Fortinet, Inc.
MX ˙ BMV ˙ US34959E1091
SecurityMX:FTNT / Fortinet, Inc.
InstitutionFundsmith LLP
ManagerTerry Smith
Latest Disclosed Ownership6,156,675 shares
Latest Disclosed Value $ 503,123,481
Fundsmith LLP reports 5.51% decrease in ownership of FTNT / Fortinet, Inc.

On May 15, 2026 - Fundsmith LLP filed a 13F-HR form disclosing ownership of 6,156,675 shares of Fortinet, Inc. (MX:FTNT) valued at $503,123,481 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 17, 2026 disclosing 6,516,011 shares of Fortinet, Inc.. This represents a change in shares of -5.51% during the quarter.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-15 2026-03-31 13F FORTINET COM 34959E109 6,156,675 -359,336 -5.51 503,123 -2.77 3.9221
2026-02-17 2025-12-31 13F FORTINET COM 34959E109 6,516,011 -1,904,081 -22.61 517,436 -26.91 3.0231
2025-11-14 2025-09-30 13F FORTINET COM 34959E109 8,420,092 1,730 0.02 707,961 -20.45 3.5764
2025-08-14 2025-06-30 13F FORTINET COM 34959E109 8,418,362 -104,678 -1.23 889,989 8.48 3.8667
2025-05-15 2025-03-31 13F FORTINET COM 34959E109 8,523,040 -7,383 -0.09 820,428 1.80 3.7335
2025-02-14 2024-12-31 13F FORTINET COM 34959E109 8,530,423 -1,587,870 -15.69 805,954 2.71 3.4357
2024-11-14 2024-09-30 13F FORTINET ORD COM 34959E109 10,118,293 -167,371 -1.63 784,674 26.58 3.1041
2024-08-14 2024-06-30 13F FORTINET ORD COM 34959E109 10,285,664 2,110,679 25.82 619,917 11.01 2.5262
2024-05-15 2024-03-31 13F FORTINET ORD COM 34959E109 8,174,985 843,141 11.50 558,433 30.13 2.1856
2024-02-14 2023-12-31 13F FORTINET ORD COM 34959E109 7,331,844 2,407,603 48.89 429,133 48.51 1.7964
2023-11-14 2023-09-30 13F FORTINET ORD COM 34959E109 4,924,241 2,610,938 112.87 288,954 65.25 1.3129
2023-08-14 2023-06-30 13F FORTINET ORD COM 34959E109 2,313,303 0 0.00 174,863 13.74 0.7337
2023-05-15 2023-03-31 13F FORTINET ORD COM 34959E109 2,313,303 0 0.00 153,742 35.94 0.6634
2023-02-14 2022-12-31 13F FORTINET ORD COM 34959E109 2,313,303 -2,554 -0.11 113,097 -0.60 0.5165
2022-11-14 2022-09-30 13F FORTINET ORD COM 34959E109 2,315,857 26,787 1.17 113,778 -12.15 0.5401
2022-08-15 2022-06-30 13F FORTINET ORD COM 34959E109 2,289,070 1,827,077 395.48 129,516 -17.97 0.5715
2022-05-16 2022-03-31 13F FORTINET ORD COM 34959E109 461,993 -173,782 -27.33 157,881 -30.90 0.5422
2022-02-14 2021-12-31 13F FORTINET COM 34959E109 635,775 1,360 0.21 228,498 23.33 0.5575
2021-11-12 2021-09-30 13F FORTINET COM 34959E109 634,415 -117,615 -15.64 185,275 3.43 0.5122
2021-08-13 2021-06-30 13F FORTINET COM 34959E109 752,030 4,122 0.55 179,126 29.87 0.4964
2021-05-14 2021-03-31 13F FORTINET COM 34959E109 747,908 3,137 0.42 137,929 24.69 0.4387
2021-02-12 2020-12-31 13F FORTINET COM 34959E109 744,771 532,326 250.57 110,621 341.99 0.3667
2020-11-12 2020-09-30 13F FORTINET COM 34959E109 212,445 212,445 25,028 0.0978
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.