Fundsmith

Q1 2026 13F · by Terry Smith, founder

As of: Mar 31, 2026
Filed: May 15, 2026
US stock: $17.2B · prev $22.6B
Positions: 39 · prev 43
Options notional: $0
Documents: 2· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves42 since the prior filing

+0.2 pp in · −0.2 pp out

New 0 0.00 pp
Added 5 +0.15 pp
Trimmed 33 +4.99 pp
Exited 4 −5.19 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.5% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions38% of US stock

MAR Marriott International Class A trimmed+1.39 pp trimmed+1.398.7%
SYK Stryker Corporation trimmed+0.33 pp trimmed+0.338.1%
WAT Waters Corp trimmed−0.46 pp trimmed−0.467.5%
V VISA Inc. trimmed+0.07 pp trimmed+0.077.2%
GOOGL Alphabet Inc. Class A trimmed+0.24 pp trimmed+0.246.8%

Positions39 in this filing · 4 exited


MARMarriott International Class A	8.67%	4,569,997	$1.5B	trimmed−14%	+1.39 pp	13 q
SYKStryker Corporation	8.10%	4,247,266	$1.4B	trimmed−15%	+0.33 pp	52 q
WATWaters Corp	7.45%	4,308,930	$1.3B	trimmed−8%	−0.46 pp	45 q
VVISA Inc.	7.24%	4,129,535	$1.2B	trimmed−11%	+0.07 pp	52 q
GOOGLAlphabet Inc. Class A	6.83%	4,090,577	$1.2B	trimmed−14%	+0.24 pp	18 q
PMPhilip Morris International Inc.	6.52%	6,790,882	$1.1B	trimmed−17%	+0.68 pp	52 q
IDXXIdexx Laboratories Inc	6.35%	1,947,372	$1.1B	trimmed−20%	−0.93 pp	45 q
ADPAutomatic Data Processing	6.11%	5,182,414	$1.1B	trimmed−6%	−0.17 pp	38 q
METAMeta Platforms, Inc. Class A	5.94%	1,790,415	$1.0B	trimmed−5%	+0.42 pp	33 q
MSFTMicrosoft Corp	5.89%	2,743,739	$1.0B	trimmed−0%	0.00 pp	31 q
MTDMettler-Toledo International	5.79%	791,275	$998M	trimmed−4%	+0.73 pp	17 q
CHDChurch & Dwight Co., Inc.	5.00%	9,238,667	$862M	trimmed−1%	+1.53 pp	22 q
PGProcter & Gamble Company	5.00%	5,960,595	$861M	trimmed−1%	+1.18 pp	22 q
TXNTexas Instruments Incorporated	3.93%	3,490,121	$678M	trimmed−0%	+1.24 pp	9 q
FTNTFortinet, Inc.	3.71%	7,816,464	$639M	trimmed−6%	+0.78 pp	23 q
ZTSZoetis Inc.	3.43%	4,997,706	$591M	trimmed−2%	+0.58 pp	22 q
OTISOtis Worldwide Corporation	1.65%	3,698,422	$285M	trimmed−15%	−0.04 pp	15 q
BMIBadger Meter, Inc.	0.24%	275,122	$42M	added×2.1	+0.14 pp	2 q
MSCIMSCI, Inc.	0.20%	64,788	$35M	trimmed−61%	−0.22 pp	30 q
ROLRollins, Inc.	0.19%	619,935	$33M	trimmed−58%	−0.20 pp	21 q
MEDPMedpace Holdings, Inc.	0.17%	62,668	$30M	trimmed−24%	−0.04 pp	6 q
VRSNVeriSign Inc	0.16%	113,467	$28M	trimmed−58%	−0.13 pp	30 q
CLXClorox Company	0.15%	257,217	$27M	trimmed−58%	−0.12 pp	10 q
PAYCPaycom Software, Inc.	0.15%	219,457	$27M	trimmed−58%	−0.22 pp	30 q
NTNXNutanix, Inc. Class A	0.13%	577,392	$22M	trimmed−58%	−0.19 pp	2 q
VRTVertiv Holdings Co Class A	0.13%	91,254	$23M	trimmed−78%	−0.16 pp	4 q
CPRXCatalyst Pharmaceuticals Inc	0.12%	844,887	$21M	trimmed−75%	−0.23 pp	5 q
QLYSQualys, Inc.	0.12%	226,077	$20M	trimmed−65%	−0.26 pp	24 q
ADMAADMA Biologics, Inc.	0.09%	1,649,493	$15M	trimmed−22%	−0.08 pp	2 q
DOCSDoximity, Inc.	0.09%	691,786	$16M	trimmed−58%	−0.23 pp	6 q
MANHManhattan Associates Inc	0.09%	120,888	$16M	trimmed−58%	−0.13 pp	4 q
NSSCNapco Security Technologies, Inc	0.09%	383,596	$15M	trimmed−78%	−0.24 pp	4 q
WMWaste Management, Inc.	0.09%	70,475	$16M	held	—	6 q
SABRSabre Corporation	0.08%	9,013,783	$13M	trimmed−58%	−0.05 pp	30 q
HDHome Depot, Inc.	0.06%	33,196	$11M	trimmed−63%	−0.08 pp	21 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.01%	2,853	$964,171	added×4.7	+0.01 pp	2 q
AMZNAmazon.Com Inc	0.00%	1,989	$414,249	added×2.8	0.00 pp	2 q
AAPLApple Inc.	0.00%	2,183	$554,024	added×3.6	0.00 pp	2 q
TJXTJX Companies, Inc. (The)	0.00%	3,213	$513,116	added×2.8	0.00 pp	2 q
INTUIntuit Inc	—	−801,979	—	exited	−2.35 pp	—
NKENike, Inc.	—	−7,996,538	—	exited	−2.26 pp	—
ODDODDITY Tech Ltd. Class A	—	−2,074,167	—	exited	−0.37 pp	—
GGGGraco Inc	—	−579,016	—	exited	−0.21 pp	—