2 managers · $112M totalData: SEC EDGAR 13F · 2026Q1
Manager holders · last 4 qtrsⓘ
2
2025Q2 – 2026Q1 · +1 QoQ
Total position
$112M
Combined value across tracked managers
Net move this quarter
↓ Trimming
Weighted by holders' share change
HolderQ actionValue% of port.Style
Baillie GiffordⓘTrim-3.53%$97M0.1%Long-term growth / Global allocation
MarkelHold$15M0.13%Insurance float / Long-term value
What managers sayⓘ
2025-12-31FundsmithBearFundsmith Annual Letter to Shareholders 2025Detail →
2025-12-31FundsmithBearFundsmith Equity Fund Annual Report 2025Detail →
2025-06-30FundsmithBearFundsmith Equity Fund Interim Report 2025Detail →
2022-06-30FundsmithBearFundsmith Equity Fund Interim Report 2022Detail →
2021-06-30FundsmithBullFundsmith Equity Fund Interim Report 2021Detail →
2011-12-31FundsmithBullFundsmith Equity Fund Annual Report 2011Detail →
Earnings Callsⓘ
Q2 2026July 9, 2026
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The overall results for this quarter met expectations, but North America slightly underperformed, with strong growth driven by the international business. The core reason was that higher gasoline prices suppressed consumption in North America.
Global revenue grew 7% , food sales volumes rose 3% , and beverages grew 2% —all marking the fastest growth rates since 2022. EPS grew 6% (reported basis).
In North America, food sales volumes recovered thanks to price reductions and portfolio innovation, but the gas station channel saw weak conversion due to high gasoline prices, dragging on the pace of recovery. International business grew 7% with improved margins, supported by the World Cup and resilience in emerging markets.
Guidance revised downwards? Management reaffirmed its full-year guidance but expects it to lean towards the lower end, with a gradual improvement in North America in the second half of the year. Tariff refunds are expected to contribute approximately 1 percentage point to EPS.
Management is confident about the international business, but consumer sentiment in North America has not shown clear improvement, and gasoline prices remain a headwind.