Fundsmith
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Terry Smith's Fundsmith reported 38 stock positions worth $23.5 billion. Its top holding was Meta Platforms Class A (META) at 11.4% of the portfolio, followed by Microsoft (MSFT, 11.1%) and Stryker (SYK, 8.2%). Compared with Q3 2024, it opened 2 new positions, sold out of 4 and reduced 21. The biggest buy was a new position in Medpace (MEDP) and the biggest sale an exit from Apple (AAPL).
- Most Recent 13F
- Q2 2026
- Notable People
- Terry Smith
- Location
- LONDON, X0
- CIK
- 0001569205
- Portfolio Value
- $23.5B (Q4 2024)
- SEC Filing
- 0001520023-25-000002 ↗ filed Feb 14, 2025
Holdings Value
Holdings 38 stocks · $23.5B
| META Meta Platforms Inc. Class A | 11.38% | 4,561,352 | $2.7B | Reduce -6.4% |
| MSFT Microsoft Corp. | 11.12% | 6,187,033 | $2.6B | Reduce -10.3% |
| SYK Stryker Corp. | 8.19% | 5,333,977 | $1.9B | Reduce -0.1% |
| ADP Automatic Data Processing | 6.26% | 5,013,712 | $1.5B | Reduce -10.0% |
| V Visa Inc. Class A | 6.23% | 4,622,567 | $1.5B | Reduce -16.7% |
| PM Philip Morris International | 5.77% | 11,245,175 | $1.4B | Reduce -6.4% |
| WAT Waters Corp. | 5.75% | 3,634,522 | $1.3B | Reduce -0.3% |
| GOOGL Alphabet Inc. Class A | 5.53% | 6,848,278 | $1.3B | Reduce -0.1% |
| MAR Marriott International Class A | 5.06% | 4,255,340 | $1.2B | Reduce -0.3% |
| IDXX Idexx Laboratories Inc. | 4.69% | 2,662,855 | $1.1B | Reduce -0.1% |
| PEP Pepsico Inc. | 3.67% | 5,663,677 | $861.2M | Reduce -1.3% |
| FTNT Fortinet Inc. | 3.44% | 8,530,423 | $806.0M | Reduce -15.7% |
| PG The Procter & Gamble Co. | 3.31% | 4,626,376 | $775.6M | Reduce -0.1% |
| MTD Mettler-Toledo International | 3.09% | 591,455 | $723.8M | Reduce -0.1% |
| CHD Church & Dwight Co. Inc. | 3.06% | 6,857,121 | $718.0M | Reduce -0.4% |
| OTIS Otis Worldwide Corp. | 2.36% | 5,966,777 | $552.6M | Reduce -2.8% |
| NKE Nike Inc. Class B | 1.98% | 6,135,629 | $464.3M | Reduce -2.6% |
| BF.B Brown-Forman Corp. Class B | 1.56% | 9,637,881 | $366.0M | Reduce -3.7% |
| TXN Texas Instruments Inc. | 1.36% | 1,700,630 | $318.9M | No change |
| VRSN Verisign Inc. | 0.55% | 624,500 | $129.2M | No change |
| VRSK Verisk Analytics Inc. | 0.49% | 417,685 | $115.0M | No change |
| CHH Choice Hotels Intl Inc. | 0.44% | 733,892 | $104.2M | No change |
| MSCI MSCI Inc. | 0.43% | 166,619 | $100.0M | No change |
| CLX Clorox Company | 0.42% | 613,497 | $99.6M | No change |
| GGG Graco Inc. | 0.41% | 1,139,641 | $96.1M | No change |
| EFX Equifax Inc. | 0.39% | 363,328 | $92.6M | No change |
| SABR Sabre Corp. | 0.33% | 21,499,095 | $78.5M | No change |
| QLYS Qualys Inc. | 0.33% | 548,009 | $76.8M | No change |
| IEX Idex Corp. | 0.32% | 362,501 | $75.9M | No change |
