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Asset manager

Fundsmith LLP

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1569205

Reported value
$13.6bn
100% in companies we cover
Positions we cover
41
Largest MAR 7.0%
Copy, a year
+14.7%
S&P 500 +14.2%
Copy Sharpe ratio
0.80
S&P 500 0.79

How copying its 13F would have done

$10.0k$20.0k$40.0k 2013201520172019202120232025 $62.6k$59.0k
CopyS&P 500 $10,000 copying Fundsmith LLP's filed holdings in companies we cover from June 28, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −34.4% (S&P 500 −31.8%); beta 0.93; alpha +1.4% a year (t = 0.74); last 12 months +9.4% against +12.1%.

Reported value by quarter

Fundsmith LLP: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $10T $20T $30T Reported value, 2013-03-31: $1.2B Reported value, 2013-06-30: $1.4B Reported value, 2013-09-30: $1.5B Reported value, 2013-12-31: $1.6B Reported value, 2014-03-31: $1.9B Reported value, 2014-06-30: $2.2B Reported value, 2014-09-30: $2.3B Reported value, 2014-12-31: $2.8B Reported value, 2015-03-31: $3.1B Reported value, 2015-06-30: $3.2B Reported value, 2015-09-30: $3.3B Reported value, 2015-12-31: $4B Reported value, 2016-03-31: $4.6B Reported value, 2016-06-30: $6.3B Reported value, 2016-09-30: $7.3B Reported value, 2016-12-31: $7.6B Reported value, 2017-03-31: $8.6B Reported value, 2017-06-30: $9.5B Reported value, 2017-09-30: $10.3B Reported value, 2017-12-31: $11.7B Reported value, 2018-03-31: $12.1B Reported value, 2018-06-30: $13.4B Reported value, 2018-09-30: $14.9B Reported value, 2018-12-31: $15.8B Reported value, 2019-03-31: $17.6B Reported value, 2019-06-30: $19.2B Reported value, 2019-09-30: $19.6B Reported value, 2019-12-31: $21.2B Reported value, 2020-03-31: $17.8B Reported value, 2020-06-30: $22.9B Reported value, 2020-09-30: $25.6B Reported value, 2020-12-31: $30.2B Reported value, 2021-03-31: $31.4B Reported value, 2021-06-30: $36.1B Reported value, 2021-09-30: $36.2B Reported value, 2021-12-31: $41B Reported value, 2022-03-31: $29.1B Reported value, 2022-06-30: $22.7B Reported value, 2022-09-30: $21.1B Reported value, 2022-12-31: $21.9T Reported value, 2023-03-31: $23.2B Reported value, 2023-06-30: $23.8B Reported value, 2023-09-30: $22B Reported value, 2023-12-31: $23.9B Reported value, 2024-03-31: $25.6B Reported value, 2024-06-30: $24.5B Reported value, 2024-09-30: $25.3B Reported value, 2024-12-31: $23.5B Reported value, 2025-03-31: $22B Reported value, 2025-06-30: $23B Reported value, 2025-09-30: $19.8B Reported value, 2025-12-31: $17.1B Reported value, 2026-03-31: $12.8B Reported value, 2026-06-30: $13.6B 2013-03-31 2015-12-31 2018-09-30 2021-06-30 2024-03-31 2026-06-30 $13.6B
View chart data
Period Reported value
2013-03-31 $1.2B
2013-06-30 $1.4B
2013-09-30 $1.5B
2013-12-31 $1.6B
2014-03-31 $1.9B
2014-06-30 $2.2B
2014-09-30 $2.3B
2014-12-31 $2.8B
2015-03-31 $3.1B
2015-06-30 $3.2B
2015-09-30 $3.3B
2015-12-31 $4B
2016-03-31 $4.6B
2016-06-30 $6.3B
2016-09-30 $7.3B
2016-12-31 $7.6B
2017-03-31 $8.6B
2017-06-30 $9.5B
2017-09-30 $10.3B
2017-12-31 $11.7B
2018-03-31 $12.1B
2018-06-30 $13.4B
2018-09-30 $14.9B
2018-12-31 $15.8B
2019-03-31 $17.6B
2019-06-30 $19.2B
2019-09-30 $19.6B
2019-12-31 $21.2B
2020-03-31 $17.8B
2020-06-30 $22.9B
2020-09-30 $25.6B
2020-12-31 $30.2B
2021-03-31 $31.4B
2021-06-30 $36.1B
2021-09-30 $36.2B
2021-12-31 $41B
2022-03-31 $29.1B
2022-06-30 $22.7B
2022-09-30 $21.1B
2022-12-31 $21.9T
2023-03-31 $23.2B
2023-06-30 $23.8B
2023-09-30 $22B
2023-12-31 $23.9B
2024-03-31 $25.6B
2024-06-30 $24.5B
2024-09-30 $25.3B
2024-12-31 $23.5B
2025-03-31 $22B
2025-06-30 $23B
2025-09-30 $19.8B
2025-12-31 $17.1B
2026-03-31 $12.8B
2026-06-30 $13.6B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
