Terry Smith portfolio against fair value

Founder of Fundsmith, buys high-quality companies and holds them for a long time. Holdings from Fundsmith's 13F filing for Q2 2026, filed Aug 14, 2026. Fair value and quality as of Nov 8, 2026.

Of the 40 stocks we value in Fundsmith' 13F filing for Q2 2026, 18 trade below our fair value (as of Nov 8, 2026).

41stocks in the filing

$13.6 bnreported value

18 / 40below fair value

1without our fair value

Add this portfolio to my watchlist

Adds the largest valued positions, as many as fit on your watchlist: 5 without an account, 10 with a free account, all with Pro.

All Fundsmith stocks with fair value

more than 10% below fair value (cheap)near fair value (±10%)more than 10% above fair value (expensive)

Holding	Weight	vs prior qtr	vs fair value	Quality
Marriott International Inc MAR−23 % vs prior qtr	7.0 %	−23 %	FV 63.7 % lower	69
Stryker Corporation SYK−5 % vs prior qtr	6.7 %	−5 %	12.8 % below FV	68
Waters Corporation WAT−29 % vs prior qtr	6.3 %	−29 %	FV 80.1 % lower	46
Visa Inc. Class A V−35 % vs prior qtr	5.1 %	−35 %	FV 42.5 % lower	88
Uber Technologies Inc UBERnew	4.7 %	new	32.3 % below FV	68
Mastercard Inc MAnew	4.7 %	new	FV 44.8 % lower	85
Alphabet Inc Class A GOOGL−40 % vs prior qtr	4.6 %	−40 %	9.9 % below FV	68
Church & Dwight Company Inc CHD−3 % vs prior qtr	4.6 %	−3 %	FV 40.5 % lower	75
Procter & Gamble Company PG−3 % vs prior qtr	4.4 %	−3 %	FV 28.9 % lower	75
Microsoft Corporation MSFT−23 % vs prior qtr	4.4 %	−23 %	9.1 % below FV	66
Meta Platforms Inc. META−20 % vs prior qtr	4.3 %	−20 %	9.1 % below FV	67
Automatic Data Processing Inc ADP−33 % vs prior qtr	4.3 %	−33 %	FV 50.4 % lower	63
Fortinet Inc FTNT−41 % vs prior qtr	4.1 %	−41 %	11.8 % below FV	79
Taiwan Semiconductor Manufacturing TSMnew	4.0 %	new	9.1 % below FV	75
IDEXX Laboratories Inc IDXX−30 % vs prior qtr	3.9 %	−30 %	FV 26.6 % lower	84
Texas Instruments Incorporated TXN−31 % vs prior qtr	3.9 %	−31 %	FV 70.7 % lower	68
Philip Morris International Inc PM−43 % vs prior qtr	3.9 %	−43 %	FV 42.9 % lower	79
Netflix Inc NFLXnew	3.7 %	new	13.2 % below FV	88
GE Vernova Inc GEVnew	3.5 %	new	FV 81.5 % lower	69
Applovin Corp APPnew	2.6 %	new	9.1 % below FV	92
The TJX Companies Inc TJXnew	2.5 %	new	FV 36.9 % lower	70
Nextracker Inc. Class A NXTnew	2.5 %	new	9.1 % below FV	67
Veeva Systems Inc Class A VEEVnew	1.1 %	new	11.1 % below FV	73
Yum! Brands Inc YUMnew	0.7 %	new	FV 54.7 % lower	68
MSCI Inc MSCI−17 % vs prior qtr	0.2 %	−17 %	FV 59.2 % lower	79

