Fundsmith LLP 13F: Quarter-over-Quarter Portfolio Changes
Fundsmith LLP reported a disclosed portfolio value of approximately $13.6 billion in its latest SEC Form 13F-HR filing for Q2 2026, up 6.4% quarter on quarter. Over the quarter, the manager initiated 13 new positions, bought more shares in 4 holdings, trimmed 21 holdings, and exited 6 positions.
Fundsmith LLP's top buy was a new stake in Uber Technologies INC (UBER) , equal to 4.7% of the disclosed portfolio. Its top sell was Mettler Toledo International (MTD) . The manager exited the position completely after it had accounted for 5.6% of the previous portfolio.
New PositionsQ2 2026
Securities disclosed for the first time in Q2 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| UBER TECHNOLOGIES INC | UBER | 4.7% | History → |
| MASTERCARD INC-CLASS A | MA | 4.7% | History → |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | 4.0% | Holders → |
| NETFLIX INC. | NFLX | 3.7% | Holders → |
| GE VERNOVA INC | GEV | 3.5% | Holders → |
| APPLOVIN CORP | APP | 2.6% | Holders → |
| TJX COS INC NEW | TJX | 2.5% | Holders → |
| NEXTPOWER INC | NXT | 2.5% | Holders → |
| VEEVA SYS INC | VEEV | 1.1% | Holders → |
| YUM BRANDS INC | YUM | 0.7% | Holders → |
| FAIR ISAAC CORP | FICO | 0.2% | Holders → |
| INTERDIGITAL INC | IDCC | 0.1% | Holders → |
| OREILLY AUTOMOTIVE INC | ORLY | 0.1% | Holders → |
Top BuysQ2 2026
The manager's top buys among existing positions in Q2 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| NAPCO SEC TECHNOLOGIES INC | NSSC | +0.1% | +58.2% | Holders → |
| MANHATTAN ASSOCIATES INC | MANH | +0.1% | +43.1% | Holders → |
| BADGER METER INC | BMI | +0.0% | +22.6% | Holders → |
| CLOROX CO DEL | CLX | +-0.0% | +5.5% | Holders → |
Top SellsQ2 2026
Showing the top 10 sells among 21 existing positions where the manager sold shares in Q2 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| VERTIV HOLDINGS CO | VRT | -0.1% | 54.1% | Holders → |
| PAYCOM SOFTWARE INC | PAYC | -0.1% | 54.1% | Holders → |
| VERISIGN INC | VRSN | -0.1% | 50.9% | Holders → |
| PHILIP MORRIS INTL INC | PM | -2.7% | 43.0% | Holders → |
| FORTINET INC | FTNT | 0.2% | 41.0% | Holders → |
| ALPHABET INC-CL A | GOOGL | -2.0% | 40.0% | History → |
| VISA INC-CLASS A SHRS | V | -2.2% | 34.9% | History → |
| AUTOMATIC DATA PROCESSING IN | ADP | -1.8% | 32.5% | Holders → |
| TEXAS INSTRS INC | TXN | -0.0% | 31.4% | Holders → |
| IDEXX LABS INC | IDXX | -2.5% | 30.4% | Holders → |
Full ExitsQ2 2026
Positions present in the prior 13F-HR filing that no longer appear in Q2 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| METTLER TOLEDO INTERNATIONAL | MTD | 5.6% |
| ZOETIS INC | ZTS | 3.6% |
| OTIS WORLDWIDE CORP | OTIS | 1.6% |
| CATALYST PHARMACEUTICALS INC | CPRX | 0.2% |
| QUALYS INC | QLYS | 0.2% |
| HOME DEPOT INC | HD | 0.1% |
Net Portfolio Value ChangeQ2 2026
- $12.8BPrior quarter
- $13.6BCurrent quarter
- +$0.8BNet delta
- +6.4%% 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 Q2 2026?
