{
  "investorId": "fundsmith",
  "displayName": "Fundsmith",
  "managerName": "Terry Smith",
  "title": "Top Investors - Copycat",
  "cik": "0001569205",
  "combinedValueUsd": 16180445530,
  "positionCount": 45,
  "us13fValueUsd": 13648923682,
  "us13fPositionsRaw": 41,
  "us13fPositionsCombined": 41,
  "nonUsEstimatedValueUsd": 2531521848,
  "nonUsPositions": 4,
  "fx": {
    "pair": "GBPUSD",
    "rate": 1.3368,
    "asOf": "2026-10-23",
    "source": "ECB reference rate via Frankfurter (GBP\u2192USD)",
    "sourceUrl": "https://api.frankfurter.app/latest?from=GBP&to=USD",
    "quoteStyle": "usd_per_ccy",
    "note": "USD per 1 GBP"
  },
  "equityFund": {
    "name": "Fundsmith Equity Fund (UK OEIC)",
    "navGbp": 11100000000.0,
    "navAsOf": "2026-09-30",
    "holdingsCountSep": 28,
    "geographySep2026": {
      "US": 82.3,
      "France": 7.3,
      "Spain": 4.9,
      "UK": 3.6,
      "Cash": 1.9
    },
    "factsheetUrl": "https://www.fundsmith.co.uk/factsheet/",
    "sepFactsheetPdf": "https://www.fundsmith.co.uk/media/n4hdflc1/september.pdf",
    "junFactsheetPdf": "https://www.fundsmith.co.uk/media/b22dtyny/june.pdf",
    "h1LetterPdf": "https://www.fundsmith.co.uk/media/lfhpxi1x/fundsmith-equity-fund-semi-annual-letter-to-shareholders-2026.pdf",
    "shortFormReportPdf": "https://www.fundsmith.co.uk/media/kodpmksi/2026-short-form-report-for-the-six-months-ended-30-june-2026.pdf"
  },
  "enrichment": {
    "note": "13F first (Fundsmith LLP CIK 0001569205 \u2014 US 13(f) securities, $13.65bn, 41 lines as of 30 Jun 2026). After 13F, enriched from fundsmith.co.uk: Equity Fund monthly factsheets, H1 2026 semi-annual letter, short-form report. Non-US Equity Fund names (Amadeus, L'Or\u00e9al, Sage, Legrand) are valued from published OEIC weights \u00d7 \u00a311.1bn Sep NAV \u00d7 GBPUSD and added to Reported Equity Holdings. Smithson Sep 2026 top-10 Non-US names (Monotaro, HMS Networks, Moncler, Reply, Fisher & Paykel, Adidas, Rational, Spirax Group) are disclosed without stock-level weights \u2014 not valued (see data/_research/fundsmith-nonus-2026-10-15.md). 13F and the OEIC overlap on US names but are not identical books (13F = LLP US reportables; OEIC = 28-name global fund). Exits named in H1 letter (Atlas Copco, Coloplast, EssilorLuxottica, LVMH, Novo Nordisk, Unilever, etc.) are not valued.",
    "disclosedOnFactsheetNotIn13FBook": [
      "Amadeus IT Group (valued)",
      "L'Or\u00e9al (valued)",
      "Sage Group (valued)",
      "Legrand (valued, weight estimated as France residual)",
      "Smithson Non-US top-10 (disclosed-not-valued \u2014 no published %)"
    ],
    "smithsonDisclosedNotValuedNonUs": [
      "Monotaro (JP)",
      "HMS Networks (SE)",
      "Moncler (IT)",
      "Reply (IT)",
      "Fisher & Paykel (NZ)",
      "Adidas (DE)",
      "Rational (DE)",
      "Spirax Group (UK)"
    ],
    "researchNote": "data/_research/fundsmith-nonus-2026-10-15.md",
    "h1LetterAccumulating": [
      "AppLovin",
      "GE Vernova",
      "Legrand",
      "Mastercard",
      "Netflix",
      "Nextpower",
      "Sage",
      "TJX",
      "TSMC",
      "Uber",
      "Veeva",
      "Yum! Brands"
    ],
    "h1LetterExitingOrExited": [
      "Atlas Copco",
      "Coloplast",
      "EssilorLuxottica",
      "Intuit",
      "LVMH",
      "Magnum Ice Cream",
      "Mettler-Toledo",
      "Nike",
      "Novo Nordisk",
      "Otis",
      "Unilever",
      "Wolters Kluwer",
      "Zoetis"
    ]
  },
  "methodology": {
    "weights": "All weights in USD. Reported Equity Holdings = Fundsmith LLP 13F-HR US values + Equity Fund Non-US estimates (published weights \u00d7 Sep NAV \u00d7 GBPUSD).",
    "nonUsValuation": "Non-US: Equity Fund NAV \u00a311.1bn (30 Sep 2026 factsheet) \u00d7 named OEIC weight (AJ Bell/Fidelity 31 Aug 2026 for Amadeus / L'Or\u00e9al / Sage; Legrand = Sep France 7.3% \u2212 L'Or\u00e9al weight) \u00d7 GBPUSD 1.3368 (as of 2026-10-23). Marked EUR* or GBP*; values estimated.",
    "factsheetAlign": "After 13F: fundsmith.co.uk Equity Fund factsheets (Jun = 13F as-of; Sep latest), H1 2026 letter (buys/exits + Legrand/Sage rationale), short-form H1 report.",
    "mixedAsOf": "US 13F period end 30 Jun 2026; Equity Fund Non-US weights Aug 2026 / NAV Sep 2026; GBPUSD daily.",
    "gbpStar": "GBP* / EUR* = Non-US Equity Fund lines converted to USD at documented FX."
