Investors / stance tracking
What Terry Smith is saying
FollowFollowingUnfollowFounder & CIO, Fundsmith
122 dated public stances tracked since 2016-07-18, most recently 2026-09-08. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Terry Smith's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Terry Smith is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
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122
tracked stances
74
themes
13
side flips
2026-09-08
last heard
Returns 90d +1.9% 60% correct · 73 calls · 180d +2.1% 58% correct · 62 calls · 1y -0.8% 61% correct · 38 calls
Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances. “% correct” is the share of those scored calls whose direction-aware return was positive at the horizon — in a rising market a bullish call is correct by default, so read it beside the market, not alone.
Scored calls
Every tracked call with at least one matured horizon: the rows behind the Returns line above. A dash is a horizon that has not matured yet.
| Date | Name | Call | 90d | 180d | 1y |
|---|---|---|---|---|---|
| 2026-07-31 | Big Tech | bearish | -4.1% | — | — |
| 2026-07-27 | long MA / long V | basket | +11.5% | — | — |
| 2026-07-27 | VEEV | bullish | +63.6% | — | — |
| 2026-07-27 | TXN | bullish | +7.2% | — | — |
| 2026-07-27 | TSM | bullish | +6.6% | — | — |
| 2026-07-27 | NKE | bearish | +9.1% | — | — |
| 2026-07-27 | MAR | bullish | +3.3% | — | — |
| 2026-07-27 | INTU | bearish | -12.4% | — | — |
| 2026-07-27 | GEV | bullish | -14.2% | — | — |
| 2026-07-27 | FTNT | owns | +20.3% | — | — |
| 2026-07-27 | APP | bullish | -36.8% | — | — |
| 2026-03-17 | ZTS | bullish | -34.0% | -38.8% | — |
| 2026-03-17 | PM | bullish | +6.1% | +14.7% | — |
| 2026-03-17 | PEP | bearish | +5.6% | +11.0% | — |
| 2026-03-17 | MSFT | bearish | -0.3% | -27.1% | — |
| 2026-03-17 | META | bearish | +4.6% | -7.0% | — |
| 2026-03-17 | INTU | owns | -38.5% | -25.6% | — |
| 2026-03-17 | ADP | bullish | +7.2% | +33.7% | — |
| 2026-02-02 | long KNEBV / long OTIS / long SCHP | basket | -5.1% | -7.5% | — |
| 2026-02-02 | long V / long MA / long PYPL | basket | -4.8% | +8.1% | — |
| 2026-02-02 | DEO | bullish | -13.9% | -2.9% | — |
| 2026-02-02 | CL | bullish | -6.5% | -1.0% | — |
| 2026-02-02 | BDX | bullish | -7.2% | +8.7% | — |
| 2026-02-02 | AMS | bullish | -13.6% | -30.3% | — |
| 2026-01-15 | WPP | bearish | +17.2% | +13.0% | — |
| 2026-01-15 | SPX | bearish | -1.4% | -9.2% | — |
| 2026-01-15 | FTNT | owns | +4.4% | +118.6% | — |
| 2026-01-08 | UL | bullish | -7.3% | +0.7% | — |
| 2026-01-08 | SPX | bullish | -1.7% | +9.0% | — |
| 2026-01-08 | PG | owns | +3.1% | +9.5% | — |
| 2026-01-08 | IDXX | bullish | -16.9% | -20.0% | — |
| 2025-11-21 | ZTS | bullish | +4.7% | -34.1% | — |
| 2025-11-21 | INTU | bullish | -42.4% | -41.8% | — |
| 2025-11-20 | long PG / long CHD | basket | +15.1% | +6.2% | — |
| 2025-11-20 | long MSFT / long META / long GOOGL | basket | -0.8% | +8.0% | — |
| 2025-03-14 | TSLA | bearish | -27.7% | -39.1% | -58.2% |
| 2025-03-14 | SYK | bullish | +3.2% | +4.1% | -4.5% |
| 2025-03-14 | PM | bullish | +22.3% | +10.6% | +19.1% |
| 2025-03-14 | OR | bullish | +33.9% | +80.6% | +105.1% |
| 2025-03-14 | NVO | bullish | +6.3% | -28.1% | -49.0% |
Showing the 40 most recent of 73 scored calls.
