Smart Money
TS

Terry Smith

Fundsmith·quality·Concentrated / activist
LON:FEET

~15% since 2010

Portfolio value

$4.5B

Positions

27

Top 5 concentration

32%

New buys this quarter

9

Recent moves vs Mar 2026

$UBERNew buy4.7%
$MANew buy4.5%
$NFLXNew buy3.5%
$GEVNew buy3.3%
$APPNew buy2.7%
$NXTNew buy2.4%
$VEEVNew buy1%
$YUMNew buy0.6%
$ORLYNew buy0%
$TSMAdded4.3%
$TJXAdded2.4%
$BMIAdded0.8%
$WMAdded0.6%
$MARTrimmed7.4%
$SYKTrimmed7.3%
$WATTrimmed7%
$VTrimmed5.2%
$TXNTrimmed5%
$GOOGLTrimmed4.4%
$METATrimmed4.2%
$MSFTTrimmed4.2%
$ADPTrimmed4.1%
$FTNTTrimmed3.8%
$IDXXTrimmed3.8%
$PMTrimmed3.8%
$PGTrimmed3.5%
$OTISSold out
$AMZNSold out
$HDSold out
$ZTSSold out
$AAPLSold out
$MTDSold out

Holdings

StockMove% of portfolioValue
$MAR

MARRIOTT INTL INC NEW

Trimmed
7.4%
$334M
$SYK

STRYKER CORPORATION

Trimmed
7.3%
$331M
$WAT

WATERS CORP

Trimmed
7%
$314M
$CHD

CHURCH & DWIGHT CO INC

Held
5.4%
$246M
$V

VISA INC

Trimmed
5.2%
$233M
$TXN

TEXAS INSTRS INC

Trimmed
5%
$226M
$UBER

UBER TECHNOLOGIES INC

New buy
4.7%
$213M
$MA

MASTERCARD INCORPORATED

New buy
4.5%
$202M
$GOOGL

ALPHABET INC

Trimmed
4.4%
$200M
$TSM

TAIWAN SEMICONDUCTOR MANUFAC

Added
4.3%
$197M
$META

META PLATFORMS INC

Trimmed
4.2%
$192M
$MSFT

MICROSOFT CORP

Trimmed
4.2%
$189M
$ADP

AUTOMATIC DATA PROCESSING IN

Trimmed
4.1%
$184M
$FTNT

FORTINET INC

Trimmed
3.8%
$173M
$IDXX

IDEXX LABS INC

Trimmed
3.8%
$172M
$PM

PHILIP MORRIS INTL INC

Trimmed
3.8%
$171M
$PG

PROCTER & GAMBLE CO

Trimmed
3.5%
$159M
$NFLX

NETFLIX INC.

New buy
3.5%
$156M
$GEV

GE VERNOVA INC

New buy
3.3%
$151M
$APP

APPLOVIN CORP

New buy
2.7%
$121M
$TJX

TJX COS INC NEW

Added
2.4%
$109M
$NXT

NEXTPOWER INC

New buy
2.4%
$108M
$VEEV

VEEVA SYS INC

New buy
1%
$46M
$BMI

BADGER METER INC

Added
0.8%
$37M
$YUM

YUM BRANDS INC

New buy
0.6%
$28M
$WM

WASTE MGMT INC DEL

Added
0.6%
$26M
$ORLY

OREILLY AUTOMOTIVE INC

New buy
0%
$498K

Notable sell-outs this quarter: $OTIS, $AMZN, $HD, $ZTS, $AAPL, $MTD

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