Terry Smith's Fundsmith disclosed a new stake in YUM Brands, the parent company of KFC, Taco Bell, and Pizza Hut. According to its quarterly 13F filing, the firm purchased 556,110 shares, establishing a position valued at $88.90 million as of June 30, 2026. This new holding accounts for approximately 0.65% of Fundsmith's reported portfolio.
This investment was revealed in a portfolio update that is required to be filed quarterly, meaning the trades occurred between April and June 2026. In his semi-annual letter to shareholders, Terry Smith confirmed that Fundsmith had begun accumulating a stake in Yum! Brands during this period as part of a broader series of portfolio changes. The disclosure comes after Yum Brands reported strong second-quarter results, with growth in same-store sales and unit expansion.