View flips
Where the tracked view on a theme reversed between appearances — bullish to bearish or back. Dates are the episodes on each side of the turn.
ULVR — bullish2024-04-10 → bearish2026-07-27
BF — bearish2026-01-15 → bullish2026-02-02
Showing the 10 most recent of 13 flips.
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|---|---|---|---|
| MSFT | 6 | 5 bullish / 1 bearish | 2026-09-08 | |
| META | 5 | 4 bullish / 1 bearish | 2026-09-08 | |
| PM | 4 | 4 bullish | 2026-03-17 | |
| AAPL | 3 | 2 bullish / 1 bearish | 2025-03-14 | |
| ADP | 3 | 3 bullish | 2026-03-17 | |
| BF | 3 | 2 bullish / 1 bearish | 2026-02-02 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
Microsoft was mispriced at ~8x PE due to Ballmer-era failures and missed mobile, while its underlying business had ~30% returns on capital and strong durable revenue growth, creating a rare opportunity to buy a world-class franchise at a foolish price.
“we started buying Microsoft when it was 25 bucks a share. It's 420 something, right?”
Terry Smith: Buying Microsoft When No One Wanted It
Meta was irrationally sold off after Cambridge Analytica on purely emotional/anecdotal negativity while its actual user base and Instagram ownership remained intact, handing investors a rare mispricing in a dominant platform.
“I'm always thinking of having a fund that just buys the one share everybody tells me not to own”
Terry Smith: Buying Microsoft When No One Wanted It
The US is the largest economy with the most active capital market, enabling companies to achieve domestic dominance before expanding globally, structurally disadvantaging foreign competitors — while Europe over-regulates tech and China offers no true…
“if you are a company thinking of listing, why would I think about doing it in London?”
Terry Smith: Buying Microsoft When No One Wanted It
2026-07-31
Big Tech
bearish
Terry Smith · video
Index heavyweights are burning cash reserves on an unproven AI arms race, compressing the S&P 500 free cash flow yield below 2%, making the index expensive versus businesses generating tangible cash
90d -4.1%
Terry Smith's New Approach: Surviving an Unprecedented Market
2026-07-31
COLOPLAST
bearish
Terry Smith · video
Organic growth has materially deteriorated, removing the core quality characteristic that justified holding the position
“Coloplast, the latter of which saw its organic growth really fall off”
Terry Smith's New Approach: Surviving an Unprecedented Market
2026-07-27
long MA / long V
basket
Terry Smith · video
Bought both Mastercard and Visa simultaneously for the first time because payment processors offer attractive valuation and the dual holding allows Fundsmith to run winners in the space without breaching single-stock concentration limits
90d +11.5%
Fundsmith Equity Fund Update Webinar - July 2026
Bought Fortinet when its share price stumbled post-COVID as the inflated WFH-security growth rate normalised, providing an attractive entry into a structurally strong security business
“we bought in there and so far so good”
90d +20.3%
Fundsmith Equity Fund Update Webinar - July 2026
Sold Intuit because roughly 37% of revenue comes from TurboTax tax-filing, which is highly vulnerable to large-language-model disruption, while management has buried its head in the sand over the underperforming Mailchimp acquisition
“37% of their revenue is tax filing in TurboTax… that is more vulnerable than accounting software”
90d -12.4%
Fundsmith Equity Fund Update Webinar - July 2026
Bought Texas Instruments when it announced significant US capacity investment in analog semiconductors, a long-duration capital commitment that validates the company's durable positioning in analog
90d +7.2%
Fundsmith Equity Fund Update Webinar - July 2026
2026-07-27
SGE
bullish
Terry Smith · video
Replaced Intuit with Sage Group because Sage grows at roughly twice Intuit's rate and its accounting software faces materially lower AI-disruption risk than Intuit's tax-filing franchise
“twice that rate of growth and I've got less fear of AI interjection”
Fundsmith Equity Fund Update Webinar - July 2026
Holds AppLoving at a smaller, more speculative weight with willingness to exit if fundamental growth does not materialise as expected
90d -36.8%
Fundsmith Equity Fund Update Webinar - July 2026
Marriott continues to outperform despite Middle East travel headwinds, demonstrating the resilience of its asset-light, brand-driven lodging model
90d +3.3%
Fundsmith Equity Fund Update Webinar - July 2026
Sold Nike because abandoning bricks-and-mortar retail allowed competitors to capture that shelf space permanently, and a recovery in China is similarly unclear, making the investment case structurally impaired rather than temporarily set back
“Can people repair that? I'm not so sure that they can.”
