High-conviction investor Terry Smith's Fundsmith LLP reduced its position in Marriott International (MAR) by 23.29% during the second quarter of 2026, lowering its holdings from 3.37 million to 2.59 million shares. Despite the sale, which had an estimated value of $291 million, Marriott remained a top holding for the fund, with a portfolio weight of 7.02% at the end of the period. This follows a pattern of reductions, as the firm also trimmed its Marriott stake in the first quarter of 2026.
This trade information was disclosed in a quarterly 13F filing on August 14, 2026, reflecting transactions that occurred between April 1 and June 30. During that period, Marriott reported strong Q2 results, with a 3.4% increase in worldwide revenue per available room (RevPAR) and a 20% rise in adjusted earnings per share. The company also raised its full-year guidance, though it noted headwinds in international markets due to conflict in the Middle East. Fundsmith has not publicly commented on the specific reasons for the reduction.