Terry Smith's Fundsmith is back in Taiwan Semiconductor Manufacturing (TSM) in 2026 Q2, after 3.5 years out, according to the 13F-HR filed with the SEC on August 14, 2026. The filing lists 1.15M shares worth about $548.5M at June 30, 2026, 4.02% of the reported portfolio. TSM enters the book as the 14th largest of 41 stock positions.
What did the 2026 Q2 filing report for TSM?
As of June 30, 2026, from the 13F-HR filed August 14, 2026.
| Value | |
|---|---|
| Shares | 1.15M |
| Reported value | $548.5M |
| Portfolio weight | 4.02% |
| Rank in portfolio | 14th of 41 |
| Sold out in | 2022 Q4 |
| Out for | 3.5 years |
How big is the returning TSM position?
Terry Smith opened 13 stock positions in 2026 Q2; TSM is the 3rd largest of them by weight. An average stock position in the Terry Smith portfolio is 2% of the reported value, so the new name comes in above the fund's typical size.
Where does TSM sit in the Terry Smith portfolio?
TSM ranks 14th of 41 stock positions in the Terry Smith portfolio at 4.02%, above the fund's average stock position of 2%. The TSM purchase was the 4th largest of the quarter's 44 position changes by percent change to portfolio. The largest stock position is MAR at 7.02%. Next come SYK at 6.72% and WAT at 6.25%. The three largest stocks together are 19.99% of the book. Across the 2026 Q2 portfolio, Terry Smith reported 41 stock positions, with 13 opened and 6 closed. The total portfolio value is about $13.6B, up 6% from the prior quarter.
When did Terry Smith hold TSM before?
Terry Smith held TSM before. The fund first reported the name in the quarter ended December 31, 2020, sold out in 2022 Q4 and is back after 3.5 years out. The new stake is already larger than any weight the fund reported for the name before. Every reported trade is on the Terry Smith TSM trade history page.
Did other funds buy or sell TSM in 2026 Q2?
Among the other tracked funds that had filed for 2026 Q2 as of August 14, 2026, 23 hold TSM. Of those, one opened it this quarter. One other tracked fund sold out of it. The largest buyers of TSM this quarter were David Tepper, Sarah Ketterer and Polen Capital Management. The largest sellers were Lewis Sanders, Chase Coleman III and Eagle Capital Management. Every tracked holder of TSM is on the TSM ownership page.
FAQ
How many TSM shares does Terry Smith hold?
Terry Smith holds 1.15M shares of TSM as of June 30, 2026, worth about $548.5M.
What is TSM's weight in the Terry Smith portfolio?
TSM is 4.02% of the Terry Smith portfolio and ranks 14th of 41 stocks by weight.
Has Terry Smith owned TSM before?
Yes. Terry Smith held TSM before. The fund first reported the name in the quarter ended December 31, 2020, sold out in 2022 Q4 and is back after 3.5 years out.
How many other tracked funds hold TSM?
23 other tracked funds that had filed for 2026 Q2 hold TSM. One of them opened it this quarter.