Is this the whole Fundsmith Equity Fund?

No. This form covers US-listed shares only, and Fundsmith runs a global strategy. A substantial part of the fund sits on European and other exchanges and is not shown here.

Why do the same names keep appearing?

Low turnover is the strategy. Terry Smith argues that trading costs are certain and returns are not, so positions are held for years. Most quarters add no more than two or three names.

What kind of company does it buy?

Companies that earn a high return on the capital they use and can grow without much new investment. In practice that means consumer goods, medical technology and software more often than banks or commodities.

View other investors

Global equity manager

The Fundsmith portfolio

Terry Smith sums up the strategy in three steps: buy good companies, do not overpay, do nothing.

Size$13.6BPositions41Turnover107%Current weights, 12 m+11.4%

Create an account and we will tell you when this investor reports a trade.

The Fundsmith portfolio

Size$13.6B

Current weights, 12 m+11.4%

Create an account and we will tell you when this investor reports a trade.

CompanyPortfolio weightDisclosed sincePrice24h30dValue

Marriott International, Inc.MAR7.0%since 2015$351.51−0.0%—$958M

Stryker CorporationSYK6.7%since 2013$269.75−1.3%—$917M

7.0%

Marriott International, Inc.MAR · $351.51−0.0%

6.7%

Stryker CorporationSYK · $269.75−1.3%

Waters CorporationWAT6.3%since 2013$430.30+2.3%—$853M

Visa Inc.V5.1%since 2013$367.98+1.8%—$693M

Uber Technologies, Inc.UBER4.7%since 2026$69.22−0.3%—$645M

Mastercard IncorporatedMA4.7%since 2023$566.08+1.1%—$639M

Alphabet Inc.GOOGL4.6%since 2021$342.36+1.3%—$634M

Church & Dwight Co., Inc.CHD4.6%since 2019$95.41−0.6%—$626M

The Procter & Gamble CompanyPG4.4%since 2013$145.71−1.1%—$598M

Microsoft CorporationMSFT4.4%since 2013$497.93−0.5%—$596M

Meta Platforms, Inc.META4.3%since 2018$777.59+4.5%—$593M

Automatic Data Processing, Inc.ADP4.3%since 2013$263.11−0.2%—$583M

Fortinet, Inc.FTNT4.1%since 2020$178.67−0.0%—$558M

Taiwan Semiconductor Manufacturing Company LimitedTSM4.0%since 2020$451.15+1.0%—$548M

