Fondamentix

Terry Smith

Fundsmith. Portfolio reported in the 13F as of June 30, 2026.

$13.6B
reported value
41
positions
29.8%
in the top 5
-$729.0M
last quarter balance

How the portfolio is split

Weight of each sector on the reported value.

  • Technology
  • Healthcare
  • Consumer Defensive
  • Communication Services
  • Consumer Cyclical
  • Other and unclassified
Q2 2026
24.7%
18.4%
13.0%
10.6%
10.5%
22.8%
Q1 2026
20.9%
31.4%
16.4%
16.6%
Q4 2025
22.3%
31.4%
13.0%
10.0%
18.0%
Q3 2025
23.2%
30.2%
12.8%
19.7%

How much they buy and sell

Estimate of the money put in and taken out each quarter. The balance tells whether they are investing or cashing in.

  • Purchases
  • Sales
-$3.0B
Q3 2025
-$3.0B
Q4 2025
-$2.8B
Q1 2026
-$729.0M
Q2 2026

Positions over the last 4 quarters

Weight of each position in the portfolio. The last column estimates how much they bought or sold compared with the previous quarter.

CompanyBought / sold
  • Marriott International
    MAR Consumer Cyclical
    -$291.0M
    -23.3%
    Q3 2025
    5.6%
    Q4 2025
    7.2%
    Q1 2026
    8.6%
    Q2 2026
    7.0%
  • Stryker Corp
    SYK Healthcare
    -$46.5M
    -4.8%
    Q3 2025
    8.6%
    Q4 2025
    7.6%
    Q1 2026
    7.8%
    Q2 2026
    6.7%
  • Waters Corp
    WAT Healthcare
    -$352.0M
    -29.2%
    Q3 2025
    6.0%
    Q4 2025
    7.9%
    Q1 2026
    7.5%
    Q2 2026
    6.2%
  • Visa Inc.
    V Financial Services
    -$372.0M
    -34.9%
    Q3 2025
    6.6%
    Q4 2025
    7.2%
    Q1 2026
    7.3%
    Q2 2026
    5.1%
  • Uber Technologies Inc
    UBER Technology
    +$645.3M
    new
    Q3 2025
    –
    Q4 2025
    –
    Q1 2026
    –
    Q2 2026
    4.7%
  • Mastercard Inc
    MA Financial Services
    +$639.5M
    new
    Q3 2025
    –
    Q4 2025
    –
    Q1 2026
    –
    Q2 2026
    4.7%
  • ALPHABET INC
    GOOGLnot in our list
    -$422.7M
    -40.0%
    Q3 2025
    7.7%
    Q4 2025
    6.4%
    Q1 2026
    6.6%
    Q2 2026
    4.6%
  • Church & Dwight Co Inc
    CHD Consumer Defensive
    -$17.9M
    -2.8%
    Q3 2025
    3.0%
    Q4 2025
    3.3%
    Q1 2026
    4.8%
    Q2 2026
    4.6%
  • Procter & Gamble Co
    PG Consumer Defensive
    -$17.8M
    -2.9%
    Q3 2025
    3.6%
    Q4 2025
    3.6%
    Q1 2026
    4.7%
    Q2 2026
    4.4%
  • Microsoft Corporation
    MSFT Technology
    -$180.2M
    -23.2%
    Q3 2025
    6.8%
    Q4 2025
    5.9%
    Q1 2026
    6.0%
    Q2 2026
    4.4%
  • Meta Platforms, Inc.
    META Communication Services
    -$151.8M
    -20.4%
    Q3 2025
    5.8%
    Q4 2025
    5.3%
    Q1 2026
    5.9%
    Q2 2026
    4.3%
  • Automatic Data Processing, Inc.
    ADP Technology
    -$280.7M
    -32.5%
    Q3 2025
    6.4%
    Q4 2025
    6.3%
    Q1 2026
    6.1%
    Q2 2026
    4.3%
  • Fortinet, Inc.
    FTNT Technology
    -$388.2M
    -41.0%
    Q3 2025
    3.6%
    Q4 2025
    3.0%
    Q1 2026
    3.9%