MARMarriott International7.02%$958.3m2.59M−23.3% Reduced
SYKStryker Corporation6.72%$917.4m2.91M−4.8% Reduced
WATWaters Corporation6.25%$852.7m2.27M−29.2% Reduced
VVisa Inc.5.08%$693.0m2.02M−34.9% Reduced
UBERUber4.73%$645.3m8.94MNew
MAMastercard4.68%$639.5m1.25MNew
GOOGLAlphabet Inc. (Class A)4.64%$633.7m1.77M−40.0% Reduced
CHDChurch & Dwight4.58%$625.5m6.46M−2.8% Reduced
PGProcter & Gamble4.38%$598.1m4.08M−2.9% Reduced
MSFTMicrosoft Corporation4.36%$595.6m1.60M−23.2% Reduced
METAMeta Platforms4.34%$592.5m1.05M−20.4% Reduced
ADPAutomatic Data Processing4.27%$582.6m2.60M−32.5% Reduced
FTNTFortinet4.09%$557.6m3.63M−41.0% Reduced
TSMTaiwan Semiconductor Manufacturing Co LTD4.02%$548.5m1.15MNew
IDXXIdexx Laboratories3.93%$536.9m1.02M−30.4% Reduced
TXNTexas Instruments3.93%$536.3m1.80M−31.4% Reduced
PMPhilip Morris International3.86%$527.1m2.91M−43.0% Reduced
NFLXNetflix3.66%$499.1m6.99MNew
GEVGE Vernova3.53%$481.5m409.8KNew
APPApplovin Corp2.63%$358.9m696.6KNew
TJXTJX Companies2.52%$344.3m2.27MNew
NXTNextpower Inc.2.49%$340.3m2.86MNew
VEEVVeeva Systems Inc1.06%$145.0m816.8KNew
YUMYum! Brands0.65%$88.9m556.1KNew
MSCIMSCI0.22%$30.0m53.6K−17.3% Reduced
MEDPMedpace Holdings, Inc.0.20%$27.7m52.4K−16.4% Reduced
NTNXNutanix, Inc.0.20%$27.4m538.3K−6.8% Reduced
BMIBadger Meter Inc0.19%$25.9m174.6K+22.6% Added
CLXClorox0.19%$25.9m271.3K+5.5% Added
ROLRollins, Inc.0.19%$25.9m619.9K0.0%
MANHManhattan Associates Inc0.18%$24.1m173.0K+43.1% Added
NSSCNapco Security Technologies, Inc0.17%$23.1m607.0K+58.2% Added
FICOFair Isaac0.16%$21.4m18.0KNew
SABRSabre Corp0.14%$18.8m9.01M0.0%
IDCCInterdigital, Inc.0.13%$17.1m60.3KNew
ORLYO'Reilly Automotive0.11%$15.0m162.7KNew
VRTVertiv0.10%$14.0m41.9K−54.1% Reduced
VRSNVerisign Inc0.10%$14.0m55.7K−50.9% Reduced
ADMAAdma Biologics, Inc.0.10%$13.8m1.65M0.0%
DOCSDoximity, Inc.0.10%$13.5m653.3K−5.6% Reduced
PAYCPaycom Software, Inc.0.09%$12.7m100.8K−54.1% Reduced
CompanyBought (value)Shares
UBERUber$645.3m8.94M
MAMastercard$639.5m1.25M
TSMTaiwan Semiconductor Manufacturing Co LTD$548.5m1.15M
NFLXNetflix$499.1m6.99M
GEVGE Vernova$481.5m409.8K
APPApplovin Corp$358.9m696.6K
TJXTJX Companies$344.3m2.27M
NXTNextpower Inc.$340.3m2.86M
VEEVVeeva Systems Inc$145.0m816.8K
YUMYum! Brands$88.9m556.1K
FICOFair Isaac$21.4m18.0K
IDCCInterdigital, Inc.$17.1m60.3K
ORLYO'Reilly Automotive$15.0m162.7K
NSSCNapco Security Technologies, Inc$8.5m223.4K
MANHManhattan Associates Inc$7.3m52.1K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
MTDMettler Toledo−$717.0m−568.5K
ZTSZoetis−$458.4m−3.88M
GOOGLAlphabet Inc. (Class A)−$422.7m−1.18M
PMPhilip Morris International−$397.9m−2.20M
FTNTFortinet−$388.2m−2.53M
VVisa Inc.−$372.0m−1.08M
WATWaters Corporation−$352.0m−938.4K
MARMarriott International−$291.0m−785.1K
ADPAutomatic Data Processing−$280.7m−1.25M
TXNTexas Instruments−$245.6m−823.9K
IDXXIdexx Laboratories−$234.7m−445.9K
OTISOtis Worldwide−$210.6m−2.73M
MSFTMicrosoft Corporation−$180.2m−483.0K
METAMeta Platforms−$151.8m−269.5K
SYKStryker Corporation−$46.5m−147.6K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
MTDMettler Toledo$717.0m568.5K
ZTSZoetis$458.4m3.88M
OTISOtis Worldwide$210.6m2.73M
QLYSQualys, Inc.$19.9m226.1K
HDThe Home Depot$9.4m28.6K
  • Technology22.9%
  • Health Care18.4%
  • Consumer Staples13.0%
  • Industrials12.8%
  • Communication Services12.6%
  • Consumer Discretionary10.3%
  • Financials10.0%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestJune 28, 2013 to November 2, 2026+14.7%+14.2%0.800.79−34.4%0.93
2018 onwardsJanuary 5, 2018 to November 2, 2026+11.9%+13.9%0.550.66−34.4%0.94
Last three yearsNovember 3, 2023 to November 2, 2026+15.1%+21.8%0.801.16−13.9%0.77
Last yearNovember 7, 2025 to November 2, 2026+9.4%+14.2%0.460.84−13.8%0.79

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.