Fundsmith LLP

Registered adviser Superinvestor · Terry Smith

CIK

1569205

Location

LONDON, X0

Portfolio Value

Large $13,648,923,661

Diversification

Diversified

Filing Date

Global Rank

#446 / 8,816 ▼ 27

Top Industry

Diagnostics & Research 10.4%

3Y Alpha vs SPY

-8.3%

Period ended 4 months ago

Filed Aug 14, 2026 · 2mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 160365

Roster of Oct 1, 2026

Regulatory AUM

$18,508,143,977

Main clients

Pooled investment vehicles (100% of AUM)

Private funds

2 funds · Other private funds

Focus by gross assets, Schedule D of Oct 30, 2024

$608,443,498 gross assets

LEI

213800M2ZZU4WORQU863

Private funds on Schedule D 7.B.(1)

As filed Oct 30, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$1,247,770,031 gross assets in 3 funds Other private funds $1,247,770,031 (3)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Jul 2026 to Oct 2026	$18,508,143,977	Pooled investment vehicles (100%)
Jul 2025 to Jun 2026	$30,593,682,376	Pooled investment vehicles (100%)
Jul 2024 to Jun 2025	$37,504,375,805	Pooled investment vehicles (100%)
Jul 2023 to Jun 2024	$35,522,818,242	Pooled investment vehicles (100%)
May 2023 to Jun 2023	$41,700,418,982	Pooled investment vehicles (100%)
Jul 2022 to Apr 2023	$41,700,418,982	Pooled investment vehicles (100%)

3 earlier changes not shown.

Stated strategy

Fundamental active, Growth Form ADV Part 2A, Jun 26, 2026 · original

In the firm's words

Fundamental active: Fundsmith adheres to stringent investment criteria in selecting investee companies for the Funds
Growth: The strategy aims to achieve long-term growth in value by investing in listed equities on a global basis.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Diversified active

Top 10 weight 52.5%, 22.4 effective positions, active share 83.3% against the S&P 500 as of 2026-06-30; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Medium turnover

34.6% over the last four quarters (30% to under 100%)

Horizon

Long horizon

Value-weighted holding period 16.0 quarters (12+), a floor since 39.4% of the book was already held when coverage starts

Closest benchmark: the S&P 500 as of 2026-06-30, active share 83.3%; sector active share 29.4% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

41 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

7.0%

−1.6 pts

Top 5

29.8%

−8.1 pts

Top 10

52.5%

−16.5 pts

HHI

447

Diversified−160

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Technology	29.1%	$3,967,702,661	15
Healthcare	18.4%	$2,507,050,153	7
Communication Services	15.3%	$2,084,258,113	4
Consumer Defensive	13.0%	$1,776,581,813	4
Consumer Cyclical	10.5%	$1,432,310,939	5
Financial Services	10.0%	$1,362,441,748	3
Industrials	3.8%	$518,578,234	3

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

4 positions

Ticker	Company	Δ Shares	Shares	Value
NSSC	Napco Security Technologies, Inc	+223,378	606,974	$23,052,872
MANH	Manhattan Associates Inc	+52,089	172,977	$24,087,047
BMI	Badger Meter Inc	+32,136	174,627	$25,911,154
CLX	Clorox Co	+14,101	271,318	$25,894,589
No positions match the current search.

Trimmed

Positions the filer reduced

21 positions

Ticker	Company	Δ Shares	Shares	Value
FTNT	Fortinet, Inc.	−2,526,737	3,629,938	$557,631,075
PM	Philip Morris International Inc.	−2,199,470	2,913,693	$527,116,200
ADP	Automatic Data Processing Inc	−1,253,538	2,601,567	$582,620,929
GOOGL	Alphabet Inc.	−1,182,844	1,773,354	$633,743,518
V	Visa Inc.	−1,084,280	2,019,810	$692,976,612
WAT	Waters Corp	−938,443	2,273,632	$852,702,945
TXN	Texas Instruments Inc	−823,942	1,799,182	$536,282,178
MAR	Marriott International Inc	−785,115	2,585,757	$958,255,686
MSFT	Microsoft Corp	−483,000	1,596,737	$595,614,835
IDXX	Idexx Laboratories Inc	−445,899	1,019,887	$536,909,312
META	Meta Platforms, Inc.	−269,499	1,051,876	$592,511,232
CHD	Church & Dwight Co Inc	−184,874	6,456,634	$625,518,701
SYK	Stryker Corp	−147,583	2,913,833	$917,391,181
PG	PROCTER & GAMBLE Co	−121,543	4,078,371	$598,052,323
PAYC	Paycom Software, Inc.	−118,694	100,763	$12,663,893
VRSN	Verisign Inc	−57,754	55,713	$14,015,162
VRT	Vertiv Holdings Co	−49,361	41,893	$14,026,614
NTNX	Nutanix, Inc.	−39,111	538,281	$27,430,799
DOCS	Doximity, Inc.	−38,462	653,324	$13,549,939
MSCI	MSCI Inc.	−11,208	53,580	$30,006,943
MEDP	Medpace Holdings, Inc.	−10,296	52,372	$27,735,687
No positions match the current search.

