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Fundsmith

Jun 2025 → Jun 2026 · Publishes twice a year · 2 funds

Our archive holds 4 letters from Fundsmith, behind 10 investment theses and positions in 24 companies. Every quote below is copied verbatim from the letter it came from.

Fundsmith’s own letters page
4
Letters
24
Companies
24
Moves
10
Theses

What they bought and sold · 24 moves

  • ExitedNovo Nordisk
    June 2026
    “We exited or have started exiting: Atlas Copco, Coloplast, Essilor Luxottica, Intuit, LVMH, Magnum Ice Cream, Mettler-Toledo, Nike, Novo Nordisk, Otis, Unilever, Wolters Kluwer, and Zoetis.”
    Read the letter
  • New positionGE Vernova
    June 2026
    “We began accumulating stakes in AppLovin, GE Vernova, Legrand, Mastercard, Netflix, Nextpower, Sage, The TJX Companies, TSMC, Uber, Veeva Systems, and Yum! Brands.”
    Read the letter
  • New positionVeeva Systems
    June 2026
    “We began accumulating stakes in AppLovin, GE Vernova, Legrand, Mastercard, Netflix, Nextpower, Sage, The TJX Companies, TSMC, Uber, Veeva Systems, and Yum! Brands.”
    Read the letter
  • ExitedIntuit
    June 2026
    “We exited or have started exiting: Atlas Copco, Coloplast, Essilor Luxottica, Intuit, LVMH, Magnum Ice Cream, Mettler-Toledo, Nike, Novo Nordisk, Otis, Unilever, Wolters Kluwer, and Zoetis.”
    Read the letter
  • New positionNetflix
    June 2026
    “We began accumulating stakes in AppLovin, GE Vernova, Legrand, Mastercard, Netflix, Nextpower, Sage, The TJX Companies, TSMC, Uber, Veeva Systems, and Yum! Brands.”
    Read the letter
  • New positionNextpower
    June 2026
    “We began accumulating stakes in AppLovin, GE Vernova, Legrand, Mastercard, Netflix, Nextpower, Sage, The TJX Companies, TSMC, Uber, Veeva Systems, and Yum! Brands.”
    Read the letter
  • New positionTSMC
    June 2026
    “We began accumulating stakes in AppLovin, GE Vernova, Legrand, Mastercard, Netflix, Nextpower, Sage, The TJX Companies, TSMC, Uber, Veeva Systems, and Yum! Brands.”
    Read the letter
  • TrimmedMicrosoft
    June 2026
    “We have reduced our stakes in IDEXX on valuation grounds and in Microsoft.”
    Read the letter
  • New positionSage
    June 2026
    “We switched our position from Intuit into Sage, the other main operator in accounting software.”
    Read the letter
  • New positionUber
    June 2026
    “We began accumulating stakes in AppLovin, GE Vernova, Legrand, Mastercard, Netflix, Nextpower, Sage, The TJX Companies, TSMC, Uber, Veeva Systems, and Yum! Brands.”
    Read the letter
  • TrimmedIDEXX
    June 2026
    “We have reduced our stakes in IDEXX on valuation grounds and in Microsoft.”
    Read the letter
  • ExitedZoetis
    June 2026
    “We exited or have started exiting: Atlas Copco, Coloplast, Essilor Luxottica, Intuit, LVMH, Magnum Ice Cream, Mettler-Toledo, Nike, Novo Nordisk, Otis, Unilever, Wolters Kluwer, and Zoetis.”
    Read the letter
  • ExitedMettler-Toledo
    June 2026
    “We exited or have started exiting: Atlas Copco, Coloplast, Essilor Luxottica, Intuit, LVMH, Magnum Ice Cream, Mettler-Toledo, Nike, Novo Nordisk, Otis, Unilever, Wolters Kluwer, and Zoetis.”
    Read the letter
  • ExitedOtis
    June 2026
    “We exited or have started exiting: Atlas Copco, Coloplast, Essilor Luxottica, Intuit, LVMH, Magnum Ice Cream, Mettler-Toledo, Nike, Novo Nordisk, Otis, Unilever, Wolters Kluwer, and Zoetis.”
    Read the letter
  • New positionThe TJX Companies
    June 2026
    “We began accumulating stakes in AppLovin, GE Vernova, Legrand, Mastercard, Netflix, Nextpower, Sage, The TJX Companies, TSMC, Uber, Veeva Systems, and Yum! Brands.”
    Read the letter
  • ExitedWolters Kluwer
    June 2026
    “We exited or have started exiting: Atlas Copco, Coloplast, Essilor Luxottica, Intuit, LVMH, Magnum Ice Cream, Mettler-Toledo, Nike, Novo Nordisk, Otis, Unilever, Wolters Kluwer, and Zoetis.”
    Read the letter
  • New positionAppLovin
    June 2026
    “We began accumulating stakes in AppLovin, GE Vernova, Legrand, Mastercard, Netflix, Nextpower, Sage, The TJX Companies, TSMC, Uber, Veeva Systems, and Yum! Brands.”
    Read the letter
  • ExitedAtlas Copco
    June 2026
    “We exited or have started exiting: Atlas Copco, Coloplast, Essilor Luxottica, Intuit, LVMH, Magnum Ice Cream, Mettler-Toledo, Nike, Novo Nordisk, Otis, Unilever, Wolters Kluwer, and Zoetis.”
    Read the letter
  • ExitedNike
    June 2026
    “We exited or have started exiting: Atlas Copco, Coloplast, Essilor Luxottica, Intuit, LVMH, Magnum Ice Cream, Mettler-Toledo, Nike, Novo Nordisk, Otis, Unilever, Wolters Kluwer, and Zoetis.”
    Read the letter
  • New positionYum! Brands
    June 2026
    “We began accumulating stakes in AppLovin, GE Vernova, Legrand, Mastercard, Netflix, Nextpower, Sage, The TJX Companies, TSMC, Uber, Veeva Systems, and Yum! Brands.”
    Read the letter
  • ExitedLVMH
    June 2026
    “We exited or have started exiting: Atlas Copco, Coloplast, Essilor Luxottica, Intuit, LVMH, Magnum Ice Cream, Mettler-Toledo, Nike, Novo Nordisk, Otis, Unilever, Wolters Kluwer, and Zoetis.”
    Read the letter
  • ExitedUnilever
    June 2026
    “We exited or have started exiting: Atlas Copco, Coloplast, Essilor Luxottica, Intuit, LVMH, Magnum Ice Cream, Mettler-Toledo, Nike, Novo Nordisk, Otis, Unilever, Wolters Kluwer, and Zoetis.”
    Read the letter
  • New positionLegrand
    June 2026
    “We began accumulating stakes in AppLovin, GE Vernova, Legrand, Mastercard, Netflix, Nextpower, Sage, The TJX Companies, TSMC, Uber, Veeva Systems, and Yum! Brands.”
    Read the letter
  • New positionMastercard
    June 2026
    “We began accumulating stakes in AppLovin, GE Vernova, Legrand, Mastercard, Netflix, Nextpower, Sage, The TJX Companies, TSMC, Uber, Veeva Systems, and Yum! Brands.”
    Read the letter