  },
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      "issuer": "Marriott International",
      "ticker": "MAR",
      "listing": "MAR \u00b7 Nasdaq",
      "ccy": "USD",
      "shares": 2585757,
      "valueUsd": 958255687,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Fundsmith LLP); whole USD as filed (X0202)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "CL A Equity Fund top 10 (Jun 2026 factsheet).",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1569205/000156920526000012/"
        }
      ],
      "rank": 1,
      "weightPct": 5.9223
    },
    {
      "id": "us-863667101",
      "issuer": "Stryker Corporation",
      "ticker": "SYK",
      "listing": "SYK \u00b7 NYSE",
      "ccy": "USD",
      "shares": 2913833,
      "valueUsd": 917391182,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Fundsmith LLP); whole USD as filed (X0202)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "COM Equity Fund top 10 (Jun 2026 factsheet). Equity Fund top 10 (Sep 2026 factsheet).",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1569205/000156920526000012/"
        }
      ],
      "rank": 2,
      "weightPct": 5.6698
    },
    {
      "id": "nonus-amadeus",
      "issuer": "Amadeus IT Group",
      "ticker": "AMS",
      "listing": "AMS \u00b7 BME (Madrid)",
      "ccy": "EUR*",
      "shares": null,
      "valueUsd": 859437342,
      "valueGbp": 642906450,
      "valueEstimated": true,
      "equityFundWeightPct": 5.79195,
      "source": "Equity Fund factsheet",
      "sourceDetail": "Fundsmith Equity Fund published portfolio (Non-US); factsheet + AJ Bell/Fidelity weights; AJ Bell / Fidelity OEIC portfolio as of 31 Aug 2026 (5.79195%)",
      "asOf": "Equity Fund \u2014 31 Aug 2026 wt / 30 Sep 2026 NAV",
      "asOfDate": "2026-09-30",
      "notes": "Spain-listed; not on Fundsmith LLP 13F. Top-10 on Fundsmith Equity Fund Sep 2026 factsheet (Spain listing 4.9% of fund). Value = Sep fund NAV \u00d7 Aug named weight \u00d7 GBPUSD (est.).",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "Sep 2026 factsheet",
          "url": "https://www.fundsmith.co.uk/media/n4hdflc1/september.pdf"
        },
        {
          "label": "Factsheet page",
          "url": "https://www.fundsmith.co.uk/factsheet/"
        }
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      "rank": 3,
      "weightPct": 5.3116
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      "id": "us-941848103",
      "issuer": "Waters Corporation",
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      "listing": "WAT \u00b7 NYSE",
      "ccy": "USD",
      "shares": 2273632,
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      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Fundsmith LLP); whole USD as filed (X0202)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "COM Equity Fund top 10 (Jun 2026 factsheet). Equity Fund top 10 (Sep 2026 factsheet).",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1569205/000156920526000012/"
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      "rank": 4,
      "weightPct": 5.27
    },
    {
      "id": "us-92826C839",
      "issuer": "Visa Inc.",
      "ticker": "V",
      "listing": "V \u00b7 NYSE",
      "ccy": "USD",
      "shares": 2019810,
      "valueUsd": 692976613,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Fundsmith LLP); whole USD as filed (X0202)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "COM CL A Equity Fund top 10 (Jun 2026 factsheet). Equity Fund top 10 (Sep 2026 factsheet).",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1569205/000156920526000012/"
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      ],
      "rank": 5,
      "weightPct": 4.2828
    },
    {
      "id": "us-90353T100",
      "issuer": "Uber Technologies",
      "ticker": "UBER",
      "listing": "UBER \u00b7 NYSE",
      "ccy": "USD",
      "shares": 8943151,
      "valueUsd": 645337776,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Fundsmith LLP); whole USD as filed (X0202)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "COM Named in H1 2026 letter as new / accumulating stake. Equity Fund top 10 (Sep 2026 factsheet).",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1569205/000156920526000012/"
        }
      ],
      "rank": 6,
      "weightPct": 3.9884
    },
    {
      "id": "us-57636Q104",
      "issuer": "Mastercard Inc.",
      "ticker": "MA",
      "listing": "MA \u00b7 NYSE",
      "ccy": "USD",
      "shares": 1245051,
