中文
Value GiantsValue investors’ 13F holdings, as a whole
Q2 2026 13FData as of Aug 18, 2026
Quality value

Terry Smith

Q2 2026 13F: 42 holdings worth about $18.2B; that quarter 11 new, 7 added, 21 trimmed, 8 sold out.

Firm: Fundsmith LLP · Fundsmith Investment Services Ltd.
Filer: Fundsmith LLP CIK 1569205, FUNDSMITH INVESTMENT SERVICES LTD. CIK 1868537
Last filed: Aug 14, 2026 | Quality value | Counted in this quarter’s totals

13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.

Why This Giant Is Included

  • Rule numbers (Q2 2026): 42 holdings, top 10 = 53%, stocks $18.2B, options 0%; all four rules met
  • Source for the value approach: Fundsmith Equity ETF | Fundsmith (Fundsmith LLP): “The Fundsmith Equity ETF seeks long-term growth in value by investing in a concentrated portfolio of high-quality companies listed on developed global equity markets.” (checked 2026-10-11)

Full selection rules →

13F value
$18.2B
previous $17.2B (+5.4%)
Holdings
42
11 new / 8 sold out
Net deploymentest.
−4.5%
est. net buying ÷ last quarter’s portfolio
Top-10 concentration
53%
overlap with the composite 16%
Turnoverest.
30.5%
held 17 quarters on average
I

Trades in Q2 2026

Sorted by position shift: how many percentage points of the portfolio the trade moved.

How to Read This

Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.

MoveCompanyChange in sharesChange %Position shift (pts)Start → end priceEst. trade price
Sold outMTDMettler Toledo International Inc−791.3K—−5.56$1,261 → $1,278$1,269
NewUBERUber Technologies, Inc+11.90M—+4.73$71.93 → $72.16$72.05
NewMAMastercard Inc+1.64M—+4.63$499.66 → $513.60$506.63
AddedTSMTaiwan Semiconductor Manufacturing+1.56M+54577%+4.09$337.95 → $477.57$407.76
NewNFLXNetflix Inc+9.18M—+3.61$96.15 → $71.40$83.78
NewGEVGE Vernova Inc+538.5K—+3.48$872.90 → $1,175$1,024
TrimmedGOOGLAlphabet Inc−1.76M−43%−3.46$287.56 → $357.37$322.47
TrimmedPMPhilip Morris International Inc−2.93M−43%−2.92$165.34 → $180.91$173.13
TrimmedVVisa Inc−1.43M−35%−2.70$302.24 → $343.09$322.66
NewAPPAppLovin Corp+930.5K—+2.64$398.00 → $515.23$456.62
TrimmedFTNTFortinet, Inc−3.06M−39%−2.59$81.72 → $153.62$117.67
AddedTJXTJX Companies Inc+2.99M+93088%+2.49$159.70 → $151.50$155.60
TrimmedWATWaters Corp−1.20M−28%−2.47$297.80 → $375.04$336.42
NewNXTNextpower Inc+3.76M—+2.47$120.55 → $119.14$119.85
TrimmedMARMarriott International Inc−1.08M−24%−2.21$327.07 → $370.59$348.83
TrimmedADPAutomatic Data Processing−1.76M−34%−2.17$203.18 → $223.95$213.56
Sold outZTSZoetis Inc−5.00M—−1.98$118.21 → $71.86$95.03
TrimmedIDXXIdexx Laboratories Inc−600.4K−31%−1.74$561.89 → $526.44$544.16
TrimmedTXNTexas Instruments Inc−931.8K−27%−1.53$194.14 → $298.07$246.11
Sold outOTISOtis Worldwide Corp−3.70M—−1.46$77.08 → $71.60$74.34
TrimmedMSFTMicrosoft Corp−641.6K−23%−1.32$370.17 → $373.02$371.60
TrimmedMETAMeta Platforms, Inc−397.8K−22%−1.23$572.13 → $563.29$567.71
NewVEEVVeeva Systems Inc+1.08M—+1.05$175.66 → $177.47$176.56
NewYUMYum! Brands Inc+734.1K—+0.65$155.48 → $159.86$157.67
TrimmedPGProcter & Gamble Co−796.3K−13%−0.64$144.44 → $146.64$145.54
TrimmedSYKStryker Corp−282.8K−7%−0.49$328.59 → $314.84$321.71
Sold outQLYSQualys Inc−226.1K—−0.17$87.85 → $137.49$112.67
Sold outCPRXCatalyst Pharmaceuticals Inc−844.9K—−0.15$24.76 → $31.43$28.09
TrimmedCHDChurch & Dwight Co Inc−244.8K−3%−0.13$93.32 → $96.88$95.10
AddedBMIBadger Meter Inc+150.7K+55%+0.12$152.35 → $148.38$150.37
NewFICOFair Isaac Corp+18.0K—+0.12$1,068 → $1,195$1,131
NewIDCCInterDigital, Inc+60.3K—+0.09$302.00 → $283.13$292.56
TrimmedVRTVertiv Holdings Co−49.4K−54%−0.09$250.58 → $334.82$292.70
NewORLYO’Reilly Automotive Inc+168.1K—+0.09$92.31 → $92.09$92.20
TrimmedPAYCPaycom Software, Inc−118.7K−54%−0.08$121.54 → $125.68$123.61
TrimmedVRSNVerisign Inc−57.8K−51%−0.08$248.36 → $251.56$249.96
Sold outHDHome Depot Inc−33.2K—−0.06$328.89 → $352.68$340.79
AddedWMWaste Management Inc+44.5K+63%+0.05$229.79 → $222.88$226.33
AddedNSSCNapco Security Technologies, Inc+223.4K+58%+0.05$39.39 → $37.98$38.68
AddedMANHManhattan Associates Inc+52.1K+43%+0.04$133.12 → $139.25$136.18
TrimmedMSCIMSCI Inc−11.2K−17%−0.03$539.01 → $560.04$549.52
TrimmedMEDPMedpace Holdings, Inc−10.3K−16%−0.03$480.19 → $529.59$504.89
TrimmedNTNXNutanix, Inc−39.1K−7%−0.01$38.01 → $50.96$44.48
AddedCLXClorox Company+14.1K+5%+0.01$103.63 → $95.44$99.54
TrimmedDOCSDoximity, Inc−38.5K−6%−0.00$23.30 → $20.74$22.02
Sold outAAPLApple Inc−2.2K—−0.00$253.79 → $289.36$271.57
Sold outAMZNAmazon.com Inc−2.0K—−0.00$208.27 → $238.34$223.31
II

