13F portfolio / Quality compounders, low turnover
Fundsmith
Terry Smith (founder)
Fundsmith is a London-based investment manager founded in 2010 by Terry Smith. Its stated approach is to buy good companies, not overpay and do nothing, which shows up as a concentrated, low-turnover portfolio.
- Reported 13F value
- $13.6B
- Positions
- 41
- Est. 1-yearEstimate
- +3.8%SPY +15.7%
- Est. 3-year, annualizedEstimate
- +13.4%SPY +22.8%
As of Jun 30, 2026 · filed Aug 14, 2026
Holdings
13 new · 4 added · 21 trimmed · 3 unchanged · 6 sold out
| 1 | MAR on Yahoo Finance (opens in a new tab) | Marriott Intl Inc NewCL A | 7.0% | $958M | 2,585,757 | Trimmed -23.3% | $194.16* | $389.52 | +100.6% |
| 2 | SYK on Yahoo Finance (opens in a new tab) | Stryker CorporationCOM | 6.7% | $917M | 2,913,833 | Trimmed -4.8% | $277.81* | $294.76 | +6.1% |
| 3 | WAT on Yahoo Finance (opens in a new tab) | Waters CorpCOM | 6.2% | $853M | 2,273,632 | Trimmed -29.2% | $273.90* | $434.07 | +58.5% |
| 4 | V on Yahoo Finance (opens in a new tab) | Visa IncCOM CL A | 5.1% | $693M | 2,019,810 | Trimmed -34.9% | $235.32* | $400.91 | +70.4% |
| 5 | UBER on Yahoo Finance (opens in a new tab) | Uber Technologies IncCOM | 4.7% | $645M | 8,943,151 | New | $73.33 | $69.99 | -4.6% |
| 6 | MA on Yahoo Finance (opens in a new tab) | Mastercard IncorporatedCL A | 4.7% | $639M | 1,245,051 | New | $496.96 | $614.51 | +23.7% |
| 7 | GOOGL on Yahoo Finance (opens in a new tab) | Alphabet IncCAP STK CL A | 4.6% | $634M | 1,773,354 | Trimmed -40.0% | $133.05* | $341.57 | +156.7% |
| 8 | CHD on Yahoo Finance (opens in a new tab) | Church & Dwight Co IncCOM | 4.6% | $626M | 6,456,634 | Trimmed -2.8% | $91.31* | $103.22 | +13.0% |
| 9 | PG on Yahoo Finance (opens in a new tab) | Procter & Gamble CoCOM | 4.4% | $598M | 4,078,371 | Trimmed -2.9% | $140.38* | $158.64 | +13.0% |
| 10 | MSFT on Yahoo Finance (opens in a new tab) | Microsoft CorpCOM | 4.4% | $596M | 1,596,737 | Trimmed -23.2% | $318.58* | $526.88 | +65.4% |
| 11 | META on Yahoo Finance (opens in a new tab) | Meta Platforms IncCL A | 4.3% | $593M | 1,051,876 | Trimmed -20.4% | $298.26* | $706.95 | +137.0% |
| 12 | ADP on Yahoo Finance (opens in a new tab) | Automatic Data Processing InCOM | 4.3% | $583M | 2,601,567 | Trimmed -32.5% | $227.99* | $286.12 | +25.5% |
| 13 | FTNT on Yahoo Finance (opens in a new tab) | Fortinet IncCOM | 4.1% | $558M | 3,629,938 | Trimmed -41.0% | $60.28* | $167.91 | +178.5% |
| 14 | TSM on Yahoo Finance (opens in a new tab) | Taiwan Semiconductor ManufacSPONSORED ADS | 4.0% | $548M | 1,148,449 | New | $403.98 | $413.04 | +2.2% |
| 15 | IDXX on Yahoo Finance (opens in a new tab) | Idexx Labs IncCOM | 3.9% | $537M | 1,019,887 | Trimmed -30.4% | $458.46* | $560.33 | +22.2% |
| 16 | TXN on Yahoo Finance (opens in a new tab) | Texas Instrs IncCOM | 3.9% | $536M | 1,799,182 | Trimmed -31.4% | $169.12 | $278.50 | +64.7% |
| 17 | PM on Yahoo Finance (opens in a new tab) | Philip Morris Intl IncCOM | 3.9% | $527M | 2,913,693 | Trimmed -43.0% | $82.65* | $204.78 | +147.8% |
| 18 | NFLX on Yahoo Finance (opens in a new tab) | Netflix Inc.COM | 3.7% | $499M | 6,990,345 | New | $88.07 | $70.36 | -20.1% |
| 19 | GEV on Yahoo Finance (opens in a new tab) | GE Vernova IncCOM | 3.5% | $481M | 409,835 | New | $1020.23 | $927.56 | -9.1% |
| 20 | APP on Yahoo Finance (opens in a new tab) | Applovin CorpCOM CL A | 2.6% | $359M | 696,568 | New | $482.62 | $267.14 | -44.6% |
| 21 | TJX on Yahoo Finance (opens in a new tab) | TJX Cos Inc NewCOM | 2.5% | $344M | 2,272,592 | New | $157.36 | $146.95 | -6.6% |
| 22 | NXT on Yahoo Finance (opens in a new tab) | Nextpower IncCLASS A COM | 2.5% | $340M | 2,856,092 | New | $123.40 | $80.64 | -34.7% |
| 23 | VEEV on Yahoo Finance (opens in a new tab) | Veeva Sys IncCL A COM | 1.1% | $145M | 816,785 | New | $164.89 | $307.24 | +86.3% |
| 24 | YUM on Yahoo Finance (opens in a new tab) | Yum Brands IncCOM | 0.7% | $89M | 556,107 | New | $153.63 | $149.82 | -2.5% |
| 25 | MSCI on Yahoo Finance (opens in a new tab) | MSCI IncCOM | 0.2% | $30M | 53,580 | Trimmed -17.3% | $509.50* | $566.15 | +11.1% |
| 26 | MEDP on Yahoo Finance (opens in a new tab) | Medpace Hldgs IncCOM | 0.2% | $28M | 52,372 | Trimmed -16.4% | $339.14 | $612.83 | +80.7% |