    Q2 2026
    4.1%
  • TAIWAN SEMICONDUCTOR MANUFAC
    TSMnot in our list
    +$548.5M
    new
    Q3 2025
    –
    Q4 2025
    –
    Q1 2026
    –
    Q2 2026
    4.0%
  • IDEXX Laboratories, Inc.
    IDXX Healthcare
    -$234.7M
    -30.4%
    Q3 2025
    8.4%
    Q4 2025
    7.4%
    Q1 2026
    6.4%
    Q2 2026
    3.9%
  • Texas Instruments Incorporated
    TXN Technology
    -$245.6M
    -31.4%
    Q3 2025
    2.5%
    Q4 2025
    2.7%
    Q1 2026
    4.0%
    Q2 2026
    3.9%
  • Philip Morris International Inc
    PM Consumer Defensive
    -$397.9M
    -43.0%
    Q3 2025
    5.9%
    Q4 2025
    5.7%
    Q1 2026
    6.6%
    Q2 2026
    3.9%
  • Netflix, Inc.
    NFLX Communication Services
    +$499.1M
    new
    Q3 2025
    –
    Q4 2025
    –
    Q1 2026
    –
    Q2 2026
    3.7%
  • GE Vernova Inc
    GEV Industrials
    +$481.5M
    new
    Q3 2025
    –
    Q4 2025
    –
    Q1 2026
    –
    Q2 2026
    3.5%
  • Applovin Corporation
    APP Communication Services
    +$358.9M
    new
    Q3 2025
    –
    Q4 2025
    –
    Q1 2026
    –
    Q2 2026
    2.6%
  • The TJX Companies, Inc.
    TJX Consumer Cyclical
    +$344.3M
    new
    Q3 2025
    –
    Q4 2025
    –
    Q1 2026
    –
    Q2 2026
    2.5%
  • Nextracker Inc.
    NXT Technology
    +$340.3M
    new
    Q3 2025
    –
    Q4 2025
    –
    Q1 2026
    –
    Q2 2026
    2.5%
  • Veeva Systems Inc
    VEEV Healthcare
    +$145.0M
    new
    Q3 2025
    –
    Q4 2025
    –
    Q1 2026
    –
    Q2 2026
    1.1%
  • Yum! Brands Inc
    YUM Consumer Cyclical
    +$88.9M
    new
    Q3 2025
    –
    Q4 2025
    –
    Q1 2026
    –
    Q2 2026
    0.7%
  • MSCI Inc
    MSCI Financial Services
    -$6.3M
    -17.3%
    Q3 2025
    0.5%
    Q4 2025
    0.6%
    Q1 2026
    0.3%
    Q2 2026
    0.2%
  • Medpace Holdings, Inc.
    MEDP Healthcare
    -$5.5M
    -16.4%
    Q3 2025
    0.3%
    Q4 2025
    0.3%
    Q1 2026
    0.2%
    Q2 2026
    0.2%
  • Nutanix, Inc.
    NTNX Technology
    -$2.0M
    -6.8%
    Q3 2025
    –
    Q4 2025
    0.4%
    Q1 2026
    0.2%
    Q2 2026
    0.2%
  • BADGER METER INC
    BMInot in our list
    +$4.8M
    +22.6%
    Q3 2025
    –
    Q4 2025
    –
    Q1 2026
    0.2%
    Q2 2026
    0.2%
  • The Clorox Company
    CLX Consumer Defensive
    +$1.3M
    +5.5%
    Q3 2025
    0.4%
    Q4 2025
    0.4%
    Q1 2026
    0.2%
    Q2 2026
    0.2%
  • Rollins Inc
    ROL Consumer Cyclical
    0
    Q3 2025
    0.4%
    Q4 2025
    0.5%
    Q1 2026
    0.3%
    Q2 2026
    0.2%
  • Manhattan Associates, Inc.
    MANH Technology
    +$7.3M
    +43.1%
    Q3 2025
    0.3%
    Q4 2025
    0.3%
    Q1 2026
    0.1%
    Q2 2026
    0.2%
  • NAPCO SEC TECHNOLOGIES INC
    NSSCnot in our list
    +$8.5M
    +58.2%
    Q3 2025
    0.4%
    Q4 2025
    0.4%
    Q1 2026
    0.1%
    Q2 2026
    0.2%
  • Fair Isaac Corp
    FICO Technology
    +$21.4M
