In a recent 13F filing, celebrated investor Terry Smith's firm, Fundsmith, disclosed a new position in Veeva Systems. The filing, which reflects trades made during the second quarter of 2026, revealed the acquisition of over 816,000 shares valued at approximately $144.95 million. This new holding now constitutes a 1.06% weight in Fundsmith's reported portfolio.
Veeva Systems provides cloud-based software for the life sciences industry. The investment was part of a broader increase in trading activity for Fundsmith in the first half of 2026. Smith highlighted Veeva's roughly 80% market share in pharmaceutical customer relationship software and the high switching costs its customers face as key reasons for the investment.