      "valueUsd": 639458194,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Fundsmith LLP); whole USD as filed (X0202)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "CL A Named in H1 2026 letter as new / accumulating stake. Equity Fund top 10 (Sep 2026 factsheet).",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1569205/000156920526000012/"
        }
      ],
      "rank": 7,
      "weightPct": 3.952
    },
    {
      "id": "nonus-loreal",
      "issuer": "L'Or\u00e9al",
      "ticker": "OR",
      "listing": "OR \u00b7 Euronext Paris",
      "ccy": "EUR*",
      "shares": null,
      "valueUsd": 636002478,
      "valueGbp": 475764870,
      "valueEstimated": true,
      "equityFundWeightPct": 4.28617,
      "source": "Equity Fund factsheet",
      "sourceDetail": "Fundsmith Equity Fund published portfolio (Non-US); AJ Bell / Fidelity OEIC portfolio as of 31 Aug 2026 (4.28617%)",
      "asOf": "Equity Fund \u2014 31 Aug 2026 wt / 30 Sep 2026 NAV",
      "asOfDate": "2026-09-30",
      "notes": "France-listed; not on 13F. Top-10 on Sep 2026 Equity Fund factsheet (France listing 7.3% of fund with Legrand). Value est. from named weight \u00d7 NAV \u00d7 FX.",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "Sep 2026 factsheet",
          "url": "https://www.fundsmith.co.uk/media/n4hdflc1/september.pdf"
        }
      ],
      "rank": 8,
      "weightPct": 3.9307
    },
    {
      "id": "us-02079K305",
      "issuer": "Alphabet Inc. (Class A)",
      "ticker": "GOOGL",
      "listing": "GOOGL \u00b7 Nasdaq",
      "ccy": "USD",
      "shares": 1773354,
      "valueUsd": 633743519,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Fundsmith LLP); whole USD as filed (X0202)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "CAP STK CL A Capital stock Class A (GOOGL).",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1569205/000156920526000012/"
        }
      ],
      "rank": 9,
      "weightPct": 3.9167
    },
    {
      "id": "us-171340102",
      "issuer": "Church & Dwight",
      "ticker": "CHD",
      "listing": "CHD \u00b7 NYSE",
      "ccy": "USD",
      "shares": 6456634,
      "valueUsd": 625518702,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Fundsmith LLP); whole USD as filed (X0202)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "COM Equity Fund top 10 (Jun 2026 factsheet). Equity Fund top 10 (Sep 2026 factsheet).",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1569205/000156920526000012/"
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      "weightPct": 3.8659
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    {
      "id": "us-742718109",
      "issuer": "Procter & Gamble",
      "ticker": "PG",
      "listing": "PG \u00b7 NYSE",
      "ccy": "USD",
      "shares": 4078371,
      "valueUsd": 598052323,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Fundsmith LLP); whole USD as filed (X0202)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "COM",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1569205/000156920526000012/"
        }
      ],
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      "weightPct": 3.6961
    },
    {
      "id": "us-594918104",
      "issuer": "Microsoft Corp.",
      "ticker": "MSFT",
      "listing": "MSFT \u00b7 Nasdaq",
      "ccy": "USD",
      "shares": 1596737,
      "valueUsd": 595614836,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Fundsmith LLP); whole USD as filed (X0202)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "COM",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1569205/000156920526000012/"
        }
      ],
      "rank": 12,
      "weightPct": 3.6811
    },
    {
      "id": "us-30303M102",
      "issuer": "Meta Platforms",
      "ticker": "META",
      "listing": "META \u00b7 Nasdaq",
      "ccy": "USD",
      "shares": 1051876,
      "valueUsd": 592511232,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Fundsmith LLP); whole USD as filed (X0202)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "CL A",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1569205/000156920526000012/"
        }
      ],
      "rank": 13,
      "weightPct": 3.6619
    },
    {
      "id": "nonus-sage",
      "issuer": "Sage Group",
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      "listing": "SGE \u00b7 LSE",
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      "shares": null,
      "valueUsd": 588875466,
      "valueGbp": 440511270,
      "valueEstimated": true,
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      "sourceDetail": "Fundsmith Equity Fund published portfolio (Non-US) + H1 2026 letter; AJ Bell / Fidelity OEIC portfolio as of 31 Aug 2026 (3.96857%)",
