Terry Smith’s portfolio: Fundsmith 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001569205Latest: Q2 2026
Q2 2025 filing in brief
In its Q2 2025 13F, filed August 14, 2025, Fundsmith reported $23.0B across 39 US positions. The largest: META (11.4%), MSFT (10.7%), SYK (8.0%), PM (7.2%), IDXX (6.2%). In the quarter it opened 3 positions, sold out of 2, added to 4 and trimmed 15; positions opened and sold out came to 2.5% 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 Aug 14, 2025
- 3 New
- 4 Added
- 15 Trimmed
- 2 Exited
39 positions at June 30, 2025. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | META | META PLATFORMS INC | $2.6B | 3.6M | 11.44% | −8.1% | Trimmed |
| 2 | MSFT | MICROSOFT CORP | $2.5B | 4.9M | 10.68% | −8.0% | Trimmed |
| 3 | SYK | STRYKER CORPORATION | $1.9B | 4.7M | 8.04% | −7.7% | Trimmed |
| 4 | PM | PHILIP MORRIS INTL INC | $1.7B | 9.1M | 7.18% | −16.0% | Trimmed |
| 5 | IDXX | IDEXX LABS INC | $1.4B | 2.6M | 6.15% | −0.3% | Held |
| 6 | V | VISA INC | $1.4B | 3.9M | 5.95% | −6.8% | Trimmed |
| 7 | ADP | AUTOMATIC DATA PROCESSING IN | $1.3B | 4.4M | 5.84% | −3.4% | Trimmed |
| 8 | WAT | WATERS CORP | $1.3B | 3.6M | 5.47% | −0.1% | Held |
| 9 | GOOGL | ALPHABET INC | $1.2B | 6.8M | 5.21% | −0.6% | Held |
| 10 | MAR | MARRIOTT INTL INC NEW | $1.2B | 4.2M | 5.03% | −0.4% | Held |
| 11 | FTNT | FORTINET INC | $890M | 8.4M | 3.87% | −1.2% | Trimmed |
| 12 | PG | PROCTER AND GAMBLE CO | $728M | 4.6M | 3.16% | −1.0% | Held |
| 13 | MTD | METTLER TOLEDO INTERNATIONAL | $693M | 590.0K | 3.01% | −0.1% | Held |
| 14 | CHD | CHURCH & DWIGHT CO INC | $656M | 6.8M | 2.85% | −0.3% | Held |
| 15 | OTIS | OTIS WORLDWIDE CORP | $576M | 5.8M | 2.50% | −0.8% | Held |
| 16 | TXN | TEXAS INSTRS INC | $565M | 2.7M | 2.45% | −0.2% | Held |
| 17 | ZTS | ZOETIS INC | $450M | 2.9M | 1.95% | +13.3% | Added |
| 18 | NKE | NIKE INC | $435M | 6.1M | 1.89% | −0.1% | Held |
| 19 | INTU | INTUIT | $290M | 368.5K | 1.26% | +102.9% | Added |
| 20 | — | ODDITY TECH LTD | $107M | 1.4M | 0.46% | −12.3% | Trimmed |
| 21 | QLYS | QUALYS INC | $103M | 718.6K | 0.45% | 0.0% | Held |
| 22 | MSCI | MSCI INC | $96M | 166.6K | 0.42% | 0.0% | Held |
| 23 | PAYC | PAYCOM SOFTWARE INC | $96M | 413.5K | 0.42% | 0.0% | Held |
| 24 | CHH | CHOICE HOTELS INTL INC | $93M | 733.9K | 0.40% | 0.0% | Held |
| 25 | VRT | VERTIV HOLDINGS CO | $93M | 724.9K | 0.40% | — | New |
| 26 | ROL | ROLLINS INC | $83M | 1.5M | 0.36% | −7.4% | Trimmed |
| 27 | DOCS | DOXIMITY INC | $83M | 1.4M | 0.36% | +14.0% | Added |
| 28 | VRSN | VERISIGN INC | $78M | 270.6K | 0.34% | −52.5% | Trimmed |
| 29 | GGG | GRACO INC | $77M | 900.5K | 0.34% | −21.0% | Trimmed |
| 30 | CLX | CLOROX CO DEL | $74M | 613.5K | 0.32% | 0.0% | Held |
| 31 | SABR | SABRE CORP | $68M | 21.5M | 0.30% | 0.0% | Held |
| 32 | — | CATALYST PHARMACEUTICALS INC | $59M | 2.7M | 0.26% | +25.9% | Added |
| 33 | MANH | MANHATTAN ASSOCIATES INC | $57M | 288.3K | 0.25% | — | New |
| 34 | EXPO | EXPONENT INC | $56M | 746.8K | 0.24% | −10.7% | Trimmed |
| 35 | VRSK | VERISK ANALYTICS INC | $55M | 176.2K | 0.24% | −46.7% | Trimmed |
| 36 | MEDP | MEDPACE HLDGS INC | $40M | 127.5K | 0.17% | 0.0% | Held |
| 37 | HD | HOME DEPOT INC | $31M | 83.4K | 0.13% | −27.3% | Trimmed |
| 38 | NSSC | NAPCO SEC TECHNOLOGIES INC | $28M | 954.9K | 0.12% | — | New |
| 39 | MA | MASTERCARD INCORPORATED | $16M | 27.7K | 0.07% | −44.1% | Trimmed |
2 exited positions
Positions held in the preceding quarter and absent from this filing. Values and shares are from the preceding quarter.
| Ticker | Issuer | Previous value | Previous shares |
|---|---|---|---|
| BF.B | BROWN FORMAN CORP | $327M | 9.6M |
| EFX | EQUIFAX INC | $57M | 235.5K |
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.