All Holdings (42 Companies)

Share classes of one company are combined; click a heading to re-sort.

How to Read This

Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.

CompanySectorWeight (prev.)SharesValueThis quarterFirst boughtQuarters heldEst. avg costQuarter-end pricevs costHistory
MARMarriott International IncConsumer discretionary7.1%8.7%3.49M$1.3BTrimmed −24%Q1 202314$189.96est.$370.59+95%History
SYKStryker CorpHealth care6.9%8.1%3.96M$1.2BTrimmed −7%Q4 201255$132.52est.start point$314.84+138%History
WATWaters CorpInformation technology6.4%7.4%3.11M$1.2BTrimmed −28%Q1 201546$186.13est.$375.04+101%History
VVisa IncFinancials5.1%7.2%2.70M$926.4MTrimmed −35%Q4 201255$105.50est.start point$343.09+225%History
CHDChurch & Dwight Co IncConsumer staples4.8%5.0%8.99M$871.3MTrimmed −3%Q4 202023$88.84est.$96.88+9%History
UBERUber Technologies, IncIndustrials4.7%—11.90M$858.6MNewQ2 20261$72.05est.$72.16+0%History
MAMastercard IncFinancials4.6%—1.64M$841.3MNewQ2 20261$506.63est.$513.60+1%History
GOOGLAlphabet IncInformation technology4.6%6.8%2.33M$833.5MTrimmed −43%Q4 202119$109.94est.$357.37+225%History
METAMeta Platforms, IncInformation technology4.3%5.9%1.39M$784.4MTrimmed −22%Q1 201834$177.11est.$563.29+218%History
MSFTMicrosoft CorpInformation technology4.3%5.9%2.10M$784.1MTrimmed −23%Q3 201832$125.58est.$373.02+197%History
ADPAutomatic Data ProcessingInformation technology4.2%6.1%3.43M$767.1MTrimmed −34%Q4 201255$108.47est.start point$223.95+106%History
TXNTexas Instruments IncInformation technology4.2%3.9%2.56M$762.6MTrimmed −27%Q1 202410$180.77est.$298.07+65%History
PGProcter & Gamble CoConsumer staples4.2%5.0%5.16M$757.3MTrimmed −13%Q4 202023$149.49est.$146.64−2%History
TSMTaiwan Semiconductor ManufacturingInformation technology4.1%0.0%1.56M$745.0MAdded +54577%Q4 20253$407.59est.$477.57+17%History
FTNTFortinet, IncInformation technology4.0%3.7%4.76M$730.6MTrimmed −39%Q3 202024$56.73est.$153.62+171%History
IDXXIdexx Laboratories IncHealth care3.9%6.3%1.35M$709.1MTrimmed −31%Q1 201546$182.35est.$526.44+189%History
PMPhilip Morris International IncConsumer staples3.8%6.5%3.86M$698.0MTrimmed −43%Q4 201255$87.76est.start point$180.91+106%History
NFLXNetflix IncCommunication & media3.6%—9.18M$655.3MNewQ2 20261$83.78est.$71.40−15%History
GEVGE Vernova IncInformation technology3.5%—538.5K$632.6MNewQ2 20261$1,024est.$1,175+15%History
APPAppLovin CorpInformation technology2.6%—930.5K$479.4MNewQ2 20261$456.62est.$515.23+13%History