90d +9.1%
Fundsmith Equity Fund Update Webinar - July 2026
2026-07-27
ULVR
bearish
Terry Smith · video
Sold Unilever because repeated capital-allocation failures and management shortfalls represent an entrenched structural pattern rather than a one-off setback, and the turnaround story has been heard too many times
“I've heard this story before, and I'm just not buying it, basically”
Fundsmith Equity Fund Update Webinar - July 2026
2026-07-27
WOLTERS KLUWER
bearish
Terry Smith · video
Sold Wolters Kluwer because its core business of publishing professional technical information is fundamentally document- and language-based, precisely where large language models have the strongest competitive advantage
“we are talking again about documents… and language… it's their forte”
Fundsmith Equity Fund Update Webinar - July 2026
TSMC is the primary beneficiary of the semiconductor buildout regardless of which chip designer wins, and Smith is confident that structural position persists as far ahead as can feasibly be foreseen
“I do know that this is a primary beneficiary of what's going on and will continue to be so”
90d +6.6%
Fundsmith Equity Fund Update Webinar - July 2026
GE Vernova (referred to as 'Janova') benefits from data-centre power demand that Smith views as durable regardless of an AI-capex reversal, and its early-stage modular nuclear work provides additional long-term structural growth
“its very early stage work in modular nuclear reactors I think is going to continue going on come what may”
90d -14.2%
Fundsmith Equity Fund Update Webinar - July 2026
2026-07-27
LEGRAND
bullish
Terry Smith · video
Replaced Atlas Copco with Legrand because its low-voltage electrical equipment is a low-cost but mission-critical branded item in construction projects — electricians and quantity surveyors specify a trusted brand they won't risk their reputation on — giving…
“a very low-cost item that goes into a project that's mission critical”
Fundsmith Equity Fund Update Webinar - July 2026
Said again: 2026-07-31 (Terry Smith)
Replaced Wolters Kluwer with Veeva (referred to as 'Viva') because Veeva's software spans clinical-trial data through manufacturing and is deeply embedded in pharma operations — it goes well beyond language and documentation, which is AI's current forte
“we're no longer dealing with language here. We're dealing with something that goes considerably beyond that”
90d +63.6%
Fundsmith Equity Fund Update Webinar - July 2026
ADP's payroll and HR processing is mission-critical and extraordinarily complex—navigating 50 different US state employment and tax regimes—while its proprietary data creates a moat that makes 'SaaS apocalypse' AI disruption fears overstated
“what they're providing is non-trivial... mission-critical and incredibly complex”
90d +7.2% · 180d +33.7%
FUNDSMITH Annual Shareholders' Meeting February 2026
2026-03-17
ESLOY
bullish
Terry Smith · video
World's largest eyeglass maker benefits from a secular tailwind of uncorrected global vision demand, developed-world trading-up in designer frames, and potential to define the next consumer computing paradigm through its Ray-Ban smart glasses partnership with…
“there's a chance that they are part of the development of a new product we haven't seen since the smartphone”
FUNDSMITH Annual Shareholders' Meeting February 2026
AI capex at 87% of free cash flow in 2026 is transforming a capital-light, high-ROCE business into a capital-intensive one requiring ~$180B of incremental annual cash generation at 30% ROCE to justify the spend—a burden with no clear demand-side justification…
“these are not going to be capital light businesses. This is going to fundamentally change the characteristics of those companies in a way that we don't like”
90d -0.3% · 180d -27.1%
FUNDSMITH Annual Shareholders' Meeting February 2026
Despite being a strong prior performer, AI capex at 91% of free cash flow creates the same structural concern as Microsoft—a capital-light model under threat with no visible dominant-player pathway that would justify the spend via monopoly pricing