| 27 | NTNX on Yahoo Finance (opens in a new tab) | Nutanix IncCL A | 0.2% | $27M | 538,281 | Trimmed -6.8% | $61.10 | $66.43 | +8.7% |
| 28 | BMI on Yahoo Finance (opens in a new tab) | Badger Meter IncCOM | 0.2% | $26M | 174,627 | Added +22.6% | $151.00 | $126.25 | -16.4% |
| 29 | CLX on Yahoo Finance (opens in a new tab) | Clorox Co DelCOM | 0.2% | $26M | 271,318 | Added +5.5% | $119.55 | $86.42 | -27.7% |
| 30 | ROL on Yahoo Finance (opens in a new tab) | Rollins IncCOM | 0.2% | $26M | 619,935 | Unchanged | $35.89* | $33.38 | -7.0% |
| 31 | MANH on Yahoo Finance (opens in a new tab) | Manhattan Associates IncCOM | 0.2% | $24M | 172,977 | Added +43.1% | $168.34 | $221.20 | +31.4% |
| 32 | NSSC on Yahoo Finance (opens in a new tab) | Napco Sec Technologies IncCOM | 0.2% | $23M | 606,974 | Added +58.2% | $33.00 | $35.37 | +7.2% |
| 33 | FICO on Yahoo Finance (opens in a new tab) | Fair Isaac CorpCOM | 0.2% | $21M | 17,953 | New | $1120.17 | $760.96 | -32.1% |
| 34 | SABR on Yahoo Finance (opens in a new tab) | Sabre CorpCOM | 0.1% | $19M | 9,013,783 | Unchanged | $4.73* | $1.68 | -64.3% |
| 35 | IDCC on Yahoo Finance (opens in a new tab) | Interdigital IncCOM | 0.1% | $17M | 60,324 | New | $295.88 | $318.65 | +7.7% |
| 36 | ORLY on Yahoo Finance (opens in a new tab) | Oreilly Automotive IncCOM | 0.1% | $15M | 162,691 | New | $91.22 | $89.14 | -2.3% |
| 37 | VRT on Yahoo Finance (opens in a new tab) | Vertiv Holdings CoCOM CL A | 0.1% | $14M | 41,893 | Trimmed -54.1% | $97.09 | $209.09 | +115.4% |
| 38 | VRSN on Yahoo Finance (opens in a new tab) | Verisign IncCOM | 0.1% | $14M | 55,713 | Trimmed -50.9% | $198.42* | $298.85 | +50.6% |
| 39 | ADMA on Yahoo Finance (opens in a new tab) | Adma Biologics IncCOM | 0.1% | $14M | 1,649,493 | Unchanged | $16.85 | $10.66 | -36.7% |
| 40 | DOCS on Yahoo Finance (opens in a new tab) | Doximity IncCL A | 0.1% | $14M | 653,324 | Trimmed -5.6% | $55.05 | $30.99 | -43.7% |
| 41 | PAYC on Yahoo Finance (opens in a new tab) | Paycom Software IncCOM | 0.1% | $13M | 100,763 | Trimmed -54.1% | $222.43* | $247.68 | +11.4% |
Sold out since Q1 2026
- MTD on Yahoo Finance (opens in a new tab)Mettler Toledo International$717M at Q1 2026
- ZTS on Yahoo Finance (opens in a new tab)Zoetis Inc$458M at Q1 2026
- OTIS on Yahoo Finance (opens in a new tab)Otis Worldwide Corp$211M at Q1 2026
- —Catalyst Pharmaceuticals Inc$21M at Q1 2026
- QLYS on Yahoo Finance (opens in a new tab)Qualys Inc$20M at Q1 2026
- HD on Yahoo Finance (opens in a new tab)Home Depot Inc$9M at Q1 2026
Estimated, from reported holdings
Quarter by quarter
High-conviction buys (new positions at 3% or more of the portfolio) since Q3 2023: 5. Of 0 with six months of history, — beat the S&P 500 from the filing date.
Source: SEC Form 13F-HR 0001569205-26-000012, compared with the Q1 2026 report. 0 option rows are excluded from weights. Tickers map from CUSIP via OpenFIGI. Estimated returns weight each position’s next-quarter total return (Yahoo Finance adjusted closes) by its quarter-end value and assume no trades. Estimated cost averages daily adjusted closes in each quarter the share count rose, from Q3 2023 onward (* = held at the start of our data). Price is the latest close.
Important information
Form 13F data is delayed. Managers have up to 45 days after each calendar quarter to file, so holdings shown may have changed materially since the report date. 13F reports cover long positions in US-listed equities and certain other securities only; they exclude short positions, most non-US holdings, cash, bonds and private investments, and managers may request confidential treatment for some positions. Options rows are listed in filings but are not counted in the holdings and weights shown here.
Estimated holdings returns, estimated cost and high-conviction results are hypothetical calculations from quarter-end holdings and public prices, assuming no trades between reports. They are not the actual returns or costs of any fund or manager and do not reflect fees, trading, leverage, shorts or cash. Biographies are drawn from cited public sources. This page is for information only and is not individualized investment advice or a recommendation to buy or sell any security. Gulfstream Capital and its clients may hold positions in securities shown.