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Livermore
Livermore
ZHEN

Fundsmith Investment Services Ltd.

SEC CIK
0001868537
Latest filing
Aug 14, 2026

The latest 13F from Fundsmith Investment Services Ltd. covers Q2 2026 (filed Aug 14, 2026): 27 long positions worth $4.52B. The top 10 holdings make up 55.2% of the portfolio, and the largest is Marriott International Inc (MAR) at 7.4%. Livermore has 22 filings on Form 13F from this institution, going back to Q2 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
9
Est. +$1.03B
Added
4
Est. +$331.5M
Reduced
14
Est. −$1.25B
Sold out
6
Est. −$490.4M

Top 5 holdings

Share of this quarter's portfolio value

  1. MARMarriott International Inc
    7.4%$334.2MHistory
  2. SYKStryker Corp
    7.3%$330.8MHistory
  3. WATWaters Corp
    7.0%$314.2MHistory
  4. CHDChurch & Dwight Co Inc
    5.4%$245.8MHistory
  5. VVisa Inc.
    5.2%$233.5MHistory

Share of portfolio

Top 5 holdings and the other 22 positions, by share of portfolio value

  1. MAR7.4%
  2. SYK7.3%
  3. WAT7.0%
  4. CHD5.4%
  5. V5.2%
  6. Other 22 positions67.7%

Biggest buys

New and added positions, by estimated amount bought

  1. UBERUber Technologies, Inc
    +$213.3MNewHistory
  2. MAMastercard Inc
    +$201.8MNewHistory
  3. TSMTaiwan Semiconductor Manufacturing Co Ltd
    +$195.1MAddedHistory
  4. NFLXNetflix Inc
    +$156.1MNewHistory
  5. GEVGE Vernova Inc.
    +$151.1MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. UBERUber Technologies, Inc
    +4.72 pp0.0% → 4.7%History
  2. MAMastercard Inc
    +4.47 pp0.0% → 4.5%History
  3. TSMTaiwan Semiconductor Manufacturing Co Ltd
    +4.33 pp<0.1% → 4.3%History
  4. NFLXNetflix Inc
    +3.46 pp0.0% → 3.5%History
  5. GEVGE Vernova Inc.
    +3.34 pp0.0% → 3.3%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. MTDMettler Toledo International Inc
    −$280.9MSold outHistory
  2. GOOGLAlphabet Inc.
    −$205.6MReducedHistory
  3. PMPhilip Morris International Inc.
    −$132.7MReducedHistory
  4. ZTSZoetis Inc.
    −$132.4MSold outHistory
  5. VVisa Inc.
    −$118.3MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. MTDMettler Toledo International Inc
    −6.38 pp6.4% → 0.0%History
  2. ZTSZoetis Inc.
    −3.01 pp3.0% → 0.0%History
  3. GOOGLAlphabet Inc.
    −2.98 pp7.4% → 4.4%History
  4. PMPhilip Morris International Inc.
    −2.52 pp6.3% → 3.8%History
  5. IDXXIDEXX Laboratories Inc
    −2.33 pp6.1% → 3.8%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$4.52B
+$113.6M (+2.6%) vs. prior quarter
Positions
27
+3 vs. prior quarter
Top 10 concentration
55.2%
Top 10 as share of value
Turnover
30.4%
Q2 2026, one quarter
Average holding period
12.7 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q2 2021), so positions held before then are understated.

13F filings by quarter

21 quarters, going back to Q2 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $8.04B (Q3 2024)

Q2 2021: $161.0MQ3 2021: $164.6MQ4 2021: $184.1MQ1 2022: $7.29BQ2 2022: $6.00BQ3 2022: $5.78BQ4 2022: $6.01BQ1 2023: $6.50BQ2 2023: $6.86BQ3 2023: $6.42BQ4 2023: $6.92BQ1 2024: $7.52BQ2 2024: $7.75BQ3 2024: $8.04BQ4 2024: $7.69BQ1 2025: $7.09BQ2 2025: $7.39BQ3 2025: $6.42BQ4 2025: $5.47BQ1 2026: $4.41BQ2 2026: $4.52B
Q2 2021Q2 2026
13F filings of Fundsmith Investment Services Ltd. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202627$4.52BMARSYKWATvs. Q1 2026SEC
Q1 2026May 15, 202624$4.41BMARSYKWATvs. Q4 2025SEC
Q4 2025Feb 17, 202626$5.47BSYKWATMARvs. Q3 2025SEC
Q3 2025Nov 14, 202523$6.42BSYKMSFTMETAvs. Q2 2025SEC
Q2 2025Aug 14, 202526$7.39BMETAMSFTSYKvs. Q1 2025SEC
Q1 2025May 15, 202527$7.09BMETASYKMSFTvs. Q4 2024SEC
Q4 2024Feb 14, 202531$7.69BMETAMSFTSYKvs. Q3 2024SEC
Q3 2024Nov 14, 202428$8.04BMSFTMETASYKvs. Q2 2024SEC
Q2 2024Aug 14, 202428$7.75BMSFTMETASYKvs. Q1 2024SEC
Q1 2024May 15, 202427$7.52BMSFTMETASYKvs. Q4 2023SEC
Q4 2023Feb 14, 202426$6.92BMSFTMETASYKvs. Q3 2023SEC
Q3 2023Nov 14, 202326$6.42BMSFTSYKMETAvs. Q2 2023SEC
Q2 2023Aug 14, 2023Amended26$6.86BMSFTSYKIDXXvs. Q1 2023SEC
Q1 2023May 15, 202325$6.50BMSFTIDXXSYKvs. Q4 2022SEC
Q4 2022Feb 14, 202324$6.01BMSFTPMIDXXvs. Q3 2022SEC
Q3 2022Nov 14, 202226$5.78BMSFTPMELvs. Q2 2022SEC
Q2 2022Aug 15, 202224$6.00BMSFTPMELvs. Q1 2022SEC
Q1 2022May 16, 202225$7.29BMSFTIDXXELvs. Q4 2021SEC
Q4 2021Feb 14, 202229$184.1MMSFTZTSINTUvs. Q3 2021SEC
Q3 2021Nov 12, 202129$164.6MMETAAMZNMSFTvs. Q2 2021SEC
Q2 2021Aug 13, 202129$161.0MAMZNMETANKE–SEC