Terry Smith - Fundsmith LLP
Period:    Q1 2026
Portfolio date:    31 Mar 2026
No. of stocks:    34
Portfolio value:    $12,827,766,987
Holdings Activity Buys Sells    History
Period Portfolio
Value		 Top 20 holdings history (left to right)
2026   Q1 $12.83 B MAR SYK WAT V GOOGL PM IDXX ADP MSFT META MTD CHD PG TXN FTNT ZTS OTIS MSCI ROL MEDP
2025   Q4 $17.12 B WAT SYK IDXX V MAR GOOGL ADP MSFT PM META MTD PG CHD FTNT ZTS TXN INTU NKE OTIS MSCI
2025   Q3 $19.80 B SYK IDXX GOOGL MSFT V ADP WAT PM META MAR MTD FTNT PG CHD OTIS ZTS TXN NKE INTU QLYS
2025   Q2 $23.02 B META MSFT SYK PM IDXX V ADP WAT GOOGL MAR FTNT PG MTD CHD OTIS TXN ZTS NKE INTU ODD
2025   Q1 $21.97 B META MSFT SYK PM V ADP WAT IDXX GOOGL MAR FTNT PG CHD MTD OTIS TXN ZTS NKE BF.B VRSN
2024   Q4 $23.46 B META MSFT SYK ADP V PM WAT GOOGL MAR IDXX PEP FTNT PG MTD CHD OTIS NKE BF.B TXN VRSN
2024   Q3 $25.28 B MSFT META SYK ADP V PM IDXX WAT GOOGL MAR PEP MTD PG FTNT CHD OTIS NKE BF.B AAPL TXN
2024   Q2 $24.54 B MSFT META SYK PM V ADP IDXX GOOGL WAT MAR PEP MTD PG CHD MKC FTNT OTIS BF.B NKE AAPL
2024   Q1 $25.55 B MSFT META SYK V IDXX ADP PM WAT MAR GOOGL PEP MKC MTD PG CHD OTIS NKE BF.B FTNT AAPL
2023   Q4 $23.89 B MSFT META SYK IDXX V PM ADP WAT PEP MKC MAR GOOGL NKE PG CHD MTD BF.B OTIS FTNT AAPL
2023   Q3 $22.01 B MSFT SYK META PM ADP V IDXX MKC PEP WAT GOOGL MAR PG BF.B CHD NKE MTD OTIS FTNT AAPL
2023   Q2 $23.83 B MSFT SYK META PM IDXX V MKC PEP ADP EL WAT GOOGL BF.B MTD NKE PG CHD OTIS AAPL FTNT
2023   Q1 $23.17 B MSFT PM SYK IDXX EL MKC V ADP PEP META WAT MTD NKE GOOGL BF.B CHD AMZN OTIS PG AAPL
2022   Q4 $21.90 B MSFT PM EL IDXX SYK ADP MKC WAT PEP V MTD BF.B NKE ADBE CHD GOOGL META AMZN OTIS SABR
2022   Q3 $21.07 B MSFT PM EL ADP IDXX PEP SYK MKC V WAT BF.B AMZN META GOOGL INTU MTD CHD ADBE NKE PYPL
2022   Q2 $22.66 B MSFT PM EL MKC IDXX WAT SYK PEP ADP V INTU META BF.B CHD ADBE AMZN NKE PYPL MTD SABR
2022   Q1 $29.12 B MSFT IDXX EL SYK MKC PM INTU PEP ADP V META PYPL WAT AMZN GOOGL NKE ADBE CHD BF.B SBUX
2021   Q4 $40.98 B MSFT IDXX EL PYPL INTU META PM SYK MKC PEP ADP WAT V NKE AMZN SBUX JNJ GOOGL CHD BF.B
2021   Q3 $36.17 B MSFT PYPL IDXX INTU META EL SYK PM WAT PEP MKC V ADP NKE AMZN SBUX JNJ BF.B CHD SABR
2021   Q2 $36.09 B PYPL MSFT IDXX INTU META EL PM SYK MKC V WAT PEP ADP NKE SBUX JNJ BDX BF.B CHD SABR
2021   Q1 $31.44 B PYPL MSFT IDXX EL META INTU PM SYK MKC PEP V ADP WAT SBUX JNJ BDX NKE BF.B CHD SABR
2020   Q4 $30.17 B PYPL MSFT IDXX EL META INTU SYK PM MKC PEP V ADP SBUX NKE WAT BDX JNJ BF.B CHD SABR
2020   Q3 $25.60 B MSFT PYPL META IDXX INTU EL MKC PM SYK PEP V BDX NKE ADP JNJ SBUX WAT BF.B VRSK ANSS
2020   Q2 $22.92 B MSFT PYPL META IDXX INTU PM MKC EL V PEP SYK BDX ADP JNJ NKE WAT BF.B SBUX VRSK ANSS