| EXPO Exponent Inc. | 0.32% | 836,477 | $74.5M | No change |
| ROL Rollins Inc. | 0.32% | 1,597,513 | $74.0M | No change |
| ODD Oddity Tech Ltd. Class A | 0.29% | 1,615,158 | $67.9M | No change |
| PAYC Paycom Software Inc. | 0.28% | 322,611 | $66.1M | No change |
| HD Home Depot Inc. | 0.24% | 145,639 | $56.7M | Reduce -1.5% |
| MEDP Medpace Holdings Inc. | 0.18% | 127,537 | $42.4M | New |
| DOCS Doximity Inc. Class A | 0.16% | 710,502 | $37.9M | New |
| ZTS Zoetis Inc. | 0.16% | 227,329 | $37.0M | Reduce -1.5% |
| MA Mastercard Inc. Class A | 0.14% | 64,033 | $33.7M | Reduce -1.5% |
Portfolio Sells Q3 2024 → Q4 2024
| AAPL Apple Inc. | Sold out | 0.00% | −1.44 |
| IDXX Idexx Laboratories Inc. | Reduce -0.1% | 4.69% | −0.63 |
| MSFT Microsoft Corp. | Reduce -10.3% | 11.12% | −0.63 |
| MKC McCormick & Co.-Non VTG SHRS | Sold out | 0.00% | −0.56 |
| MTD Mettler-Toledo International | Reduce -0.1% | 3.09% | −0.43 |
| BF.B Brown-Forman Corp. Class B | Reduce -3.7% | 1.56% | −0.39 |
| CGNX Cognex Corp. | Sold out | 0.00% | −0.31 |
| NKE Nike Inc. Class B | Reduce -2.6% | 1.98% | −0.22 |
| PEP Pepsico Inc. | Reduce -1.3% | 3.67% | −0.19 |
| OTIS Otis Worldwide Corp. | Reduce -2.8% | 2.36% | −0.17 |
| MCD McDonald's Corp. | Sold out | 0.00% | −0.11 |
| ZTS Zoetis Inc. | Reduce -1.5% | 0.16% | −0.02 |
| PM Philip Morris International | Reduce -6.4% | 5.77% | +0.00 |
| HD Home Depot Inc. | Reduce -1.5% | 0.24% | +0.00 |
| MA Mastercard Inc. Class A | Reduce -1.5% | 0.14% | +0.02 |
| PG The Procter & Gamble Co. | Reduce -0.1% | 3.31% | +0.13 |
| ADP Automatic Data Processing | Reduce -10.0% | 6.26% | +0.16 |
| V Visa Inc. Class A | Reduce -16.7% | 6.23% | +0.19 |
| CHD Church & Dwight Co. Inc. | Reduce -0.4% | 3.06% | +0.21 |
| FTNT Fortinet Inc. | Reduce -15.7% | 3.44% | +0.33 |
| META Meta Platforms Inc. Class A | Reduce -6.4% | 11.38% | +0.35 |
| WAT Waters Corp. | Reduce -0.3% | 5.75% | +0.56 |
| SYK Stryker Corp. | Reduce -0.1% | 8.19% | +0.56 |
| MAR Marriott International Class A | Reduce -0.3% | 5.06% | +0.86 |
| GOOGL Alphabet Inc. Class A | Reduce -0.1% | 5.53% | +1.03 |
Portfolio Buys Q3 2024 → Q4 2024
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 41 | $13.6B | MAR, SYK, WAT, V, UBER |
| Q1 2026 | 34 | $12.8B | MAR, SYK, WAT, V, GOOGL |
| Q4 2025 | 37 | $17.1B | WAT, SYK, IDXX, V, MAR |
| Q3 2025 | 35 | $19.8B | SYK, IDXX, GOOGL, MSFT, V |
| Q2 2025 | 39 | $23.0B | META, MSFT, SYK, PM, IDXX |
| Q1 2025 | 38 | $22.0B | META, MSFT, SYK, PM, V |
| Q4 2024 | 38 | $23.5B | META, MSFT, SYK, ADP, V |
| Q3 2024 | 40 | $25.3B | MSFT, META, SYK, ADP, V |
| Q2 2024 | 40 | $24.5B | MSFT, META, SYK, PM, V |
| Q1 2024 | 40 | $25.6B | MSFT, META, SYK, V, IDXX |