In a notable move, Terry Smith's Fundsmith initiated a new position in TJX Companies, the parent of T.J. Maxx and Marshalls, during the second quarter of 2026. According to a delayed quarterly filing with the SEC, the firm purchased 2.27 million shares, valued at approximately $344.30 million as of June 30, 2026. This new holding represents a 2.52% weight in Fundsmith's portfolio.
The investment in the off-price retailer was part of a broader portfolio overhaul for Fundsmith in the first half of 2026. In his semi-annual letter, Smith highlighted TJX's extensive network of over 1,400 buyers and 21,000 vendors, which enables its signature "treasure hunt" shopping experience—a model that is difficult for e-commerce to replicate. This disclosure provides a glimpse into the firm's portfolio adjustments from several months ago.