Companies held · 24

Every company Fundsmith has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 10

  • Veeva Systems
    June 2026

    Veeva Systems provides mission-critical cloud software for life sciences, with very high switching costs, dominant market share, and AI-enabled upsell potential.

    Read the full thesis
  • AppLovin
    June 2026

    AppLovin monetizes mobile ad targeting through its AXON engine, which drives network effects, high growth, and expansion into e-commerce and CTV.

    Read the full thesis
  • Netflix
    June 2026

    Netflix leads subscription streaming with unmatched scale, a large content budget, and growth from ads, password-sharing enforcement, and international expansion.

    Read the full thesis
  • Mastercard
    June 2026

    Mastercard operates a global payments network with powerful network effects and long runway from cash-to-digital migration and B2B payments.

    Read the full thesis
  • Uber
    June 2026

    Uber runs a two-sided mobility and delivery platform with strong network effects, improving cash generation, and optionality in new services and autonomous vehicles.

    Read the full thesis
  • GE Vernova
    June 2026

    GE Vernova builds and services gas turbines and grid equipment, benefiting from high switching costs, a large backlog, and exposure to grid upgrades, AI data centers, and SMRs.

    Read the full thesis
  • Nextpower
    June 2026

    Nextpower supplies solar tracking systems with switching costs and proprietary software, benefiting from renewable energy growth and data center-adjacent power demand.

    Read the full thesis
  • Legrand
    June 2026

    Legrand makes electrical and digital building infrastructure, with an entrenched distribution moat and growth from smart buildings and data center power systems.

    Read the full thesis
  • The TJX Companies
    June 2026

    TJX runs an off-price retail model with supply-chain agility, vendor relationships, and a hard-to-replicate shopping experience.

    Read the full thesis
  • Taiwan Semiconductor Manufacturing Company
    June 2026

    TSMC is the leading contract chipmaker with a formidable manufacturing moat and long-term growth from AI and global compute demand.

    Read the full thesis

Letter archive · 4

2026

2025

Funds · 2

  • Fundsmith3
  • Fundsmith Equity Fund1

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