Fundsmith
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Terry Smith's Fundsmith reported 38 stock positions worth $22.0 billion. Its top holding was Meta Platforms Class A (META) at 10.2% of the portfolio, followed by Microsoft (MSFT, 9.2%) and Stryker (SYK, 8.6%). Compared with Q4 2024, it opened 2 new positions, sold out of 2, added to 5 and reduced 20. The biggest buy was Zoetis (ZTS, shares +1020%) and the biggest sale an exit from Pepsico (PEP).
- Most Recent 13F
- Q2 2026
- Notable People
- Terry Smith
- Location
- LONDON, X0
- CIK
- 0001569205
- Portfolio Value
- $22.0B (Q1 2025)
- SEC Filing
- 0001520023-25-000003 ↗ filed May 15, 2025
Holdings Value
Holdings 38 stocks · $22.0B
| META Meta Platforms Inc. Class A | 10.19% | 3,883,796 | $2.2B | Reduce -14.8% |
| MSFT Microsoft Corp. | 9.17% | 5,370,162 | $2.0B | Reduce -13.2% |
| SYK Stryker Corp. | 8.59% | 5,069,187 | $1.9B | Reduce -5.0% |
| PM Philip Morris International | 7.81% | 10,805,892 | $1.7B | Reduce -3.9% |
| V Visa Inc. Class A | 6.60% | 4,137,024 | $1.4B | Reduce -10.5% |
| ADP Automatic Data Processing | 6.28% | 4,513,899 | $1.4B | Reduce -10.0% |
| WAT Waters Corp. | 6.06% | 3,613,197 | $1.3B | Reduce -0.6% |
| IDXX Idexx Laboratories Inc. | 5.06% | 2,648,331 | $1.1B | Reduce -0.6% |
| GOOGL Alphabet Inc. Class A | 4.82% | 6,843,213 | $1.1B | Reduce -0.1% |
| MAR Marriott International Class A | 4.61% | 4,251,560 | $1.0B | Reduce -0.1% |
| FTNT Fortinet Inc. | 3.73% | 8,523,040 | $820.4M | Reduce -0.1% |
| PG The Procter & Gamble Co. | 3.58% | 4,620,406 | $787.4M | Reduce -0.1% |
| CHD Church & Dwight Co. Inc. | 3.43% | 6,847,486 | $753.8M | Reduce -0.1% |
| MTD Mettler-Toledo International | 3.18% | 590,838 | $697.7M | Reduce -0.1% |
| OTIS Otis Worldwide Corp. | 2.76% | 5,866,737 | $605.4M | Reduce -1.7% |
| TXN Texas Instruments Inc. | 2.23% | 2,725,812 | $489.8M | Add +60.3% |
| ZTS Zoetis Inc. | 1.91% | 2,546,487 | $419.3M | Add +1020.2% |
| NKE Nike Inc. Class B | 1.77% | 6,135,629 | $389.5M | No change |
| BF.B Brown-Forman Corp. Class B | 1.49% | 9,637,881 | $327.1M | No change |
| VRSN Verisign Inc. | 0.66% | 570,035 | $144.7M | Reduce -8.7% |
| INTU Intuit Inc. | 0.51% | 181,628 | $111.5M | New |
| VRSK Verisk Analytics Inc. | 0.45% | 330,624 | $98.4M | Reduce -20.8% |
| CHH Choice Hotels Intl Inc. | 0.44% | 733,892 | $97.4M | No change |
| GGG Graco Inc. | 0.43% | 1,139,641 | $95.2M | No change |
| MSCI MSCI Inc. | 0.43% | 166,619 | $94.2M | No change |
| QLYS Qualys Inc. | 0.41% | 718,602 | $90.5M | Add +31.1% |
| PAYC Paycom Software Inc. | 0.41% | 413,510 | $90.3M | Add +28.2% |