TJXTJX Companies IncConsumer discretionary2.5%0.0%2.99M$453.6MAdded +93088%Q4 20253$155.60est.$151.50−3%History
NXTNextpower IncInformation technology2.5%—3.76M$447.9MNewQ2 20261$119.85est.$119.14−1%History
VEEVVeeva Systems IncInformation technology1.1%—1.08M$190.9MNewQ2 20261$176.56est.$177.47+1%History
YUMYum! Brands IncConsumer discretionary0.6%—734.1K$117.4MNewQ2 20261$157.67est.$159.86+1%History
BMIBadger Meter IncInformation technology0.3%0.2%425.8K$63.2MAdded +55%Q4 20253$162.86est.$148.38−9%History
MSCIMSCI IncIndustrials0.2%0.2%53.6K$30.0MTrimmed −17%Q4 201831$177.01est.$560.04+216%History
MEDPMedpace Holdings, IncHealth care0.2%0.2%52.4K$27.7MTrimmed −16%Q4 20247$333.02est.$529.59+59%History
NTNXNutanix, IncInformation technology0.2%0.1%538.3K$27.4MTrimmed −7%Q4 20253$51.69est.$50.96−1%History
CLXClorox CompanyConsumer staples0.1%0.2%271.3K$25.9MAdded +5%Q4 202311$135.75est.$95.44−30%History
ROLRollins IncIndustrials0.1%0.2%619.9K$25.9MHeldQ1 202122$36.09est.$41.74+16%History
WMWaste Management IncUtilities0.1%0.1%115.0K$25.6MAdded +63%Q4 20247$215.39est.$222.88+3%History
MANHManhattan Associates IncInformation technology0.1%0.1%173.0K$24.1MAdded +43%Q2 20255$170.48est.$139.25−18%History
NSSCNapco Security Technologies, IncInformation technology0.1%0.1%607.0K$23.1MAdded +58%Q2 20255$33.81est.$37.98+12%History
FICOFair Isaac CorpInformation technology0.1%—18.0K$21.4MNewQ2 20261$1,131est.$1,195+6%History
SABRSabre CorpInformation technology0.1%0.1%9.01M$18.8MHeldQ4 201831$13.32est.$2.09−84%History
IDCCInterDigital, IncFinancials0.1%—60.3K$17.1MNewQ2 20261$292.56est.$283.13−3%History
ORLYO’Reilly Automotive IncConsumer discretionary0.1%—168.1K$15.5MNewQ2 20261$92.20est.$92.09−0%History
VRTVertiv Holdings CoInformation technology0.1%0.1%41.9K$14.0MTrimmed −54%Q2 20255$100.30est.$334.82+234%History
VRSNVerisign IncInformation technology0.1%0.2%55.7K$14.0MTrimmed −51%Q4 201831$185.82est.$251.56+35%History
ADMAADMA Biologics IncHealth care0.1%0.1%1.65M$13.8MHeldQ4 20253$16.45est.$8.37−49%History
DOCSDoximity, IncInformation technology0.1%0.1%653.3K$13.5MTrimmed −6%Q4 20247$55.65est.$20.74−63%History
PAYCPaycom Software, IncInformation technology0.1%0.2%100.8K$12.7MTrimmed −54%Q4 201831$204.09est.$125.68−38%History
III

Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost

How to Read This

Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.

above costbelow costwithin 5%
IV

Over Time

From Q4 2012, 55 quarters (this giant’s electronic 13F filings).

