Terry Smith
Fundsmith
Profile & Investment Philosophy
Terry Smith, founder of Fundsmith Equity Fund, is one of Britain's most successful fund managers, known for an uncompromising quality-growth philosophy. His approach is captured in three words: "Buy good companies. Don't overpay. Do nothing." Smith defines "good companies" as businesses with high returns on capital without excessive leverage, durable business models, and consistent compound growth. He favors companies with "intangible economic fortresses" — strong brands, customer loyalty, or intellectual property. Fundsmith's portfolio is concentrated in 25–30 companies, held for years with very low turnover. Smith is dismissive of market timing and macro forecasting, arguing they add more cost than value. His philosophy teaches that the hardest part of investing is the discipline to hold through periods when the market disagrees with your thesis.
Current Portfolio
LATEST 13FLatest SEC Form 13F filing. Total portfolio value: $17B. Holdings: 22 positions.
| Ticker / Security | Shares | Δ vs Prev | Value | Portfolio % |
|---|---|---|---|---|
| WAT Waters Corporation | 3.56 | -10.05% | $1,351,430,000 | 7.90% |
| SYK Stryker Corporation | 3.69 | -19.68% | $1,296,050,000 | 7.57% |
| IDXX IDEXX Laboratories, Inc. | 1.88 | -28.13% | $1,269,190,000 | 7.42% |
| V Visa Inc. | 3.53 | -8.29% | $1,239,650,000 | 7.24% |
| MAR Marriott International, Inc. | 3.98 | -5.87% | $1,234,730,000 | 7.21% |
| GOOG Alphabet Inc. | 3.50 | -44.37% | $1,095,040,000 | 6.40% |
| ADP Automatic Data Processing, Inc. | 4.18 | -3.10% | $1,074,700,000 | 6.28% |
| MSFT Microsoft Corporation | 2.08 | -19.49% | $1,005,920,000 | 5.88% |
| PM Philip Morris International Inc. | 6.12 | -14.80% | $982,390,000 | 5.74% |
| META Meta Platforms, Inc. | 1.36 | -12.52% | $900,060,000 | 5.26% |
SOURCE: SEC Form 13F. See the live BMI Smart Money Tracker.