| CLX Clorox Company | 0.41% | 613,497 | $90.3M | No change |
| ROL Rollins Inc. | 0.39% | 1,597,513 | $86.3M | No change |
| ODD Oddity Tech Ltd. Class A | 0.32% | 1,615,158 | $69.9M | No change |
| DOCS Doximity Inc. Class A | 0.31% | 1,189,882 | $69.0M | Add +67.5% |
| EXPO Exponent Inc. | 0.31% | 836,477 | $67.8M | No change |
| SABR Sabre Corp. | 0.27% | 21,499,095 | $60.4M | No change |
| EFX Equifax Inc. | 0.26% | 235,505 | $57.4M | Reduce -35.2% |
| CPRX Catalyst Pharmaceuticals Inc. | 0.24% | 2,151,274 | $52.2M | New |
| HD Home Depot Inc. | 0.19% | 114,736 | $42.0M | Reduce -21.2% |
| MEDP Medpace Holdings Inc. | 0.18% | 127,537 | $38.9M | No change |
| MA Mastercard Inc. Class A | 0.12% | 49,454 | $27.1M | Reduce -22.8% |
Portfolio Sells Q4 2024 → Q1 2025
| PEP Pepsico Inc. | Sold out | 0.00% | −3.67 |
| MSFT Microsoft Corp. | Reduce -13.2% | 9.17% | −1.94 |
| META Meta Platforms Inc. Class A | Reduce -14.8% | 10.19% | −1.20 |
| GOOGL Alphabet Inc. Class A | Reduce -0.1% | 4.82% | −0.71 |
| MAR Marriott International Class A | Reduce -0.1% | 4.61% | −0.45 |
| IEX Idex Corp. | Sold out | 0.00% | −0.32 |
| EFX Equifax Inc. | Reduce -35.2% | 0.26% | −0.13 |
| HD Home Depot Inc. | Reduce -21.2% | 0.19% | −0.05 |
| VRSK Verisk Analytics Inc. | Reduce -20.8% | 0.45% | −0.04 |
| MA Mastercard Inc. Class A | Reduce -22.8% | 0.12% | −0.02 |
| ADP Automatic Data Processing | Reduce -10.0% | 6.28% | +0.02 |
| MTD Mettler-Toledo International | Reduce -0.1% | 3.18% | +0.09 |
| VRSN Verisign Inc. | Reduce -8.7% | 0.66% | +0.11 |
| PG The Procter & Gamble Co. | Reduce -0.1% | 3.58% | +0.28 |
| FTNT Fortinet Inc. | Reduce -0.1% | 3.73% | +0.30 |
| WAT Waters Corp. | Reduce -0.6% | 6.06% | +0.31 |
| IDXX Idexx Laboratories Inc. | Reduce -0.6% | 5.06% | +0.37 |
| CHD Church & Dwight Co. Inc. | Reduce -0.1% | 3.43% | +0.37 |
| V Visa Inc. Class A | Reduce -10.5% | 6.60% | +0.37 |
| OTIS Otis Worldwide Corp. | Reduce -1.7% | 2.76% | +0.40 |
| SYK Stryker Corp. | Reduce -5.0% | 8.59% | +0.40 |
| PM Philip Morris International | Reduce -3.9% | 7.81% | +2.04 |
Portfolio Buys Q4 2024 → Q1 2025
| ZTS Zoetis Inc. | Add +1020.2% | 1.91% | +1.75 |
| TXN Texas Instruments Inc. | Add +60.3% | 2.23% | +0.87 |
| INTU Intuit Inc. | New | 0.51% | +0.51 |
| CPRX Catalyst Pharmaceuticals Inc. | New | 0.24% | +0.24 |
| DOCS Doximity Inc. Class A | Add +67.5% | 0.31% | +0.15 |
| PAYC Paycom Software Inc. | Add +28.2% | 0.41% | +0.13 |
| QLYS Qualys Inc. | Add +31.1% | 0.41% | +0.08 |
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 |