Growth managerLondon13F filer since 2013

Fundsmith

Managed by Terry Smith, founder and CIO

13F portfolio value$13.6BQ2 2026 · up 6% vs Q1

Positions4113 new · 6 sold out

Top 10 weight52%of portfolio value

Turnover34%vs Q1

Largest holdingMAR7.0% of portfolio

Last filingAug 14for Q2 2026

What changed in Q2 2026

Automated summary of the 13F · filed Aug 14, 2026

Added to BMI (+23% shares) and CLX (+5% shares); new positions in UBER, MA and TSM.

Biggest cut: GOOGL (−40% of shares). Sold out of MTD, ZTS and OTIS.

Since the quarter ended, the top 10 holdings on Markets are up about 14.5% on average, led by MSFT and MA.

Holdings · Q2 2026

1MARMarriott Intl7.0%$958M2.6MTrimmed −23%——

2SYKStryker6.7%$917M2.9MTrimmed −5%——

3WATWaters6.2%$853M2.3MTrimmed −29%——

4VVisa Inc.5.1%$693M2.0MTrimmed −35%+24.2%—

5UBERUber Technologies4.7%$645M8.9MNew−2.0%—

6MAMastercard4.7%$639M1.2MNew+28.5%—

7GOOGLAlphabet Inc.4.6%$634M1.8MTrimmed −40%−17.8%—

8CHDChurch & Dwight4.6%$626M6.5MTrimmed −3%——

9PGProcter & Gamble4.4%$598M4.1MTrimmed −3%+14.4%—

10MSFTMicrosoft Corporation4.4%$596M1.6MTrimmed −23%+39.6%1.1%

Sector allocation

Communication13%+0.1 ptTechnology12%+2.3 ptFinancials10%+2.4 ptIndustrials5%+4.7 ptConsumer staples4%−0.3 ptOther56%−9.2 pt

Change shown in percentage points vs Q1. Holdings outside Markets’ coverage count as Other.

Reported portfolio value

$25.3B

$23.5B

$22.0B

$23.0B

$19.8B

$17.1B

$12.8B

$13.6B

Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26

13F market value at each quarter end, US long positions only.

Not investment advice. From SEC Form 13F filings (SEC EDGAR 13F). Following an investor alerts you when their next filing lands; it does not copy trades.