“we did become quite pessimistic about whether or not the big tech companies that we have owned can continue to be the kind of companies that we want to own”
90d +4.6% · 180d -7.0%
FUNDSMITH Annual Shareholders' Meeting February 2026
2026-03-17
AI HYPERSCALER CAPEX / DATA CENTER BUILDOUT
bearish
Terry Smith · video
The combined $20T market cap of top AI and semiconductor companies already exceeds the dot-com Nasdaq peak in real terms, CapEx commitments across Microsoft, Meta, Alphabet, Amazon, Oracle, and CoreWeave range from 87% to 567% of free cash flow with no…
“The short answer to the first part of the question would seem to be yes. It is the biggest”
FUNDSMITH Annual Shareholders' Meeting February 2026
Shares cratered after a demonstrably bad Mailchimp acquisition, creating an opportunity to re-enter a high-quality accounting and tax software business at a depressed price with the acquisition overhang fading
“the acquisition is sufficiently bad that they've now started reporting numbers ex-Mailchimp... we've started buying them”
90d -38.5% · 180d -25.6%
FUNDSMITH Annual Shareholders' Meeting February 2026
World's largest veterinary pharmaceutical company complements their Idexx holding in the vet sector; after share price weakness on drug side-effect concerns, a practising vet consultant confirmed the drug remains clinically appropriate to prescribe
“she said she knew about the side effects and would prescribe it”
90d -34.0% · 180d -38.8%
FUNDSMITH Annual Shareholders' Meeting February 2026
2026-03-17
IDEX
bullish
Terry Smith · video
Idexx veterinary diagnostic equipment is back on a growth trend after the post-pandemic normalisation in pet visits fully ran its course, with the long-term structural story for companion animal health care intact
“it's now back on a growth trend again, I'm pleased to say”
FUNDSMITH Annual Shareholders' Meeting February 2026
Weight loss drugs directly threaten the snacks segment while persistent free cash flow growth weakness over several years removes the investment case
“snacks are actually in the crosshairs of that... so we sold them”
90d +5.6% · 180d +11.0%
FUNDSMITH Annual Shareholders' Meeting February 2026
2026-03-17
WKL
bullish
Terry Smith · video
Wolters Kluwer's database of peer-reviewed medical and legal research is structurally resilient to AI disruption because AI hallucinations make it unsuitable for high-stakes professional research where accuracy is mission-critical
“I don't think I really want people to research medical procedures that they use on me by that method”
FUNDSMITH Annual Shareholders' Meeting February 2026
Philip Morris is the structural leader in reduced-risk tobacco products—heat-not-burn and nicotine pouches—with the transition to these formats now visibly flowing through in share price performance
“they are the leader in reduced risk products... this has really been a great success for the company”
90d +6.1% · 180d +14.7%
FUNDSMITH Annual Shareholders' Meeting February 2026
2026-03-17
UNILEVER ICE CREAM SPINOFF (MAGNUM BRAND)
bullish
Terry Smith · video
The ice cream business is a good stand-alone operation that was strategically misfit inside Unilever and has self-help levers available as an independent company to improve performance over time
“I think it may have some mileage in terms of self-help to do some things that will improve its performance over the years”
FUNDSMITH Annual Shareholders' Meeting February 2026
2026-02-02
long V / long MA / long PYPL
basket
Terry Smith · video
85% of global transactions are still done in cash, making cash the real competitor — not each other — giving payment networks a vast multi-decade white-space growth runway as digital displaces physical currency
“Their big competitor is not each other. Their big competitor is cash. 85% of the world's transactions are still done in cash.”
