Fundsmith
Manager: Terry Smith
Fundsmith LLP · CIK 0001569205 · Form 13F-HR · Accession 0001569205-26-000012
Reported Equity Holdings (USD)
$16.2bn
45 positions · mainly 13F (+ Non-US where noted)
Shown (≥1%)
26
13F + Equity Fund Non-US · 19 under 1% hidden
GBPUSD (daily)
1.3368
as of 23 Oct 2026 · ECB / Frankfurter
Largest weights: Marriott International 5.9%, Stryker Corporation 5.7%, Amadeus IT Group 5.3%. Sorted by USD value. Non-US Equity Fund lines marked EUR* / GBP*; converted to USD at GBPUSD 1.3368 as of 23 Oct 2026. GBP FX updated daily.
Reported Equity Holdings USD
19 names under 1% hidden (still included in Reported Equity Holdings). Weights vs full book — visible weights may sum to under 100%.
| # | Issuer | Ticker / listing | CCY | Value (USD) | Weight | Source | As of | Notes |
|---|---|---|---|---|---|---|---|---|
| 1 | Marriott International |
MAR · Nasdaq | USD | $958.3m | 5.9% | 13F | 13F — 30 Jun 2026 | CL A Equity Fund top 10 (Jun 2026 factsheet). |
| 2 | Stryker Corporation |
SYK · NYSE | USD | $917.4m | 5.7% | 13F | 13F — 30 Jun 2026 | COM Equity Fund top 10 (Jun 2026 factsheet). Equity Fund top 10 (Sep 2026 factsheet). |
| 3 | Amadeus IT Group |
AMS · BME (Madrid) | EUR* | $859.4m est. |
5.3% | Equity Fund factsheet | Equity Fund — 31 Aug 2026 wt / 30 Sep 2026 NAV | 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 × Aug named weight × GBPUSD (est.). |
| 4 | Waters Corporation |
WAT · NYSE | USD | $852.7m | 5.3% | 13F | 13F — 30 Jun 2026 | COM Equity Fund top 10 (Jun 2026 factsheet). Equity Fund top 10 (Sep 2026 factsheet). |
| 5 | Visa Inc. |
V · NYSE | USD | $693.0m | 4.3% | 13F | 13F — 30 Jun 2026 | COM CL A Equity Fund top 10 (Jun 2026 factsheet). Equity Fund top 10 (Sep 2026 factsheet). |
| 6 | Uber Technologies |
UBER · NYSE | USD | $645.3m | 4.0% | 13F | 13F — 30 Jun 2026 | COM Named in H1 2026 letter as new / accumulating stake. Equity Fund top 10 (Sep 2026 factsheet). |
| 7 | Mastercard Inc. |
MA · NYSE | USD | $639.5m | 4.0% | 13F | 13F — 30 Jun 2026 | CL A Named in H1 2026 letter as new / accumulating stake. Equity Fund top 10 (Sep 2026 factsheet). |
| 8 | L'Oréal |
OR · Euronext Paris | EUR* | $636.0m est. |
3.9% | Equity Fund factsheet | Equity Fund — 31 Aug 2026 wt / 30 Sep 2026 NAV | 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 × NAV × FX. |
| 9 | Alphabet Inc. (Class A) |
GOOGL · Nasdaq | USD | $633.7m | 3.9% | 13F | 13F — 30 Jun 2026 | CAP STK CL A Capital stock Class A (GOOGL). |
| 10 | Church & Dwight |
CHD · NYSE | USD | $625.5m | 3.9% | 13F | 13F — 30 Jun 2026 | COM Equity Fund top 10 (Jun 2026 factsheet). Equity Fund top 10 (Sep 2026 factsheet). |
| 11 | Procter & Gamble |
PG · NYSE | USD | $598.1m | 3.7% | 13F | 13F — 30 Jun 2026 | COM |
| 12 | Microsoft Corp. |
MSFT · Nasdaq | USD | $595.6m | 3.7% | 13F | 13F — 30 Jun 2026 | COM |
| 13 | Meta Platforms |
META · Nasdaq | USD | $592.5m | 3.7% | 13F | 13F — 30 Jun 2026 | CL A |
| 14 | Sage Group |
SGE · LSE | GBP* | $588.9m est. |
3.6% | Equity Fund factsheet | Equity Fund — 31 Aug 2026 wt / 30 Sep 2026 NAV | UK-listed; not on 13F. Top-10 on Aug portfolio data; Sep factsheet UK listing 3.6% of fund; H1 2026 letter — switched from Intuit into Sage. Value est. |
| 15 | Automatic Data Processing |
ADP · Nasdaq | USD | $582.6m | 3.6% | 13F | 13F — 30 Jun 2026 | COM Equity Fund top 10 (Jun 2026 factsheet). |
| 16 | Fortinet |
