← All Managers

Terry Smith

Fundsmith

Quality growth investor

🌐 Website📍 London, UKEst. 2010💰 ~$25B AUM

$13.65B

Portfolio Value

41

Holdings

Q2 '26

Period

2026-08-14

Filed

About Terry Smith

Terry Smith (born 1953) is a British investor and founder of Fundsmith, one of the most successful UK-based fund management companies. Known for his 'buy, hold, don't fiddle' approach and focus on high-quality companies with sustainable competitive advantages.

Investment Philosophy

Buy and hold high-quality companies that can sustain a high return on operating capital, generate cash, and grow. 'Buy good companies, don't overpay, do nothing.' Extremely low portfolio turnover. Avoids value traps and cyclical businesses. Prefers companies with recurring revenue and pricing power.

Notable Facts

  • •Fundsmith Equity Fund has been one of the best-performing UK funds since launch
  • •Author of 'Accounting for Growth' which exposed creative accounting practices
  • •Famous for his motto: 'Buy good companies. Don't overpay. Do nothing.'
  • •Annual shareholder meetings are standing-room-only events in London
📉

Simulated 13F Return

⚠️ Approximation

Total Return

+11.2%

Q4 '24 → Q3 '25

Annualized

+15.26%/yr

S&P: +18.77%/yr

Alpha (vs S&P)

-2.52%

3 quarters tracked

1-Year Return

—

⚠️ Approximation only. 13F filings are delayed ~45 days. Options, shorts, and intra-quarter trades not captured.

📈 Recent Activity

Changes from previous quarter

MARREDUCED
7.0% of portfolio
-23% shares-1.6pp
SYKREDUCED
6.7% of portfolio
-5% shares-1.1pp
WATREDUCED
6.2% of portfolio
-29% shares-1.2pp
VREDUCED
5.1% of portfolio
-35% shares-2.2pp
UBERNEW
4.7% of portfolio
New position
MANEW
4.7% of portfolio
New position
GOOGLREDUCED
4.6% of portfolio
-40% shares-2.0pp
CHDREDUCED
4.6% of portfolio
-3% shares-0.2pp
PGREDUCED
4.4% of portfolio
-3% shares-0.3pp
MSFTREDUCED
4.4% of portfolio
-23% shares-1.6pp
METAREDUCED
4.3% of portfolio
-20% shares-1.6pp
ADPREDUCED
4.3% of portfolio
-33% shares-1.8pp
FTNTREDUCED
4.1% of portfolio
-41% shares+0.2pp
TSMNEW
4.0% of portfolio
New position
IDXXREDUCED
3.9% of portfolio
-30% shares-2.5pp
TXNREDUCED
3.9% of portfolio
-31% shares-0.0pp
PMREDUCED
3.9% of portfolio
-43% shares-2.7pp
NFLXNEW
3.7% of portfolio
New position
GEVNEW
3.5% of portfolio
New position
APPNEW
2.6% of portfolio
New position
TJXNEW
2.5% of portfolio
New position
NXTNEW
2.5% of portfolio
New position
VEEVNEW
1.1% of portfolio
New position
YUMNEW
0.7% of portfolio
New position
MSCIREDUCED
0.2% of portfolio
-17% shares-0.1pp
MEDPREDUCED
0.2% of portfolio
-16% shares-0.0pp
NTNXREDUCED
0.2% of portfolio
-7% shares+0.0pp
BMIINCREASED
0.2% of portfolio
+23% shares+0.0pp
CLXINCREASED
0.2% of portfolio
+5% shares-0.0pp
MANHINCREASED
0.2% of portfolio
+43% shares+0.1pp
NSSCINCREASED
0.2% of portfolio
+58% shares+0.1pp
FICONEW
0.2% of portfolio
New position
IDCCNEW
0.1% of portfolio
New position
ORLYNEW
0.1% of portfolio
New position
VRTREDUCED
0.1% of portfolio
-54% shares-0.1pp
VRSNINCREASED
0.1% of portfolio
-51% shares-0.1pp
DOCSREDUCED
0.1% of portfolio
-6% shares-0.0pp
PAYCREDUCED
0.1% of portfolio
-54% shares-0.1pp
MTDSOLD
was 5.6%
Sold out position
Filing price: $1261.20
ZTSSOLD
was 3.6%
Sold out position
Filing price: $118.21
OTISSOLD
was 1.6%
Sold out position
Filing price: $77.08
CPRXSOLD
was 0.2%
Sold out position
Filing price: $24.76
QLYSSOLD
was 0.2%
Sold out position
Filing price: $87.85
HDSOLD
was 0.1%
Sold out position
Filing price: $328.89

