# Fundsmith: 13F portfolio, Q2 2026

Investment firm, London.

Source: SEC Form 13F filed 2026-08-14 for the quarter ended 2026-06-30: https://www.sec.gov/Archives/edgar/data/1569205/000156920526000012/0001569205-26-000012-index.htm
Values are as the manager reported them in the filing, not current market prices.
Page: https://valuepeg.com/managers/fundsmith
Updated: 2026-08-14 · Next filing due by 2026-11-14

## Summary
- Reported value: $13.6B (Q1 2026: $12.8B)
- Positions: 41 (Q1 2026: 34)
- Top 10 holdings: 52.5% of the portfolio
- This quarter: 13 new, 4 added to, 21 trimmed, 6 sold out

## What Fundsmith did in Q2 2026
Fundsmith opened 13 new positions, the largest Uber Technologies, Mastercard and Taiwan Semiconductor Manufacturing. It raised its stake in Napco Security Technologies by 58%. It sold out of 6 positions, among them Mettler Toledo International Inc/, Zoetis and Otis Worldwide. It cut Vertiv Holdings by 54%, Paycom Software by 54% and Verisign by 51%. Marriott International is still the largest holding, at 7.0% of the portfolio.

## Biggest buys
- Uber Technologies (UBER): New
- Mastercard (MA): New
- Taiwan Semiconductor Manufacturing (TSM): New
- Netflix (NFLX): New
- GE Vernova (GEV): New

## Biggest sells
- Mettler Toledo International Inc/ (MTD): Sold out
- Zoetis (ZTS): Sold out
- Otis Worldwide (OTIS): Sold out
- Catalyst Pharmaceuticals (CPRX): Sold out
- Qualys (QLYS): Sold out

## Top 15 holdings
| # | Company | Ticker | % of portfolio | Reported value | Change vs Q1 2026 | Held since |
|---|---|---|---|---|---|---|
| 1 | Marriott International | MAR | 7.0% | $958.3M | −23% | Q3 2024 or earlier |
| 2 | Stryker | SYK | 6.7% | $917.4M | −5% | Q3 2024 or earlier |
| 3 | Waters | WAT | 6.2% | $852.7M | −29% | Q3 2024 or earlier |
| 4 | Visa | V | 5.1% | $693.0M | −35% | Q3 2024 or earlier |
| 5 | Uber Technologies | UBER | 4.7% | $645.3M | New | Q2 2026 |
| 6 | Mastercard | MA | 4.7% | $639.5M | New | Q3 2024 or earlier |
| 7 | Alphabet | GOOGL | 4.6% | $633.7M | −40% | Q3 2024 or earlier |
| 8 | Church & Dwight | CHD | 4.6% | $625.5M | −3% | Q3 2024 or earlier |
| 9 | Procter & Gamble | PG | 4.4% | $598.1M | −3% | Q3 2024 or earlier |
| 10 | Microsoft | MSFT | 4.4% | $595.6M | −23% | Q3 2024 or earlier |
| 11 | Meta Platforms | META | 4.3% | $592.5M | −20% | Q3 2024 or earlier |
| 12 | Automatic Data Processing | ADP | 4.3% | $582.6M | −33% | Q3 2024 or earlier |
| 13 | Fortinet | FTNT | 4.1% | $557.6M | −41% | Q3 2024 or earlier |
| 14 | Taiwan Semiconductor Manufacturing | TSM | 4.0% | $548.5M | New | Q2 2026 |
| 15 | Idexx Laboratories | IDXX | 3.9% | $536.9M | −30% | Q3 2024 or earlier |

26 more positions and every quarter's holdings are on Valuepeg for members: https://valuepeg.com/managers/fundsmith

## Other value investors
- Gardner Russo & Quinn: https://valuepeg.com/managers/gardner-russo-quinn
- Giverny Capital: https://valuepeg.com/managers/giverny-capital
- Gotham Asset Management (Joel Greenblatt): https://valuepeg.com/managers/gotham-asset-management
- Greenlight Capital: https://valuepeg.com/managers/greenlight-capital
- Himalaya Capital (Li Lu): https://valuepeg.com/managers/himalaya-capital

## About this data
- **What is a 13F?** A quarterly report to the SEC in which an investment manager with over $100 million in US-listed stocks lists what it holds.
- **How current is it?** Managers file up to 45 days after each quarter ends, so the holdings may have changed since.
- **Whose figures are these?** The values are as the manager reported them in the filing, not today's prices. The SEC lets a manager keep some positions confidential for a time, and those are not in the filing.
- **What does it leave out?** Short positions, cash, bonds and most holdings outside US markets. Options are left out here too.

Not investment advice.