $28,181,000 |
| PAYC | PAYCOM SOFTWARE INC | 0.21% | 219,457 | $26,673,000 |
| CLX | CLOROX CO DEL | 0.21% | 257,217 | $26,655,000 |
| VRT | VERTIV HOLDINGS CO | 0.18% | 91,254 | $22,866,000 |
| NTNX | NUTANIX INC | 0.17% | 577,392 | $21,947,000 |
| BMI | BADGER METER INC | 0.17% | 142,491 | $21,709,000 |
| CPRX | CATALYST PHARMACEUTICALS INC | 0.16% | 844,887 | $20,919,000 |
| QLYS | QUALYS INC | 0.15% | 226,077 | $19,861,000 |
| DOCS | DOXIMITY INC | 0.13% | 691,786 | $16,119,000 |
| MANH | MANHATTAN ASSOCIATES INC | 0.13% | 120,888 | $16,093,000 |
| NSSC | NAPCO SEC TECHNOLOGIES INC | 0.12% | 383,596 | $15,110,000 |
| ADMA | ADMA BIOLOGICS INC | 0.12% | 1,649,493 | $14,862,000 |
| SABR | SABRE CORP | 0.10% | 9,013,783 | $13,070,000 |
| HD | HOME DEPOT INC | 0.07% | 28,611 | $9,410,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| WAT | WATERS CORP | 7.90% | 3,557,978 | $1,351,427,000 |
| SYK | STRYKER CORPORATION | 7.57% | 3,687,511 | $1,296,049,000 |
| IDXX | IDEXX LABS INC | 7.42% | 1,876,035 | $1,269,194,000 |
| V | VISA INC | 7.24% | 3,534,684 | $1,239,649,000 |
| MAR | MARRIOTT INTL INC NEW | 7.21% | 3,979,927 | $1,234,733,000 |
| GOOGL | ALPHABET INC | 6.40% | 3,498,519 | $1,095,036,000 |
| ADP | AUTOMATIC DATA PROCESSING IN | 6.28% | 4,177,969 | $1,074,699,000 |
| MSFT | MICROSOFT CORP | 5.88% | 2,079,971 | $1,005,916,000 |
| PM | PHILIP MORRIS INTL INC | 5.74% | 6,124,597 | $982,385,000 |
| META | META PLATFORMS INC | 5.26% | 1,363,539 | $900,058,000 |
| MTD | METTLER TOLEDO INTERNATIONAL | 4.73% | 580,507 | $809,337,000 |
| PG | PROCTER AND GAMBLE CO | 3.56% | 4,248,048 | $608,788,000 |
| CHD | CHURCH AND DWIGHT CO INC | 3.30% | 6,728,404 | $564,177,000 |
| FTNT | FORTINET INC | 3.02% | 6,516,011 | $517,436,000 |
| ZTS | ZOETIS INC | 2.87% | 3,900,803 | $490,799,000 |
| TXN | TEXAS INSTRS INC | 2.66% | 2,623,552 | $455,160,000 |
| INTU | INTUIT | 2.42% | 625,619 | $414,423,000 |
| NKE | NIKE INC | 2.15% | 5,770,181 | $367,618,000 |
| OTIS | OTIS WORLDWIDE CORP | 1.59% | 3,112,380 | $271,866,000 |
| MSCI | MSCI INC | 0.56% | 166,619 | $95,594,000 |
| ROL | ROLLINS INC | 0.52% | 1,478,629 | $88,747,000 |
| QLYS | QUALYS INC | 0.50% | 647,806 | $86,093,000 |
| PAYC | PAYCOM SOFTWARE INC | 0.49% | 523,433 | $83,414,000 |
| ODD | ODDITY TECH LTD | 0.49% | 2,074,167 | $83,340,000 |
| CPRX | CATALYST PHARMACEUTICALS INC | 0.46% | 3,363,807 | $78,511,000 |
| NSSC | NAPCO SEC TECHNOLOGIES INC | 0.43% | 1,779,857 | $74,220,000 |
| DOCS | DOXIMITY INC | 0.43% | 1,650,002 | $73,062,000 |
| NTNX | NUTANIX INC | 0.42% | 1,377,158 | $71,185,000 |
| VRT | VERTIV HOLDINGS CO | 0.39% | 410,944 | $66,577,000 |
| VRSN | VERISIGN INC | 0.38% | 270,634 | $65,751,000 |
| CLX | CLOROX CO DEL | 0.36% | 613,497 | $61,859,000 |
| MANH | MANHATTAN ASSOCIATES INC | 0.29% | 288,332 | $49,971,000 |
| GGG | GRACO INC | 0.28% | 579,016 | $47,462,000 |
| MEDP | MEDPACE HLDGS INC | 0.27% | 82,567 | $46,374,000 |
| ADMA | ADMA BIOLOGICS INC | 0.22% | 2,102,054 | $38,341,000 |
| SABR | SABRE CORP | 0.17% | 21,499,095 | $29,239,000 |
| HD | HOME DEPOT INC | 0.16% | 80,206 | $27,599,000 |
Investor background
Terry Smith
“Buy good companies. Don’t overpay. Do nothing.”
Terry Smith is the founder, chief executive officer and chief investment officer of Fundsmith, the investment firm he established in 2010. Before becoming a professional fund manager, Smith spent decades analysing financial institutions, examining corporate accounts and running listed businesses. His 1992 book, *Accounting for Growth*, examined the techniques companies use to make reported earnings appear stronger than their underlying economics. He subsequently led Collins Stewart and Tullett Prebon, gaining direct experience in acquisitions, corporate governance and capital allocation.
This background matters because Smith approaches equity investing partly as a forensic financial analyst and partly as a business owner. He is particularly alert to companies whose apparent growth is supported by aggressive accounting, repeated acquisitions, rising leverage or large amounts of capital that must continually be reinvested merely to preserve their competitive position.
Fundsmith’s strategy is deliberately simple. It seeks a concentrated portfolio of resilient global businesses capable of sustaining high returns on operating capital. Smith favours companies with recurring revenues, strong customer relationships, pricing power, high cash conversion, conservative balance sheets and long opportunities to reinvest. He generally avoids banks, commodity producers, utilities, airlines and other businesses whose economics depend heavily on leverage, regulation, external capital or unpredictable prices.
The instruction not to “overpay” does not mean Fundsmith buys only statistically cheap stocks. Smith is willing to pay a reasonable premium for a superior business, but he does not want future returns to depend mainly on further valuation expansion. “Do nothing” is equally important: low turnover reduces transaction costs, taxes and the risk of replacing a proven compounder with an inferior idea.
Smith qualifies as a super investor because he has combined a clearly defined philosophy with a substantial, publicly observable record. From its launch in November 2010 through the end of 2025, the Fundsmith Equity Fund compounded at 13.8% annually, compared with 12.1% for the MSCI World Index measured in sterling.
Smith remains the central investment decision-maker and continues to serve as CEO and CIO alongside Julian Robins.