Terry Smith
Fundsmith · Founder & CEO · Net worth: ~$500M
Founded Fundsmith in 2010 after a career as a top-rated banking analyst. His three-rule philosophy has made Fundsmith Equity Fund one of the most popular funds in the UK, compounding at ~14% annually.
Terry's portfolio concentration: top-1, top-5, top-10
Diversified
MARTop-5 zoneTop-10Terry's single largest bet is MAR at 7.0% of tracked positions. Exposure is spread across a broader basket, reducing single-name risk.
Terry Smith's recent 13F moves: buys, adds, trims, and exits
Every tracked 13F move — buys, adds, trims, and exits — over the last two quarters.
| Ticker | Activity | % portfolio |
|---|---|---|
| MA | Buy (new) | 4.70% |
| UBER | Buy (new) | 4.70% |
| TSM | Buy (new) | 4.00% |
| NFLX | Buy (new) | 3.70% |
| GEV | Buy (new) | 3.50% |
| APP | Buy (new) | 2.60% |
| NXT | Buy (new) | 2.50% |
| TJX | Buy (new) | 2.50% |
| VEEV | Buy (new) | 1.10% |
| YUM | Buy (new) | 0.70% |
| FICO | Buy (new) | 0.20% |
| IDCC | Buy (new) | 0.10% |
| ORLY | Buy (new) | 0.10% |
| NSSC | Add 58% | 0.20% |
| MTD | Sell (exit) | 0.00% |
| ZTS | Sell (exit) | 0.00% |
| OTIS | Sell (exit) | 0.00% |
| QLYS | Sell (exit) | 0.00% |
| HD | Sell (exit) | 0.00% |
| PAYC | Reduce 54% | 0.10% |
| Ticker | Activity | % portfolio |
|---|---|---|
| BMI | Buy (new) | 0.20% |
| INTU | Sell (exit) | 0.00% |
| NKE | Sell (exit) | 0.00% |
| ODD | Sell (exit) | 0.00% |
| GGG | Sell (exit) | 0.00% |
| VRT | Reduce 78% | 0.20% |
| NSSC | Reduce 78% | 0.10% |
| QLYS | Reduce 65% | 0.20% |
| HD | Reduce 64% | 0.10% |
| MSCI | Reduce 61% | 0.30% |
| ROL | Reduce 58% | 0.30% |
| CLX | Reduce 58% | 0.20% |
| NTNX | Reduce 58% | 0.20% |
| PAYC | Reduce 58% | 0.20% |
| VRSN | Reduce 58% | 0.20% |
| DOCS | Reduce 58% | 0.10% |
| MANH | Reduce 58% | 0.10% |
| SABR | Reduce 58% | 0.10% |
| MEDP | Reduce 24% | 0.20% |
| IDXX | Reduce 22% | 6.40% |
| Ticker | Activity | % portfolio |
|---|---|---|
| NTNX | Buy (new) | 0.40% |
| ADMA | Buy (new) | 0.20% |
| ODD | Add 46% | 0.50% |
| DOCS | Add 22% | 0.40% |
| ZTS | Add 8% | 2.90% |
| OTIS | Reduce 47% | 1.60% |
| GOOGL | Reduce 44% | 6.40% |
| GGG | Reduce 36% | 0.30% |
| MEDP | Reduce 35% | 0.30% |
| VRT | Reduce 31% | 0.40% |
| IDXX | Reduce 28% | 7.40% |
| QLYS | Reduce 26% | 0.50% |
| FTNT | Reduce 23% | 3.00% |
| SYK | Reduce 20% | 7.60% |
| PM | Reduce 15% | 5.70% |
| WAT | Reduce 10% | 7.90% |
| META | Reduce 8% Small META trim. | 6.50% |
| V | Reduce 8% | 7.20% |
| PG | Reduce 7% | 3.60% |
| MAR | Reduce 6% | 7.20% |
| Ticker | Activity | % portfolio |
|---|---|---|
| NSSC | Add 86% | 0.40% |
| INTU | Add 64% | 2.10% |
| PAYC | Add 27% | 0.60% |
| ZTS | Add 25% | 2.70% |
| QLYS | Add 21% | 0.60% |
| WAT | Add 10% | 6.00% |
| MSFT | Add 8% Fundsmith MSFT add. | 11.00% |
| CHH | Sell (exit) | 0.00% |
| EXPO | Sell (exit) | 0.00% |
| VRSK | Sell (exit) | 0.00% |
| MA | Sell (exit) | 0.00% |
| META | Reduce 56% | 5.80% |
| PM | Reduce 21% | 5.90% |
| VRT | Reduce 18% | 0.50% |
| GOOGL | Reduce 8% | 7.70% |
Terry's sector breakdown
How the top 10 positions are diversified across 4 sectors. Weighted by stated portfolio percentage.
