Terry Smith’s portfolio: Fundsmith 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001569205Latest: Q2 2026
Q3 2025 filing in brief
In its Q3 2025 13F, filed November 14, 2025, Fundsmith reported $19.8B across 35 US positions. The largest: SYK (8.6%), IDXX (8.4%), GOOGL (7.7%), MSFT (6.8%), V (6.7%). In the quarter it opened 0 positions, sold out of 4, added to 8 and trimmed 8; positions opened and sold out came to 1% 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 Nov 14, 2025
- 0 New
- 8 Added
- 8 Trimmed
- 4 Exited
35 positions at September 30, 2025. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | SYK | STRYKER CORPORATION | $1.7B | 4.6M | 8.57% | −1.8% | Trimmed |
| 2 | IDXX | IDEXX LABS INC | $1.7B | 2.6M | 8.43% | −1.1% | Trimmed |
| 3 | GOOGL | ALPHABET INC | $1.5B | 6.3M | 7.72% | −7.6% | Trimmed |
| 4 | MSFT | MICROSOFT CORP | $1.3B | 2.6M | 6.76% | −47.7% | Trimmed |
| 5 | V | VISA INC | $1.3B | 3.9M | 6.65% | 0.0% | Held |
| 6 | ADP | AUTOMATIC DATA PROCESSING IN | $1.3B | 4.3M | 6.39% | −1.2% | Trimmed |
| 7 | WAT | WATERS CORP | $1.2B | 4.0M | 5.99% | +9.6% | Added |
| 8 | PM | PHILIP MORRIS INTL INC | $1.2B | 7.2M | 5.89% | −20.8% | Trimmed |
| 9 | META | META PLATFORMS INC | $1.1B | 1.6M | 5.78% | −56.3% | Trimmed |
| 10 | MAR | MARRIOTT INTL INC NEW | $1.1B | 4.2M | 5.56% | −0.2% | Held |
| 11 | MTD | METTLER TOLEDO INTERNATIONAL | $725M | 590.7K | 3.66% | +0.1% | Held |
| 12 | FTNT | FORTINET INC | $708M | 8.4M | 3.58% | 0.0% | Held |
| 13 | PG | PROCTER AND GAMBLE CO | $703M | 4.6M | 3.55% | +0.1% | Held |
| 14 | CHD | CHURCH & DWIGHT CO INC | $595M | 6.8M | 3.01% | −0.4% | Held |
| 15 | OTIS | OTIS WORLDWIDE CORP | $532M | 5.8M | 2.69% | 0.0% | Held |
| 16 | ZTS | ZOETIS INC | $529M | 3.6M | 2.67% | +25.3% | Added |
| 17 | TXN | TEXAS INSTRS INC | $500M | 2.7M | 2.53% | +0.1% | Held |
| 18 | NKE | NIKE INC | $427M | 6.1M | 2.16% | 0.0% | Held |
| 19 | INTU | INTUIT | $413M | 604.5K | 2.09% | +64.0% | Added |
| 20 | QLYS | QUALYS INC | $115M | 870.9K | 0.58% | +21.2% | Added |
| 21 | PAYC | PAYCOM SOFTWARE INC | $109M | 523.4K | 0.55% | +26.6% | Added |
| 22 | DOCS | DOXIMITY INC | $99M | 1.4M | 0.50% | 0.0% | Held |
| 23 | MSCI | MSCI INC | $95M | 166.6K | 0.48% | 0.0% | Held |
| 24 | VRT | VERTIV HOLDINGS CO | $89M | 591.5K | 0.45% | −18.4% | Trimmed |
| 25 | — | ODDITY TECH LTD | $88M | 1.4M | 0.45% | 0.0% | Held |
| 26 | ROL | ROLLINS INC | $87M | 1.5M | 0.44% | 0.0% | Held |
| 27 | GGG | GRACO INC | $77M | 900.5K | 0.39% | 0.0% | Held |
| 28 | NSSC | NAPCO SEC TECHNOLOGIES INC | $76M | 1.8M | 0.39% | +86.4% | Added |
| 29 | VRSN | VERISIGN INC | $76M | 270.6K | 0.38% | 0.0% | Held |
| 30 | CLX | CLOROX CO DEL | $76M | 613.5K | 0.38% | 0.0% | Held |
| 31 | — | CATALYST PHARMACEUTICALS INC | $66M | 3.4M | 0.33% | +24.2% | Added |
| 32 | MEDP | MEDPACE HLDGS INC | $66M | 127.5K | 0.33% | 0.0% | Held |
| 33 | MANH | MANHATTAN ASSOCIATES INC | $59M | 288.3K | 0.30% | 0.0% | Held |
| 34 | SABR | SABRE CORP | $39M | 21.5M | 0.20% | 0.0% | Held |
| 35 | HD | HOME DEPOT INC | $34M | 84.9K | 0.17% | +1.8% | Added |
4 exited positions
Positions held in the preceding quarter and absent from this filing. Values and shares are from the preceding quarter.
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.