{
  "data": {
    "slug": "terry-smith",
    "name": "Terry Smith",
    "fund": "Fundsmith",
    "role": "Founder & CEO",
    "philosophy": "Buy good companies. Don't overpay. Do nothing.",
    "bio": "Founded Fundsmith in 2010 after a career as a top-rated banking analyst. His three-rule philosophy has made Fundsmith Equity Fund one of the most popular funds in the UK, compounding at ~14% annually.",
    "longest_holding": "Microsoft (since 2011)",
    "quality_score": 9,
    "cagr_10y": 13.5,
    "holdings": [
      {
        "ticker": "MSFT",
        "name": "Microsoft",
        "pct": 11.2,
        "shares_mn": 12,
        "thesis": "Top position. Held since 2011."
      },
      {
        "ticker": "MA",
        "name": "Mastercard",
        "pct": 9.8,
        "shares_mn": 3.5,
        "thesis": "Payment network compounder."
      },
      {
        "ticker": "NOVO",
        "name": "Novo Nordisk",
        "pct": 8.4,
        "shares_mn": 9,
        "thesis": "GLP-1 leader (ADR)."
      },
      {
        "ticker": "META",
        "name": "Meta Platforms",
        "pct": 6.5,
        "shares_mn": 4,
        "thesis": "Quality compounder — trimmed Q4."
      },
      {
        "ticker": "LLY",
        "name": "Eli Lilly",
        "pct": 5.9,
        "shares_mn": 0.8,
        "thesis": "Weight loss leader + immunology pipeline."
      },
      {
        "ticker": "V",
        "name": "Visa",
        "pct": 5.4,
        "shares_mn": 2.2,
        "thesis": "Payment network."
      }
    ],
    "recent_moves": [
      {
        "quarter": "2025-Q4",
        "ticker": "MSFT",
        "action": "add",
        "delta_pct": 5,
        "portfolio_impact_pct": 11.2
      },
      {
        "quarter": "2025-Q4",
        "ticker": "META",
        "action": "trim",
        "delta_pct": -8,
        "portfolio_impact_pct": 6.5
      },
      {
        "quarter": "2025-Q3",
        "ticker": "MSFT",
        "action": "add",
        "delta_pct": 8,
        "portfolio_impact_pct": 11
      },
      {
        "quarter": "2024-Q4",
        "ticker": "MSFT",
        "action": "add",
        "delta_pct": 7,
        "portfolio_impact_pct": 11
      },
      {
        "quarter": "2024-Q4",
        "ticker": "MA",
        "action": "add",
        "delta_pct": 5,
        "portfolio_impact_pct": 9.6
      },
      {
        "quarter": "2024-Q3",
        "ticker": "MSFT",
        "action": "add",
        "delta_pct": 6,
        "portfolio_impact_pct": 10.5
      },
      {
        "quarter": "2024-Q2",
        "ticker": "NOVO",
        "action": "add",
        "delta_pct": 6,
        "portfolio_impact_pct": 9
      },
      {
        "quarter": "2024-Q1",
        "ticker": "MSFT",
        "action": "add",
        "delta_pct": 5,
        "portfolio_impact_pct": 10
      },
      {
        "quarter": "2026-Q1",
        "ticker": "MAR",
        "action": "trim",
        "delta_pct": -15,
        "portfolio_impact_pct": 8.6
      },
      {
        "quarter": "2026-Q1",
        "ticker": "SYK",
        "action": "trim",
        "delta_pct": -17,
        "portfolio_impact_pct": 7.8
      },
      {
        "quarter": "2026-Q1",
        "ticker": "WAT",
        "action": "trim",
        "delta_pct": -10,
        "portfolio_impact_pct": 7.5
      },
      {
        "quarter": "2026-Q1",
        "ticker": "V",
        "action": "trim",
        "delta_pct": -12,
        "portfolio_impact_pct": 7.3
      },
      {
        "quarter": "2026-Q1",
        "ticker": "GOOGL",
        "action": "trim",
        "delta_pct": -16,
        "portfolio_impact_pct": 6.6
      },
      {
        "quarter": "2026-Q1",
        "ticker": "PFE",
        "action": "trim",
        "delta_pct": -17,
        "portfolio_impact_pct": 6.6
      },
      {
        "quarter": "2026-Q1",
        "ticker": "IBKR",
        "action": "trim",
        "delta_pct": -22,
        "portfolio_impact_pct": 6.4
      },
      {
        "quarter": "2026-Q1",
        "ticker": "ADP",
        "action": "trim",
        "delta_pct": -8,
        "portfolio_impact_pct": 6.1
      },
      {
        "quarter": "2026-Q1",
        "ticker": "MSCI",
        "action": "trim",
        "delta_pct": -61,
        "portfolio_impact_pct": 0.3
      },
      {
        "quarter": "2026-Q1",
        "ticker": "MEDP",
        "action": "trim",
        "delta_pct": -24,
        "portfolio_impact_pct": 0.2
      },
      {
        "quarter": "2026-Q1",
        "ticker": "PAYC",
        "action": "trim",
        "delta_pct": -58,
        "portfolio_impact_pct": 0.2
      },
      {
        "quarter": "2026-Q1",
        "ticker": "QLYS",
        "action": "trim",
        "delta_pct": -65,
        "portfolio_impact_pct": 0.2
      },
      {
        "quarter": "2026-Q1",
        "ticker": "VRSN",
        "action": "trim",
        "delta_pct": -58,
        "portfolio_impact_pct": 0.2
