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
History Stock % of
Portfolio
Recent
Activity
Shares Reported
Price*
Value Current
Price
+/-
Reported
Price
52
Week
Low
52
Week
High
MAR - Marriott Int'l. 8.59 Reduce 15.30% 3,370,872 $327.07 $1,102,511,105 $392.51 20.01% $253.56 $396.65
SYK - Stryker Corp. 7.84 Reduce 16.98% 3,061,416 $328.59 $1,005,950,683 $305.66 -6.98% $281.00 $404.87
WAT - Waters Corp. 7.46 Reduce 9.72% 3,212,075 $297.80 $956,555,935 $365.36 22.69% $275.05 $414.15
V - Visa Inc. 7.31 Reduce 12.18% 3,104,090 $302.24 $938,180,162 $323.57 7.06% $293.89 $375.51
GOOGL - Alphabet Inc. 6.63 Reduce 15.50% 2,956,198 $287.56 $850,084,297 $368.53 28.16% $162.00 $408.61
PM - Philip Morris Intl. 6.59 Reduce 16.51% 5,113,163 $165.34 $845,410,370 $178.29 7.83% $142.11 $193.05
IDXX - IDEXX Laboratories 6.42 Reduce 21.87% 1,465,786 $561.89 $823,610,496 $562.16 0.05% $506.91 $769.98
ADP - Automatic Data Processing Inc. 6.11 Reduce 7.73% 3,855,105 $203.18 $783,280,234 $231.95 14.16% $188.16 $329.93
MSFT - Microsoft Corp. 6.00 Reduce 0.01% 2,079,737 $370.17 $769,856,245 $416.67 12.56% $356.28 $555.45
META - Meta Platforms Inc. 5.89 Reduce 3.09% 1,321,375 $572.13 $755,998,279 $593.00 3.65% $520.26 $796.25
MTD - Mettler-Toledo International Inc. 5.59 Reduce 2.07% 568,516 $1,261.20 $717,012,379 $1,154.33 -8.47% $1,023.05 $1,525.17
CHD - Church & Dwight 4.83 Reduce 1.29% 6,641,508 $93.32 $619,785,527 $96.74 3.66% $81.33 $106.04
PG - Procter & Gamble 4.73 Reduce 1.13% 4,199,914 $144.44 $606,635,578 $146.54 1.45% $137.62 $167.25
TXN - Texas Instruments 3.97 Reduce 0.02% 2,623,124 $194.14 $509,253,293 $285.06 46.83% $152.73 $331.51
FTNT - Fortinet Inc. 3.92 Reduce 5.51% 6,156,675 $81.72 $503,123,481 $144.68 77.04% $70.12 $149.05
ZTS - Zoetis Inc. 3.57 Reduce 0.60% 3,877,559 $118.21 $458,366,249 $79.44 -32.80% $72.38 $171.52
OTIS - Otis Worldwide Corp. 1.64 Reduce 12.23% 2,731,635 $77.08 $210,554,426 $70.34 -8.74% $69.16 $101.42
MSCI - MSCI Inc. 0.27 Reduce 61.12% 64,788 $539.01 $34,921,380 $615.46 14.18% $501.08 $644.68
ROL - Rollins Inc. 0.26 Reduce 58.07% 619,935 $53.41 $33,110,728 $47.10 -11.81% $44.43 $66.14
MEDP - Medpace Holdings Inc. 0.23 Reduce 24.10% 62,668 $480.19 $30,092,547 $454.25 -5.40% $293.20 $628.92
VRSN - Verisign Inc. 0.22 Reduce 58.07% 113,467 $248.36 $28,180,664 $294.92 18.75% $208.86 $312.48
PAYC - Paycom Software Inc. 0.21 Reduce 58.07% 219,457 $121.54 $26,672,804 $137.62 13.23% $104.90 $267.76
CLX - Clorox Co. 0.21 Reduce 58.07% 257,217 $103.63 $26,655,398 $94.14 -9.16% $84.70 $132.03
VRT - Vertiv Holdings Co. 0.18 Reduce 77.79% 91,254 $250.58 $22,866,427 $300.51 19.93% $107.38 $379.94
NTNX - Nutanix Inc. 0.17 Reduce 58.07% 577,392 $38.01 $21,946,670 $53.64 41.12% $34.01 $82.42
BMI - Badger Meter Inc. 0.17 Buy 142,491 $152.35 $21,708,504 $126.53 -16.95% $112.09 $252.53
CPRX - Catalyst Pharmaceuticals Inc. 0.16 Reduce 74.88% 844,887 $24.76 $20,919,402 $31.27 26.29% $19.05 $32.56
QLYS - Qualys Inc. 0.15 Reduce 65.10% 226,077 $87.85 $19,860,864 $109.90 25.10% $74.51 $155.47
DOCS - Doximity Inc. 0.13 Reduce 58.07% 691,786 $23.30 $16,118,614 $20.59 -11.63% $17.15 $76.51
MANH - Manhattan Associates 0.13 Reduce 58.07% 120,888 $133.12 $16,092,611 $147.64 10.91% $119.06 $247.22
NSSC - Napco Security Technologies Inc. 0.12 Reduce 78.45% 383,596 $39.39 $15,109,846 $34.96 -11.25% $26.44 $48.12
ADMA - ADMA Biologics Inc. 0.12 Reduce 21.53% 1,649,493 $9.01 $14,861,932 $7.97 -11.54% $7.21 $22.37
SABR - Sabre Corp. 0.10 Reduce 58.07% 9,013,783 $1.45 $13,069,985 $1.66 14.48% $0.81 $3.52
HD - Home Depot 0.07 Reduce 64.33% 28,611 $328.89 $9,409,872 $310.78 -5.51% $289.10 $426.75
* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
Sector % analysis
Healthcare 31.52
Technology 21.15
Consumer Defensive 16.36
Communication Services 12.52
Consumer Cyclical 8.93
Financial Services 7.59
Industrials 1.94