Terry Smith - Fundsmith
As of Q2 2026, Terry Smith reported 41 long-equity positions worth $13.65B in aggregate.
Copy-investor backtest
- Latest quarter
- +9.13%
- 1-year
- +5.28%
- 3-year
- +33.99%
- 5-year
- +13.82%
- 3-year vs S&P 500
- -39.25%
- 5-year vs S&P 500
- -60.27%
- 5-year top 5
- -13.81%
Return from mechanically copying the disclosed 13F equity portfolio after each filing and rebalancing at the next. The vs S&P 500 figures subtract SPY over that manager's own rebalance dates, so both sides cover the same days; both are price return, excluding dividends. Method & limitations.
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All activity
This tab shows every position the manager opened, added to, reduced, or exited compared with the prior quarter, so you can see exactly what changed. The quarter shown is Q2 2026.
| Ticker | Security | Activity | % portfolio | Shares | Value | Reported price | Q range |
|---|---|---|---|---|---|---|---|
| UBER | UBER TECHNOLOGIES INC | New | 4.73% | 8,943,151 | $645.34M | $72.16 | $67.19 - $80.83(36%)$71.71 -> $72.16 |
| MA | MASTERCARD INCORPORATED | New | 4.68% | 1,245,051 | $639.46M | $513.60 | $464.52 - $534.21(70%)$491.65 -> $513.60 |
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | New | 4.02% | 1,148,449 | $548.46M | $477.57 | $326.80 - $479.00(99%)$341.49 -> $477.57 |
| NFLX | NETFLIX INC. | New | 3.66% | 6,990,345 | $499.11M | $71.40 | $70.86 - $108.95(1%)$95.55 -> $71.40 |
| GEV | GE VERNOVA INC | New | 3.53% | 409,835 | $481.5M | $1174.86 | $856.05 - $1181.95(98%)$894.78 -> $1174.27 |
| GOOGL | ALPHABET INC | Reduce -40.0% | 4.64% | 1,773,354 | $633.74M | $357.37 | $289.45 - $408.61(57%)$297.39 -> $357.37 |
| PM | PHILIP MORRIS INTL INC | Reduce -43.0% | 3.86% | 2,913,693 | $527.12M | $180.91 | $151.63 - $193.05(71%)$157.33 -> $180.91 |
| FTNT | FORTINET INC | Reduce -41.0% | 4.09% | 3,629,938 | $557.63M | $153.62 | $76.01 - $159.04(93%)$81.15 -> $153.62 |
| V | VISA INC | Reduce -34.9% | 5.08% | 2,019,810 | $692.98M | $343.09 | $293.89 - $345.80(95%)$298.51 -> $343.09 |
| APP | APPLOVIN CORP | New | 2.63% | 696,568 | $358.89M | $515.23 | $364.64 - $622.00(59%)$387.84 -> $516.43 |
| WAT | WATERS CORP | Reduce -29.2% | 6.25% | 2,273,632 | $852.7M | $375.04 | $287.19 - $385.29(90%)$299.89 -> $375.04 |
| TJX | TJX COS INC NEW | New | 2.52% | 2,272,592 | $344.3M | $151.50 | $146.14 - $170.00(22%)$162.03 -> $151.50 |
| NXT | NEXTPOWER INC | New | 2.49% | 2,856,092 | $340.27M | $119.14 | $103.73 - $163.13(26%)$120.38 -> $119.14 |
| MAR | MARRIOTT INTL INC NEW | Reduce -23.3% | 7.02% | 2,585,757 | $958.26M | $370.59 | $324.89 - $410.98(53%)$333.46 -> $370.59 |
| ADP | AUTOMATIC DATA PROCESSING IN | Reduce -32.5% | 4.27% | 2,601,567 | $582.62M | $223.95 | $188.16 - $237.11(73%)$201.28 -> $224.07 |
| TXN | TEXAS INSTRS INC | Reduce -31.4% | 3.93% | 1,799,182 | $536.28M | $298.07 | $191.00 - $334.03(75%)$196.30 -> $298.07 |