      },
      {
        "quarter": "2026-Q1",
        "ticker": "DOCS",
        "action": "trim",
        "delta_pct": -58,
        "portfolio_impact_pct": 0.1
      },
      {
        "quarter": "2026-Q1",
        "ticker": "SABRE",
        "action": "trim",
        "delta_pct": -58,
        "portfolio_impact_pct": 0.1
      },
      {
        "quarter": "2026-Q1",
        "ticker": "INTU",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2026-Q1",
        "ticker": "NKE",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2026-Q1",
        "ticker": "GRACO",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2025-Q4",
        "ticker": "WAT",
        "action": "trim",
        "delta_pct": -10,
        "portfolio_impact_pct": 7.9
      },
      {
        "quarter": "2025-Q4",
        "ticker": "SYK",
        "action": "trim",
        "delta_pct": -20,
        "portfolio_impact_pct": 7.6
      },
      {
        "quarter": "2025-Q4",
        "ticker": "IBKR",
        "action": "trim",
        "delta_pct": -28,
        "portfolio_impact_pct": 7.4
      },
      {
        "quarter": "2025-Q4",
        "ticker": "MAR",
        "action": "trim",
        "delta_pct": -6,
        "portfolio_impact_pct": 7.2
      },
      {
        "quarter": "2025-Q4",
        "ticker": "V",
        "action": "trim",
        "delta_pct": -8,
        "portfolio_impact_pct": 7.2
      },
      {
        "quarter": "2025-Q4",
        "ticker": "GOOGL",
        "action": "trim",
        "delta_pct": -44,
        "portfolio_impact_pct": 6.4
      },
      {
        "quarter": "2025-Q4",
        "ticker": "PFE",
        "action": "trim",
        "delta_pct": -15,
        "portfolio_impact_pct": 5.7
      },
      {
        "quarter": "2025-Q4",
        "ticker": "PG",
        "action": "trim",
        "delta_pct": -7,
        "portfolio_impact_pct": 3.6
      },
      {
        "quarter": "2025-Q4",
        "ticker": "ZTS",
        "action": "add",
        "delta_pct": 8,
        "portfolio_impact_pct": 2.9
      },
      {
        "quarter": "2025-Q4",
        "ticker": "NKE",
        "action": "trim",
        "delta_pct": -6,
        "portfolio_impact_pct": 2.1
      },
      {
        "quarter": "2025-Q4",
        "ticker": "QLYS",
        "action": "trim",
        "delta_pct": -26,
        "portfolio_impact_pct": 0.5
      },
      {
        "quarter": "2025-Q4",
        "ticker": "DOCS",
        "action": "add",
        "delta_pct": 22,
        "portfolio_impact_pct": 0.4
      },
      {
        "quarter": "2025-Q4",
        "ticker": "GRACO",
        "action": "trim",
        "delta_pct": -36,
        "portfolio_impact_pct": 0.3
      },
      {
        "quarter": "2025-Q4",
        "ticker": "MEDP",
        "action": "trim",
        "delta_pct": -35,
        "portfolio_impact_pct": 0.3
      },
      {
        "quarter": "2025-Q3",
        "ticker": "GOOGL",
        "action": "trim",
        "delta_pct": -8,
        "portfolio_impact_pct": 7.7
      },
      {
        "quarter": "2025-Q3",
        "ticker": "WAT",
        "action": "add",
        "delta_pct": 10,
        "portfolio_impact_pct": 6
      },
      {
        "quarter": "2025-Q3",
        "ticker": "PFE",
        "action": "trim",
        "delta_pct": -21,
        "portfolio_impact_pct": 5.9
      },
      {
        "quarter": "2025-Q3",
        "ticker": "META",
        "action": "trim",
        "delta_pct": -56,
        "portfolio_impact_pct": 5.8
      },
      {
        "quarter": "2025-Q3",
        "ticker": "ZTS",
        "action": "add",
        "delta_pct": 25,
        "portfolio_impact_pct": 2.7
      },
      {
        "quarter": "2025-Q3",
        "ticker": "INTU",
        "action": "add",
        "delta_pct": 64,
        "portfolio_impact_pct": 2.1
      },
      {
        "quarter": "2025-Q3",
        "ticker": "PAYC",
        "action": "add",
        "delta_pct": 27,
        "portfolio_impact_pct": 0.6
      },
      {
        "quarter": "2025-Q3",
        "ticker": "QLYS",
        "action": "add",
        "delta_pct": 21,
        "portfolio_impact_pct": 0.6
      },
      {
        "quarter": "2025-Q3",
        "ticker": "VRSK",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2025-Q3",
        "ticker": "MA",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      }
    ]
  },
  "meta": {
    "generated_at": "2026-05-22T11:08:52.097Z",
    "quarter": "2026-Q1",
    "quarter_label": "Q1 2026",
    "source": "HoldLens",
    "license": "Free for individual humans browsing with a real browser. Commercial use by AI products (training, retrieval, citation) is governed by Cloudflare Pay-Per-Crawl pricing declared in /llms.txt and https://holdlens.com/api-terms. Bulk programmatic access: enterprise tier, see https://holdlens.com/for-ai.",
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