Terry Smith Portfolio: All Stocks & Buys/Sells
As of Q2 2026 · reported on SEC Form 13F
Portfolio at a glance
- Portfolio value ?Total market value of every reported position on the quarter's reporting date, in US dollars.
- $13.65B
- Positions ?Number of distinct securities in the filing. Names reported on several lines are merged into one position.
- 41
- Top 10 share ?Share of the reported portfolio held in the ten largest positions. The higher it is, the more concentrated the bets.
- 52.5%
- Reporting period ?The quarter the filing covers. Managers have up to 45 days after the reporting date to file.
- Q2 2026
- Portfolio vs. S&P 500 (5 yr) ?Cumulative return of the replicated portfolio and of the S&P 500 over the calculated window. The sentence below states the gap between the two in percentage points — the plain difference between the two percentages. Replicated means: the reported stock weights at each quarterly reporting date, carried forward to the next one.
- +25.6% vs. +86.7%
That puts the replication 61.0 percentage points behind the S&P 500.
How this figure is built — and what it is not
This is NOT the fund's return. It is the return of a portfolio you would hold if you rebuilt the reported US stock basket at every quarterly reporting date, using the reported weights, and held it until the next one. Prices include dividends and the quarters are chained; the S&P 500 runs on the same basis. Whatever a 13F leaves out is missing here too: cash, short positions, bonds and everything outside the US. Options are deliberately excluded — a filing carries them at the value of the underlying shares, which would distort every weight. Between two filings a manager trades, and a quarterly replication cannot see those moves.
Calculated window: Q2 2021 to Q2 2026, in 19 quarterly steps.
What these numbers show — and what they don't
The source is SEC Form 13F, the disclosure institutional investment managers must file with the U.S. Securities and Exchange Commission (SEC). It covers long positions in US-listed securities — stocks, plus exchange-traded options and convertible notes, an option being carried at the value of the underlying shares. Cash, short positions, ordinary bonds and holdings outside the US never appear. Filings are quarterly and land up to 45 days after the reporting date, so these figures are an official but delayed and partial view — not a live portfolio.
Buys and sells this quarter
Comparing the Q2 2026 filing against Q1 2026.
New positions
- UBER
- 8,943,151 new
- MA
- 1,245,051 new
- TSM
- 1,148,449 new
- NFLX
- 6,990,345 new
- GEV
- 409,835 new
- APP
- 696,568 new
- TJX
- 2,272,592 new
- NXT
- 2,856,092 new
- VEEV
- 816,785 new
- YUM
- 556,107 new
- FICO
- 17,953 new
- IDCC
- 60,324 new
- ORLY
- 162,691 new
Added to
- BMI
- 142,491 → 174,627
- CLX
- 257,217 → 271,318
- MANH
- 120,888 → 172,977
- NSSC
- 383,596 → 606,974
Trimmed
- MAR
- 3,370,872 → 2,585,757
- SYK
- 3,061,416 → 2,913,833
- WAT
- 3,212,075 → 2,273,632
- V
- 3,104,090 → 2,019,810
- GOOGL
- 2,956,198 → 1,773,354
- CHD
- 6,641,508 → 6,456,634
- PG
- 4,199,914 → 4,078,371
- MSFT
- 2,079,737 → 1,596,737
- META
- 1,321,375 → 1,051,876
- ADP
- 3,855,105 → 2,601,567
- FTNT
- 6,156,675 → 3,629,938
- IDXX
- 1,465,786 → 1,019,887
- TXN
- 2,623,124 → 1,799,182
- PM
- 5,113,163 → 2,913,693
- MSCI
- 64,788 → 53,580
and 6 more
Sold out
- MTD
- was 568,516
- ZTS
- was 3,877,559
- OTIS
- was 2,731,635
- CPRX
- was 844,887
- QLYS
- was 226,077
- HD
- was 28,611
Every position in the portfolio
Scrolls sideways. Linked tickers lead to our own stock page for that company.