Sold Out (6)

SOLDCPRXCATALYST PHARMACEUTICALS INCwas 0.16%@$24.76
SOLDHDHOME DEPOT INCwas 0.07%@$328.89
SOLDMTDMETTLER TOLEDO INTERNATIONALwas 5.59%@$1261.20
SOLDOTISOTIS WORLDWIDE CORPwas 1.64%@$77.08
SOLDQLYSQUALYS INCwas 0.15%@$87.85
SOLDZTSZOETIS INCwas 3.57%@$118.21

📊 Sector Breakdown

Portfolio allocation by sector

Technology 30.1%Unknown 25.3%Consumer Staples 13.0%Consumer Discretionary 10.2%Financials 10.0%+2 more (11.4%)

💼 Holdings

🔍

41 of 41 positions · $13.65B

This quarter: 13 new positions, increased 5, reduced 20, sold 6. Net seller.

MARREDUCED
7.0%
7.0% of portfolio (was 8.6%, trimmed)
Filed ~$371
—📄
SYKREDUCED
6.7%
6.7% of portfolio (was 7.8%, trimmed)
Filed ~$315
—📄
WATREDUCED
6.2%
6.2% of portfolio (was 7.5%, trimmed)
Filed ~$375
—📄
VREDUCED
5.1%
5.1% of portfolio (was 7.3%, trimmed)
Filed ~$343
—📄
UBERNEW
4.7%
4.7% of portfolio (new position)
Filed ~$72
—📄
MANEW
4.7%
4.7% of portfolio (new position)
Filed ~$514
—📄
GOOGLREDUCED
4.6%
4.6% of portfolio (was 6.6%, trimmed)
Filed ~$357
—📄
CHDREDUCED
4.6%
4.6% of portfolio (was 4.8%, trimmed)
Filed ~$97
—📄
PGREDUCED
4.4%
4.4% of portfolio (was 4.7%, trimmed)
Filed ~$147
—📄
MSFTREDUCED
4.4%
4.4% of portfolio (was 6.0%, trimmed)
Filed ~$373
—📄
METAREDUCED
4.3%
4.3% of portfolio (was 5.9%, trimmed)
Filed ~$563
—📄
ADPREDUCED
4.3%
4.3% of portfolio (was 6.1%, trimmed)
Filed ~$224
—📄
FTNTREDUCED
4.1%
4.1% of portfolio (was 3.9%, trimmed)
Filed ~$154
—📄
TSMNEW
4.0%
4.0% of portfolio (new position)
Filed ~$478
—📄
IDXXREDUCED
3.9%
3.9% of portfolio (was 6.4%, trimmed)
Filed ~$526
—📄
TXNREDUCED
3.9%
3.9% of portfolio (was 4.0%, trimmed)
Filed ~$298
—📄
PMREDUCED
3.9%
3.9% of portfolio (was 6.6%, trimmed)
Filed ~$181
—📄
NFLXNEW
3.7%
3.7% of portfolio (new position)
Filed ~$71
—📄
GEVNEW
3.5%
3.5% of portfolio (new position)
Filed ~$1175
—📄
APPNEW
2.6%
2.6% of portfolio (new position)
Filed ~$515
—📄
TJXNEW
2.5%
2.5% of portfolio (new position)
Filed ~$152
—📄
NXTNEW
2.5%
2.5% of portfolio (new position)
Filed ~$119
—📄
VEEVNEW
1.1%
1.1% of portfolio (new position)
Filed ~$177
—📄
YUMNEW
0.7%
0.7% of portfolio (new position)
Filed ~$160
—📄
MSCIREDUCED
0.2%
0.2% of portfolio (was 0.3%, trimmed)
Filed ~$560
—📄
1–25 of 41

🚫 Sold Out (6 positions)

SOLDCPRXCATALYST PHARMACEUTICALS INCwas 0.16%@$24.76844887 shares · $20.9M
SOLDHDHOME DEPOT INCwas 0.07%@$328.8928611 shares · $9.4M
SOLDMTDMETTLER TOLEDO INTERNATIONALwas 5.59%@$1261.20568516 shares · $717.0M
SOLDOTISOTIS WORLDWIDE CORPwas 1.64%@$77.082731635 shares · $210.6M
SOLDQLYSQUALYS INCwas 0.15%@$87.85226077 shares · $19.9M
SOLDZTSZOETIS INCwas 3.57%@$118.213877559 shares · $458.4M