← All investors Scored on The HoldLens Standard →

Investor profile

Terry Smith

Fundsmith · Founder & CEO · Net worth: ~$500M

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.

"Buy good companies. Don't overpay. Do nothing."

Data verified 2026-05-15 · sourced from SEC EDGAR

Informational only — not investment advice. HoldLens tracks institutional positioning from public 13F filings. We are not a registered investment advisor and do not provide recommendations to buy or sell securities. Our 2026 backtest over 221 ticker-quarter pairs found the ConvictionScore has no predictive signal for forward returns (Pearson r = −0.12). The rankings describe what tracked superinvestors were accumulating or selling at the latest 13F snapshot — useful as market intelligence, not as personal investment advice. 13F data is reported with a 45-day SEC filing lag.

See the backtest →

Latest 13F: Q1 2026(7d ago)Next due: Q2 2026by 2026-08-14● RSS — move alerts

Tracked positions

Top concentration

69%

Longest holding

Microsoft (since 2011)

Terry's portfolio concentration: top-1, top-5, top-10

Diversified

Top 1 · MAR

8.6%

Top 5 combined

37.8%

Top 10 combined

68.8%

Tracked positions

MARTop-5 zoneTop-10

Terry's single largest bet is MAR at 8.6% of tracked positions. Exposure is spread across a broader basket, reducing single-name risk.

Realized 10-year track record

Fundsmith Equity Fund T-Acc (public UK fund)

See leaderboard →

10y CAGR

13.5%

net of fees

Alpha vs S&P

+0.4%

vs 13.1% benchmark

Win rate

50%

years beating S&P

Quality score

5.8

computed 0–10

Best year

+28%

Worst year

-14%

Cumulative 10y

3.6×

Volatility

12%

Terry Smith's recent 13F moves: buys, adds, trims, and exits

Manager quality score: 5.8/10

Every tracked 13F move — buys, adds, trims, and exits — over the last two quarters.

Q1 2026

0 buys · 18 sells

Ticker	Activity	Share change	% portfolio
INTU	Sell (exit)	-626K	0.00%
NKE	Sell (exit)	-5.77M	0.00%
GRACO	Sell (exit)	-579K	0.00%
QLYS	Reduce 65%	-422K	0.20%
MSCI	Reduce 61%	-102K	0.30%
PAYC	Reduce 58%	-304K	0.20%
VRSN	Reduce 58%	-157K	0.20%
DOCS	Reduce 58%	-958K	0.10%
SABRE	Reduce 58%	-12.49M	0.10%
MEDP	Reduce 24%	-20K	0.20%
IBKR	Reduce 22%	-410K	6.40%
SYK	Reduce 17%	-626K	7.80%
PFE	Reduce 17%	-1.01M	6.60%
GOOGL	Reduce 16%	-542K	6.60%
MAR	Reduce 15%	-609K	8.60%
V	Reduce 12%	-431K	7.30%
WAT	Reduce 10%	-346K	7.50%
ADP	Reduce 8%	-323K	6.10%

Q4 2025

3 buys · 13 sells

Ticker	Activity	Share change	% portfolio
DOCS	Add 22%	+294K	0.40%
ZTS	Add 8%	+286K	2.90%
MSFT	Add 5% Quality compounder top-up.	+450K	11.20%
GOOGL	Reduce 44%	-2.79M	6.40%
GRACO	Reduce 36%	-322K	0.30%
MEDP	Reduce 35%	-45K	0.30%
IBKR	Reduce 28%	-734K	7.40%
QLYS	Reduce 26%	-223K	0.50%
SYK	Reduce 20%	-904K	7.60%
PFE	Reduce 15%	-1.06M	5.70%
WAT	Reduce 10%	-398K	7.90%
META	Reduce 8% Small META trim.	-320K	6.50%
V	Reduce 8%	-320K	7.20%
PG	Reduce 7%	-329K	3.60%
MAR	Reduce 6%	-248K	7.20%
NKE	Reduce 6%	-359K	2.10%

Q3 2025

6 buys · 5 sells

Ticker	Activity	Share change	% portfolio
INTU	Add 64%	+236K	2.10%
PAYC	Add 27%	+110K	0.60%
ZTS	Add 25%	+730K	2.70%
QLYS	Add 21%	+152K	0.60%
WAT	Add 10%	+347K	6.00%
MSFT	Add 8% Fundsmith MSFT add.	+600K	11.00%
VRSK	Sell (exit)	-176K	0.00%
MA	Sell (exit)	-28K	0.00%
META	Reduce 56%	-2.01M	5.80%
PFE	Reduce 21%	-1.89M	5.90%
GOOGL	Reduce 8%	-514K	7.70%

