In a quarterly disclosure filed in mid-August, Terry Smith's firm, Fundsmith, reported a significant reduction in its holding of Waters Corp (WAT). The 13F filing, which details trades made during the second quarter ending June 30, 2026, revealed that Fundsmith sold approximately 938,000 shares, cutting its position by nearly 30% to 2.27 million shares.
Waters Corp is a global leader in analytical instruments and software for the life sciences, materials, and food industries. Despite the large sale, the company remains a top three holding for Fundsmith, accounting for 6.25% of the reported portfolio. No public comments from Smith or the firm were available to explain the motive behind the substantial reduction in this long-term position.