    new
    Q3 2025
    –
    Q4 2025
    –
    Q1 2026
    –
    Q2 2026
    0.2%
  • SABRE CORP
    SABRnot in our list
    0
    Q3 2025
    0.2%
    Q4 2025
    0.2%
    Q1 2026
    0.1%
    Q2 2026
    0.1%
  • InterDigital, Inc.
    IDCC Technology
    +$17.1M
    new
    Q3 2025
    –
    Q4 2025
    –
    Q1 2026
    –
    Q2 2026
    0.1%
  • O'Reilly Automotive, Inc.
    ORLY Consumer Cyclical
    +$15.0M
    new
    Q3 2025
    –
    Q4 2025
    –
    Q1 2026
    –
    Q2 2026
    0.1%
  • Vertiv Holdings Co
    VRT Industrials
    -$16.5M
    -54.1%
    Q3 2025
    0.5%
    Q4 2025
    0.4%
    Q1 2026
    0.2%
    Q2 2026
    0.1%
  • VeriSign, Inc.
    VRSN Technology
    -$14.5M
    -50.9%
    Q3 2025
    0.4%
    Q4 2025
    0.4%
    Q1 2026
    0.2%
    Q2 2026
    0.1%
  • ADMA Biologics Inc
    ADMA Healthcare
    0
    Q3 2025
    –
    Q4 2025
    0.2%
    Q1 2026
    0.1%
    Q2 2026
    0.1%
  • Doximity Inc
    DOCS Healthcare
    -$797.7K
    -5.6%
    Q3 2025
    0.5%
    Q4 2025
    0.4%
    Q1 2026
    0.1%
    Q2 2026
    0.1%
  • Paycom Software, Inc.
    PAYC Technology
    -$14.9M
    -54.1%
    Q3 2025
    0.6%
    Q4 2025
    0.5%
    Q1 2026
    0.2%
    Q2 2026
    0.1%
Closed in the period
  • Mettler-Toledo International Inc
    MTD Healthcare
    -$717.0M
    closed
    Q3 2025
    3.7%
    Q4 2025
    4.7%
    Q1 2026
    5.6%
    Q2 2026
    –
  • Zoetis Inc
    ZTS Healthcare
    -$458.4M
    closed
    Q3 2025
    2.7%
    Q4 2025
    2.9%
    Q1 2026
    3.6%
    Q2 2026
    –
  • Otis Worldwide Corp
    OTIS Industrials
    -$210.6M
    closed
    Q3 2025
    2.7%
    Q4 2025
    1.6%
    Q1 2026
    1.6%
    Q2 2026
    –
  • CATALYST PHARMACEUTICALS INC
    not in our list
    -$20.9M
    closed
    Q3 2025
    0.3%
    Q4 2025
    0.5%
    Q1 2026
    0.2%
    Q2 2026
    –
  • Qualys, Inc.
    QLYS Technology
    -$19.9M
    closed
    Q3 2025
    0.6%
    Q4 2025
    0.5%
    Q1 2026
    0.2%
    Q2 2026
    –
  • Home Depot Inc
    HD Consumer Cyclical
    -$9.4M
    closed
    Q3 2025
    0.2%
    Q4 2025
    0.2%
    Q1 2026
    0.1%
    Q2 2026
    –
  • Intuit Inc.
    INTU Technology
    -$414.4M
    closed
    Q3 2025
    2.1%
    Q4 2025
    2.4%
    Q1 2026
    –
    Q2 2026
    –
  • NIKE, Inc.
    NKE Consumer Cyclical
    -$367.6M
    closed
    Q3 2025
    2.2%
    Q4 2025
    2.1%
    Q1 2026
    –
    Q2 2026
    –
  • ODDITY TECH LTD
    not in our list
    -$83.3M
    closed
    Q3 2025
    0.4%
    Q4 2025
    0.5%
    Q1 2026
    –
    Q2 2026
    –

Data from 13F filings with the SEC. The 13F lists only US stocks held long: no short positions, foreign stocks not listed in the US or cash. It is filed up to 45 days after the quarter ends and some positions may stay confidential. Purchases and sales are estimates: the difference in shares between two quarters times the quarter-end price.