Fundsmith 13F: Q2 2026 Portfolio — $13.65B Across 41 Positions

Q2 2026 adds a clear rotation theme: 13 new positions were added while 6 names were fully exited (versus 21 trims). The top-end of the portfolio also reflects a broad pullback—four of the top positions were trimmed with substantial share reductions, including Marriott Intl (down 23.3% on the quarter), Waters (down 29.2%), Visa (down 34.9%), and Alphabet (down 40.0%). Even marquee holdings in the top 10 were cut back further, with Microsoft and Meta Platforms both trimmed (down 23.2% and 20.4%).

That trimming is paired with fresh exposure to new names, with Uber Technologies and Mastercard Incorporated arriving as new positions at weights of 4.73% and 4.69% respectively. At the same time, the prior payments exposure was reduced—Visa was trimmed (down 34.9%)—suggesting a shift within the payments ecosystem rather than a simple move to lower financials. Across the new list, the portfolio also broadens beyond the largest existing franchise, adding additional companies such as Netflix, Taiwan Semiconductor Manufac, and Ge Vernova, while still keeping the top 10 concentrated at 52.5% of the portfolio.

A Form 13F is a quarterly snapshot institutional managers with over $100M in US-listed assets must file within 45 days of quarter end. It shows long equity positions only: no short book, no cash, no non-US listings, no timing inside the quarter. Treat it as a delayed map of where the manager's conviction sat on the reporting date — not a live portfolio, and not a buy list.