AHNIM STUDIO · Guru · Institutional 13F
June 30, 2026 holdings compared with March 31. Reviewed October 21, 2026 (Asia/Seoul). Reported values are US dollars.
Fundsmith LLP’s Q2 2026 filing shows a broader disclosed equity book: 13 first-reported positions account for 30.37% of June-end value, led by Uber and Mastercard, while top-ten issuer concentration falls from 68.85% to 52.45%. Many large continuing holdings have fewer shares. AHNIM’s reading is a substantial redistribution of disclosed exposure; a larger dollar total alone does not establish new net cash investment or investment performance.
The reporting entity and comparison
The filer is Fundsmith LLP, CIK 1569205, associated with founder, Chief Executive and Chief Investment Officer Terry Smith. Tom Armstrong signed these 13F covers as Director. We do not combine this legal entity with separately filing Fundsmith Investment Services Ltd. The June 30 report was filed August 14, 2026; its March 31 comparison was filed May 15. Neither cover lists other included managers.
This is AHNIM’s first Fundsmith quarterly report. All 41 Q2 rows and 34 Q1 rows are common operating-company equity, including sponsored ADSs where indicated. There are no option, ETF or principal rows in either filing. The disclosed US-reportable book is not Fundsmith’s complete global assets, a live portfolio or an exact representation of any one branded fund.
| Metric | March 31, 2026 | June 30, 2026 |
|---|---|---|
| Reported common-equity value (USD million) | 12,827.767 | 13,648.924 |
| Reported rows / unique issuers | 34 | 41 |
| Top-ten issuer concentration | 68.85% | 52.45% |
| Largest issuer weight | 8.59% | 7.02% |
| Options / ETF / principal rows | 0 / 0 / 0 | 0 / 0 / 0 |
The largest holdings still include several reduced positions
| Q2 holding | Q2 value (USD m) | Q2 weight | Q1 shares | Q2 shares | Share change |
|---|---|---|---|---|---|
| MAR | 958.256 | 7.02% | 3,370,872 | 2,585,757 | -23.29% |
| SYK | 917.391 | 6.72% | 3,061,416 | 2,913,833 | -4.82% |
| WAT | 852.703 | 6.25% | 3,212,075 | 2,273,632 | -29.22% |
| V | 692.977 | 5.08% | 3,104,090 | 2,019,810 | -34.93% |
| UBER | 645.338 | 4.73% | — | 8,943,151 | New |
| MA | 639.458 | 4.69% | — | 1,245,051 | New |
| GOOGL | 633.744 | 4.64% | 2,956,198 | 1,773,354 | -40.01% |
| CHD | 625.519 | 4.58% | 6,641,508 | 6,456,634 | -2.78% |
| PG | 598.052 | 4.38% | 4,199,914 | 4,078,371 | -2.89% |
| MSFT | 595.615 | 4.36% | 2,079,737 | 1,596,737 | -23.22% |
Marriott remains the largest line at 7.02%, although its quantity falls by 785,115 shares, or 23.29%. Waters declines 29.22% in shares, Visa 34.93%, and Alphabet 40.01%. Microsoft and Meta also have smaller ending quantities. These are quantity observations rather than inferred sale prices or dollar proceeds.
The broadening is visible in concentration: the top-ten share falls by 16.39 percentage points, and the largest three fall from 23.89% to 19.99%. This does not demonstrate that every type of portfolio risk has fallen. Different issuers may share growth, interest-rate, consumer-spending or technology-capex exposures. It does show less of this specific disclosed denominator tied to the ten largest issuers.