IDEXX Laboratories, Inc.IDXX3.9%since 2015$513.39−1.6%—$537M

Texas Instruments IncorporatedTXN3.9%—$270.65−0.7%—$536M

Philip Morris International Inc.PM3.9%—$191.50+0.3%—$527M

Netflix, Inc.NFLX3.7%—$71.72+0.5%—$499M

GE Vernova Inc.GEV3.5%—$955.04+0.3%—$481M

AppLovin CorporationAPP2.6%—$312.47−0.9%—$359M

The TJX Companies, Inc.TJX2.5%—$131.57−0.0%—$344M

Nextpower Inc.NXT2.5%—$79.97−2.3%—$340M

Veeva Systems Inc.VEEV1.1%—$274.84+1.5%—$145M

Yum! Brands, Inc.YUM0.7%—$137.36−2.3%—$89M

MSCI Inc.MSCI0.2%—$556.08+0.1%—$30M

Medpace Holdings, Inc.MEDP0.2%—$620.59+0.6%—$28M

Nutanix, Inc.NTNX0.2%—$68.59−1.6%—$27M

Badger Meter, Inc.BMI0.2%—$130.60−1.8%—$26M

The Clorox CompanyCLX0.2%—$81.80−2.5%—$26M

Rollins, Inc.ROL0.2%—$30.40−6.4%—$26M

Manhattan Associates, Inc.MANH0.2%—$209.63−0.3%—$24M

Napco Security Technologies, Inc.NSSC0.2%—$35.68−0.8%—$23M

Fair Isaac CorporationFICO0.2%—$856.48−2.6%—$21M

Sabre CorporationSABR0.1%—$2.25+2.7%—$19M

InterDigital, Inc.IDCC0.1%—$328.03+0.5%—$17M

O'Reilly Automotive, Inc.ORLY0.1%—$86.24+0.4%—$15M

Vertiv Holdings CoVRT0.1%—$245.30−1.4%—$14M

VeriSign, Inc.VRSN0.1%—$291.88−0.5%—$14M

ADMA Biologics, Inc.ADMA0.1%—$9.52−1.9%—$14M

Doximity, Inc.DOCS0.1%—$26.04−2.0%—$14M

Paycom Software, Inc.PAYC0.1%—$220.81−0.4%—$13M

6.3%

Waters CorporationWAT · $430.30+2.3%

5.1%

Visa Inc.V · $367.98+1.8%

4.7%

Uber Technologies, Inc.UBER · $69.22−0.3%

4.7%

Mastercard IncorporatedMA · $566.08+1.1%

4.6%

Alphabet Inc.GOOGL · $342.36+1.3%

4.6%

Church & Dwight Co., Inc.CHD · $95.41−0.6%

4.4%

The Procter & Gamble CompanyPG · $145.71−1.1%

4.4%

Microsoft CorporationMSFT · $497.93−0.5%

4.3%

Meta Platforms, Inc.META · $777.59+4.5%

4.3%

Automatic Data Processing, Inc.ADP · $263.11−0.2%

4.1%

Fortinet, Inc.FTNT · $178.67−0.0%

4.0%

Taiwan Semiconductor Manufacturing Company LimitedTSM · $451.15+1.0%

3.9%

IDEXX Laboratories, Inc.IDXX · $513.39−1.6%

3.9%

Texas Instruments IncorporatedTXN · $270.65−0.7%

3.9%

Philip Morris International Inc.PM · $191.50+0.3%

3.7%

Netflix, Inc.NFLX · $71.72+0.5%

3.5%

GE Vernova Inc.GEV · $955.04+0.3%

2.6%

AppLovin CorporationAPP · $312.47−0.9%

2.5%

The TJX Companies, Inc.TJX · $131.57−0.0%

2.5%

Nextpower Inc.NXT · $79.97−2.3%

1.1%

Veeva Systems Inc.VEEV · $274.84+1.5%

0.7%

Yum! Brands, Inc.YUM · $137.36−2.3%

0.2%

MSCI Inc.MSCI · $556.08+0.1%

0.2%

Medpace Holdings, Inc.MEDP · $620.59+0.6%

0.2%

Nutanix, Inc.NTNX · $68.59−1.6%

0.2%

Badger Meter, Inc.BMI · $130.60−1.8%

0.2%

The Clorox CompanyCLX · $81.80−2.5%

0.2%

Rollins, Inc.ROL · $30.40−6.4%

0.2%

Manhattan Associates, Inc.MANH · $209.63−0.3%

0.2%

Napco Security Technologies, Inc.NSSC · $35.68−0.8%

0.2%

Fair Isaac CorporationFICO · $856.48−2.6%

0.1%

Sabre CorporationSABR · $2.25+2.7%

0.1%

InterDigital, Inc.IDCC · $328.03+0.5%

0.1%

O'Reilly Automotive, Inc.ORLY · $86.24+0.4%

0.1%

Vertiv Holdings CoVRT · $245.30−1.4%

0.1%

VeriSign, Inc.VRSN · $291.88−0.5%

0.1%

ADMA Biologics, Inc.ADMA · $9.52−1.9%

0.1%

Doximity, Inc.DOCS · $26.04−2.0%

0.1%

Paycom Software, Inc.PAYC · $220.81−0.4%

SourceSEC Form 13F filings (US)Holdings as of 30 Jun 2026

The +11.4% above is the 12-month change these weights would have produced. It is not Fundsmith's return.

Why people follow this portfolio

Fundsmith is the London manager Terry Smith founded in 2010. These are its US-listed positions from the latest filing.

Fundsmith looks for companies that earn a high return on the capital they employ, that grow without needing much new investment, and that sell something people keep buying. Consumer goods, medical technology and software fit that description more often than banks or miners do, which is why the book looks the way it does.

Turnover is deliberately low. Terry Smith has written for years that the cost of trading is a real and permanent drag, and that most portfolio activity is a manager keeping busy. In most quarters the firm opens no more than two or three new positions, and several of the names have been held since the fund started.

The filing shows around 41 US-listed positions. Fundsmith runs a global strategy, so its holdings in Europe and elsewhere sit outside this form and outside this page.

Where this data comes from

Positions come from the 13F form the firm files with the SEC each quarter. The form covers long positions in US-listed shares only, so the European and other non-US holdings of the same strategy do not appear.

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