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People

Terry Smith

Founder, chief executive and chief investment officer, Fundsmith

Biography

Terry Smith was the top-rated bank analyst in London at Barclays de Zoete Wedd in the 1980s and wrote Accounting for Growth (1992), a critique of misleading accounting practices; he was later chief executive of Collins Stewart and of Tullett Prebon. He founded Fundsmith in London in 2010 and has been the sole manager of Fundsmith Equity since its launch, running it full time from 2014. His approach is summed up as 'buy good companies, don't overpay, do nothing': a concentrated portfolio of 20 to 30 companies with high returns on capital, held for the long term. He also wrote Investing for Growth.

Letters and reports

Profiles

Fundsmith’s largest US holdings

From the Q2 2026 13F, worth $14bn in total. See every holding and change

  1. Marriott InternationalMAR7.0%
  2. StrykerSYK6.7%
  3. WatersWAT6.3%
  4. VisaV5.1%
  5. Uber TechnologiesUBER4.7%
  6. MastercardMA4.7%
  7. AlphabetGOOG4.6%
  8. Church & DwightCHD4.6%
  9. Procter & GamblePG4.4%
  10. MicrosoftMSFT4.4%

Sources: fundsmith.co.uk, hl.co.uk, ii.co.uk, en.wikipedia.org. Checked October 2026.