90d -4.8% · 180d +8.1%
How We Find Compounding Machines - Terry Smith
2026-02-02
long KNEBV / long OTIS / long SCHP
basket
Terry Smith · video
Elevator and escalator companies derive the majority of revenue not from new equipment sales but from legally mandated, non-optional service and spares contracts, with 75% of customers signing maintenance agreements with the original equipment manufacturer —…
“I'm reasonably confident that I won't wake up one morning and find my holding in elevator companies has been wiped out by a new way of going up and down in high buildings.”
90d -5.1% · 180d -7.5%
How We Find Compounding Machines - Terry Smith
Colgate holds over 50% of the global toothpaste market, 35% of toothbrushes, is number one in liquid soap, and number three in pet food — entrenched market dominance across multiple categories means the competitive battle for oral care has already been won…
“You want to get into oral care? They've won basically.”
90d -6.5% · 180d -1.0%
How We Find Compounding Machines - Terry Smith
Diageo provides access to two of the world's top five spirits brands (Johnnie Walker and Smirnoff) in a category that structurally generates 70% gross margins and 30% returns on capital in cash, driven by premiumisation in developed markets and…
“The combination of some alcohol, some marketing, and some packaging produces 70% gross margins, 30% returns on capital in cash. It's a great business.”
90d -13.9% · 180d -2.9%
How We Find Compounding Machines - Terry Smith
2026-02-02
AIRLINE INDUSTRY
bearish
Terry Smith · video
Airlines averaged only ~3.5% return on capital over a 20-year period against an ~8.5% cost of capital, generating a persistent ~negative 5% annual return on $500 billion of industry capital — a structural value-destruction machine that serial bankruptcies and…
“This is a machine for losing money. They lost 5% of 500 billion for their investors collectively per annum.”
How We Find Compounding Machines - Terry Smith
2026-02-02
AMS
bullish
Terry Smith · video
Amadeus IT charges only €4 per passenger for reservation, boarding pass, and weight-and-balance processing — a small-ticket repeat transaction with high switching costs that makes airlines reluctant to change once installed, creating a durable installed-base…
“once you've installed their system you're reluctant to change. It's a barrier to new competition coming in.”
90d -13.6% · 180d -30.3%
How We Find Compounding Machines - Terry Smith
Becton Dickinson sells a 10-pence disposable syringe in packs of 100 — the archetype of large-volume, small-ticket, repeat medical transactions — augmented by a proprietary needle-locking mechanism (plunger can't be pressed twice) that prevents needle sharing…
“Nobody thinks twice about 10p when they give you an injection and it has a unique feature which is the plunger can't be pressed twice.”
90d -7.2% · 180d +8.7%
How We Find Compounding Machines - Terry Smith
2026-02-02
BF
bullish
Terry Smith · video
Brown-Forman (Jack Daniel's) is Terry Smith's 'poster child for resilience' — having survived two world wars, the Great Depression, and Prohibition by obtaining a US government medicinal-whiskey licence — participating in the same high-ROCE spirits category…
“my poster child for resilience is Brown Foreman... their product was declared illegal in their home market. They survived.”
How We Find Compounding Machines - Terry Smith
2026-02-02
NSRGY
bullish
Terry Smith · video
Nestlé built the entire developing-world dairy infrastructure from scratch — convincing farmers, installing refrigerated transport, building processing plants, placing fridges in shops — creating a supply-chain and distribution moat that a new competitor…
“that safety in that Nestle brand combined with their stranglehold on supply chain and distribution is a killer moat.”