Show 16 more holdings

Holding	Weight	vs prior qtr	vs fair value	Quality
Medpace Holdings Inc MEDP−16 % vs prior qtr	0.2 %	−16 %	9.6 % below FV	87
Nutanix Inc NTNX−7 % vs prior qtr	0.2 %	−7 %	9.3 % below FV	62
Badger Meter Inc BMI+23 % vs prior qtr	0.2 %	+23 %	FV 22.5 % lower	73
The Clorox Company CLX+6 % vs prior qtr	0.2 %	+6 %	FV 25.7 % lower	55
Rollins Inc ROLunchanged	0.2 %	unchanged	FV 44.3 % lower	76
Manhattan Associates Inc MANH+43 % vs prior qtr	0.2 %	+43 %	FV 26.1 % lower	84
NAPCO Security Technologies Inc NSSC+58 % vs prior qtr	0.2 %	+58 %	FV 21.8 % lower	86
Fair Isaac Corporation FICOnew	0.2 %	new	15.5 % below FV	94
Sabre Corp SABRunchanged	0.1 %	unchanged	no fair value	n/a
InterDigital Inc IDCCnew	0.1 %	new	32.1 % below FV	74
O’Reilly Automotive Inc ORLYnew	0.1 %	new	FV 45.9 % lower	70
Vertiv Holdings Co VRT−54 % vs prior qtr	0.1 %	−54 %	FV 2.3 % lower	70
VeriSign Inc VRSN−51 % vs prior qtr	0.1 %	−51 %	FV 30.5 % lower	90
ADMA Biologics Inc ADMAunchanged	0.1 %	unchanged	9.6 % below FV	68
Doximity Inc DOCS−6 % vs prior qtr	0.1 %	−6 %	9.1 % below FV	90
Paycom Software, Inc. PAYC−54 % vs prior qtr	0.09 %	−54 %	20.3 % below FV	60

"Weight" is the share of the total reported value. "Vs prior qtr" compares the share count with the previous filing. "Not covered" means we could not match this position to one of our stocks with two independent sources, so we show no value.

Bought and sold in Q2 2026

New positions:

Uber Technologies Inc (4.7 %), 32.3 % below FV
Mastercard Inc (4.7 %), FV 44.8 % lower
Taiwan Semiconductor Manufacturing (4.0 %), 9.1 % below FV
Netflix Inc (3.7 %), 13.2 % below FV
GE Vernova Inc (3.5 %), FV 81.5 % lower
Applovin Corp (2.6 %), 9.1 % below FV
The TJX Companies Inc (2.5 %), FV 36.9 % lower
Nextracker Inc. Class A (2.5 %), 9.1 % below FV
Veeva Systems Inc Class A (1.1 %), 11.1 % below FV
Yum! Brands Inc (0.7 %), FV 54.7 % lower
Fair Isaac Corporation (0.2 %), 15.5 % below FV
InterDigital Inc (0.1 %), 32.1 % below FV
O’Reilly Automotive Inc (0.1 %), FV 45.9 % lower

Sold out:

Mettler Toledo International
Zoetis Inc
Otis Worldwide Corp
Catalyst Pharmaceuticals Inc
Qualys Inc
Home Depot Inc

Frequently asked questions

What stocks does Terry Smith own?

According to Fundsmith' 13F filing for Q2 2026 (filed Aug 14, 2026), the five largest positions are Marriott International Inc (7.0 %), Stryker Corporation (6.7 %), Waters Corporation (6.3 %), Visa Inc. Class A (5.1 %), Uber Technologies Inc (4.7 %). In total the filing lists 41 stocks worth $13.6 bn.

Which Terry Smith stocks trade below fair value?

18 of the 40 stocks we value. The largest of them: Stryker Corporation: 13% below fair value; Uber Technologies Inc: 32% below fair value; Alphabet Inc Class A: 10% below fair value; Microsoft Corporation: 9% below fair value; Meta Platforms Inc.: 9% below fair value. As of Nov 8, 2026, not financial advice.

How current is this list?

Large US investment managers report their US stock holdings to the SEC once a quarter (Form 13F), at the latest 45 days after quarter end. This list shows Q2 2026, filed Aug 14, 2026. Fundsmith may have bought or sold since. We recalculate our fair value daily, last on Nov 8, 2026.

Source of the holdings: 13F filing with the SEC (Fundsmith, CIK 1569205). A 13F covers only US-listed stocks, options and certain bonds, no short positions and no foreign shares. Fair value and quality are our valuation and do not account for your personal situation.