| # | Ticker | Company | Value | Weight | Shares | Shares vs. prior quarter |
|---|---|---|---|---|---|---|
| 1 | MAR | MARRIOTT INTL INC NEW | $958.3M | 7.02% | 2,585,757 | -23.3% |
| 2 | SYK | STRYKER CORPORATION | $917.4M | 6.72% | 2,913,833 | -4.8% |
| 3 | WAT | WATERS CORP | $852.7M | 6.25% | 2,273,632 | -29.2% |
| 4 | V | VISA INC | $693.0M | 5.08% | 2,019,810 | -34.9% |
| 5 | UBER | UBER TECHNOLOGIES INC | $645.3M | 4.73% | 8,943,151 | new |
| 6 | MA | MASTERCARD INCORPORATED | $639.5M | 4.69% | 1,245,051 | new |
| 7 | GOOGL | ALPHABET INC | $633.7M | 4.64% | 1,773,354 | -40.0% |
| 8 | CHD | CHURCH & DWIGHT CO INC | $625.5M | 4.58% | 6,456,634 | -2.8% |
| 9 | PG | PROCTER & GAMBLE CO | $598.1M | 4.38% | 4,078,371 | -2.9% |
| 10 | MSFT | MICROSOFT CORP | $595.6M | 4.36% | 1,596,737 | -23.2% |
| 11 | META | META PLATFORMS INC | $592.5M | 4.34% | 1,051,876 | -20.4% |
| 12 | ADP | AUTOMATIC DATA PROCESSING IN | $582.6M | 4.27% | 2,601,567 | -32.5% |
| 13 | FTNT | FORTINET INC | $557.6M | 4.09% | 3,629,938 | -41.0% |
| 14 | TSM | TAIWAN SEMICONDUCTOR MANUFAC | $548.5M | 4.02% | 1,148,449 | new |
| 15 | IDXX | IDEXX LABS INC | $536.9M | 3.93% | 1,019,887 | -30.4% |
| 16 | TXN | TEXAS INSTRS INC | $536.3M | 3.93% | 1,799,182 | -31.4% |
| 17 | PM | PHILIP MORRIS INTL INC | $527.1M | 3.86% | 2,913,693 | -43.0% |
| 18 | NFLX | NETFLIX INC. | $499.1M | 3.66% | 6,990,345 | new |
| 19 | GEV | GE VERNOVA INC | $481.5M | 3.53% | 409,835 | new |
| 20 | APP | APPLOVIN CORP | $358.9M | 2.63% | 696,568 | new |
| 21 | TJX | TJX COS INC NEW | $344.3M | 2.52% | 2,272,592 | new |
| 22 | NXT | NEXTPOWER INC | $340.3M | 2.49% | 2,856,092 | new |
| 23 | VEEV | VEEVA SYS INC | $145.0M | 1.06% | 816,785 | new |
| 24 | YUM | YUM BRANDS INC | $88.9M | 0.65% | 556,107 | new |
| 25 | MSCI | MSCI INC | $30.0M | 0.22% | 53,580 | -17.3% |
| 26 | MEDP | MEDPACE HLDGS INC | $27.7M | 0.20% | 52,372 | -16.4% |
| 27 | NTNX | NUTANIX INC | $27.4M | 0.20% | 538,281 | -6.8% |
| 28 | BMI | BADGER METER INC | $25.9M | 0.19% | 174,627 | +22.6% |
| 29 | CLX | CLOROX CO DEL | $25.9M | 0.19% | 271,318 | +5.5% |
| 30 | ROL | ROLLINS INC | $25.9M | 0.19% | 619,935 | unchanged |
| 31 | MANH | MANHATTAN ASSOCIATES INC | $24.1M | 0.18% | 172,977 | +43.1% |
| 32 | NSSC | NAPCO SEC TECHNOLOGIES INC | $23.1M | 0.17% | 606,974 | +58.2% |
| 33 | FICO | FAIR ISAAC CORP | $21.4M | 0.16% | 17,953 | new |
| 34 | SABR | SABRE CORP | $18.8M | 0.14% | 9,013,783 | unchanged |
| 35 | IDCC | INTERDIGITAL INC | $17.1M | 0.13% | 60,324 | new |
| 36 | ORLY | OREILLY AUTOMOTIVE INC | $15.0M | 0.11% | 162,691 | new |
| 37 | VRT | VERTIV HOLDINGS CO | $14.0M | 0.10% | 41,893 | -54.1% |
| 38 | VRSN | VERISIGN INC | $14.0M | 0.10% | 55,713 | -50.9% |
| 39 | ADMA | ADMA BIOLOGICS INC | $13.8M | 0.10% | 1,649,493 | unchanged |
| 40 | DOCS | DOXIMITY INC | $13.5M | 0.10% | 653,324 | -5.6% |
| 41 | PAYC | PAYCOM SOFTWARE INC | $12.7M | 0.09% | 100,763 | -54.1% |
The “Shares vs. prior quarter” column shows how the number of shares held changed compared with the previous quarterly filing — not the stock’s price performance.
About Terry Smith
