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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Sells
These are the positions the manager reduced or sold out of this quarter, showing where they pulled money back. The quarter shown is Q2 2026.
| Ticker | Security | Activity | % portfolio | Shares | Value | Reported price | Q range |
|---|---|---|---|---|---|---|---|
| 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 |
| WAT | WATERS CORP | Reduce -29.2% | 6.25% | 2,273,632 | $852.7M | $375.04 | $287.19 - $385.29(90%)$299.89 -> $375.04 |
| 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 |
| 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 |
| 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 |
| NTNX | NUTANIX INC | Reduce -6.8% | 0.20% | 538,281 | $27.43M | $50.96 | $34.01 - $56.02(77%)$38.04 -> $50.96 |
| DOCS | DOXIMITY INC | Reduce -5.6% | 0.10% | 653,324 | $13.55M | $20.74 | $17.15 - $26.69(38%)$22.93 -> $20.71 |