Fundsmith LLP 13F: Quarter-over-Quarter Portfolio Changes
Fundsmith LLP reported a disclosed portfolio value of approximately $12.8 billion in its latest SEC Form 13F-HR filing for Q1 2026, down 25.1% quarter on quarter. Over the quarter, the manager initiated 1 new position, trimmed 33 holdings, and exited 4 positions.
Fundsmith LLP's top buy was a new stake in Badger Meter INC (BMI) , equal to 0.2% of the disclosed portfolio. Its top sell was Intuit (INTU) . The manager exited the position completely after it had accounted for 2.4% of the previous portfolio.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| BADGER METER INC | BMI | 0.2% | Holders → |
Top SellsQ1 2026
Showing the top 10 sells among 33 existing positions where the manager sold shares in Q1 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| NAPCO SEC TECHNOLOGIES INC | NSSC | -0.3% | 78.4% | Holders → |
| VERTIV HOLDINGS CO | VRT | -0.2% | 77.8% | Holders → |
| CATALYST PHARMACEUTICALS INC | CPRX | -0.3% | 74.9% | Holders → |
| QUALYS | QLYS | -0.3% | 65.1% | Holders → |
| HOME DEPOT | HD | -0.1% | 64.3% | Holders → |
| MSCI INC | MSCI | -0.3% | 61.1% | Holders → |
| SABRE CORP | SABR | -0.1% | 58.1% | Holders → |
| ROLLINS INC | ROL | -0.3% | 58.1% | Holders → |
| NUTANIX INC | NTNX | -0.2% | 58.1% | Holders → |
| VERISIGN INC | VRSN | -0.2% | 58.1% | Holders → |
Full ExitsQ1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| INTUIT | INTU | 2.4% |
| NIKE INC | NKE | 2.1% |
| ODDITY TECH LTD | ODD | 0.5% |
| GRACO INC | GGG | 0.3% |
Net Portfolio Value ChangeQ1 2026
- $17.1BPrior quarter
- $12.8BCurrent quarter
- $-4.3BNet delta
- -25.1%% change
Methodology & FAQ
How Fundsmith LLP Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for Fundsmith LLP: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description — including how confidential treatment filings are handled — is documented in the Methodology.
What stocks did Fundsmith LLP buy in Q1 2026?
In Q1 2026, Fundsmith LLP initiated 1 new position (BADGER METER INC (BMI)).
What stocks did Fundsmith LLP sell in Q1 2026?
In Q1 2026, Fundsmith LLP fully sold 4 positions (INTUIT (INTU), NIKE INC (NKE), ODDITY TECH LTD (ODD), GRACO INC (GGG)); reduced holdings in NAPCO SEC TECHNOLOGIES INC (NSSC), VERTIV HOLDINGS CO (VRT), CATALYST PHARMACEUTICALS INC (CPRX), QUALYS (QLYS), HOME DEPOT (HD) — the largest 5 of 33 reductions.
Which positions did Fundsmith LLP initiate in Q1 2026?
Fundsmith LLP established 1 new position in Q1 2026: BADGER METER INC (BMI, 0.2%).
Which existing positions saw the largest allocation increases for Fundsmith LLP in Q1 2026?
Fundsmith LLP reported no material allocation increases in existing positions in Q1 2026.
Which positions did Fundsmith LLP fully exit in Q1 2026?
Fundsmith LLP fully exited 4 positions in Q1 2026: INTUIT (INTU, last-reported weight 2.4%), NIKE INC (NKE, last-reported weight 2.1%), ODDITY TECH LTD (ODD, last-reported weight 0.5%), GRACO INC (GGG, last-reported weight 0.3%).
Which existing positions saw the largest allocation reductions for Fundsmith LLP in Q1 2026?
Of 33 existing positions with share-count reductions in Q1 2026, the largest were: NAPCO SEC TECHNOLOGIES INC (NSSC, -0.3% weight, -78.4% shares), VERTIV HOLDINGS CO (VRT, -0.2% weight, -77.8% shares), CATALYST PHARMACEUTICALS INC (CPRX, -0.3% weight, -74.9% shares), QUALYS (QLYS, -0.3% weight, -65.1% shares), HOME DEPOT (HD, -0.1% weight, -64.3% shares), MSCI INC (MSCI, -0.3% weight, -61.1% shares), SABRE CORP (SABR, -0.1% weight, -58.1% shares), ROLLINS INC (ROL, -0.3% weight, -58.1% shares), NUTANIX INC (NTNX, -0.2% weight, -58.1% shares), VERISIGN INC (VRSN, -0.2% weight, -58.1% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.