Terry Smith
Q2 2026 13F: 42 holdings worth about $18.2B; that quarter 11 new, 7 added, 21 trimmed, 8 sold out.
13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.
Why This Giant Is Included
- Rule numbers (Q2 2026): 42 holdings, top 10 = 53%, stocks $18.2B, options 0%; all four rules met
- Source for the value approach: Fundsmith Equity ETF | Fundsmith (Fundsmith LLP): “The Fundsmith Equity ETF seeks long-term growth in value by investing in a concentrated portfolio of high-quality companies listed on developed global equity markets.” (checked 2026-10-11)
Trades in Q2 2026
Sorted by position shift: how many percentage points of the portfolio the trade moved.
How to Read This
Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.
All Holdings (42 Companies)
Share classes of one company are combined; click a heading to re-sort.
How to Read This
Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.
| Company | Weight (prev.) | Value | This quarter | Quarter-end price | vs cost |
|---|---|---|---|---|---|
| MARMarriott International Inc | 7.1%8.7% | $1.3B | Trimmed −24% | $370.59 | +95% |
| SYKStryker Corp | 6.9%8.1% | $1.2B | Trimmed −7% | $314.84 | +138% |
| WATWaters Corp | 6.4%7.4% | $1.2B | Trimmed −28% | $375.04 | +101% |
| VVisa Inc | 5.1%7.2% | $926.4M | Trimmed −35% | $343.09 | +225% |
| CHDChurch & Dwight Co Inc | 4.8%5.0% | $871.3M | Trimmed −3% | $96.88 | +9% |
| UBERUber Technologies, Inc | 4.7%— | $858.6M | New | $72.16 | +0% |
| MAMastercard Inc | 4.6%— | $841.3M | New | $513.60 | +1% |
| GOOGLAlphabet Inc | 4.6%6.8% | $833.5M | Trimmed −43% | $357.37 | +225% |
| METAMeta Platforms, Inc | 4.3%5.9% | $784.4M | Trimmed −22% | $563.29 | +218% |
| MSFTMicrosoft Corp | 4.3%5.9% | $784.1M | Trimmed −23% | $373.02 | +197% |
| ADPAutomatic Data Processing | 4.2%6.1% | $767.1M | Trimmed −34% | $223.95 | +106% |
| TXNTexas Instruments Inc | 4.2%3.9% | $762.6M | Trimmed −27% | $298.07 | +65% |
| PGProcter & Gamble Co | 4.2%5.0% | $757.3M | Trimmed −13% | $146.64 | −2% |
| TSMTaiwan Semiconductor Manufacturing | 4.1%0.0% | $745.0M | Added +54577% | $477.57 | +17% |
| FTNTFortinet, Inc | 4.0%3.7% | $730.6M | Trimmed −39% | $153.62 | +171% |
| IDXXIdexx Laboratories Inc | 3.9%6.3% | $709.1M | Trimmed −31% | $526.44 | +189% |
| PMPhilip Morris International Inc | 3.8%6.5% | $698.0M | Trimmed −43% | $180.91 | +106% |
| NFLXNetflix Inc | 3.6%— | $655.3M | New | $71.40 | −15% |
| GEVGE Vernova Inc | 3.5%— | $632.6M | New | $1,175 | +15% |
| APPAppLovin Corp | 2.6%— | $479.4M | New | $515.23 | +13% |
| TJXTJX Companies Inc | 2.5%0.0% | $453.6M | Added +93088% | $151.50 | −3% |
| NXTNextpower Inc | 2.5%— | $447.9M | New | $119.14 | −1% |
| VEEVVeeva Systems Inc | 1.1%— | $190.9M | New | $177.47 | +1% |
| YUMYum! Brands Inc | 0.6%— | $117.4M | New | $159.86 | +1% |
| BMIBadger Meter Inc | 0.3%0.2% | $63.2M | Added +55% | $148.38 | −9% |
