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Terence SmithThe English Warren Buffett

Fundsmith LLP

United Kingdom

4.5

Terence Smith — Investment style

Growth4Value

Buys quality growth businesses at reasonable prices

Macro9Companies

Focuses on business economics, not macro forecasts

Quantitative7Qualitative

Combines return metrics with judgments on business quality

Short term9Long term

Holds high-quality companies for long-term compounding

Concentrated3Diversified

Runs a focused portfolio of roughly 20–30 holdings

Aggressive7Conservative

Favors resilient businesses but accepts equity volatility

Leveraged9Unleveraged

Avoids borrowing, derivatives and portfolio leverage

Short9Long positions

Invests long only and does not short securities

Innovative6Traditional

Values predictable businesses across established sectors

Alternative assets9Stocks

Primarily owns shares of global quality companies

Style and evaluation scores are subjective HappyStock editorial assessments.

Evaluation scores

Long-term excess returns8/10

Earned 13.8% annualized versus the index’s 12.1%

Performance consistency6/10

Lagged the global equity index for five straight years

Downside protection7/10

Historically resilient, but lagged in the 2022 downturn

Replicability8/10

Clear buy-and-hold rules but demanding stock selection

Explosiveness6/10

Prioritizes compounding over explosive short-term bets

Top 3 investment successes

Microsoft Long-Term Investment : Fundsmith started buying Microsoft near $25 per share in 2011 based on its durable enterprise software franchise By the end of 2024 the stock traded near $422 and contributed 1.6 percentage points to the fund’s 2024 return These figures are not the realized return on all fund purchases
Meta Platforms Recovery Investment : Fundsmith bought Meta after the 2018 Cambridge Analytica controversy, recognizing the strength of its advertising business Despite a severe setback in 2022, the holding contributed 4.5 percentage points to fund performance in 2023 and another 4.1 points in 2024
Philip Morris Long-Term Holding : Fundsmith has owned Philip Morris since the fund launched in 2010, valuing its pricing power and shift toward smoke-free products In 2025 the stock contributed 1.5 percentage points to fund performance and appeared repeatedly among its leading annual contributors

Top 3 investment setbacks

PayPal Business Deterioration : Fundsmith underestimated PayPal’s customer engagement and cost-control problems The stock detracted 2.5 percentage points from fund performance in 2022 and the position was sold that December The contribution is not the realized percentage loss on the entire investment
Novo Nordisk Competitive Setback : Fundsmith trusted Novo Nordisk’s leadership in obesity treatments, but competitive and management setbacks drove a sharp share decline in 2025 The holding reduced that year’s fund return by 3.0 percentage points It remained in the portfolio at year-end, so the figure is not a realized loss
Emerging Markets Trust Closure : Fundsmith Emerging Equities Trust launched in 2014 but failed to meet performance expectations By August 2022 its cumulative share-price return was about 22.3%, roughly 45 percentage points below the emerging-markets benchmark Fundsmith opted to liquidate the trust in 2022 rather than continue managing it

Top 10 reported SEC 13F holdings

Quarter ended: 2026-06-30 · Filed: 2026-08-14

#	Top 10 reported SEC 13F holdings	Share of reported 13F value
1	Marriott International (MAR)	7%
2	Stryker Corporation (SYK)	7%
3	Waters Corporation (WAT)	6%
4	Visa (V)	5%
5	Uber Technologies (UBER)	5%
6	Mastercard (MA)	5%
7	Alphabet (GOOGL)	5%
8	Church & Dwight (CHD)	5%
9	Procter & Gamble (PG)	4%
10	Microsoft (MSFT)	4%

SEC 13F covers reported positions of an associated investment manager, not the investor’s full current portfolio.