All thirteen first-reported lines
| Issuer / ticker | Q2 shares | Q2 value (USD m) | Q2 weight |
|---|---|---|---|
| UBER TECHNOLOGIES INC / UBER | 8,943,151 | 645.338 | 4.73% |
| MASTERCARD INCORPORATED / MA | 1,245,051 | 639.458 | 4.69% |
| TAIWAN SEMICONDUCTOR MANUFAC / TSM | 1,148,449 | 548.465 | 4.02% |
| NETFLIX INC. / NFLX | 6,990,345 | 499.111 | 3.66% |
| GE VERNOVA INC / GEV | 409,835 | 481.499 | 3.53% |
| APPLOVIN CORP / APP | 696,568 | 358.893 | 2.63% |
| TJX COS INC NEW / TJX | 2,272,592 | 344.298 | 2.52% |
| NEXTPOWER INC / NXT | 2,856,092 | 340.275 | 2.49% |
| VEEVA SYS INC / VEEV | 816,785 | 144.955 | 1.06% |
| YUM BRANDS INC / YUM | 556,107 | 88.899 | 0.65% |
| FAIR ISAAC CORP / FICO | 17,953 | 21.450 | 0.16% |
| INTERDIGITAL INC / IDCC | 60,324 | 17.080 | 0.13% |
| OREILLY AUTOMOTIVE INC / ORLY | 162,691 | 14.982 | 0.11% |
Uber and Mastercard together represent 9.41% of Q2 value. TSMC, Netflix and GE Vernova are the next-largest new lines. AppLovin, TJX and Nextpower are each above 2%, while the remaining additions are smaller. The combined value of all first-reported lines is US$4.145 billion, or 30.37% of the Q2 book. That figure is a quarter-end valuation, not a measure of cash spent.
Terry Smith’s July shareholder letter describes adapting the flagship Fundsmith Equity Fund’s trading approach while retaining its quality and valuation criteria. It explicitly identifies a group of new investments and discusses disposals, providing manager commentary beyond the 13F. That fund-level explanation is relevant context; it does not make the LLP-wide 13F a one-for-one copy of the flagship fund or establish the reason for every small reported line.
Four increases, twenty-one reductions and three unchanged lines
| Continuing line with more shares | Q1 shares | Q2 shares | Change | Q2 weight |
|---|---|---|---|---|
| BMI | 142,491 | 174,627 | +32,136 (+22.55%) | 0.19% |
| CLX | 257,217 | 271,318 | +14,101 (+5.48%) | 0.19% |
| MANH | 120,888 | 172,977 | +52,089 (+43.09%) | 0.18% |
| NSSC | 383,596 | 606,974 | +223,378 (+58.23%) | 0.17% |
The four increases are small in portfolio weight even when their percentage changes look large. Napco’s shares rise 58.23% and Manhattan Associates’ 43.09%, but each remains below 0.2% of reported value. Clorox and Badger Meter also increase. ADMA Biologics, Rollins and Sabre have unchanged ending share counts.
Among continuing reductions, Philip Morris falls 43.02% in shares, Fortinet 41.04%, Texas Instruments 31.41% and ADP 32.52%. The largest percentage declines include Vertiv and Paycom, both near 54%, but each ends near 0.1% of disclosed value. Comparing percentage changes without ending weights would overstate the importance of those small lines.
Fortinet illustrates why share count should lead the comparison: its quantity falls from 6,156,675 to 3,629,938, while its reported value rises from US$503.123 million to US$557.631 million. Texas Instruments also has fewer shares and a higher reported value. Neither value increase is evidence of additional buying. Quarter-end values combine quantity and price; they are not the manager’s realized or total return.
Six Q1 lines are absent from Q2
| No longer reported | Q1 shares | Q1 value (USD m) |
|---|---|---|
| MTD | 568,516 | 717.012 |
| ZTS | 3,877,559 | 458.366 |
| OTIS | 2,731,635 | 210.554 |
| CPRX | 844,887 | 20.919 |
| QLYS | 226,077 | 19.861 |
| HD | 28,611 | 9.410 |
Mettler-Toledo, Zoetis and Otis account for most of the prior value in this group. Smith’s letter provides disposal commentary for those businesses. Home Depot, Qualys and Catalyst Pharmaceuticals also disappear from this filer’s Q2 table. We describe those as no longer reported rather than assume every absence proves a complete discretionary liquidation across every related fund.
Catalyst requires a date check. Its CPRX ticker is historical by this review: Nasdaq’s official corporate-action notice states that the Angelini transaction closed on July 15, after the June 30 reporting date, with suspension effective July 16. That later merger cannot by itself explain a Q2 line’s disappearance. The original CUSIP and former ticker remain in the comparison. Nextpower’s name change is another identity check: the former Nextracker retained ticker NXT when it rebranded in November 2025, before both comparison dates.