13F Value

13F Value$0$20.0B$40.0BQ4 2012Q2 2014Q4 2015Q2 2017Q4 2018Q2 2020Q4 2021Q2 2023Q4 2024Q2 2026

Holdings

Holdings0204060Q4 2012Q2 2014Q4 2015Q2 2017Q4 2018Q2 2020Q4 2021Q2 2023Q4 2024Q2 2026

Top-10 Concentration

Top-10 Concentration0%25%50%75%100%Q4 2012Q2 2014Q4 2015Q2 2017Q4 2018Q2 2020Q4 2021Q2 2023Q4 2024Q2 2026

Turnover (Est.)

Turnover0%10%20%30%Q4 2012Q2 2014Q4 2015Q2 2017Q4 2018Q2 2020Q4 2021Q2 2023Q4 2024Q2 2026

Sector Mix

Information technologyFinancialsCommunication & mediaConsumer discretionaryIndustrialsHealth careEnergyOther (incl. unclassified)
Sector Mix0%25%50%75%100%Q4 2012Q2 2014Q4 2015Q2 2017Q4 2018Q2 2020Q4 2021Q2 2023Q4 2024Q2 2026
V

Quarter by Quarter, with the Original Filings

* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.

Show 55 Quarters
QuarterHoldingsNewSold out13F valueTurnoverNet deploymentSEC
Q2 202642118$18.2B30.5%−4.5%13F-HR 13F-HR
Q1 20263904$17.2B0.1%−14.9%13F-HR 13F-HR
Q4 20254372$22.6B0.9%−15.1%13F-HR 13F-HR
Q3 20253806$26.2B2.2%−12.4%13F-HR 13F-HR
Q2 20254432$30.4B1.5%−5.5%13F-HR 13F-HR
Q1 20254336$29.1B3.4%−6.4%13F-HR 13F-HR
Q4 20244674$31.1B0.5%−6.2%13F-HR 13F-HR
Q3 20244300$33.3B0.2%−4.3%13F-HR 13F-HR
Q2 20244310$32.3B0.9%−0.8%13F-HR 13F-HR
Q1 20244232$33.1B1.9%−0.9%13F-HR 13F-HR
Q4 20234110$30.8B1.3%−1.1%13F-HR 13F-HR
Q3 20234022$28.4B4.7%−1.1%13F-HR 13F-HR
Q2 20234022$30.7B3.8%−0.7%13F-HR 13F-HR 13F-HR/A
Q1 20234031$29.7B2.3%−2.4%13F-HR 13F-HR
Q4 20223808$27.9B0.2%−7.2%13F-HR 13F-HR
Q3 20224641$26.8B3.6%+1.6%13F-HR 13F-HR
Q2 20224301$28.6B2.1%−4.6%13F-HR 13F-HR
Q1 202244118$36.4B5.2%+2.2%13F-HR 13F-HR
Q4 20216110$41.2B1.3%+5.9%13F-HR 13F-HR
Q3 20216012$36.3B3.1%+2.0%13F-HR 13F-HR
Q2 202161190$36.2B0.0%+2.9%13F-HR 13F-HR
Q1 20214230$31.4B0.0%+2.6%13F-HR
Q4 20203941$30.2B0.2%+4.0%13F-HR
Q3 20203620$25.6B0.1%+2.3%13F-HR
Q2 20203411$22.9B2.5%+6.2%13F-HR
Q1 20203430$17.8B2.9%−1.8%13F-HR
Q4 20193111$21.2B0.2%+2.4%13F-HR
Q3 20193122$19.6B3.4%+2.1%13F-HR
Q2 20193100$19.2B0.0%+4.7%13F-HR
Q1 20193101$17.6B0.9%+3.5%13F-HR
Q4 201832150$15.8B1.2%+6.1%13F-HR 13F-HR/A
Q3 20181711$14.9B13.5%−0.3%13F-HR
Q2 20181711$13.4B9.0%+12.1%13F-HR
Q1 20181712$12.1B14.8%+1.4%13F-HR
Q4 20171810$11.7B13.1%−7.7%13F-HR
Q3 20171702$10.3B10.7%+20.7%13F-HR
Q2 20171910$9.5B2.4%+3.2%13F-HR
Q1 20171800$8.6B0.0%+2.7%13F-HR
Q4 20161801$7.6B0.0%+5.3%13F-HR
Q3 20161900$7.3B0.0%+13.5%13F-HR
Q2 20161931$6.3B0.1%+28.6%13F-HR 13F-HR/A
Q1 20161701$4.6B3.5%+11.8%13F-HR
Q4 20151813$4.0B1.9%+10.9%13F-HR
Q3 20152010$3.3B7.6%+7.4%13F-HR
Q2 20151901$3.2B4.1%+1.9%13F-HR
Q1 20152062$3.1B25.1%+0.5%13F-HR
Q4 20141600$2.8B0.6%+10.9%13F-HR
Q3 20141600$2.3B0.5%+5.8%13F-HR
Q2 2014 *1610$2.2B2.5%+15.8%13F-HR
Q1 2014 *1500$1.9B2.7%+12.5%13F-HR
Q4 2013 *1501$1.6B1.8%−1.7%13F-HR
Q3 2013 *1601$1.5B10.3%+20.5%13F-HR
Q2 2013 *1700$1.4B0.9%+9.2%13F-HR 13F-HR/A
Q1 2013 *1700$1.2B0.0%+35.2%13F-HR 13F-HR/A
Q4 2012 *1700$828.9M——13F-HR
VI