2020   Q1 $17.77 B MSFT PM PYPL EL META IDXX INTU MKC SYK V PEP BDX WAT ADP JNJ BF.B CLX NKE SBUX CHKP
2019   Q4 $21.17 B MSFT PYPL PM EL META SYK MKC INTU V IDXX WAT PEP ADP BDX JNJ BF.B CLX VRSK EFX MASI
2019   Q3 $19.56 B MSFT PYPL EL PM SYK INTU IDXX META WAT MKC PEP V ADP BDX JNJ BF.B EFX MASI VRSK SABR
2019   Q2 $19.19 B PYPL MSFT META IDXX EL INTU PM SYK WAT PEP V MKC ADP BDX JNJ MMM MASI EFX SABR VRSK
2019   Q1 $17.60 B PYPL MSFT WAT PM INTU SYK EL META PEP IDXX ADP BDX V MKC MMM JNJ EFX MASI VRSK CHKP
2018   Q4 $15.75 B MSFT PYPL IDXX PM META INTU SYK BDX WAT EL PEP ADP V MMM JNJ MKC CL MASI CHKP EFX
2018   Q3 $14.91 B MSFT PYPL IDXX PM SYK META WAT BDX INTU PEP ADP V EL MMM JNJ CL MAR
2018   Q2 $13.44 B PYPL MCD META IDXX SYK WAT BDX PM PEP INTU ADP V EL MMM JNJ CL MAR
2018   Q1 $12.13 B PYPL MSFT SYK PM WAT IDXX META BDX PEP INTU V ADP EL MMM JNJ CL MAR
2017   Q4 $11.67 B PYPL MSFT 2777284Z WAT BCR SYK PM PEP IDXX V ADP MMM JNJ BDX EL INTU CL MAR
2017   Q3 $10.33 B IDXX MSFT BCR WAT SYK PM 2777284Z PEP ADP JNJ MMM V BDX EL INTU CL MAR
2017   Q2 $9.54 B BCR PYPL MSFT SYK IDXX WAT PEP PM JNJ ADP V 2777284Z BDX MMM EL SJM CL INTU MAR
2017   Q1 $8.61 B IDXX SYK MSFT BCR PEP PM PYPL WAT 2777284Z JNJ SJM V BDX ADP MMM EL CL MAR
2016   Q4 $7.59 B MSFT SYK BCR IDXX PEP PYPL 2777284Z JNJ PM SJM WAT ADP V BDX MMM EL CL MAR
2016   Q3 $6.05 B MSFT IDXX PEP PYPL SJM PM SYK WAT JNJ V 2777284Z MMM EL CL MAR ORCL
2016   Q2 $6.09 B SJM BCR SYK MSFT JNJ PM IDXX PEP PYPL 2777284Z WAT MMM V ADP BDX CL
2016   Q1 $4.65 B MSFT SYK PM BCR IDXX JNJ 2777284Z PEP V SJM ADP MMM BDX WAT PYPL CL DNKN
2015   Q4 $3.98 B MSFT 2777284Z PM PEP BCR SYK JNJ BDX MMM V ADP IDXX WAT PYPL PG SJM CL DNKN
2015   Q3 $3.28 B MSFT 2777284Z PEP SYK BCR JNJ PM MMM BDX V ADP PG PYPL WAT CL IDXX EBAY DPZ DNKN MAR
2015   Q2 $3.18 B MSFT SYK EBAY 2777284Z PEP PM BDX JNJ BCR MMM V DPZ ADP PG CL WAT DNKN IDXX MAR
2015   Q1 $2.68 B MSFT 2777284Z SYK EBAY PM DPZ PEP BCR JNJ V MMM PG CL WAT CHH IDXX MAR DNKN
2014   Q4 $2.80 B MCD 2777284Z SYK BDX PM DPZ PEP EBAY JNJ V SIAL MMM PG ADP CL CHH
2014   Q3 $2.34 B MCD 2777284Z SYK PEP BDX DPZ PM JNJ V MMM PG ADP SIAL EBAY CHH CL
2014   Q2 $1.87 B MCD SYK 2777284Z PEP DPZ PM JNJ V MMM PG SIAL CHH EBAY CL
2014   Q1 $1.62 B SYK SIAL MCD 2777284Z DPZ PEP PM MMM JNJ PG V CHH CL
2013   Q4 $1.37 B SYK MCD DPZ 2777284Z MMM PG PEP PM JNJ CHH SIAL V CL
2013   Q3 $1.29 B DPZ SYK MCD 2777284Z MMM PG PEP JNJ PM CHH CL SIAL WAT V
2013   Q2 $1.42 B SYK 2777284Z DPZ MSFT BDX PG ADP MMM JNJ PEP WAT PM CHH CL MCD SIAL V
2013   Q1 $1.06 B SYK 2777284Z DPZ MSFT PG MMM JNJ PM PEP WAT CL CHH SIAL MCD V
2012   Q4 $628 M 2777284Z SYK DPZ MMM PG JNJ PEP WAT PM CL SIAL MCD CHH V
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