Industry exposure broadens, with classification limits
| Current SEC SIC industry | Q1 weight | Q2 weight | Change |
|---|---|---|---|
| Services-Business Services, NEC | 7.59% | 14.87% | +7.28 pp |
| Services-Computer Programming, Data Processing, Etc. | 12.62% | 11.75% | -0.87 pp |
| Semiconductors & Related Devices | 3.97% | 10.44% | +6.47 pp |
| Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics | 9.56% | 8.96% | -0.60 pp |
| Hotels & Motels | 8.59% | 7.02% | -1.57 pp |
| Surgical & Medical Instruments & Apparatus | 7.84% | 6.72% | -1.12 pp |
| Laboratory Analytical Instruments | 13.05% | 6.25% | -6.80 pp |
The broad business-services bucket becomes the largest, incorporating payments and platform businesses. Laboratory analytical instruments lose weight with the Mettler-Toledo absence and the Waters reduction. The semiconductor SIC bucket expands with TSMC and Nextpower alongside Texas Instruments. Nextpower’s business is solar and power technology; its current SEC administrative code falls in the semiconductor bucket. We preserve that source-defined treatment instead of silently reclassifying it, and it should not be read as a measure of chip-industry revenue.
The reported total rises 6.40%, to US$13.649 billion. This can coexist with many smaller share counts because first-reported positions and quarter-end prices also affect the sum. It is not a 6.40% Fundsmith return. Nor can the net number of added lines reveal cash subscriptions, redemptions or transactions outside the 13F scope.
What to check in Q3
The next useful evidence is persistence: whether the larger new lines remain, whether trimming of the long-standing top holdings continues, and whether the smaller new positions acquire meaningful weights. For the power and semiconductor names, business-level orders, margins, capex and cash conversion still matter more than a manager’s appearance in the shareholder register.
This filing strengthens the evidence that Fundsmith’s disclosed exposures changed materially. It does not prove that copying the June holdings after the August disclosure would reproduce the manager’s results. The report contains no return ranking, current-position claim or new AHNIM issuer target.
Related coverage and method
Pershing Square’s Q2 payments disclosure examines another manager’s Visa and Mastercard exposure. Tiger Global’s TSMC share-count comparison provides a separate same-quarter semiconductor example. Use the Guru hub and methodology for verified same-quarter coverage; the two managers’ motivations should not be assumed to match.
AHNIM formulas: position weight = reported USD value ÷ same-quarter eligible common-equity value; share change % = (current shares ÷ split-adjusted prior shares − 1) × 100; concentration aggregates eligible lines by issuer. New uses no prior denominator. All calculations retain full filed precision before display rounding. Investment information, not personalized advice. See our research and corrections policy.
Sources and original documents
Fundsmith LLP — Form 13F-HR, report period 2026-03-31, filed 2026-05-15; accession 0001569205-26-000005. Filing index · Cover and summary · Information table.
Fundsmith LLP — Form 13F-HR, report period 2026-06-30, filed 2026-08-14; accession 0001569205-26-000012. Filing index · Cover and summary · Information table.
SEC manager submissions history, checked October 21, 2026 KST; no applicable Q1/Q2 amendment or actual Q3 report found. SEC issuer/ticker mapping and current issuer-submissions SIC records, applied consistently to both quarters; code definitions from the SEC SIC list. This is an administrative industry taxonomy, not GICS or a business-segment revenue mix.
Fundsmith official global management page, Terry Smith’s current role; reviewed October 21, 2026 KST.
Fundsmith Equity Fund semi-annual shareholder letter, July 2026; management strategy and specific fund-level activity, distinguished from the LLP reporting scope.
Nasdaq corporate-action notice ECA2026-485, Catalyst Pharmaceuticals CUSIP14888U101, historical CPRX ticker and July 2026 merger dates. Catalyst June 23, 2026 Form 8-K, pre-close status and ticker.
Nextpower official rebranding announcement, November 12, 2025, same NXT ticker. Fortinet Q2 Form 10-Q, share-basis review. Current issuer-submissions SIC records and the continuing-issuer corporate-action screen are preserved with the calculations.
SEC Form 13F FAQ · Official Form 13F instructions. Reported 13F values are US dollars, rounded to the nearest dollar.
Independent editorial analysis by AHNIM STUDIO. AI assists research organization, calculations and the editorial portrait; original documents and reproducible checks govern the figures. The portrait is an editorial illustration, not a photograph. Material corrections are dated.
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