Terry Smith's Fundsmith exited Zoetis Inc (ZTS) during 2026 Q2, according to the 13F-HR filed with the SEC on August 14, 2026, selling all 3.88M shares. The position had been worth about $458.4M at the prior quarter-end and carried 3.57% of the book. ZTS had been in the portfolio for 5.5 years, since the quarter ended December 31, 2020.
What did the 2026 Q2 filing report for ZTS?
As of June 30, 2026, from the 13F-HR filed August 14, 2026.
| Before | After | |
|---|---|---|
| Shares | 3.88M | 0 |
| Reported value | $458.4M | $0 |
| Portfolio weight | 3.57% | 0% |
| Held since | 2020 Q4 | sold out in 2026 Q2 |
| Quarters held | 22 |
What did Terry Smith sell?
Terry Smith sold 3.88M shares of ZTS between the quarter ended March 31, 2026 and June 30, 2026. The ZTS exit was the 6th largest of the quarter's 44 position changes by percent change to portfolio.
Where does ZTS sit in the Terry Smith portfolio?
Before the sale, ZTS carried 3.57% of the Terry Smith portfolio, above the fund's average stock position of 2%. 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.
How long has Terry Smith held ZTS?
Terry Smith held ZTS for 5.5 years, from the quarter ended December 31, 2020 to March 31, 2026. The weight peaked at 3.57% in 2026 Q1. The share count had been unchanged the quarter before. Every reported trade is on the Terry Smith ZTS trade history page.
Did other funds buy or sell ZTS in 2026 Q2?
Among the other tracked funds that had filed for 2026 Q2 as of August 14, 2026, 6 still hold ZTS. One other tracked fund sold out of it this quarter as well. Meanwhile 2 opened it. The largest buyers of ZTS this quarter were Tweedy, Browne Co All Funds (US), Mairs & Power Growth Fund and Phil Town. The largest sellers were Polen Capital Management, David Rolfe and Paul Lountzis. Every tracked holder of ZTS is on the ZTS ownership page.
FAQ
How many ZTS shares did Terry Smith sell?
Terry Smith sold all 3.88M shares of ZTS it reported a quarter earlier, worth about $458.4M.
When did Terry Smith first buy ZTS?
Terry Smith first reported ZTS in the quarter ended December 31, 2020.
How much of the Terry Smith portfolio was ZTS?
ZTS was 3.57% of the Terry Smith portfolio at the prior quarter-end, and 0% after the sale.
Did other funds sell ZTS in 2026 Q2?
One other tracked fund sold out of ZTS in 2026 Q2 and 2 trimmed it; 6 still hold it.