Photo: Office of the Governor-General of New Zealand, CC BY 4.0, via Wikimedia Commons
Terry Smith
Fundsmith LLP · Quality growth Buys a small number of high-return-on-capital global businesses at reasonable prices and holds them with very low turnover - 'buy good companies, don't overpay, do nothing'; the 13F covers only its US-listed holdings.
Terence 'Terry' Smith is an English fund manager, the founder and CEO of Fundsmith, and previously CEO of Tullett Prebon and Collins Stewart.
顯示全部 41 個申報的 13(f) 部位；TradingPilot 只為其中 9 個與其整理過的公司庫相符的部位建立連結——並未使用需付費授權的 CUSIP↔代號對照資料庫。未對應的部位按申報原樣以純文字呈現。
投組配置（申報的 13F 股票）
僅含在美國掛牌的多方股票部位；不含選擇權。
- MARRIOTT INTL INC NEW7.0%
- STRYKER CORPORATION6.7%
- WATERS CORP6.2%
- V5.1%
- UBER TECHNOLOGIES INC4.7%
- MASTERCARD INCORPORATED4.7%
- GOOGL4.6%
- CHURCH & DWIGHT CO INC4.6%
- PROCTER & GAMBLE CO4.4%
- MSFT4.4%
- Others47.5%
申報的 13F 股票市值——這不是報酬，也不是管理規模
僅含在美國掛牌的多方股票部位；申報有約 45 天的延遲。
| # | 代號 | 證券名稱（申報原文） | 佔 13F 比例 | 股數 | 申報均價 | 目前 | 金額 | 異動 |
|---|---|---|---|---|---|---|---|---|
| 1 | — | MARRIOTT INTL INC NEW | 7.0% | 2,585,757 | $370.59 | — | $958.3M | 減碼 −23% |
| 2 | — | STRYKER CORPORATION | 6.7% | 2,913,833 | $314.84 | — | $917.4M | 減碼 −5% |
| 3 | — | WATERS CORP | 6.2% | 2,273,632 | $375.04 | — | $852.7M | 新建部位 |
| 4 | V | VISA INC | 5.1% | 2,019,810 | $343.09 | $410.54 +19.7% | $693.0M | 減碼 −35% |
| 5 | — | UBER TECHNOLOGIES INC | 4.7% | 8,943,151 | $72.16 | — | $645.3M | 新建部位 |
| 6 | — | MASTERCARD INCORPORATED | 4.7% | 1,245,051 | $513.60 | — | $639.5M | 新建部位 |
| 7 | GOOGL | ALPHABET INC | 4.6% | 1,773,354 | $357.37 | $283.82 -20.6% | $633.7M | 減碼 −40% |
| 8 | — | CHURCH & DWIGHT CO INC | 4.6% | 6,456,634 | $96.88 | — | $625.5M | 減碼 −3% |
| 9 | — | PROCTER & GAMBLE CO | 4.4% | 4,078,371 | $146.64 | — | $598.1M | 減碼 −3% |
| 10 | MSFT | MICROSOFT CORP | 4.4% | 1,596,737 | $373.02 | $530.14 +42.1% | $595.6M | 減碼 −23% |
| 11 | META | META PLATFORMS INC | 4.3% | 1,051,876 | $563.29 | $624.52 +10.9% | $592.5M | 減碼 −20% |
| 12 | — | AUTOMATIC DATA PROCESSING IN | 4.3% | 2,601,567 | $223.95 | — | $582.6M | 減碼 −33% |
| 13 | — | FORTINET INC | 4.1% | 3,629,938 | $153.62 | — | $557.6M | 減碼 −41% |
| 14 | TSM | TAIWAN SEMICONDUCTOR MANUFAC | 4.0% | 1,148,449 | $477.57 | $431.81 -9.6% | $548.5M | 新建部位 |
| 15 | — | IDEXX LABS INC | 3.9% | 1,019,887 | $526.44 | — | $536.9M | 減碼 −30% |
| 16 | — | TEXAS INSTRS INC | 3.9% | 1,799,182 | $298.07 | — | $536.3M | 減碼 −31% |
| 17 | — | PHILIP MORRIS INTL INC | 3.9% | 2,913,693 | $180.91 | — | $527.1M | 減碼 −43% |
| 18 | NFLX | NETFLIX INC. | 3.7% | 6,990,345 | $71.40 | $62.05 -13.1% | $499.1M | 新建部位 |
| 19 | GEV | GE VERNOVA INC | 3.5% | 409,835 | $1,174.86 | $887.85 -24.4% | $481.5M | 新建部位 |