FTNT · Nasdaq | USD | $557.6m | 3.4% | 13F | 13F — 30 Jun 2026 | COM Equity Fund top 10 (Jun 2026 factsheet). Equity Fund top 10 (Sep 2026 factsheet). |
| 17 | Taiwan Semiconductor (ADR) |
TSM · NYSE | USD | $548.5m | 3.4% | 13F | 13F — 30 Jun 2026 | SPONSORED ADS US-listed sponsored ADR on 13F. |
| 18 | IDEXX Laboratories |
IDXX · Nasdaq | USD | $536.9m | 3.3% | 13F | 13F — 30 Jun 2026 | COM |
| 19 | Texas Instruments |
TXN · Nasdaq | USD | $536.3m | 3.3% | 13F | 13F — 30 Jun 2026 | COM |
| 20 | Philip Morris International |
PM · NYSE | USD | $527.1m | 3.3% | 13F | 13F — 30 Jun 2026 | COM Equity Fund top 10 (Jun 2026 factsheet). |
| 21 | Netflix, Inc. |
NFLX · Nasdaq | USD | $499.1m | 3.1% | 13F | 13F — 30 Jun 2026 | COM Named in H1 2026 letter as new / accumulating stake. |
| 22 | GE Vernova |
GEV · NYSE | USD | $481.5m | 3.0% | 13F | 13F — 30 Jun 2026 | COM Named in H1 2026 letter as new / accumulating stake. |
| 23 | Legrand |
LR · Euronext Paris | EUR* | $447.2m est. |
2.8% | Equity Fund letter | Equity Fund — 30 Sep 2026 (France residual est.) | France-listed; not on 13F. Named in H1 2026 semi-annual letter as new accumulation (data-centre electrical infrastructure). Weight = France country residual after L'Oréal — estimated, not a disclosed line weight. |
| 24 | AppLovin |
APP · Nasdaq | USD | $358.9m | 2.2% | 13F | 13F — 30 Jun 2026 | COM CL A Named in H1 2026 letter as new / accumulating stake. |
| 25 | TJX Companies |
TJX · NYSE | USD | $344.3m | 2.1% | 13F | 13F — 30 Jun 2026 | COM Named in H1 2026 letter as new / accumulating stake. |
| 26 | Nextpower (Nextracker) |
NXT · Nasdaq | USD | $340.3m | 2.1% | 13F | 13F — 30 Jun 2026 | CLASS A COM Formerly Nextracker; Nasdaq NXT. Named in H1 2026 letter as new accumulation. |
Methodology
- One book: All weights in USD. Reported Equity Holdings = Fundsmith LLP 13F-HR US values + Equity Fund Non-US estimates (published weights × Sep NAV × GBPUSD).
- US 13F first: Fundsmith LLP (CIK 0001569205) Form 13F-HR. Period end 30 Jun 2026, filed 14 Aug 2026. Manager: Terry Smith. Schema X0202 whole USD ($13.6bn).
- Non-US / full-fund (after 13F): Non-US: Equity Fund NAV £11.1bn (30 Sep 2026 factsheet) × named OEIC weight (AJ Bell/Fidelity 31 Aug 2026 for Amadeus / L'Oréal / Sage; Legrand = Sep France 7.3% − L'Oréal weight) × GBPUSD 1.3368 (as of 2026-10-23). Marked EUR* or GBP*; values estimated. Equity Fund NAV £11.1bn (as of 30 Sep 2026). factsheet · Sep PDF · H1 letter.
- GBPUSD (daily): 1.3368 as of 23 Oct 2026 — ECB reference rate via Frankfurter (GBP→USD).
- Non-US lines in book: Amadeus IT Group (valued), L'Oréal (valued), Sage Group (valued), Legrand (valued, weight estimated as France residual), Smithson Non-US top-10 (disclosed-not-valued — no published %).
- Factsheet align: After 13F: fundsmith.co.uk Equity Fund factsheets (Jun = 13F as-of; Sep latest), H1 2026 letter (buys/exits + Legrand/Sage rationale), short-form H1 report.
- Mixed as-of: US 13F period end 30 Jun 2026; Equity Fund Non-US weights Aug 2026 / NAV Sep 2026; GBPUSD daily.
- Reported AUM: Firm / strategy AUM from the manager's site or Form ADV where cited on this page — separate from Reported Equity Holdings.
- Shares / Discretion / Vote columns omitted. Value shown as USD market value ($m, 1 decimal, e.g. $17,700.0m). Weight to 1 decimal.
- Table shows positions with weight ≥ 1.0% only; names under 1% are hidden but still included in Reported Equity Holdings (USD) and the weight denominator.
- Raw data: EDGAR 13F · portfolio_combined.json · holdings.json