How Smith is sized + moving
Every position classified by both portfolio weight (size bucket) and recent move activity (trend bucket). A 22% Apple position building +5% this quarter signals different intent than a 1% starter trimmed in half. Descriptive analysis of 13F filings — not recommendation.
| Position | % portfolio | Trend | |
|---|---|---|---|
| MAR MARRIOTT INTL INC NEW | 7.0% | ↓ trimming | |
| SYK STRYKER CORPORATION | 6.7% | ↓ trimming | |
| WAT WATERS CORP | 6.2% | ↓ trimming | |
| V VISA INC | 5.1% | ↓ trimming | |
| UBER UBER TECHNOLOGIES INC | 4.7% | ★ new | |
| MA MASTERCARD INCORPORATED | 4.7% | ★ new | |
| GOOGL ALPHABET INC | 4.6% | ↓ trimming | |
| CHD CHURCH & DWIGHT CO INC | 4.6% | → steady | |
| PG PROCTER & GAMBLE CO | 4.4% | ↓ trimming | |
| MSFT MICROSOFT CORP | 4.4% | ↓ trimming | |
| META META PLATFORMS INC | 4.3% | ↓ trimming | |
| ADP AUTOMATIC DATA PROCESSING IN | 4.3% | ↓ trimming | |
| FTNT FORTINET INC | 4.1% | ↓ trimming | |
| TSM TAIWAN SEMICONDUCTOR MANUFAC | 4.0% | ★ new | |
| IDXX IDEXX LABS INC | 3.9% | ↓ trimming | |
| Showing top 15 of 41 positions. | |||
How to read: Size bucket from current 13F-filed portfolio weight. Trend bucket from the last 2 quarters of move activity (net delta >5% in either direction = building/trimming; new = first-appearance this quarter; exit pending = trimmed >50% last quarter). Data lag: SEC 13F filings are reported 45 days after quarter-end. This is descriptive intelligence — not investment advice.
What drives the ConvictionScore on Smith's top positions
The HoldLens ConvictionScore combines 9 factors. This table shows the per-position breakdown — exactly which factors contribute and by how much for each of Smith's top 8 holdings. Hover any header for factor definition. Empty cells (·) = neutral (no contribution).
| Ticker | % port | Score | Smart $ | Insider | Track | Streak | Conc | Contra | Event | Dissent | Crowd |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MAR | 7.0 | −15 | +2 | -2 | -6 | · | · | · | · | +10 | · |
| SYK | 6.7 | −13 | +2 | -3 | -6 | · | · | · | · | +8 | · |
| WAT | 6.2 | +2 | +8 | · | -2 | · | +3 | · | · | +7 | · |
| V | 5.1 | −14 | +19 | -3 | +3 | +5 | +10 | · | · | +45 | +3 |
| UBER | 4.7 | +15 | +17 | -3 | · | +5 | +9 | · | · | +14 | · |
| MA | 4.7 | −1 | +7 | · | +1 | +10 | +9 | · | · | +28 | · |
| GOOGL | 4.6 | −27 | +22 | -2 | -3 | +1 | +5 | · | · | +49 | +2 |
| CHD | 4.6 | −6 | +1 | · | -6 | · | · | · | · | +1 | · |
Factor definitions →
- Smart $
- Manager quality × consensus (0–30)
- Insider
- Form 4 net buy/sell (-15..+20)
- Track
- Buyer 10y CAGR × concentration (-10..+20)
- Streak
- Multi-quarter compounding (0–10)
- Conc
- Biggest position size as conviction (0–10)
- Contra
- Under-the-radar bonus (0–10)
- Event
- 8-K events last 90d (-15..+5)
- Dissent
- Sells subtract, weighted ×1.6 (0–60)
- Crowd
- Too many owners = priced in (0–10)
Factors are summed (positive add, penalties subtract), then clamped to the -100/+100 range. Each factor has a maximum contribution shown in parentheses next to its name. Read positive cells as bullish contributions, negative as bearish. See /learn/conviction-score-explained for the full methodology. ConvictionScore is descriptive synthesis of public filings — not investment advice.
