Terry Smith
Quality GrowthFundsmith
$12.8B
AUM
34
Holdings
Q1 2026
As of
Sector Allocation
Portfolio Holdings · Q1 2026
34 shown| # | Ticker | Company | Weight | Activity | Shares | Price | Value |
|---|---|---|---|---|---|---|---|
| 1 | MAR | Marriott Int'l. | 8.59% | Reduce 15.3% | 3.37M | $327.07 | $1.1B |
| 2 | SYK | Stryker Corp. | 7.84% | Reduce 17.0% | 3.06M | $328.59 | $1.0B |
| 3 | WAT | Waters Corp. | 7.46% | Reduce 9.7% | 3.21M | $297.80 | $957M |
| 4 | V | Visa Inc. | 7.31% | Reduce 12.2% | 3.10M | $302.24 | $938M |
| 5 | GOOGL | Alphabet Inc. | 6.63% | Reduce 15.5% | 2.96M | $287.56 | $850M |
| 6 | PM | Philip Morris Intl. | 6.59% | Reduce 16.5% | 5.11M | $165.34 | $845M |
| 7 | IDXX | IDEXX Laboratories | 6.42% | Reduce 21.9% | 1.47M | $561.89 | $824M |
| 8 | ADP | Automatic Data Processing Inc. | 6.11% | Reduce 7.7% | 3.86M | $203.18 | $783M |
| 9 | MSFT | Microsoft Corp. | 6.00% | Reduce 0.0% | 2.08M | $370.17 | $770M |
| 10 | META | Meta Platforms Inc. | 5.89% | Reduce 3.1% | 1.32M | $572.13 | $756M |
| 11 | MTD | Mettler-Toledo International Inc. | 5.59% | Reduce 2.1% | 569K | $1261.20 | $717M |
| 12 | CHD | Church & Dwight | 4.83% | Reduce 1.3% | 6.64M | $93.32 | $620M |
| 13 | PG | Procter & Gamble | 4.73% | Reduce 1.1% | 4.20M | $144.44 | $607M |
| 14 | TXN | Texas Instruments | 3.97% | Reduce 0.0% | 2.62M | $194.14 | $509M |
| 15 | FTNT | Fortinet Inc. | 3.92% | Reduce 5.5% | 6.16M | $81.72 | $503M |
| 16 | ZTS | Zoetis Inc. | 3.57% | Reduce 0.6% | 3.88M | $118.21 | $458M |
| 17 | OTIS | Otis Worldwide Corp. | 1.64% | Reduce 12.2% | 2.73M | $77.08 | $211M |
| 18 | MSCI | MSCI Inc. | 0.27% | Reduce 61.1% | 65K | $539.00 | $35M |
| 19 | ROL | Rollins Inc. | 0.26% | Reduce 58.1% | 620K | $53.41 | $33M |
| 20 | MEDP | Medpace Holdings Inc. | 0.23% | Reduce 24.1% | 63K | $480.20 | $30M |
| 21 | VRSN | Verisign Inc. | 0.22% | Reduce 58.1% | 113K | $248.36 | $28M |
| 22 | CLX | Clorox Co. | 0.21% | Reduce 58.1% | 257K | $103.63 | $27M |
| 23 | PAYC | Paycom Software Inc. | 0.21% | Reduce 58.1% | 219K | $121.54 | $27M |
| 24 | VRT | Vertiv Holdings Co. | 0.18% | Reduce 77.8% | 91K | $250.58 | $23M |
| 25 | BMI | Badger Meter Inc. | 0.17% | NEWBuy | 142K | $152.35 | $22M |
| 26 | NTNX | Nutanix Inc. | 0.17% | Reduce 58.1% | 577K | $38.01 | $22M |
| 27 | CPRX | Catalyst Pharmaceuticals Inc. | 0.16% | Reduce 74.9% | 845K | $24.76 | $21M |
| 28 | QLYS | Qualys Inc. | 0.15% | Reduce 65.1% | 226K | $87.85 | $20M |
| 29 | DOCS | Doximity Inc. | 0.13% | Reduce 58.1% | 692K | $23.30 | $16M |
| 30 | MANH | Manhattan Associates | 0.13% | Reduce 58.1% | 121K | $133.12 | $16M |
| 31 | ADMA | ADMA Biologics Inc. | 0.12% | Reduce 21.5% | 1.65M | $9.01 | $15M |
| 32 | NSSC | Napco Security Technologies Inc. | 0.12% | Reduce 78.5% | 384K | $39.39 | $15M |
| 33 | SABR | Sabre Corp. | 0.10% | Reduce 58.1% | 9.01M | $1.45 | $13M |
| 34 | HD | Home Depot | 0.07% | Reduce 64.3% | 29K | $328.89 | $9M |
$1.1B
3.37M sh.
$1.0B
3.06M sh.
$957M
3.21M sh.
$938M
3.10M sh.
$850M
2.96M sh.
$845M
5.11M sh.
$824M
1.47M sh.
$783M
3.86M sh.
$770M
2.08M sh.
$756M
1.32M sh.
$717M
569K sh.
$620M
6.64M sh.
$607M
4.20M sh.
$509M
2.62M sh.
$503M
6.16M sh.
$458M
3.88M sh.
$211M
2.73M sh.
$35M
65K sh.
$33M
620K sh.
$30M
63K sh.
$28M
113K sh.
$27M
257K sh.
$27M
219K sh.
$23M
91K sh.
$22M
142K sh.
$22M
577K sh.
$21M
845K sh.
$20M
226K sh.
$16M
692K sh.
$16M
121K sh.
$15M
1.65M sh.
$15M
384K sh.
$13M
9.01M sh.
$9M
29K sh.
"Our investment strategy is: Buy good companies. Don't overpay. Do nothing."
— Fundsmith AGM, 2014
About
Terry Smith founded Fundsmith in 2010 after a career as one of the UK's most outspoken financial analysts. Fundsmith's mandate is simple: buy good companies, don't overpay, do nothing. Smith looks for businesses with high returns on capital employed, recurring revenues, and pricing power — companies that compound value without needing reinvestment. He is known for his blunt, witty annual letters.
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