In Q2 2026, Fundsmith LLP initiated 13 new positions (UBER TECHNOLOGIES INC (UBER), MASTERCARD INC-CLASS A (MA), TAIWAN SEMICONDUCTOR MANUFAC (TSM), NETFLIX INC. (NFLX), GE VERNOVA INC (GEV), APPLOVIN CORP (APP), TJX COS INC NEW (TJX), NEXTPOWER INC (NXT), VEEVA SYS INC (VEEV), YUM BRANDS INC (YUM), FAIR ISAAC CORP (FICO), INTERDIGITAL INC (IDCC), OREILLY AUTOMOTIVE INC (ORLY)); bought more shares of NAPCO SEC TECHNOLOGIES INC (NSSC), MANHATTAN ASSOCIATES INC (MANH), BADGER METER INC (BMI), CLOROX CO DEL (CLX).
What stocks did Fundsmith LLP sell in Q2 2026?
In Q2 2026, Fundsmith LLP fully sold 6 positions (METTLER TOLEDO INTERNATIONAL (MTD), ZOETIS INC (ZTS), OTIS WORLDWIDE CORP (OTIS), CATALYST PHARMACEUTICALS INC (CPRX), QUALYS INC (QLYS), HOME DEPOT INC (HD)); reduced holdings in VERTIV HOLDINGS CO (VRT), PAYCOM SOFTWARE INC (PAYC), VERISIGN INC (VRSN), PHILIP MORRIS INTL INC (PM), FORTINET INC (FTNT) (the largest 5 of 21 reductions).
Which positions did Fundsmith LLP initiate in Q2 2026?
Fundsmith LLP established 13 new positions in Q2 2026: UBER TECHNOLOGIES INC (UBER, 4.7%), MASTERCARD INC-CLASS A (MA, 4.7%), TAIWAN SEMICONDUCTOR MANUFAC (TSM, 4.0%), NETFLIX INC. (NFLX, 3.7%), GE VERNOVA INC (GEV, 3.5%), APPLOVIN CORP (APP, 2.6%), TJX COS INC NEW (TJX, 2.5%), NEXTPOWER INC (NXT, 2.5%), VEEVA SYS INC (VEEV, 1.1%), YUM BRANDS INC (YUM, 0.7%), FAIR ISAAC CORP (FICO, 0.2%), INTERDIGITAL INC (IDCC, 0.1%), OREILLY AUTOMOTIVE INC (ORLY, 0.1%).
Which existing positions saw the largest allocation increases for Fundsmith LLP in Q2 2026?
Of 4 existing positions with share-count increases in Q2 2026, the largest were: NAPCO SEC TECHNOLOGIES INC (NSSC, +0.1% weight, +58.2% shares), MANHATTAN ASSOCIATES INC (MANH, +0.1% weight, +43.1% shares), BADGER METER INC (BMI, +0.0% weight, +22.6% shares), CLOROX CO DEL (CLX, +-0.0% weight, +5.5% shares).
Which positions did Fundsmith LLP fully exit in Q2 2026?
Fundsmith LLP fully exited 6 positions in Q2 2026: METTLER TOLEDO INTERNATIONAL (MTD, last-reported weight 5.6%), ZOETIS INC (ZTS, last-reported weight 3.6%), OTIS WORLDWIDE CORP (OTIS, last-reported weight 1.6%), CATALYST PHARMACEUTICALS INC (CPRX, last-reported weight 0.2%), QUALYS INC (QLYS, last-reported weight 0.2%), HOME DEPOT INC (HD, last-reported weight 0.1%).
Which existing positions saw the largest allocation reductions for Fundsmith LLP in Q2 2026?
Of 21 existing positions with share-count reductions in Q2 2026, the largest were: VERTIV HOLDINGS CO (VRT, -0.1% weight, -54.1% shares), PAYCOM SOFTWARE INC (PAYC, -0.1% weight, -54.1% shares), VERISIGN INC (VRSN, -0.1% weight, -50.9% shares), PHILIP MORRIS INTL INC (PM, -2.7% weight, -43.0% shares), FORTINET INC (FTNT, 0.2% weight, -41.0% shares), ALPHABET INC-CL A (GOOGL, -2.0% weight, -40.0% shares), VISA INC-CLASS A SHRS (V, -2.2% weight, -34.9% shares), AUTOMATIC DATA PROCESSING IN (ADP, -1.8% weight, -32.5% shares), TEXAS INSTRS INC (TXN, -0.0% weight, -31.4% shares), IDEXX LABS INC (IDXX, -2.5% weight, -30.4% 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.