      "asOf": "Equity Fund \u2014 31 Aug 2026 wt / 30 Sep 2026 NAV",
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      "notes": "UK-listed; not on 13F. Top-10 on Aug portfolio data; Sep factsheet UK listing 3.6% of fund; H1 2026 letter \u2014 switched from Intuit into Sage. Value est.",
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      "primarySourceUrls": [
        {
          "label": "Sep 2026 factsheet",
          "url": "https://www.fundsmith.co.uk/media/n4hdflc1/september.pdf"
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        {
          "label": "H1 2026 letter",
          "url": "https://www.fundsmith.co.uk/media/lfhpxi1x/fundsmith-equity-fund-semi-annual-letter-to-shareholders-2026.pdf"
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      "weightPct": 3.6394
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    {
      "id": "us-053015103",
      "issuer": "Automatic Data Processing",
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      "listing": "ADP \u00b7 Nasdaq",
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      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Fundsmith LLP); whole USD as filed (X0202)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "COM Equity Fund top 10 (Jun 2026 factsheet).",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1569205/000156920526000012/"
        }
      ],
      "rank": 15,
      "weightPct": 3.6008
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    {
      "id": "us-34959E109",
      "issuer": "Fortinet",
      "ticker": "FTNT",
      "listing": "FTNT \u00b7 Nasdaq",
      "ccy": "USD",
      "shares": 3629938,
      "valueUsd": 557631076,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Fundsmith LLP); whole USD as filed (X0202)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "COM Equity Fund top 10 (Jun 2026 factsheet). Equity Fund top 10 (Sep 2026 factsheet).",
      "fiIncluded": false,
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      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1569205/000156920526000012/"
        }
      ],
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      "weightPct": 3.4463
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    {
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      "listing": "TSM \u00b7 NYSE",
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      "shares": 1148449,
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      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Fundsmith LLP); whole USD as filed (X0202)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "SPONSORED ADS US-listed sponsored ADR on 13F.",
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      "primarySourceUrls": [
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          "url": "https://www.sec.gov/Archives/edgar/data/1569205/000156920526000012/"
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    {
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      "listing": "IDXX \u00b7 Nasdaq",
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      "shares": 1019887,
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      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Fundsmith LLP); whole USD as filed (X0202)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "COM",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1569205/000156920526000012/"
        }
      ],
      "rank": 18,
      "weightPct": 3.3183
    },
    {
      "id": "us-882508104",
      "issuer": "Texas Instruments",
      "ticker": "TXN",
      "listing": "TXN \u00b7 Nasdaq",
      "ccy": "USD",
      "shares": 1799182,
      "valueUsd": 536282179,
      "valueEstimated": false,
      "source": "13F",
      "sourceDetail": "SEC Form 13F-HR (Fundsmith LLP); whole USD as filed (X0202)",
      "asOf": "13F \u2014 30 Jun 2026",
      "asOfDate": "2026-06-30",
      "notes": "COM",
      "fiIncluded": false,
      "pctOwnership": null,
      "primarySourceUrls": [
        {
          "label": "EDGAR archive",
          "url": "https://www.sec.gov/Archives/edgar/data/1569205/000156920526000012/"
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      "rank": 19,
      "weightPct": 3.3144
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    {
      "id": "us-718172109",
      "issuer": "Philip Morris International",
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  "archiveBase": "https://www.sec.gov/Archives/edgar/data/1569205/000156920526000012",
  "legalName": "Fundsmith LLP",
  "form": "13F-HR"
}