Estimated from 13F holdings — long US equities only; follow-the-filing returns are net of an assumed 10 bps per unit of turnover.
About the fund
Fundsmith is a London-based investment management firm founded in 2010 by Terry Smith. The firm focuses on delivering superior long-term investment performance by investing in a concentrated portfolio of high-quality, resilient global companies.
Investment approach
Fundsmith employs a long-term, buy-and-hold strategy focused on high-quality, resilient global growth companies. The firm selects 20-30 stocks based on stringent criteria, including high returns on operating capital, defensible competitive advantages, and attractive valuations, while avoiding leverage, derivatives, and short-term trading. The investment process is bottom-up, combining prescriptive screens with deep fundamental analysis.
History
Fundsmith was established in 2010 by Terry Smith to offer a different approach to investment management, focusing on high-quality companies and long-term performance. The firm is owned and controlled by its partners and is structured to ensure continuity. Over the years, it has expanded its product range to include various open-ended equity funds and investment trusts, such as the Smithson Investment Trust.
Notable positions & campaigns
- Various equity holdings2026 — Meta Platforms, Waters, TSMC, Texas Instruments, and Procter & Gamble were noted as top contributors in a recent monthly report.
Profile generated 2026-10-09 from public sources; may be incomplete or out of date.
- Founded by
- Terry Smith
- Founded
- 2010
- HQ
- London, UK
- Reported AUM
- $36.0bn (as of December 2023)
- Website
- fundsmith.co.uk
Management
- Terry SmithCEO and CIO
- Mark LaurenceCOO
- Paul MainwaringCFO
- Julian RobinsHead of Research
Holdings heatmap
Latest 13F (2026-06-30): top 41 positions grouped by sector, sized by weight, coloured by the change in weight since the previous 13F.
Holdings map
Each tile is a position, sized by reported value and coloured by the stock's own price return (red down, green up) — the LiquidRound / finviz-style map.
Copy portfolio vs SPY
Growth of $1 following each filing the trading day after it was filed.
Top holdings
Latest 13F (2026-06-30).
| # | Ticker | Value | Weight |
|---|---|---|---|
| 1 | MAR | $958M | 7.0% |
| 2 | SYK | $917M | 6.7% |
| 3 | WAT | $853M | 6.2% |
| 4 | V | $693M | 5.1% |
| 5 | UBER | $645M | 4.7% |
| 6 | MA | $639M | 4.7% |
| 7 | GOOGL | $634M | 4.6% |
| 8 | CHD | $626M | 4.6% |
| 9 | PG | $598M | 4.4% |
| 10 | MSFT | $596M | 4.4% |
| 11 | META | $593M | 4.3% |
| 12 | ADP | $583M | 4.3% |
| 13 | FTNT | $558M | 4.1% |
| 14 | TSM | $548M | 4.0% |
| 15 | IDXX | $537M | 3.9% |
| 16 | TXN | $536M | 3.9% |
| 17 | PM | $527M | 3.9% |
| 18 | NFLX | $499M | 3.7% |
| 19 | GEV | $481M | 3.5% |
| 20 | APP | $359M | 2.6% |
| 21 | TJX | $344M | 2.5% |
| 22 | NXT | $340M | 2.5% |
| 23 | VEEV | $145M | 1.1% |
| 24 | YUM | $89M | 0.7% |
| 25 | MSCI | $30M | 0.2% |
Sector mix
Top-25 holdings by weight.
Changes this quarter
| Move | Ticker | Prev wt | Now wt |
|---|---|---|---|
| exited | MTD | 5.6% | 0.0% |
| new | UBER | 0.0% | 4.7% |
| new | MA | 0.0% | 4.7% |
| new | TSM | 0.0% | 4.0% |
| new | NFLX | 0.0% | 3.7% |
| exited | ZTS | 3.6% | 0.0% |
| new | GEV | 0.0% | 3.5% |
| trimmed | PM | 6.6% | 3.9% |
| new | APP | 0.0% | 2.6% |
| new | TJX | 0.0% | 2.5% |
| new | NXT | 0.0% | 2.5% |
| trimmed | IDXX | 6.4% | 3.9% |
| trimmed | V | 7.3% | 5.1% |
| trimmed | GOOGL | 6.6% | 4.6% |
| trimmed | ADP | 6.1% | 4.3% |
| exited | OTIS | 1.6% | 0.0% |
| trimmed | MSFT | 6.0% | 4.4% |
| trimmed | MAR | 8.6% | 7.0% |
| trimmed | META | 5.9% | 4.3% |
| trimmed | WAT | 7.5% | 6.2% |
Quarterly copy returns
Each 13F held from the day after filing until the next filing.
| 13F period | Copy | SPY | Alpha | Coverage |
|---|---|---|---|---|
| 2026-06-30 | +2.1% | +0.4% | +1.7% | 97% |
| 2026-03-31 | +5.9% | +4.9% | +1.0% | 100% |
| 2025-12-31 | -0.2% | +7.9% | -8.1% | 99% |
| 2025-09-30 | +1.7% | +3.4% | -1.7% | 99% |
| 2025-06-30 | -2.7% | +3.7% | -6.4% | 99% |
| 2025-03-31 | +3.2% | +8.6% | -5.5% | 99% |
| 2024-12-31 | +0.1% | -2.5% | +2.6% | 100% |
| 2024-09-30 | +6.5% | +4.7% | +1.8% | 100% |
| 2024-06-30 | +5.1% | +6.2% | -1.1% | 100% |
| 2024-03-31 | +0.7% | +4.9% | -4.2% | 100% |
| 2023-12-31 | +3.1% | +5.6% | -2.6% | 100% |
| 2023-09-30 | +12.7% | +12.1% | +0.6% | 100% |
| 2023-06-30 | -2.4% | +1.9% | -4.3% | 99% |
| 2023-03-31 | +3.7% | +8.4% | -4.7% | 99% |
| 2022-12-31 | +1.6% | -0.5% | +2.1% | 99% |
| 2022-09-30 | +7.3% | +4.4% | +2.9% | 99% |
Filing dates
- 2026-08-1413F-HR for 2026-06-30 · $13.6B · 41 rows
- 2026-05-1513F-HR for 2026-03-31 · $12.8B · 34 rows
- 2026-02-1713F-HR for 2025-12-31 · $17.1B · 37 rows
- 2025-11-1413F-HR for 2025-09-30 · $19.8B · 35 rows
- 2025-08-1413F-HR for 2025-06-30 · $23.0B · 39 rows
- 2025-05-1513F-HR for 2025-03-31 · $22.0B · 38 rows
- 2025-02-1413F-HR for 2024-12-31 · $23.5B · 38 rows
- 2024-11-1413F-HR for 2024-09-30 · $25.3B · 40 rows
- 2024-08-1413F-HR for 2024-06-30 · $24.5B · 40 rows
- 2024-05-1513F-HR for 2024-03-31 · $25.6B · 40 rows
- 2024-02-1413F-HR for 2023-12-31 · $23.9B · 40 rows
- 2023-11-1413F-HR for 2023-09-30 · $22.0B · 39 rows
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