| MSCIMSCI Inc | 0.2%0.2% | $30.0M | Trimmed −17% | $560.04 | +216% |
| MEDPMedpace Holdings, Inc | 0.2%0.2% | $27.7M | Trimmed −16% | $529.59 | +59% |
| NTNXNutanix, Inc | 0.2%0.1% | $27.4M | Trimmed −7% | $50.96 | −1% |
| CLXClorox Company | 0.1%0.2% | $25.9M | Added +5% | $95.44 | −30% |
| ROLRollins Inc | 0.1%0.2% | $25.9M | Held | $41.74 | +16% |
| WMWaste Management Inc | 0.1%0.1% | $25.6M | Added +63% | $222.88 | +3% |
| MANHManhattan Associates Inc | 0.1%0.1% | $24.1M | Added +43% | $139.25 | −18% |
| NSSCNapco Security Technologies, Inc | 0.1%0.1% | $23.1M | Added +58% | $37.98 | +12% |
| FICOFair Isaac Corp | 0.1%— | $21.4M | New | $1,195 | +6% |
| SABRSabre Corp | 0.1%0.1% | $18.8M | Held | $2.09 | −84% |
| IDCCInterDigital, Inc | 0.1%— | $17.1M | New | $283.13 | −3% |
| ORLYO’Reilly Automotive Inc | 0.1%— | $15.5M | New | $92.09 | −0% |
| VRTVertiv Holdings Co | 0.1%0.1% | $14.0M | Trimmed −54% | $334.82 | +234% |
| VRSNVerisign Inc | 0.1%0.2% | $14.0M | Trimmed −51% | $251.56 | +35% |
| ADMAADMA Biologics Inc | 0.1%0.1% | $13.8M | Held | $8.37 | −49% |
| DOCSDoximity, Inc | 0.1%0.1% | $13.5M | Trimmed −6% | $20.74 | −63% |
| PAYCPaycom Software, Inc | 0.1%0.2% | $12.7M | Trimmed −54% | $125.68 | −38% |
Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost
How to Read This
Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.
Over Time
From Q4 2012, 55 quarters (this giant’s electronic 13F filings).
13F Value
Holdings
Top-10 Concentration
Turnover (Est.)
Sector Mix
Quarter by Quarter, with the Original Filings
* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.
Show 55 Quarters
| Quarter | Holdings | 13F value | SEC |
|---|---|---|---|
| Q2 2026 | 42 | $18.2B | 13F-HR 13F-HR |
| Q1 2026 | 39 | $17.2B | 13F-HR 13F-HR |
| Q4 2025 | 43 | $22.6B | 13F-HR 13F-HR |
| Q3 2025 | 38 | $26.2B | 13F-HR 13F-HR |
| Q2 2025 | 44 | $30.4B | 13F-HR 13F-HR |
| Q1 2025 | 43 | $29.1B | 13F-HR 13F-HR |
| Q4 2024 | 46 | $31.1B | 13F-HR 13F-HR |
| Q3 2024 | 43 | $33.3B | 13F-HR 13F-HR |
| Q2 2024 | 43 | $32.3B | 13F-HR 13F-HR |
| Q1 2024 | 42 | $33.1B | 13F-HR 13F-HR |
| Q4 2023 | 41 | $30.8B | 13F-HR 13F-HR |
| Q3 2023 | 40 | $28.4B | 13F-HR 13F-HR |
| Q2 2023 | 40 | $30.7B | 13F-HR 13F-HR 13F-HR/A |
| Q1 2023 | 40 | $29.7B | 13F-HR 13F-HR |
| Q4 2022 | 38 | $27.9B | 13F-HR 13F-HR |
| Q3 2022 | 46 | $26.8B | 13F-HR 13F-HR |
| Q2 2022 | 43 | $28.6B | 13F-HR 13F-HR |
| Q1 2022 | 44 | $36.4B | 13F-HR 13F-HR |
| Q4 2021 | 61 | $41.2B | 13F-HR 13F-HR |
| Q3 2021 | 60 | $36.3B | 13F-HR 13F-HR |
| Q2 2021 | 61 | $36.2B | 13F-HR 13F-HR |
| Q1 2021 | 42 | $31.4B | 13F-HR |
| Q4 2020 | 39 | $30.2B | 13F-HR |
| Q3 2020 | 36 | $25.6B | 13F-HR |
| Q2 2020 | 34 | $22.9B | 13F-HR |
| Q1 2020 | 34 | $17.8B | 13F-HR |
| Q4 2019 | 31 | $21.2B | 13F-HR |
| Q3 2019 | 31 | $19.6B | 13F-HR |
| Q2 2019 | 31 | $19.2B | 13F-HR |
| Q1 2019 | 31 | $17.6B | 13F-HR |