| 20 | APP | APPLOVIN CORP | 2.6% | 696,568 | $515.23 | $254.91 -50.5% | $358.9M | 新建部位 |
| 21 | — | TJX COS INC NEW | 2.5% | 2,272,592 | $151.50 | — | $344.3M | 新建部位 |
| 22 | — | NEXTPOWER INC | 2.5% | 2,856,092 | $119.14 | — | $340.3M | 新建部位 |
| 23 | — | VEEVA SYS INC | 1.1% | 816,785 | $177.47 | — | $145.0M | 新建部位 |
| 24 | — | YUM BRANDS INC | 0.7% | 556,107 | $159.86 | — | $88.9M | 新建部位 |
| 25 | — | MSCI INC | 0.2% | 53,580 | $560.04 | — | $30.0M | 減碼 −17% |
| 26 | — | MEDPACE HLDGS INC | 0.2% | 52,372 | $529.59 | — | $27.7M | 新建部位 |
| 27 | — | NUTANIX INC | 0.2% | 538,281 | $50.96 | — | $27.4M | 減碼 −7% |
| 28 | — | BADGER METER INC | 0.2% | 174,627 | $148.38 | — | $25.9M | 加碼 +23% |
| 29 | — | CLOROX CO DEL | 0.2% | 271,318 | $95.44 | — | $25.9M | 加碼 +5% |
| 30 | — | ROLLINS INC | 0.2% | 619,935 | $41.74 | — | $25.9M | 維持 +0% |
| 31 | — | MANHATTAN ASSOCIATES INC | 0.2% | 172,977 | $139.25 | — | $24.1M | 加碼 +43% |
| 32 | — | NAPCO SEC TECHNOLOGIES INC | 0.2% | 606,974 | $37.98 | — | $23.1M | 加碼 +58% |
| 33 | — | FAIR ISAAC CORP | 0.2% | 17,953 | $1,194.78 | — | $21.4M | 新建部位 |
| 34 | — | SABRE CORP | 0.1% | 9,013,783 | $2.09 | — | $18.8M | 維持 +0% |
| 35 | — | INTERDIGITAL INC | 0.1% | 60,324 | $283.13 | — | $17.1M | 新建部位 |
| 36 | — | OREILLY AUTOMOTIVE INC | 0.1% | 162,691 | $92.09 | — | $15.0M | 新建部位 |
| 37 | VRT | VERTIV HOLDINGS CO | 0.1% | 41,893 | $334.82 | $245.92 -26.6% | $14.0M | 減碼 −54% |
| 38 | — | VERISIGN INC | 0.1% | 55,713 | $251.56 | — | $14.0M | 減碼 −51% |
| 39 | — | ADMA BIOLOGICS INC | 0.1% | 1,649,493 | $8.37 | — | $13.8M | 維持 +0% |
| 40 | — | DOXIMITY INC | 0.1% | 653,324 | $20.74 | — | $13.5M | 減碼 −6% |
| 41 | — | PAYCOM SOFTWARE INC | 0.1% | 100,763 | $125.68 | — | $12.7M | 減碼 −54% |
| — | — | CATALYST PHARMACEUTICALS INC | — | 0 | — | — | $0 | 已出清 −100% |
| — | — | HOME DEPOT INC | — | 0 | — | — | $0 | 已出清 −100% |
| — | — | OTIS WORLDWIDE CORP | — | 0 | — | — | $0 | 已出清 −100% |
| — | — | QUALYS INC | — | 0 | — | — | $0 | 已出清 −100% |
| — | — | ZOETIS INC | — | 0 | — | — | $0 | 已出清 −100% |
申報均價 = 季末的金額 ÷ 股數——這是一個平均值，並非經理人的買進或賣出價。
「目前」顯示的是自申報季末以來該股票的價格變動（僅限已對應的名字）——這是股票本身的漲跌，不是經理人的已實現報酬（我們並不知道他們的成本，也不知道他們是否仍持有）。
TradingPilot 對其申報 13F 股票投組的分析
截至 2026Q2，Terry Smith 申報的 13F 投組持有 41 個股票部位；其中最大的 5 個佔其 30%。
- MARRIOTT INTL INC NEW — 佔 13F 的 7.0%
- STRYKER CORPORATION — 佔 13F 的 6.7%
- WATERS CORP — 佔 13F 的 6.2%
- VISA INC (V) — 佔 13F 的 5.1%
- UBER TECHNOLOGIES INC — 佔 13F 的 4.7%
本季：新建 15 個，加碼 4 個，減碼 19 個，出清 5 個。
- ZOETIS INC — 已出清 (−3,877,559 股)
- OTIS WORLDWIDE CORP — 已出清 (−2,731,635 股)
- FORTINET INC — 減碼 (−2,526,737 股)
- PHILIP MORRIS INTL INC — 減碼 (−2,199,470 股)
- AUTOMATIC DATA PROCESSING IN — 減碼 (−1,253,538 股)