Terry Smith

Smith analyzes Apple's services segment growth, noting it now represents over 25% of revenue with 70%+ gross margins. The installed base of 2.2 billion devices creates a recurring revenue machine.

Fundsmith holds a significant long position in Stryker, a high-quality global business with strong pricing power and high returns on capital. The investment is part of a concentrated portfolio of consumer and technology franchises, reflecting a long-term, quality-first investment framework.