New Positions

Positions the filer opened this quarter

13 positions

Ticker	Company	Shares	Value
UBER	Uber Technologies, Inc	8,943,151	$645,337,776
MA	Mastercard Inc	1,245,051	$639,458,193
TSM	Taiwan Semiconductor Manufacturing Co Ltd	1,148,449	$548,464,788
NFLX	Netflix Inc	6,990,345	$499,110,633
GEV	GE Vernova Inc.	409,835	$481,498,748
APP	AppLovin Corp	696,568	$358,892,730
TJX	Tjx Companies Inc	2,272,592	$344,297,688
NXT	Nextpower Inc.	2,856,092	$340,274,800
VEEV	Veeva Systems Inc	816,785	$144,954,833
YUM	Yum Brands Inc	556,107	$88,899,265
FICO	Fair Isaac Corp	17,953	$21,449,885
IDCC	InterDigital, Inc.	60,324	$17,079,534
ORLY	O Reilly Automotive Inc	162,691	$14,982,214
No positions match the current search.

Sold Out

Positions the filer fully exited

6 positions

Ticker	Company	Shares	Value
MTD	Mettler Toledo International Inc	568,516	$717,012,379
ZTS	Zoetis Inc.	3,877,559	$458,366,249
OTIS	Otis Worldwide Corp	2,731,635	$210,554,425
QLYS	Qualys, Inc.	226,077	$19,860,864
HD	Home Depot, Inc.	28,611	$9,409,871
—		844,887	$0
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

41 tracked positions · $13,648,923,661 total · filing declares 41 positions · $13,648,923,682 · as of Jun 30, 2026