How We Find Compounding Machines - Terry Smith
2026-01-15
DGE
bearish
Seth Klarman · video
Structural headwinds including Gen Z drinking less, GLP-1/Ozempic reducing alcohol consumption, and rising cannabis use create secular decline in spirits demand, making the stock uninvestable despite an elevated free cash flow yield above 6%
“I've got no drinks companies right now...too many secular, structural headwinds at the moment for us to own anything there”
Terry Smith on quality investing & how patience is critical
Post-COVID growth normalisation from 40% to 10% caused an excessive share price halving, creating a buying opportunity in a fundamentally sound internet security business with a large installed base of Fortigate routers
“the share price halved, and we bought a load of it”
90d +4.4% · 180d +118.6%
Terry Smith on quality investing & how patience is critical
Said again: 2026-03-17 (Terry Smith)
2026-01-15
PASSIVE INDEX FUNDS / MOMENTUM-DRIVEN LARGE-CAP CONCENTRATION
bearish
Seth Klarman · video
Index funds now exceed 50% of AUM and act as momentum vehicles that amplify flows into the largest stocks regardless of valuation, creating a reflexive bubble that will eventually reverse with multiplier-effect losses when flows reverse
“top 10 companies in the S&P are now two-thirds of the return...going into them irrespective of their quality or valuation”
Terry Smith on quality investing & how patience is critical
2026-01-15
BF
bearish
Seth Klarman · video
Despite family-controlled governance offering some comfort, the same secular headwinds facing the spirits industry (Gen Z sobriety, Ozempic, cannabis) ultimately led to a full exit from the position
“we decided no, that there were too many secular, structural headwinds at the moment to own anything there”
Terry Smith on quality investing & how patience is critical
Said again: 2026-03-17 (Terry Smith)
2026-01-15
WPP
bearish
Seth Klarman · video
AI can replace advertising agencies in both creative production and media placement, eliminating the need for intermediaries and structurally impairing their business model
“Have a look at the prices of WPP and advertising agencies...do we really need them to devise our next advert?”
90d +17.2% · 180d +13.0%
Terry Smith on quality investing & how patience is critical
Temporary overhang from a Bettencourt family governance dispute depressed the valuation of a high-quality consumer franchise, creating an opportunity to swap out of a less attractive holding at attractive relative prices
“we sold all of our Clorox and bought all of the L'Oreal on the spot”
Terry Smith on quality investing & how patience is critical
Sixteen years without a genuine economic downturn, passive index inflows now exceeding 50% of AUM are creating self-reinforcing momentum that concentrates two-thirds of market returns in the top-ten stocks regardless of valuation, closely mirroring dot-com…
“massively overdue, I think”
90d -1.4% · 180d -9.2%
Terry Smith on quality investing & how patience is critical
2026-01-15
ALCOHOLIC BEVERAGES SECTOR (DIAGEO, BROWN-FORMAN)
bearish
Seth Klarman · video
Gen Z drinking less, GLP-1/Ozempic users cut alcohol spending first per 150k-household dataset, and legal cannabis expansion constitute multi-factor secular headwinds; new management unlikely to overcome entrenched structural problems per the Buffett…
“too many secular, structural headwinds at the moment for us to own anything there”
Terry Smith on quality investing & how patience is critical
2026-01-15
AI HYPERSCALERS / MAGNIFICENT SEVEN CAPEX THEME
bearish
Seth Klarman · video
Massive AI data-center capex is transforming formerly capital-light tech giants into capital-intensive businesses that no longer fit his quality criteria; either returns compress materially as capex rises, or AI monetization disappoints on the expected…
“either the returns will come down very significantly... or the promised land of AI won't arrive... and I think their share prices will collapse”
Terry Smith on quality investing & how patience is critical
Procter & Gamble corrected its over-reliance on price increases to drive revenue after Nelson Peltz joined the board and refocused management on volume growth, removing the flaw that caused the original sale
“they somehow seemed to have worked out that you need to sell more of stuff as well and good so I bought it back”
90d +3.1% · 180d +9.5%
How To Find Compounding Machines - Terry Smith
