Fundsmith LLP
Long book
$12.83B
Q1 2026
Positions
34
Top-10 weight
69%
concentration
Last quarter
+14.1%
SPY +14.8%
Turnover
13%
of book per quarter
Strategy in plain words
auto-generated from filingsFundsmith LLP is a high-conviction value investor, running a $12.83B US long book across 34 positions.
The portfolio is concentrated: the top 10 names carry 69% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: MARRIOTT INTERNATIONAL -CL A, STRYKER CORP, WATERS CORP, VISA INC-CLASS A SHARES, ALPHABET INC-CL A.
Over the last 9 quarters its long book ran on average 1.9pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-1.2%
Q2 2024
+8.2%
Q3 2024
+0.2%
Q4 2024
+0.0%
Q1 2025
+10.7%
Q2 2025
-1.0%
Q3 2025
+2.0%
Q4 2025
-9.7%
Q1 2026
+14.1%
Sector allocation
Technology 34%
Healthcare 25%
Services media 16%
Other 10%
Consumer staples 7%
Materials 6%
Industrials 2%
Consumer discretionary 0%
Long book by quarter
What does Fundsmith LLP own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MAR MARRIOTT INTERNATIONAL -CL A | Services media | 3.4M | $1.10B | 8.6% | -15.3% |
| SYK STRYKER CORP | Healthcare | 3.1M | $1.01B | 7.8% | -17.0% |
| WAT WATERS CORP | Healthcare | 3.2M | $956.6M | 7.5% | -9.7% |
| V VISA INC-CLASS A SHARES | Services media | 3.1M | $938.2M | 7.3% | -12.2% |
| GOOGL ALPHABET INC-CL A | Technology | 3.0M | $850.1M | 6.6% | -15.5% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 5.1M | $845.4M | 6.6% | -16.5% |
| IDXX IDEXX LABORATORIES INC | Materials | 1.5M | $823.6M | 6.4% | -21.9% |
| ADP AUTOMATIC DATA PROCESSING | Technology | 3.9M | $783.3M | 6.1% | -7.7% |
| MSFT MICROSOFT CORP | Technology | 2.1M | $769.9M | 6.0% | 0.0% |
| META META PLATFORMS INC-CLASS A | Technology | 1.3M | $756.0M | 5.9% | -3.1% |
| MTD METTLER-TOLEDO INTERNATIONAL | Healthcare | 568.5K | $717.0M | 5.6% | -2.1% |
| CHD CHURCH & DWIGHT CO INC | Other | 6.6M | $619.8M | 4.8% | -1.3% |
| PG PROCTER & GAMBLE CO/THE | Other | 4.2M | $606.6M | 4.7% | -1.1% |
| TXN TEXAS INSTRUMENTS INC | Technology | 2.6M | $509.3M | 4.0% | 0.0% |
| FTNT FORTINET INC | Technology | 6.2M | $503.1M | 3.9% | -5.5% |
| ZTS ZOETIS INC | Healthcare | 3.9M | $458.4M | 3.6% | -0.6% |
| OTIS OTIS WORLDWIDE CORP | Industrials | 2.7M | $210.6M | 1.6% | -12.2% |
| MSCI MSCI INC | Services media | 64.8K | $34.9M | 0.3% | -61.1% |
| ROL ROLLINS INC | Services media | 619.9K | $33.1M | 0.3% | -58.1% |
| MEDP MEDPACE HOLDINGS INC | Healthcare | 62.7K | $30.1M | 0.2% | -24.1% |
| VRSN VERISIGN INC | Technology | 113.5K | $28.2M | 0.2% | -58.1% |
| PAYC PAYCOM SOFTWARE INC | Technology | 219.5K | $26.7M | 0.2% | -58.1% |
| CLX CLOROX COMPANY | Other | 257.2K | $26.7M | 0.2% | -58.1% |
| VRT VERTIV HOLDINGS CO-A | Technology | 91.3K | $22.9M | 0.2% | -77.8% |
| NTNX NUTANIX INC - A | Technology | 577.4K | $21.9M | 0.2% | -58.1% |
| BMI BADGER METER INC | Technology | 142.5K | $21.7M | 0.2% | New |
| CPRX CATALYST PHARMACEUTICALS INC | Healthcare | 844.9K | $20.9M | 0.2% | -74.9% |
| QLYS QUALYS INC | Technology | 226.1K | $19.9M | 0.2% | -65.1% |
| DOCS DOXIMITY INC-CLASS A | Technology | 691.8K | $16.1M | 0.1% | -58.1% |
| MANH MANHATTAN ASSOCIATES INC | Technology | 120.9K | $16.1M | 0.1% | -58.1% |
| NSSC NAPCO SECURITY TECHNOLOGIES | Technology | 383.6K | $15.1M | 0.1% | -78.4% |
| ADMA ADMA BIOLOGICS INC | Healthcare | 1.6M | $14.9M | 0.1% | -21.5% |
| SABR SABRE CORP | Technology | 9.0M | $13.1M | 0.1% | -58.1% |
| HD HOME DEPOT INC | Consumer discretionary | 28.6K | $9.4M | 0.1% | -64.3% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 34 | $12.83B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 37 | $17.12B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 35 | $19.80B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 39 | $23.02B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 38 | $21.97B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 38 | $23.46B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 40 | $25.28B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 40 | $24.54B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 40 | $25.55B | canonical | SEC ↗ |
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