All sectors Communication Services Consumer Cyclical Consumer Defensive Financial Services Healthcare Industrials Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Est. Price	Held (qtrs)	Est. cost/share	% of Portfolio
MAR	Marriott International Inc Consumer Cyclical	Reduced	2,585,757	-785,115	$958,255,686	−13.1%	$368.78	14	$197.44	7.02%
SYK	Stryker Corp Healthcare	Reduced	2,913,833	-147,583	$917,391,181	−8.8%	$315.13	26+	before history	6.72%
WAT	Waters Corp Healthcare	Reduced	2,273,632	-938,443	$852,702,945	−10.9%	$341.12	26+	before history	6.25%
V	Visa Inc. Financial Services	Reduced	2,019,810	-1,084,280	$692,976,612	−26.1%	$321.04	26+	before history	5.08%
UBER	Uber Technologies, Inc Technology	NEW	8,943,151	NEW	$645,337,776	NEW	$73.33	1	$73.33	4.73%
MA	Mastercard Inc Financial Services	NEW	1,245,051	NEW	$639,458,193	NEW	$498.62	1	$498.62	4.69%
GOOGL	Alphabet Inc. Communication Services	Reduced	1,773,354	-1,182,844	$633,743,518	−25.4%	$359.97	19	unpriced	4.64%
CHD	Church & Dwight Co Inc Consumer Defensive	Reduced	6,456,634	-184,874	$625,518,701	+0.9%	$95.56	23	$88.01	4.58%
PG	PROCTER & GAMBLE Co Consumer Defensive	Reduced	4,078,371	-121,543	$598,052,323	−1.4%	$145.55	23	$147.62	4.38%
MSFT	Microsoft Corp Technology	Reduced	1,596,737	-483,000	$595,614,835	−22.6%	$404.60	26+	before history	4.36%
META	Meta Platforms, Inc. Communication Services	Reduced	1,051,876	-269,499	$592,511,232	−21.6%	$611.48	26+	before history	4.34%
ADP	Automatic Data Processing Inc Technology	Reduced	2,601,567	-1,253,538	$582,620,929	−25.6%	$213.75	26+	before history	4.27%
FTNT	Fortinet, Inc. Technology	Reduced	3,629,938	-2,526,737	$557,631,075	+10.8%	$115.56	24	$53.81	4.09%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	NEW	1,148,449	NEW	$548,464,788	NEW	$405.79	1	$405.79	4.02%
IDXX	Idexx Laboratories Inc Healthcare	Reduced	1,019,887	-445,899	$536,909,312	−34.8%	$560.90	26+	before history	3.93%
TXN	Texas Instruments Inc Technology	Reduced	1,799,182	-823,942	$536,282,178	+5.3%	$277.43	10	$179.27	3.93%
PM	Philip Morris International Inc. Consumer Defensive	Reduced	2,913,693	-2,199,470	$527,116,200	−37.6%	$173.43	26+	before history	3.86%
NFLX	Netflix Inc Communication Services	NEW	6,990,345	NEW	$499,110,633	NEW	$88.07	1	$88.07	3.66%
GEV	GE Vernova Inc. Industrials	NEW	409,835	NEW	$481,498,748	NEW	$1,020.67	1	$1,020.67	3.53%
APP	AppLovin Corp Communication Services	NEW	696,568	NEW	$358,892,730	NEW	$482.62	1	$482.62	2.63%
TJX	Tjx Companies Inc Consumer Cyclical	NEW	2,272,592	NEW	$344,297,688	NEW	$158.11	1	$158.11	2.52%
NXT	Nextpower Inc. Technology	NEW	2,856,092	NEW	$340,274,800	NEW	$123.40	1	$123.40	2.49%
VEEV	Veeva Systems Inc Healthcare	NEW	816,785	NEW	$144,954,833	NEW	$164.89	1	$164.89	1.06%
YUM	Yum Brands Inc Consumer Cyclical	NEW	556,107	NEW	$88,899,265	NEW	$154.88	1	$154.88	0.65%
MSCI	MSCI Inc. Financial Services	Reduced	53,580	-11,208	$30,006,943	−14.1%	$583.46	26+	before history	0.22%
MEDP	Medpace Holdings, Inc. Healthcare	Reduced	52,372	-10,296	$27,735,687	−7.8%	$461.51	7	$339.14	0.20%
NTNX	Nutanix, Inc. Technology	Reduced	538,281	-39,111	$27,430,799	+25.0%	$45.19	3	$61.10	0.20%
BMI	Badger Meter Inc Technology	Added	174,627	+32,136	$25,911,154	+19.4%	$130.86	2	$152.16	0.19%
CLX	Clorox Co Consumer Defensive	Added	271,318	+14,101	$25,894,589	−2.9%	$95.99	11	$132.37	0.19%
ROL	Rollins Inc Consumer Cyclical	Held	619,935	0	$25,876,086	−21.8%	$51.11	22	$35.57	0.19%
MANH	Manhattan Associates Inc Technology	Added	172,977	+52,089	$24,087,047	+49.7%	$137.78	5	$168.34	0.18%
NSSC	Napco Security Technologies, Inc Industrials	Added	606,974	+223,378	$23,052,872	+52.6%	$39.72	5	$33.50	0.17%
FICO	Fair Isaac Corp Technology	NEW	17,953	NEW	$21,449,885	NEW	$1,120.17	1	$1,120.17	0.16%
SABR	Sabre Corp Technology	Held	9,013,783	0	$18,838,806	+44.1%	$1.75	26+	before history	0.14%
IDCC	InterDigital, Inc. Technology	NEW	60,324	NEW	$17,079,534	NEW	$297.35	1	$297.35	0.13%
ORLY	O Reilly Automotive Inc Consumer Cyclical	NEW	162,691	NEW	$14,982,214	NEW	$91.22	1	$91.22	0.11%
VRT	Vertiv Holdings Co Industrials	Reduced	41,893	-49,361	$14,026,614	−38.7%	$317.15	5	$97.24	0.10%
VRSN	Verisign Inc Technology	Reduced	55,713	-57,754	$14,015,162	−50.3%	$277.85	26+	before history	0.10%
ADMA	Adma Biologics, Inc. Healthcare	Held	1,649,493	0	$13,806,256	−7.1%	$9.12	3	$16.85	0.10%
DOCS	Doximity, Inc. Healthcare	Reduced	653,324	-38,462	$13,549,939	−15.9%	$22.11	7	$55.05	0.10%
PAYC	Paycom Software, Inc. Technology	Reduced	100,763	-118,694	$12,663,893	−52.5%	$130.40	26+	before history	0.09%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.