2026-01-08
IDXX
bullish
Terry Smith · video
IDEXX's installed base of veterinary diagnostic equipment creates a locked-in recurring client base with durable intangible value, and the stock was purchased at a deep discount due to temporary distribution channel disruption and forced Sequoia redemption…
“we got this opportunity to buy it very cheaply — it went up 100% per annum for the next few years”
90d -16.9% · 180d -20.0%
How To Find Compounding Machines - Terry Smith
The US hosts the world's largest economy, deepest capital markets, and the greatest concentration of high-return compounding businesses that have leveraged a powerful domestic franchise to expand globally
“he would always carry on with his work and just say US equities — and on average he's right”
90d -1.7% · 180d +9.0%
How To Find Compounding Machines - Terry Smith
Unilever has survived over a century of disruptions including WWII occupation of its headquarters, exemplifying the compounding durability of high-return consumer businesses with strong intangible assets
“Unilever survived World War II even though its continental headquarters was overrun by the Germans and occupied — it survived”
90d -7.3% · 180d +0.7%
How To Find Compounding Machines - Terry Smith
2025-11-21
ESLOY
bullish
Terry Smith · video
EssilorLuxottica dominates eyeglass lenses and frames with secular vision-correction tailwinds, myopia-treatment innovation, and the Ray-Ban Meta smart glasses are a breakout product at one-tenth of Apple's VR price with far greater commercial success
“it's a big leap forward... one-tenth of the price and wildly successful”
Terry Smith: what I’ve been buying this year in Fundsmith Equity Fund
Mailchimp acquisition disaster is now priced into the stock and management appears to have learned not to overpay or stray outside core competency, making re-entry attractive
“I think the good news is that's got into the share price and I think they may have learned something from that”
90d -42.4% · 180d -41.8%
Terry Smith: what I’ve been buying this year in Fundsmith Equity Fund
Said again: 2026-02-02 (Terry Smith)
Zoetis is the largest veterinary pharmaceutical company benefiting from the secular trend of pet humanisation; drug side-effect fears have depressed the share price but the drug remains efficacious and widely prescribed, making the dip a buying opportunity
“it's got side effects but it's very efficacious and we know about the side effects”
90d +4.7% · 180d -34.1%
Terry Smith: what I’ve been buying this year in Fundsmith Equity Fund
2025-11-20
long MSFT / long META / long GOOGL
basket
Terry Smith · video
Microsoft, Meta, and Alphabet offer AI participation with durable downside protection because their diversified revenue bases (advertising, search, social media, operating systems) persist even if AI proves to be hype, unlike pure-play AI names that could…
“we own quite a lot of Microsoft, Meta, and Alphabet. And all of them are involved in this”
90d -0.8% · 180d +8.0%
Terry Smith on market worries and Fundsmith underperformance
2025-11-20
long PG / long CHD
basket
Terry Smith · video
Defensive consumer staples like P&G and Church & Dwight will significantly outperform high-valuation tech in an economic downturn, which is overdue after 17 years and flagged by deteriorating signals in private credit and employment.
“Procter & Gamble and Church & Dwight...will fare an awful lot better than the highly valued high-tech”
90d +15.1% · 180d +6.2%
Terry Smith on market worries and Fundsmith underperformance
Microsoft has been a top-five performer for eight consecutive years and is at the center of enterprise AI deployment, but the fund holds it with valuation discomfort at 38x earnings and acknowledges the AI hyperscaler capex cycle may not generate adequate…
“I'm not all that happy with that to be honest with you”
90d +23.5% · 180d +29.2% · 1y +3.7%
FUNDSMITH Annual Shareholders' Meeting February 2025
Novo Nordisk holds ~two-thirds of the obesity drug market with 85% gross margins and 69% ROIC, and is expanding its label pipeline into cardiovascular, kidney, Alzheimer's, addiction, and sleep apnea; at 28x PE versus Eli Lilly's 75x it is significantly…
“they've invented the elixir of life”
90d +6.3% · 180d -28.1% · 1y -49.0%
FUNDSMITH Annual Shareholders' Meeting February 2025
Showing the 60 most recent of 122 tracked stances.
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