Terry Smith — Fundsmith LLP 13F Holdings & Position Changes (Q2 2026)

Fundsmith LLP's disclosed holdings carry a Herfindahl concentration index of 0.045 — mathematically equivalent to about 22 equally-sized positions, well below its 41 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.

Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.92), suggesting a disciplined, rules-based approach to how much capital goes into each idea.

Recent activity leans toward initiating meaningfully larger new positions than it adds to existing ones (a 2.2 percentage-point tilt) — a pattern consistent with a more contrarian, new-idea-driven approach.