Terry Smith

Fundsmith·quality·Concentrated / high-conviction

LON:FEET

~15% since 2010

Portfolio value

$4.5B

Positions

Top 5 concentration

32%

New buys this quarter

Quarterly activity

What Terry Smith bought and sold each quarter.

Jun 2026vs Mar 2026

Bought (13)

$UBERNew buy4.7%$MANew buy4.5%$NFLXNew buy3.5%$GEVNew buy3.3%$APPNew buy2.7%$NXTNew buy2.4%$VEEVNew buy1%$YUMNew buy0.6%$ORLYNew buy0%$TSMADRAdded+14322.6%$TJXAdded+22357.2%$BMIAdded+89.4%$WMAdded+63.2%

Sold (19)

$AAPLSold out$OTISSold out$HDSold out$ZTSSold out$MTDSold out$AMZNSold out$GOOGLTrimmed-50.7%$PMTrimmed-43.7%$PGTrimmed-38.3%$ADPTrimmed-37.9%$VTrimmed-33.6%$IDXXTrimmed-32.1%$FTNTTrimmed-32.1%$METATrimmed-27.4%$MARTrimmed-24.8%$MSFTTrimmed-23.9%$WATTrimmed-23.6%$TXNTrimmed-12.4%$SYKTrimmed-11.4%

Mar 2026vs Dec 2025

Bought (4)

$AAPLAdded+260.8%$TSMADRAdded+371.6%$TJXAdded+178.2%$AMZNAdded+178.2%

Sold (13)

$NKESold out$INTUSold out$HDTrimmed-50.8%$OTISTrimmed-22.8%$PMTrimmed-19.8%$IDXXTrimmed-13%$METATrimmed-10.4%$GOOGLTrimmed-9.8%$SYKTrimmed-9.3%$MARTrimmed-9%$FTNTTrimmed-8.7%$ZTSTrimmed-7.2%$MTDTrimmed-7.1%

Dec 2025vs Sep 2025

Bought (5)

$BMINew buy0.4%$TJXNew buy0%$TSMADRNew buy0%$AAPLNew buy0%$AMZNNew buy0%

Sold (20)

$IESCSold out$CPNGSold out$GOOGLTrimmed-35.4%$HDTrimmed-33.7%$MSFTTrimmed-33.5%$METATrimmed-26%$OTISTrimmed-23.9%$FTNTTrimmed-20.2%$IDXXTrimmed-19.5%$SYKTrimmed-15.9%$WATTrimmed-15.5%$VTrimmed-13.6%$TXNTrimmed-11.5%$MARTrimmed-9.9%$ADPTrimmed-7.4%$CHDTrimmed-6.6%$INTUTrimmed-6.4%$PMTrimmed-6.4%$PGTrimmed-5.9%$MTDTrimmed-5.5%

Sep 2025vs Jun 2025

Bought (3)

$WATAdded+11.1%$ZTSAdded+34.9%$INTUAdded+65.3%

Sold (9)

$FCNCASold out$SHOPSold out$MASold out$HDTrimmed-57.7%$METATrimmed-38.1%$MSFTTrimmed-36.7%$PMTrimmed-19.9%$IDXXTrimmed-18.5%$FTNTTrimmed-9.2%

Jun 2025vs Mar 2025

Bought (3)

$TXNAdded+7%$ZTSAdded+20.8%$INTUAdded+141.2%

Sold (8)

$BF-BSold out$MATrimmed-29.4%$HDTrimmed-27.6%$PMTrimmed-18.9%$MSFTTrimmed-10.2%$METATrimmed-9.9%$SYKTrimmed-9.1%$VTrimmed-6.8%

Mar 2025vs Dec 2024

Bought (5)

$INTUNew buy0.4%$CPNGNew buy0.2%$TXNAdded+85.9%$ZTSAdded+717.5%$WMAdded+46.2%

Sold (14)

$NVDASold out$PEPSold out$TSMADRSold out$ARGTETFSold out$MEDPSold out$RDDTSold out$HDTrimmed-18.8%$METATrimmed-15.5%$MSFTTrimmed-14.8%$ADPTrimmed-9.8%$VTrimmed-8.7%$SHOPTrimmed-8.3%$SYKTrimmed-6%$MATrimmed-5.6%

