Fundsmith Investment Services

Terry Smith

Medium

Period

Q2 2026

Portfolio Date

Jun 30, 2026

Stocks Held

27

Market Value

$4.5B

Holdings Value Trend

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2026

Top 5 Holdings

1

$MAR

Marriott International, Inc.

7.4%

% of Portfolio

2

$SYK

Stryker Corporation

7.3%

% of Portfolio

3

$WAT

Waters Corporation

7.0%

% of Portfolio

4

$CHD

Church & Dwight Co., Inc.

5.4%

% of Portfolio

5

$V

Visa Inc.

5.2%

% of Portfolio

Historical Positions

SymbolQ2 2026Q1 2026Q4 2025Q3 2025
MAR7.4%8.9%7.5%5.9%
SYK7.3%8.8%8.4%8.9%
WAT7.0%7.4%8.0%6.3%
CHD5.4%---
V5.2%7.0%6.9%6.7%
TXN5.0%---
UBER4.7%---
MA4.5%---
GOOGL4.4%7.4%7.2%7.4%
TSM4.3%---

Post-Filing Contributors

Price change since reported price, ranked by portfolio contribution

MSFT+44.61%
ADP+27.55%
SYK-6.86%
WAT+18.43%
IDXX+3.94%

Post-Filing Detractors

Price change since reported price, ranked by portfolio contribution

APP-45.79%
MTD-8.16%
TSM-11.58%
GEV-21.14%
MAR+4.08%

Sector Analysis

Financials9.6%
Healthcare19.1%
Technology29.4%
Industrials3.9%
Consumer Staples12.7%
Communication Services14.8%
Consumer Discretionary10.5%

Trading Summary

1

$UBER

4.7%

2

$MA

4.5%

3

$NFLX

3.5%

4

$GEV

3.3%

5

$APP

2.7%

6

$NXT

2.4%

7

$VEEV

1.0%

8

$YUM

0.6%

9

$ORLY

0.0%

All Holdings

1

$MAR

7.4%

2

$SYK

7.3%

3

$WAT

7.0%

4

$CHD

5.4%

5

$V

5.2%

6

$TXN

5.0%

7

$UBER

4.7%

8

$MA

4.5%

9

$GOOGL

4.4%

10

$TSM

4.3%

11

$META

4.3%

12

$MSFT

4.2%

13

$ADP

4.1%

14

$FTNT

3.8%

15

$IDXX

3.8%

16

$PM

3.8%

17

$PG

3.5%

18

$NFLX

3.5%

19

$GEV

3.3%

20

$APP

2.7%

21

$TJX

2.4%

22

$NXT

2.4%

23

$VEEV

1.0%

24

$BMI

0.8%

25

$YUM

0.6%

26

$WM

0.6%

27

$ORLY

0.0%