Large Positions Sold Out

Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.

How to Read This

Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.

CompanyHeldPeak weightCompany since
MTDMettler Toledo International IncQ1 2022 – Q2 20266%—
ZTSZoetis IncQ4 2020 – Q2 20263%—
OTISOtis Worldwide CorpQ3 2022 – Q2 20263%—
NKENike IncQ1 2020 – Q1 20264%—
INTUIntuit IncQ1 2025 – Q1 20262%—
BF.ABrown-Forman CorpQ3 2019 – Q2 20254%—
PEPPepsiCo IncQ4 2012 – Q1 20259%—
MKCMcCormick & Co IncQ4 2018 – Q4 20246%—
JNJJohnson & JohnsonQ4 2012 – Q1 20248%—
ELEstee Lauder Companies IncQ2 2016 – Q3 20237%—
AMZNAmazon.com IncQ2 2021 – Q2 20234%—
ADBEAdobe IncQ2 2021 – Q1 20234%—
PYPLPayPal Holdings, IncQ4 2017 – Q4 202210%—
INTUIntuit IncQ2 2017 – Q4 20227%—
SBUXStarbucks CorpQ1 2020 – Q2 20224%—
BDXBecton Dickinson and CoQ4 2012 – Q3 20219%—
MMM3M CoQ4 2012 – Q3 20198%—
CLColgate-Palmolive CoQ4 2012 – Q1 20194%—
MCDMcDonald’s CorpQ2 2018 – Q3 20189%—
MSFTMicrosoft CorpQ1 2015 – Q2 201810%—
—Keurig DR Pepper IncQ4 2012 – Q1 201810%Still filing with the SEC
BCRCR Bard IncQ1 2015 – Q1 20188%Acquired or delisted Jan 8, 2018
SJMJM Smucker CoQ4 2015 – Q3 20178%Still filing with the SEC
PYPLPayPal Holdings, IncQ3 2015 – Q3 20178%—
PGProcter & Gamble CoQ4 2012 – Q1 20167%—
DPZDomino’s Pizza IncQ4 2012 – Q4 201510%—
EBAYeBay IncQ2 2014 – Q4 20158%—
CHHChoice Hotels International IncQ4 2012 – Q2 20154%Still filing with the SEC
MCDMcDonald’s CorpQ4 2012 – Q1 201511%—
SIALSigma-AldrichQ4 2012 – Q1 20159%Acquired or delisted Nov 30, 2015