Q2 2025

3 buys · 10 sells

Ticker	Activity	Share change	% portfolio
INTU	Add 103%	+187K	1.30%
DOCS	Add 14%	+166K	0.40%
ZTS	Add 13%	+338K	2.00%
EFX	Sell (exit)	-236K	0.00%
VRSN	Reduce 53%	-299K	0.30%
VRSK	Reduce 47%	-154K	0.20%
MA	Reduce 44%	-22K	0.10%
GRACO	Reduce 21%	-239K	0.30%
PFE	Reduce 16%	-1.73M	7.20%
META	Reduce 8%	-315K	11.40%
MSFT	Reduce 8%	-429K	10.70%
SYK	Reduce 8%	-392K	8.00%
V	Reduce 7%	-283K	5.90%

Terry's sector breakdown

How the top 10 positions are diversified across 3 sectors. Weighted by stated portfolio percentage.

Other

6 positions · MAR, SYK, WAT, PFE, IBKR, ADP

62.5%

43.0% of AUM

Technology

3 positions · GOOGL, MSFT, META

26.9%

18.5% of AUM

Financials

1 position · V

10.6%

7.3% of AUM

Position intelligence · 13F-derived

How Smith is sized + moving

Every position classified by both portfolio weight (size bucket) and recent move activity (trend bucket). A 22% Apple position building +5% this quarter signals different intent than a 1% starter trimmed in half. Descriptive analysis of 13F filings — not recommendation.

Core

≥10% positions

Significant

3–10%

Starter

1–3%

Small

<1%

Building

Steady

Trimming

New

Exit pending

Position	% portfolio	Size	Trend
MAR MARRIOTT INTL INC NEW	8.6%	significant	↓ trimming
SYK STRYKER CORPORATION	7.8%	significant	↓ trimming
WAT WATERS CORP	7.5%	significant	↓ trimming
V VISA INC	7.3%	significant	↓ trimming
GOOGL ALPHABET INC	6.6%	significant	↓ trimming
PFE PHILIP MORRIS INTL INC	6.6%	significant	↓ trimming
IBKR IDEXX LABS INC	6.4%	significant	↓ trimming
ADP AUTOMATIC DATA PROCESSING IN	6.1%	significant	↓ trimming
MSFT MICROSOFT CORP	6.0%	significant	↑ building
META META PLATFORMS INC	5.9%	significant	↓ trimming
CHK CHURCH & DWIGHT CO INC	4.8%	significant	→ steady
PG PROCTER & GAMBLE CO	4.7%	significant	↓ trimming
TXN TEXAS INSTRS INC	4.0%	significant	↑ building
ZTS ZOETIS INC	3.6%	significant	↑ building
MSCI MSCI INC	0.3%	small	↓ trimming
Showing top 15 of 21 positions.

How to read: Size bucket from current 13F-filed portfolio weight. Trend bucket from the last 2 quarters of move activity (net delta >5% in either direction = building/trimming; new = first-appearance this quarter; exit pending = trimmed >50% last quarter). Data lag: SEC 13F filings are reported 45 days after quarter-end. This is descriptive intelligence — not investment advice.

Score explainability · 9-factor breakdown

What drives the ConvictionScore on Smith's top positions

The HoldLens ConvictionScore combines 9 factors. This table shows the per-position breakdown — exactly which factors contribute and by how much for each of Smith's top 8 holdings. Hover any header for factor definition. Empty cells (·) = neutral (no contribution).

Ticker	% port	Smart $	Insider	Track	Streak	Conc	Contra	Event	Dissent	Crowd
MAR	8.6	+2	-3	-6	·	·	·	·	+10	·
SYK	7.8	+2	-4	-6	·	·	·	·	+7	·
WAT	7.5	+8	·	-2	·	+3	·	·	+6	·
V	7.3	+18	-4	+4	+5	+10	·	·	+43	+3
GOOGL	6.6	+21	-2	-2	+1	+4	·	·	+48	+2
PFE	6.6	+14	·	-3	·	+6	·	·	+27	·
IBKR	6.4	+4	·	-2	·	+1	·	·	+13	·
ADP	6.1	+4	+2	-2	·	+2	·	·	+21	·

Factor definitions →

Smart $: Manager quality × consensus (0–30)
Insider: Form 4 net buy/sell (-15..+20)
Track: Buyer 10y CAGR × concentration (-10..+20)
Streak: Multi-quarter compounding (0–10)
Conc: Biggest position size as conviction (0–10)
Contra: Under-the-radar bonus (0–10)
Event: 8-K events last 90d (-15..+5)
Dissent: Sells subtract, weighted ×1.6 (0–60)
Crowd: Too many owners = priced in (0–10)

Factors are summed (positive add, penalties subtract), then clamped to the -100/+100 range. Each factor has a maximum contribution shown in parentheses next to its name. Read positive cells as bullish contributions, negative as bearish. See /learn/conviction-score-explained for the full methodology. ConvictionScore is descriptive synthesis of public filings — not investment advice.

