Terry Smith’s portfolio: Fundsmith 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001569205Latest: Q2 2026
Q4 2025 filing in brief
In its Q4 2025 13F, filed February 17, 2026, Fundsmith reported $17.1B across 37 US positions. The largest: WAT (7.9%), SYK (7.6%), IDXX (7.4%), V (7.2%), MAR (7.2%). In the quarter it opened 2 positions, sold out of 0, added to 4 and trimmed 21; positions opened and sold out came to 0.6% 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 Feb 17, 2026
- 2 New
- 4 Added
- 21 Trimmed
- 0 Exited
37 positions at December 31, 2025. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | WAT | WATERS CORP | $1.4B | 3.6M | 7.90% | −10.0% | Trimmed |
| 2 | SYK | STRYKER CORPORATION | $1.3B | 3.7M | 7.57% | −19.7% | Trimmed |
| 3 | IDXX | IDEXX LABS INC | $1.3B | 1.9M | 7.42% | −28.1% | Trimmed |
| 4 | V | VISA INC | $1.2B | 3.5M | 7.24% | −8.3% | Trimmed |
| 5 | MAR | MARRIOTT INTL INC NEW | $1.2B | 4.0M | 7.21% | −5.9% | Trimmed |
| 6 | GOOGL | ALPHABET INC | $1.1B | 3.5M | 6.40% | −44.4% | Trimmed |
| 7 | ADP | AUTOMATIC DATA PROCESSING IN | $1.1B | 4.2M | 6.28% | −3.1% | Trimmed |
| 8 | MSFT | MICROSOFT CORP | $1.0B | 2.1M | 5.88% | −19.5% | Trimmed |
| 9 | PM | PHILIP MORRIS INTL INC | $982M | 6.1M | 5.74% | −14.8% | Trimmed |
| 10 | META | META PLATFORMS INC | $900M | 1.4M | 5.26% | −12.5% | Trimmed |
| 11 | MTD | METTLER TOLEDO INTERNATIONAL | $809M | 580.5K | 4.73% | −1.7% | Trimmed |
| 12 | PG | PROCTER AND GAMBLE CO | $609M | 4.2M | 3.56% | −7.2% | Trimmed |
| 13 | CHD | CHURCH AND DWIGHT CO INC | $564M | 6.7M | 3.30% | −1.0% | Held |
| 14 | FTNT | FORTINET INC | $517M | 6.5M | 3.02% | −22.6% | Trimmed |
| 15 | ZTS | ZOETIS INC | $491M | 3.9M | 2.87% | +7.9% | Added |
| 16 | TXN | TEXAS INSTRS INC | $455M | 2.6M | 2.66% | −3.6% | Trimmed |
| 17 | INTU | INTUIT | $414M | 625.6K | 2.42% | +3.5% | Added |
| 18 | NKE | NIKE INC | $368M | 5.8M | 2.15% | −5.9% | Trimmed |
| 19 | OTIS | OTIS WORLDWIDE CORP | $272M | 3.1M | 1.59% | −46.5% | Trimmed |
| 20 | MSCI | MSCI INC | $96M | 166.6K | 0.56% | 0.0% | Held |
| 21 | ROL | ROLLINS INC | $89M | 1.5M | 0.52% | 0.0% | Held |
| 22 | QLYS | QUALYS INC | $86M | 647.8K | 0.50% | −25.6% | Trimmed |
| 23 | PAYC | PAYCOM SOFTWARE INC | $83M | 523.4K | 0.49% | 0.0% | Held |
| 24 | — | ODDITY TECH LTD | $83M | 2.1M | 0.49% | +46.4% | Added |
| 25 | — | CATALYST PHARMACEUTICALS INC | $79M | 3.4M | 0.46% | 0.0% | Held |
| 26 | NSSC | NAPCO SEC TECHNOLOGIES INC | $74M | 1.8M | 0.43% | 0.0% | Held |
| 27 | DOCS | DOXIMITY INC | $73M | 1.7M | 0.43% | +21.7% | Added |
| 28 | NTNX | NUTANIX INC | $71M | 1.4M | 0.42% | — | New |
| 29 | VRT | VERTIV HOLDINGS CO | $67M | 410.9K | 0.39% | −30.5% | Trimmed |
| 30 | VRSN | VERISIGN INC | $66M | 270.6K | 0.38% | 0.0% | Held |
| 31 | CLX | CLOROX CO DEL | $62M | 613.5K | 0.36% | 0.0% | Held |
| 32 | MANH | MANHATTAN ASSOCIATES INC | $50M | 288.3K | 0.29% | 0.0% | Held |
| 33 | GGG | GRACO INC | $47M | 579.0K | 0.28% | −35.7% | Trimmed |
| 34 | MEDP | MEDPACE HLDGS INC | $46M | 82.6K | 0.27% | −35.3% | Trimmed |
| 35 | ADMA | ADMA BIOLOGICS INC | $38M | 2.1M | 0.22% | — | New |
| 36 | SABR | SABRE CORP | $29M | 21.5M | 0.17% | 0.0% | Held |
| 37 | HD | HOME DEPOT INC | $28M | 80.2K | 0.16% | −5.5% | 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.