Who else holds what Smith holds
Top 6 highest-conviction overlap pairs containing Terry Smith. Each page is the full intersection of two 13F-filed portfolios.
- vs Dev Kantesaria3 shared positions · 71% joint convictionTop: FICO, MA, V
- vs Joel Greenblatt21 shared positions · 70% joint convictionTop: SYK, MSFT, GOOGL, V
- vs Polen Capital11 shared positions · 69% joint convictionTop: MSFT, V, MA, IDXX
- vs David Rolfe6 shared positions · 69% joint convictionTop: TSM, GOOGL, META, V
- vs Tom Slater16 shared positions · 61% joint convictionTop: META, APP, MA, GOOGL
- vs Bill Ackman4 shared positions · 60% joint convictionTop: UBER, MSFT, META, GOOGL
Terry Smith's top 10 disclosed holdings (Q2 2026)
| Ticker | Company | % Portfolio |
|---|---|---|
| MAR | MARRIOTT INTL INC NEW | 7.0% |
 SYK | STRYKER CORPORATION | 6.7% |
 WAT | WATERS CORP | 6.2% |
 V | VISA INC Payment network. | 5.1% |
 UBER | UBER TECHNOLOGIES INC | 4.7% |
 MA | MASTERCARD INCORPORATED Payment network compounder. | 4.7% |
 GOOGL | ALPHABET INC | 4.6% |
 CHD | CHURCH & DWIGHT CO INC | 4.6% |
 PG | PROCTER & GAMBLE CO | 4.4% |
 MSFT | MICROSOFT CORP Top position. Held since 2011. | 4.4% |
The books behind Terry's thinking
Buy good companies. Don't overpay. Do nothing. These are the books that map Terry's approach.
Amazon affiliate links — as an Amazon Associate, HoldLens earns from qualifying purchases and membership trials at no extra cost to you. These are books we genuinely recommend. Not investment advice; always do your own research.
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Estimate your withholding on cross-border dividends
Estimates for educational purposes only. Tax rules change; consult a qualified tax professional for your specific situation. Dividend-tax treatment depends on holding period, account type (taxable vs. retirement), investor type (individual vs. pension vs. mutual fund), limitation-on-benefits tests, and other factors not modeled here.
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Investors with portfolios similar to Terry Smith
Tracked managers whose top positions overlap with Terry's portfolio.
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<iframe src="https://holdlens.com/embed/investor/terry-smith/" width="600" height="360" frameborder="0" loading="lazy" title="Terry Smith portfolio — HoldLens"></iframe>What Terry Smith did, quarter by quarter
Full move-by-move breakdown for each of the last 8 filed quarters.
Terry Smith's Q1 2026 13F moves
The 'English Buffett' trims almost his entire US book — Marriott, Stryker, Visa, Alphabet, Pfizer all reduced. A uniform pullback.
Frequently asked questions
Who is Terry Smith?
Terry Smith runs Fundsmith as founder & ceo. Founded Fundsmith in 2010 after a career as a top-rated banking analyst. His three-rule philosophy has made Fundsmith Equity Fund one of the most popular funds in the UK, compounding at ~14% annually.
What fund does Terry Smith run?
Terry Smith is founder & ceo of Fundsmith. Fundsmith files SEC Form 13F-HR quarterly with the latest disclosure dated 2026-08-14 (Q2 2026). Full holdings, share counts, dollar values, and quarter-over-quarter changes are listed below.
What does Terry Smith invest in?
Terry Smith's Fundsmith portfolio is disclosed quarterly via SEC Form 13F-HR. Each position below shows the ticker, share count, dollar value, percentage of portfolio, and quarter-over-quarter change. Data is sourced directly from SEC filings (public-domain regulatory disclosure).
What is Terry Smith's investment philosophy?
Terry Smith's stated investment philosophy: "Buy good companies. Don't overpay. Do nothing.". Terry Smith has been founder & ceo of Fundsmith; estimated net worth ~$500M.
What is Terry Smith's net worth?
Terry Smith's estimated net worth is ~$500M. Terry Smith runs Fundsmith as founder & ceo; full 13F holdings disclosed quarterly with the SEC are listed below.
Data sourced from Fundsmith 13F filings with the SEC. Approximate snapshot. Not investment advice.
Sister property: SecFilingDex — the encyclopedic reference for Form 13F (HR / NT / HR/A variants) and the regulatory citation behind every position shown above.