| Q4 2018 | 32 | $15.8B | 13F-HR 13F-HR/A |
| Q3 2018 | 17 | $14.9B | 13F-HR |
| Q2 2018 | 17 | $13.4B | 13F-HR |
| Q1 2018 | 17 | $12.1B | 13F-HR |
| Q4 2017 | 18 | $11.7B | 13F-HR |
| Q3 2017 | 17 | $10.3B | 13F-HR |
| Q2 2017 | 19 | $9.5B | 13F-HR |
| Q1 2017 | 18 | $8.6B | 13F-HR |
| Q4 2016 | 18 | $7.6B | 13F-HR |
| Q3 2016 | 19 | $7.3B | 13F-HR |
| Q2 2016 | 19 | $6.3B | 13F-HR 13F-HR/A |
| Q1 2016 | 17 | $4.6B | 13F-HR |
| Q4 2015 | 18 | $4.0B | 13F-HR |
| Q3 2015 | 20 | $3.3B | 13F-HR |
| Q2 2015 | 19 | $3.2B | 13F-HR |
| Q1 2015 | 20 | $3.1B | 13F-HR |
| Q4 2014 | 16 | $2.8B | 13F-HR |
| Q3 2014 | 16 | $2.3B | 13F-HR |
| Q2 2014 * | 16 | $2.2B | 13F-HR |
| Q1 2014 * | 15 | $1.9B | 13F-HR |
| Q4 2013 * | 15 | $1.6B | 13F-HR |
| Q3 2013 * | 16 | $1.5B | 13F-HR |
| Q2 2013 * | 17 | $1.4B | 13F-HR 13F-HR/A |
| Q1 2013 * | 17 | $1.2B | 13F-HR 13F-HR/A |
| Q4 2012 * | 17 | $828.9M | 13F-HR |
Large Positions Sold Out
Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.
How to Read This
Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.
| Company | Held | Peak weight | Company since |
|---|---|---|---|
| MTDMettler Toledo International Inc | Q1 2022 – Q2 2026 | 6% | — |
| ZTSZoetis Inc | Q4 2020 – Q2 2026 | 3% | — |
| OTISOtis Worldwide Corp | Q3 2022 – Q2 2026 | 3% | — |
| NKENike Inc | Q1 2020 – Q1 2026 | 4% | — |
| INTUIntuit Inc | Q1 2025 – Q1 2026 | 2% | — |
| BF.ABrown-Forman Corp | Q3 2019 – Q2 2025 | 4% | — |
| PEPPepsiCo Inc | Q4 2012 – Q1 2025 | 9% | — |
| MKCMcCormick & Co Inc | Q4 2018 – Q4 2024 | 6% | — |
| JNJJohnson & Johnson | Q4 2012 – Q1 2024 | 8% | — |
| ELEstee Lauder Companies Inc | Q2 2016 – Q3 2023 | 7% | — |
| AMZNAmazon.com Inc | Q2 2021 – Q2 2023 | 4% | — |
| ADBEAdobe Inc | Q2 2021 – Q1 2023 | 4% | — |
| PYPLPayPal Holdings, Inc | Q4 2017 – Q4 2022 | 10% | — |
| INTUIntuit Inc | Q2 2017 – Q4 2022 | 7% | — |
| SBUXStarbucks Corp | Q1 2020 – Q2 2022 | 4% | — |
| BDXBecton Dickinson and Co | Q4 2012 – Q3 2021 | 9% | — |
| MMM3M Co | Q4 2012 – Q3 2019 | 8% | — |
| CLColgate-Palmolive Co | Q4 2012 – Q1 2019 | 4% | — |
| MCDMcDonald’s Corp | Q2 2018 – Q3 2018 | 9% | — |
| MSFTMicrosoft Corp | Q1 2015 – Q2 2018 | 10% | — |
| —Keurig DR Pepper Inc | Q4 2012 – Q1 2018 | 10% | Still filing with the SEC |
| BCRCR Bard Inc | Q1 2015 – Q1 2018 | 8% | Acquired or delisted Jan 8, 2018 |
| SJMJM Smucker Co | Q4 2015 – Q3 2017 | 8% | Still filing with the SEC |
| PYPLPayPal Holdings, Inc | Q3 2015 – Q3 2017 | 8% | — |
| PGProcter & Gamble Co | Q4 2012 – Q1 2016 | 7% | — |
| DPZDomino’s Pizza Inc | Q4 2012 – Q4 2015 | 10% | — |
| EBAYeBay Inc | Q2 2014 – Q4 2015 | 8% | — |
| CHHChoice Hotels International Inc | Q4 2012 – Q2 2015 | 4% | Still filing with the SEC |
| MCDMcDonald’s Corp | Q4 2012 – Q1 2015 | 11% | — |
| SIALSigma-Aldrich | Q4 2012 – Q1 2015 | 9% | Acquired or delisted Nov 30, 2015 |