Dec 2024vs Sep 2024

Bought (7)

$MEDPNew buy0.3%$RDDTNew buy0.2%$ARGTETFNew buy0.1%$IESCNew buy0.1%$WMNew buy0.1%$SHOPNew buy0.1%$MARAdded+5.5%

Sold (8)

$MKCSold out$AAPLSold out$MCDSold out$VTrimmed-15.2%$ADPTrimmed-6.2%$METATrimmed-5.9%$PMTrimmed-5.5%$MSFTTrimmed-5.3%

Sep 2024vs Jun 2024

Bought (5)

$TXNAdded+15.2%$HDAdded+5.7%$MAAdded+5.7%$ZTSAdded+5.7%$MCDAdded+5.7%

Sold (3)

$MKCTrimmed-96.1%$BF-BTrimmed-19.7%$PMTrimmed-17.4%

Quarter-over-quarter change in disclosed positions.

Holdings

Stock	Move	% of portfolio	Quarter-end px	Now	Since quarter-end
$MAR MARRIOTT INTL INC NEW	Trimmed	7.4%	$370.59	$336.51	-9.2%
$SYK STRYKER CORPORATION	Trimmed	7.3%	$314.84	$303.13	-3.7%
$WAT WATERS CORP	Trimmed	7%	$375.04	$409.38	+9.2%
$CHD CHURCH & DWIGHT CO INC	Held	5.4%	$96.88	$98.55	+1.7%
$V VISA INC	Trimmed	5.2%	$343.09	$375.07	+9.3%
$TXN TEXAS INSTRS INC	Trimmed	5%	$298.07	$258.44	-13.3%
$UBER UBER TECHNOLOGIES INC	New buy	4.7%	$72.16	$75.76	+5%
$MA MASTERCARD INCORPORATED	New buy	4.5%	$513.60	$579.21	+12.8%
$GOOGL ALPHABET INC	Trimmed	4.4%	$357.37	$338.46	-5.3%
$TSMADR TAIWAN SEMICONDUCTOR MANUFAC	Added	4.3%	$477.57	$428.91	-10.2%
$META META PLATFORMS INC	Trimmed	4.2%	$563.29	$616.77	+9.5%
$MSFT MICROSOFT CORP	Trimmed	4.2%	$373.02	$499.70	+34%
$ADP AUTOMATIC DATA PROCESSING IN	Trimmed	4.1%	$223.95	$277.62	+24%
$FTNT FORTINET INC	Trimmed	3.8%	$153.62	$156.29	+1.7%
$IDXX IDEXX LABS INC	Trimmed	3.8%	$526.44	$535.38	+1.7%
$PM PHILIP MORRIS INTL INC	Trimmed	3.8%	$180.91	$182.53	+0.9%
$PG PROCTER & GAMBLE CO	Trimmed	3.5%	$146.64	$146.43	-0.1%
$NFLX NETFLIX INC.	New buy	3.5%	$71.40	$78.25	+9.6%
$GEV GE VERNOVA INC	New buy	3.3%	$1174.86	$941.95	-19.8%
$APP APPLOVIN CORP	New buy	2.7%	$515.23	$320.56	-37.8%
$TJX TJX COS INC NEW	Added	2.4%	$151.50	$132.08	-12.8%
$NXT NEXTPOWER INC	New buy	2.4%	$119.14	$84.50	-29.1%
$VEEV VEEVA SYS INC	New buy	1%	$177.47	$275.09	+55%
$BMI BADGER METER INC	Added	0.8%	$148.38	$132.49	-10.7%
$YUM YUM BRANDS INC	New buy	0.6%	$159.86	$150.71	-5.7%
$WM WASTE MGMT INC DEL	Added	0.6%	$222.88	$218.99	-1.7%
$ORLY OREILLY AUTOMOTIVE INC	New buy	<0.1%	$92.09	$87.89	-4.6%

Notable sell-outs this quarter: $AAPL, $OTIS, $HD, $ZTS, $MTD, $AMZN

Track Terry Smith between filings

13Fs land once a quarter. We email you when a tracked manager files a Form 4, a 13D stake or a Form 144 notice of sale — days after it happens, not months.

Source: SEC 13F via FMP · holdings as of Jun 2026 · 45-day filing delay. Long equity positions only. Not financial advice.