Cross-portfolio overlap

Who else holds what Smith holds

Top 6 highest-conviction overlap pairs containing Terry Smith. Each page is the full intersection of two 13F-filed portfolios.

See all 435 overlap pairs →

Terry Smith's top 10 disclosed holdings (Q1 2026)

Ticker	Company	% Portfolio	Shares (M)
MAR	MARRIOTT INTL INC NEW	8.6%	3.37
SYK	STRYKER CORPORATION	7.8%	3.06
WAT	WATERS CORP	7.5%	3.21
V	VISA INC Payment network.	7.3%	3.1
GOOGL	ALPHABET INC	6.6%	2.96
PFE	PHILIP MORRIS INTL INC	6.6%	5.11
IBKR	IDEXX LABS INC	6.4%	1.47
ADP	AUTOMATIC DATA PROCESSING IN	6.1%	3.86
MSFT	MICROSOFT CORP Top position. Held since 2011.	6.0%	2.08
META	META PLATFORMS INC Quality compounder — trimmed Q4.	5.9%	1.32

Remove with Pro →

Dividend tax by country

Estimate your withholding on cross-border dividends

Your country of residenceCompany is domiciled inGross dividend (example)

Withholding rate

Domestic (no cross-border)

Tax withheld

$0.00

You'd receive

$1000.00

Of $1000 gross

Source & treaty reference

Treaty: Domestic — no cross-border withholding

Citation: IRC §§ 1441–1446 (withholding applies to foreign persons; US residents not subject to WHT on US-source dividends)

U.S. residents receiving U.S.-source dividends: no cross-border withholding; taxed on return at qualified (0/15/20%) or ordinary rates.

Estimates for educational purposes only. Tax rules change; consult a qualified tax professional for your specific situation. Dividend-tax treatment depends on holding period, account type (taxable vs. retirement), investor type (individual vs. pension vs. mutual fund), limitation-on-benefits tests, and other factors not modeled here.

Full dividend-tax rules for United States investors →

Want Terry move-alerts?

One email per 13F filing. Summarizes every new position, exit, and trim.

Investors with portfolios similar to Terry Smith

Tracked managers whose top positions overlap with Terry's portfolio.

Andreas Halvorsen

Viking Global Investors

4 shared positions: META, V, MSFT, MA

Polen Capital

Polen Capital Management

4 shared positions: MSFT, V, MA, META

Chris Hohn

TCI Fund Management

3 shared positions: META, MSFT, V

See all 29 investors ranked by portfolio similarity →

ETF replication

Which ETF replicates Terry's portfolio?

Closest match: XLK · overlap score 159.0 across 1 shared top-10 names. Full ranked list of 5 ETFs →

Investing style

Terry is a growth investor

See 7 other growth managers tracked. Tech-heavy. Concentrated. Holds through volatility on quality conviction.

Embed on your site

Drop Terry's portfolio into your blog or wiki

→

600px-wide iframe. Top-3 holdings + closest replicating ETF + investing-style tag. Updates when the underlying 13F filing updates. Free, attribution-only.

<iframe src="https://holdlens.com/embed/investor/terry-smith/" width="600" height="360" frameborder="0" loading="lazy" title="Terry Smith portfolio — HoldLens"></iframe>

Preview embed →See all embed widgets JSON API →

Per-quarter digests

What Terry Smith did, quarter by quarter

Full move-by-move breakdown for each of the last 8 filed quarters.

Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024

Frequently asked questions

Who is Terry Smith?

Terry Smith runs Fundsmith as founder & ceo. 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.

What fund does Terry Smith run?

Terry Smith is founder & ceo of Fundsmith. Fundsmith files SEC Form 13F-HR quarterly with the latest disclosure dated 2026-05-15 (Q1 2026). Full holdings, share counts, dollar values, and quarter-over-quarter changes are listed below.

What does Terry Smith invest in?

Terry Smith's Fundsmith portfolio is disclosed quarterly via SEC Form 13F-HR. Each position below shows the ticker, share count, dollar value, percentage of portfolio, and quarter-over-quarter change. Data is sourced directly from SEC filings (public-domain regulatory disclosure).

What is Terry Smith's investment philosophy?

Terry Smith's stated investment philosophy: "Buy good companies. Don't overpay. Do nothing.". Terry Smith has been founder & ceo of Fundsmith; estimated net worth ~$500M.

What is Terry Smith's net worth?

Terry Smith's estimated net worth is ~$500M. Terry Smith runs Fundsmith as founder & ceo; full 13F holdings disclosed quarterly with the SEC are listed below.

Data sourced from Fundsmith 13F filings with the SEC. Approximate snapshot. Not investment advice.

Sister property: SecFilingDex — the encyclopedic reference for Form 13F (HR / NT / HR/A variants) and the regulatory citation behind every position shown above.