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.
Concentration profile
Diversified
WATTop-5 zoneTop-10Terry's single largest bet is WAT at 7.9% of tracked positions. Exposure is spread across a broader basket, reducing single-name risk.
Recent moves
Every tracked 13F move — buys, adds, trims, and exits — over the last two quarters.
| Ticker | Activity | % portfolio |
|---|---|---|
| DOCS | Add 22% | 0.40% |
| ZTS | Add 8% | 2.90% |
| MSFT | Add 5% Quality compounder top-up. | 11.20% |
| GOOGL | Reduce 44% | 6.40% |
| GRACO | Reduce 36% | 0.30% |
| MEDP | Reduce 35% | 0.30% |
| IBKR | Reduce 28% | 7.40% |
| QLYS | Reduce 26% | 0.50% |
| SYK | Reduce 20% | 7.60% |
| PFE | 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% |
| NKE | Reduce 6% | 2.10% |
| Ticker | Activity | % portfolio |
|---|---|---|
| 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% |
| VRSK | Sell (exit) | 0.00% |
| MA | Sell (exit) | 0.00% |
| META | Reduce 56% | 5.80% |
| PFE | Reduce 21% | 5.90% |
| GOOGL | Reduce 8% | 7.70% |
| Ticker | Activity | % portfolio |
|---|---|---|
| INTU | Add 103% | 1.30% |
| DOCS | Add 14% | 0.40% |
| ZTS | Add 13% | 2.00% |
| EFX | Sell (exit) | 0.00% |
| VRSN | Reduce 53% | 0.30% |
| VRSK | Reduce 47% | 0.20% |
| MA | Reduce 44% | 0.10% |
| GRACO | Reduce 21% | 0.30% |
| PFE | Reduce 16% | 7.20% |
| META | Reduce 8% | 11.40% |
| MSFT | Reduce 8% | 10.70% |
| SYK | Reduce 8% | 8.00% |
| V | Reduce 7% | 5.90% |
| Ticker | Activity | % portfolio |
|---|---|---|
| ZTS | Add 1020% | 1.90% |
| INTU | Buy (new) | 0.50% |
| DOCS | Add 67% | 0.30% |
| TXN | Add 60% | 2.20% |
| QLYS | Add 31% | 0.40% |
| PAYC | Add 28% | 0.40% |
| PEP | Sell (exit) | 0.00% |
| IDEX | Sell (exit) | 0.00% |
| EFX | Reduce 35% | 0.30% |
| MA | Reduce 23% | 0.10% |
| VRSK | Reduce 21% | 0.40% |
| META | Reduce 15% | 10.20% |
| MSFT | Reduce 13% | 9.20% |
| V | Reduce 11% | 6.60% |
| ADP | Reduce 10% | 6.30% |
| VRSN | Reduce 9% | 0.70% |
| Ticker | Activity | % portfolio |
|---|---|---|
| SYK | Buy (new) | 8.20% |
| GRACO | Buy (new) | 0.40% |
| IDEX | Buy (new) | 0.30% |
| DOCS | Buy (new) | 0.20% |
| MEDP | Buy (new) | 0.20% |
| ZTS | Buy (new) | 0.20% |
| MSFT | Add 7% Microsoft top-up. | 11.00% |
| MA | Add 5% Mastercard add. | 9.60% |
| SYK | Sell (exit) | 0.00% |
| AAPL | Sell (exit) | 0.00% |
| ZTS | Sell (exit) | 0.00% |
| V | Reduce 17% | 6.20% |
| ADP | Reduce 10% | 6.30% |
| META | Reduce 6% | 11.40% |
| PFE | Reduce 6% | 5.80% |
| Ticker | Activity | % portfolio |
|---|---|---|
| TXN | Add 10% | 1.40% |
| MSFT | Add 6% Microsoft top-up. | 10.50% |
| EFX | Reduce 21% | 0.40% |
| PFE | Reduce 17% | 5.80% |
| VRSK | Reduce 10% | 0.40% |
| Ticker | Activity | % portfolio |
|---|---|---|
| TXN | Add 39% | 1.20% |
| NOVO | Add 6% Novo Nordisk add. | 9.00% |
| MSFT | Reduce 6% | 13.00% |
| Ticker | Activity | % portfolio |
|---|---|---|
| MSFT | Add 5% Microsoft add. | 10.00% |
Terry's sector breakdown
How the top 10 positions are diversified across 3 sectors. Weighted by stated portfolio percentage.
Top holdings
| Ticker | Company | % Portfolio |
|---|---|---|
| WAT | WATERS CORP | 7.9% |
 SYK | STRYKER CORPORATION | 7.6% |
 IBKR | IDEXX LABS INC | 7.4% |
 MAR | MARRIOTT INTL INC NEW | 7.2% |
 V | VISA INC Payment network. | 7.2% |
 GOOGL | ALPHABET INC | 6.4% |
 ADP | AUTOMATIC DATA PROCESSING IN | 6.3% |
 MSFT | MICROSOFT CORP Top position. Held since 2011. | 5.9% |
 PFE | PHILIP MORRIS INTL INC | 5.7% |
 META | META PLATFORMS INC Quality compounder — trimmed Q4. | 5.3% |
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.
Want Terry move-alerts?
One email per 13F filing. Summarizes every new position, exit, and trim.
Similar investors
Tracked managers whose top positions overlap with Terry's portfolio.
What Terry Smith did, quarter by quarter
Full move-by-move breakdown for each of the last 8 filed quarters.
Data sourced from Fundsmith 13F filings with the SEC. Approximate snapshot. Not investment advice.