Fundsmith (Terry Smith)

Fundsmith's $12.8B concentrated book — Terry Smith's famous 'do nothing' principle visible: every top-10 name flagged persistence with -8% to -22% share trims (likely a small partial rebalance after the Q1 drawdown). Two clean exits: Intuit (26q) and Nike (24q) — both long-tenured positions sold. Marriott now top weight at 8.6%. The trims are uniform suggesting cash flow rebalancing rather than thesis changes.

• ★ HELD
  MARRIOTT INTL INC NEW MAR

  Top weight 8.6%, 36 quarters held at +74% unrealized — the consumer-services quality compounder.

• ★ HELD
  STRYKER CORPORATION SYK

  53 quarters held at +151% unrealized — medical devices anchor since fund inception.

• ★ HELD
  VISA INC V

  53 quarters at +202% unrealized — Visa held since fund launch, the canonical Smith quality holding.

• ★ HELD
  IDEXX LABS INC IDXX

  45 quarters at +358% unrealized — veterinary-diagnostics multi-bagger, one of the best Fundsmith winners.

• ★ HELD
  MICROSOFT CORP MSFT

  46 quarters at +440% unrealized — Smith's signature quality-tech position.

• × EXIT
  INTUIT INTU

  Closed after 26 quarters — long-tenured exit, notable for a fund with Smith's low-turnover discipline.

• × EXIT
  NIKE INC NKE

  Closed after 24 quarters — Nike is a name Smith has publicly questioned the quality of post-2022; consistent with his quality discipline that it eventually got dropped.

• • CONTEXT

  Uniform -8% to -22% trims across all top names suggest portfolio-level rebalancing, not thesis changes. Two clean exits is unusually high for Fundsmith in a single quarter.