Smart Money
TS

Terry Smith

Fundsmith·quality·Concentrated / activist
LON:FEET

~15% since 2010

Portfolio value

$4.4B

Positions

24

Top 5 concentration

40%

New buys this quarter

0

Recent moves vs Dec 2025

$TSMAdded0%
$AAPLAdded0%
$TJXAdded0%
$AMZNAdded0%
$MARTrimmed8.9%
$SYKTrimmed8.8%
$GOOGLTrimmed7.4%
$MTDTrimmed6.4%
$PMTrimmed6.3%
$IDXXTrimmed6.1%
$METATrimmed6.1%
$FTNTTrimmed3.1%
$ZTSTrimmed3%
$OTISTrimmed1.7%
$HDTrimmed0%
$NKESold out
$INTUSold out

Holdings

StockMove% of portfolioValue
$MAR

MARRIOTT INTL INC NEW

Trimmed
8.9%
$392M
$SYK

STRYKER CORPORATION

Trimmed
8.8%
$390M
$WAT

WATERS CORP

Held
7.4%
$327M
$GOOGL

ALPHABET INC

Trimmed
7.4%
$326M
$V

VISA INC

Held
7%
$310M
$MTD

METTLER TOLEDO INTERNATIONAL

Trimmed
6.4%
$281M
$PM

PHILIP MORRIS INTL INC

Trimmed
6.3%
$277M
$IDXX

IDEXX LABS INC

Trimmed
6.1%
$271M
$ADP

AUTOMATIC DATA PROCESSING IN

Held
6.1%
$270M
$META

META PLATFORMS INC

Trimmed
6.1%
$268M
$PG

PROCTER & GAMBLE CO

Held
5.8%
$254M
$MSFT

MICROSOFT CORP

Held
5.6%
$246M
$CHD

CHURCH & DWIGHT CO INC

Held
5.5%
$242M
$TXN

TEXAS INSTRS INC

Held
3.8%
$168M
$FTNT

FORTINET INC

Trimmed
3.1%
$136M
$ZTS

ZOETIS INC

Trimmed
3%
$132M
$OTIS

OTIS WORLDWIDE CORP

Trimmed
1.7%
$75M
$BMI

BADGER METER INC

Held
0.5%
$20M
$WM

WASTE MGMT INC DEL

Held
0.4%
$16M
$HD

HOME DEPOT INC

Trimmed
0%
$2M
$TSM

TAIWAN SEMICONDUCTOR MANUFAC

Added
0%
$964K
$AAPL

APPLE INC

Added
0%
$554K
$TJX

TJX COS INC NEW

Added
0%
$513K
$AMZN

AMAZON COM INC

Added
0%
$414K

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.