Terry Smith

Fundsmith·quality·Concentrated / activist

LON:FEET

~15% since 2010

Portfolio value

$4.4B

Positions

Top 5 concentration

40%

New buys this quarter

Quarterly activity

What Terry Smith bought and sold each quarter.

Mar 2026vs Dec 2025

Bought (4)

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

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

Sold (20)

$CPNGSold out$IESCSold 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%$SHOPNew buy0.1%$WMNew buy0.1%$MARAdded+5.5%

Sold (8)

$MKCSold out$MCDSold out$AAPLSold out$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%

Jun 2024vs Mar 2024

Bought (16)

$NVDANew buy0.1%$METAAdded+6%$SYKAdded+5.6%$VAdded+6.5%$ADPAdded+8.6%$IDXXAdded+5.2%$GOOGLAdded+5.7%$MTDAdded+6.2%$WATAdded+7.9%$MARAdded+6.2%$PGAdded+8.3%$CHDAdded+7.7%$NKEAdded+5.2%$FTNTAdded+25.9%$TXNAdded+56.1%$FCNCAAdded+42.1%

Sold (2)

$MKCTrimmed-32.2%$BF-BTrimmed-10.1%

Quarter-over-quarter change in disclosed positions.

Holdings

Stock	Move	% of portfolio	Reported px	Now	Since report
$MAR MARRIOTT INTL INC NEW	Trimmed	8.9%	$327.07	$372.47	+13.9%
$SYK STRYKER CORPORATION	Trimmed	8.8%	$328.59	$327.11	-0.5%
$WAT WATERS CORP	Held	7.4%	$297.80	$377.13	+26.6%
$GOOGL ALPHABET INC	Trimmed	7.4%	$287.56	$358.89	+24.8%
$V VISA INC	Held	7%	$302.24	$348.20	+15.2%
$MTD METTLER TOLEDO INTERNATIONAL	Trimmed	6.4%	$1261.20	$1288.02	+2.1%
$PM PHILIP MORRIS INTL INC	Trimmed	6.3%	$165.34	$181.17	+9.6%
$IDXX IDEXX LABS INC	Trimmed	6.1%	$561.89	$558.60	-0.6%
$ADP AUTOMATIC DATA PROCESSING IN	Held	6.1%	$203.18	$241.28	+18.8%
$META META PLATFORMS INC	Trimmed	6.1%	$572.13	$631.48	+10.4%
$PG PROCTER & GAMBLE CO	Held	5.8%	$144.44	$146.85	+1.7%
$MSFT MICROSOFT CORP	Held	5.6%	$370.17	$384.36	+3.8%
$CHD CHURCH & DWIGHT CO INC	Held	5.5%	$93.32	$95.67	+2.5%
$TXN TEXAS INSTRS INC	Held	3.8%	$194.14	$308.53	+58.9%
$FTNT FORTINET INC	Trimmed	3.1%	$81.72	$163.73	+100.4%
$ZTS ZOETIS INC	Trimmed	3%	$118.21	$75.08	-36.5%
$OTIS OTIS WORLDWIDE CORP	Trimmed	1.7%	$77.08	$72.00	-6.6%
$BMI BADGER METER INC	Held	0.5%	$152.35	$144.97	-4.8%
$WM WASTE MGMT INC DEL	Held	0.4%	$229.79	$231.67	+0.8%
$HD HOME DEPOT INC	Trimmed	0%	$328.89	$338.73	+3%
$TSMADR TAIWAN SEMICONDUCTOR MANUFAC	Added	0%	$337.95	$436.96	+29.3%
$AAPL APPLE INC	Added	0%	$253.79	$316.22	+24.6%
$TJX TJX COS INC NEW	Added	0%	$159.70	$150.90	-5.5%
$AMZN AMAZON COM INC	Added	0%	$208.27	$247.04	+18.6%

Notable sell-outs this quarter: $NKE, $INTU

Source: SEC 13F via FMP · Mar 2026 report · 45-day filing delay. Long equity positions only. Not financial advice.