Fundsmith LLP

Fundsmith LLP declares $4.0B in 8 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 29.0% of its $13.6B 13F portfolio. Largest positions: Alphabet (0.01% of the company) and Microsoft (0.02% of the company). Over time: $4.0B in 8 of these companies for Q2 2026, against $4.6B in 4 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $1.0B and sold $1.4B of these stocks, at the quarter's prices: a net sale of $375.0M; 2 new positions.

Performance of its AI picks

The AI-stock portfolio Fundsmith LLP declared for Q2 2026 (Form 13F), held unchanged, returned +8.0% in Q3 2026 (SMH -7.1%), ranked 236 of 1,783 active managers. Over the last 12 months, quarter after quarter: +26.4% (SMH +87.2%), ranked 836 of 1,359 active managers. Over three years, quarter after quarter: +137.7% (SMH +325.8%), ranked 497 of 783 active managers. Over five years, quarter after quarter: +139.5% (SMH +389.8%). Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. Alphabet (GOOGL) — $633.7M: 1.8M shares, 0.01% of the company, 4.6% of its portfolio (trimmed this quarter); held since Q4 2021
2. Microsoft (MSFT) — $595.6M: 1.6M shares, 0.02% of the company, 4.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
3. Meta Platforms (META) — $592.5M: 1.1M shares, 0.04% of the company, 4.3% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Fortinet (FTNT) — $557.6M: 3.6M shares, 0.49% of the company, 4.1% of its portfolio (trimmed this quarter); held since Q3 2020
5. TSMC (TSM) — $548.5M: 1.1M shares, 0.02% of the company, 4.0% of its portfolio (new position this quarter)
6. Texas Instruments (TXN) — $536.3M: 1.8M shares, 0.20% of the company, 3.9% of its portfolio (trimmed this quarter); held since Q1 2024
7. GE Vernova (GEV) — $481.5M: 409,835 shares, 0.15% of the company, 3.5% of its portfolio (new position this quarter)
8. Vertiv (VRT) — $14.0M: 41,893 shares, 0.01% of the company, 0.10% of its portfolio (trimmed this quarter); held since Q2 2025

By sector

• Cloud & AI giants — $1.8B, 46% of its AI holdings, 3 companies
• Chips & compute — $1.1B, 27% of its AI holdings, 2 companies
• AI software — $557.6M, 14% of its AI holdings, 1 company
• Power, electrical & cooling — $495.5M, 13% of its AI holdings, 2 companies

Biggest changes this quarter

• opened a position in TSMC (TSM): +$548.5M at the quarter's price
• opened a position in GE Vernova (GEV): +$481.5M at the quarter's price
• trimmed Alphabet (GOOGL): -$422.7M at the quarter's price
• trimmed Fortinet (FTNT): -$388.2M at the quarter's price
• trimmed Texas Instruments (TXN): -$245.6M at the quarter's price
• trimmed Microsoft (MSFT): -$180.2M at the quarter's price
• trimmed Meta Platforms (META): -$151.8M at the quarter's price
• trimmed Vertiv (VRT): -$16.5M at the quarter's price

Other holders of this size

• Aware Super Pty Ltd as trustee of Aware Super — $3.9B in 62 of these companies
• Mirova US LLC — $4.0B in 16 of these companies
• Driehaus Capital Management LLC — $3.9B in 65 of these companies
• WHITTIER TRUST CO — $4.0B in 115 of these companies
• ABN AMRO Bank N.V. — $3.9B in 62 of these companies
• Sanctuary Advisors, LLC — $4.0B in 163 of these companies
• Ethic Inc. — $3.9B in 153 of these companies
• Sequoia Financial Advisors, LLC — $4.0B in 169 of these companies

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