| IDXX | IDEXX LABS INC | Reduce -30.4% | 3.93% | 1,019,887 | $536.91M | $526.44 | $518.55 - $605.82(9%)$564.66 -> $526.44 |
| MSFT | MICROSOFT CORP | Reduce -23.2% | 4.36% | 1,596,737 | $595.61M | $373.02 | $349.20 - $466.32(20%)$369.37 -> $373.02 |
| META | META PLATFORMS INC | Reduce -20.4% | 4.34% | 1,051,876 | $592.51M | $563.29 | $540.21 - $691.52(15%)$579.23 -> $563.29 |
| VEEV | VEEVA SYS INC | New | 1.06% | 816,785 | $144.95M | $177.47 | $148.05 - $191.97(67%)$172.74 -> $177.47 |
| YUM | YUM BRANDS INC | New | 0.65% | 556,107 | $88.9M | $159.86 | $145.44 - $164.16(77%)$153.70 -> $159.86 |
| FICO | FAIR ISAAC CORP | New | 0.16% | 17,953 | $21.45M | $1194.78 | $870.01 - $1323.35(72%)$1061.99 -> $1194.95 |
| IDCC | INTERDIGITAL INC | New | 0.13% | 60,324 | $17.08M | $283.13 | $249.14 - $301.84(64%)$260.37 -> $283.13 |
| ORLY | OREILLY AUTOMOTIVE INC | New | 0.11% | 162,691 | $14.98M | $92.09 | $84.76 - $100.63(46%)$92.10 -> $92.09 |
| CPRX | CATALYST PHARMACEUTICALS INC | Sold | — | 0 | $0 | — | - |
| HD | HOME DEPOT INC | Sold | — | 0 | $0 | — | - |
| MTD | METTLER TOLEDO INTERNATIONAL | Sold | — | 0 | $0 | — | - |
| OTIS | OTIS WORLDWIDE CORP | Sold | — | 0 | $0 | — | - |
| QLYS | QUALYS INC | Sold | — | 0 | $0 | — | - |
| ZTS | ZOETIS INC | Sold | — | 0 | $0 | — | - |
| SYK | STRYKER CORPORATION | Reduce -4.8% | 6.72% | 2,913,833 | $917.39M | $314.84 | $281.00 - $352.80(47%)$329.40 -> $314.84 |
| CHD | CHURCH & DWIGHT CO INC | Reduce -2.8% | 4.58% | 6,456,634 | $625.52M | $96.88 | $90.05 - $100.62(65%)$92.85 -> $96.88 |
| PG | PROCTER & GAMBLE CO | Reduce -2.9% | 4.38% | 4,078,371 | $598.05M | $146.64 | $138.86 - $153.35(54%)$144.09 -> $146.64 |
| VRT | VERTIV HOLDINGS CO | Reduce -54.1% | 0.10% | 41,893 | $14.03M | $334.82 | $247.91 - $379.94(66%)$259.37 -> $334.82 |
| PAYC | PAYCOM SOFTWARE INC | Reduce -54.1% | 0.09% | 100,763 | $12.66M | $125.68 | $110.49 - $151.38(37%)$120.80 -> $125.68 |
| VRSN | VERISIGN INC | Reduce -50.9% | 0.10% | 55,713 | $14.02M | $251.56 | $244.74 - $312.48(10%)$250.77 -> $251.56 |
| NSSC | NAPCO SEC TECHNOLOGIES INC | Add +58.2% | 0.17% | 606,974 | $23.05M | $37.98 | $34.31 - $47.20(28%)$39.45 -> $37.98 |
| MANH | MANHATTAN ASSOCIATES INC | Add +43.1% | 0.18% | 172,977 | $24.09M | $139.25 | $119.06 - $162.77(46%)$134.30 -> $139.25 |
| MSCI | MSCI INC | Reduce -17.3% | 0.22% | 53,580 | $30.01M | $560.04 | $525.58 - $644.68(29%)$536.90 -> $560.04 |
| MEDP | MEDPACE HLDGS INC | Reduce -16.4% | 0.20% | 52,372 | $27.74M | $529.59 | $373.00 - $540.00(94%)$489.48 -> $529.59 |
| BMI | BADGER METER INC | Add +22.6% | 0.19% | 174,627 | $25.91M | $148.38 | $112.09 - $162.44(72%)$154.21 -> $148.49 |
| NTNX | NUTANIX INC | Reduce -6.8% | 0.20% | 538,281 | $27.43M | $50.96 | $34.01 - $56.02(77%)$38.04 -> $50.96 |
| CLX | CLOROX CO DEL | Add +5.5% | 0.19% | 271,318 | $25.89M | $95.44 | $84.70 - $108.89(44%)$104.24 -> $95.43 |
| DOCS | DOXIMITY INC | Reduce -5.6% | 0.10% | 653,324 | $13.55M | $20.74 | $17.15 - $26.69(38%)$22.93 -> $20.71 |