Terry Smith’s portfolio: Fundsmith 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001569205Latest: Q2 2026
Q1 2025 filing in brief
In its Q1 2025 13F, filed May 15, 2025, Fundsmith reported $22.0B across 38 US positions. The largest: META (10.2%), MSFT (9.2%), SYK (8.6%), PM (7.8%), V (6.6%). In the quarter it opened 2 positions, sold out of 2, added to 5 and trimmed 12; positions opened and sold out came to 4.8% of the portfolio's value.
Methodology
Holdings come from the manager’s Form 13F-HR filings on SEC EDGAR, with amendments applied. Values and shares are reported at quarter-end; the filing date is when the report became public. These disclosures show reported long positions and listed options, not the manager’s entire portfolio or its trades since quarter-end.
Quarterly changes compare shares with the immediately preceding quarter on file. New and exited positions appear or disappear; added and trimmed positions change their share count by more than 1%. A share change can also reflect a stock split or other corporate action.
Opened and sold out is the value of new positions plus the prior value of exited positions, divided by the average of the two quarters’ reported portfolio values. It excludes changes to positions still held. Reported value growth includes price changes and is not a measure of investment performance. Largest-five and largest-ten weights exclude options.
Holdings
Filed May 15, 2025
- 2 New
- 5 Added
- 12 Trimmed
- 2 Exited
38 positions at March 31, 2025. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | META | META PLATFORMS INC | $2.2B | 3.9M | 10.19% | −14.9% | Trimmed |
| 2 | MSFT | MICROSOFT CORP | $2.0B | 5.4M | 9.17% | −13.2% | Trimmed |
| 3 | SYK | STRYKER CORPORATION | $1.9B | 5.1M | 8.59% | −5.0% | Trimmed |
| 4 | PM | PHILIP MORRIS INTL INC | $1.7B | 10.8M | 7.81% | −3.9% | Trimmed |
| 5 | V | VISA INC | $1.4B | 4.1M | 6.60% | −10.5% | Trimmed |
| 6 | ADP | AUTOMATIC DATA PROCESSING IN | $1.4B | 4.5M | 6.28% | −10.0% | Trimmed |
| 7 | WAT | WATERS CORP | $1.3B | 3.6M | 6.06% | −0.6% | Held |
| 8 | IDXX | IDEXX LABS INC | $1.1B | 2.6M | 5.06% | −0.5% | Held |
| 9 | GOOGL | ALPHABET INC | $1.1B | 6.8M | 4.82% | −0.1% | Held |
| 10 | MAR | MARRIOTT INTL INC NEW | $1.0B | 4.3M | 4.61% | −0.1% | Held |
| 11 | FTNT | FORTINET INC | $820M | 8.5M | 3.73% | −0.1% | Held |
| 12 | PG | PROCTER AND GAMBLE CO | $787M | 4.6M | 3.58% | −0.1% | Held |
| 13 | CHD | CHURCH & DWIGHT CO INC | $754M | 6.8M | 3.43% | −0.1% | Held |
| 14 | MTD | METTLER TOLEDO INTERNATIONAL | $698M | 590.8K | 3.18% | −0.1% | Held |
| 15 | OTIS | OTIS WORLDWIDE CORP | $605M | 5.9M | 2.76% | −1.7% | Trimmed |
| 16 | TXN | TEXAS INSTRS INC | $490M | 2.7M | 2.23% | +60.3% | Added |
| 17 | ZTS | ZOETIS INC | $419M | 2.5M | 1.91% | +1020.2% | Added |
| 18 | NKE | NIKE INC | $389M | 6.1M | 1.77% | 0.0% | Held |
| 19 | BF.B | BROWN FORMAN CORP | $327M | 9.6M | 1.49% | 0.0% | Held |
| 20 | VRSN | VERISIGN INC | $145M | 570.0K | 0.66% | −8.7% | Trimmed |
| 21 | INTU | INTUIT | $112M | 181.6K | 0.51% | — | New |
| 22 | VRSK | VERISK ANALYTICS INC | $98M | 330.6K | 0.45% | −20.8% | Trimmed |
| 23 | CHH | CHOICE HOTELS INTL INC | $97M | 733.9K | 0.44% | 0.0% | Held |
| 24 | GGG | GRACO INC | $95M | 1.1M | 0.43% | 0.0% | Held |
| 25 | MSCI | MSCI INC | $94M | 166.6K | 0.43% | 0.0% | Held |
| 26 | QLYS | QUALYS INC | $90M | 718.6K | 0.41% | +31.1% | Added |
| 27 | PAYC | PAYCOM SOFTWARE INC | $90M | 413.5K | 0.41% | +28.2% | Added |
| 28 | CLX | CLOROX CO DEL | $90M | 613.5K | 0.41% | 0.0% | Held |
| 29 | ROL | ROLLINS INC | $86M | 1.6M | 0.39% | 0.0% | Held |
| 30 | — | ODDITY TECH LTD | $70M | 1.6M | 0.32% | 0.0% | Held |
| 31 | DOCS | DOXIMITY INC | $69M | 1.2M | 0.31% | +67.5% | Added |
| 32 | EXPO | EXPONENT INC | $68M | 836.5K | 0.31% | 0.0% | Held |
| 33 | SABR | SABRE CORP | $60M | 21.5M | 0.27% | 0.0% | Held |
| 34 | EFX | EQUIFAX INC | $57M | 235.5K | 0.26% | −35.2% | Trimmed |
| 35 | — | CATALYST PHARMACEUTICALS INC | $52M | 2.2M | 0.24% | — | New |
| 36 | HD | HOME DEPOT INC | $42M | 114.7K | 0.19% | −21.2% | Trimmed |
| 37 | MEDP | MEDPACE HLDGS INC | $39M | 127.5K | 0.18% | 0.0% | Held |
| 38 | MA | MASTERCARD INCORPORATED | $27M | 49.5K | 0.12% | −22.8% | Trimmed |
Every quarter on file (54)
From the manager’s Form 13F-HR filings on SEC EDGAR, amendments applied. Long US positions only; not a recommendation.