Follow the Rich
Quality Growth · Fundsmith
Terry Smith
Fundsmith
Founder & CIO
Investing style
Concentrated quality-growth investing — a small basket of high-return, cash-generative global businesses bought at reasonable prices and held for the long term.
Famous principles
- "Buy good companies."
- "Don't overpay."
- "Do nothing."
NoteFundsmith's 13F covers only its US-listed holdings — the global fund also owns non-US names (e.g., European stocks) that never appear here. Q1 saw a broad pro-rata reduction across nearly every position (13F value down ~25% QoQ); Intuit and Nike fully exited.
Total portfolio value
$12.83B
Positions
34
Largest holding
MAR · 8.6%
Biggest move this quarter
Trimmed: MAR $1.10B
Allocation
Top 8 holdings + Other
| Ticker | Company | Value | % of Portfolio | Change |
|---|---|---|---|---|
| Marriott International (Cl A) | $1.10B | 8.59% | trimmed | |
| Stryker Corp | $1.01B | 7.84% | trimmed | |
| Waters Corp | $956.6M | 7.46% | trimmed | |
| Visa Inc (Cl A) | $938.2M | 7.31% | trimmed | |
| Alphabet Inc (Cl A) | $850.1M | 6.63% | trimmed | |
| Philip Morris International | $845.4M | 6.59% | trimmed | |
| IDEXX Laboratories | $823.6M | 6.42% | trimmed | |
| Automatic Data Processing | $783.3M | 6.11% | trimmed | |
| Microsoft Corp | $769.9M | 6.00% | unchanged | |
| Meta Platforms (Cl A) | $756.0M | 5.89% | trimmed |
Showing top 10 of 34 reported positions.
What changed this quarter
- trimmedMARMarriott International (Cl A)
- trimmedSYKStryker Corp
- trimmedWATWaters Corp
- trimmedVVisa Inc (Cl A)
- trimmedGOOGLAlphabet Inc (Cl A)
- trimmedPMPhilip Morris International
- trimmedIDXXIDEXX Laboratories
- trimmedADPAutomatic Data Processing
- trimmedMETAMeta Platforms (Cl A)
- exitedINTUIntuit
- exitedNKENike (Cl B)
- exitedODDOddity Tech
- exitedGGGGraco