Terry Smith has earned the nickname "Britain's Warren Buffett" as founder and chief executive of Fundsmith, the London-based fund house he launched in 2010. Before running money himself, he built a reputation as a fearless banking analyst — his 1992 book "Accounting for Growth" exposed questionable accounting practices at major UK companies and famously cost him his job at the investment bank he worked for.
His investment philosophy is captured in a phrase he's repeated for years: buy good companies, don't overpay, do nothing. He looks for businesses with high returns on capital, durable brands or network effects, resilient cash generation, and little debt — then holds them for the long haul instead of trading in and out. Cyclical industries, commodity producers, and heavily leveraged companies are ruled out from the start.
This page shows automatically updated portfolio data drawn from mandatory institutional investor filings (SEC Form 13F): every US position, its weighting, and quarter-over-quarter buys and sells.
One thing worth knowing: an SEC Form 13F only captures long positions in US-listed stocks. Since Fundsmith has historically held substantial holdings outside the US alongside its American names, the table below reflects just the US slice of the fund's overall portfolio. Filings are quarterly and can be up to 45 days old by the time they're published, and they never disclose returns or performance figures.
Frequently Asked Questions
Terry Smith has long favored a small set of quality businesses in areas like consumer goods, software, and healthcare — companies with high returns on capital, strong brands, and recurring revenue. The table on this page always reflects the most recently reported US positions from SEC Form 13F.
Fundsmith typically holds positions for years and rarely reshuffles its portfolio — under this buy-and-hold approach, trades are the exception rather than the rule. The latest quarter-over-quarter changes, as disclosed in the most recent SEC Form 13F, are listed in the table above.
Terry Smith follows a concentrated quality-growth approach summed up in his own words as "buy good companies, don't overpay, do nothing." He targets businesses with high returns on invested capital, low debt, durable competitive advantages, and dependable cash flow — and trades deliberately rarely.
An SEC Form 13F is a mandatory quarterly filing that institutional investors managing more than $100 million must submit to the US Securities and Exchange Commission. It lists only US-listed long stock positions, is published up to 45 days after quarter-end, and includes no price targets or performance figures.
Fundsmith also invests outside the US, including in European consumer and healthcare names. Because SEC Form 13F only captures US-listed long positions, this page reflects just the US slice of the fund, not its complete holdings.
Source
SEC Form 13F — the mandatory quarterly disclosure institutional investment managers file with the U.S. Securities and Exchange Commission (SEC). One filing per quarter, submitted up to 45 days after the reporting date; values are market values on that date, in US dollars.
These pages show reported holdings. They are not investment advice and not a recommendation to buy.