Fundsmith
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Terry Smith's Fundsmith reported 39 stock positions worth $23.0 billion. Its top holding was Meta Platforms Class A (META) at 11.4% of the portfolio, followed by Microsoft (MSFT, 10.7%) and Stryker (SYK, 8.0%). Compared with Q1 2025, it opened 3 new positions, sold out of 2, added to 4 and reduced 25. The biggest buy was Intuit (INTU, shares +103%) and the biggest sale an exit from Brown-Forman Class B (BF.B).
- Most Recent 13F
- Q2 2026
- Notable People
- Terry Smith
- Location
- LONDON, X0
- CIK
- 0001569205
- Portfolio Value
- $23.0B (Q2 2025)
- SEC Filing
- 0001801547-25-000008 ↗ filed Aug 14, 2025
Holdings Value
Holdings 39 stocks · $23.0B
| META Meta Platforms Inc. Class A | 11.44% | 3,568,752 | $2.6B | Reduce -8.1% |
| MSFT Microsoft Corp. | 10.68% | 4,941,509 | $2.5B | Reduce -8.0% |
| SYK Stryker Corp. | 8.04% | 4,677,007 | $1.9B | Reduce -7.7% |
| PM Philip Morris International | 7.18% | 9,074,195 | $1.7B | Reduce -16.0% |
| IDXX Idexx Laboratories Inc. | 6.15% | 2,639,289 | $1.4B | Reduce -0.3% |
| V Visa Inc. Class A | 5.95% | 3,854,071 | $1.4B | Reduce -6.8% |
| ADP Automatic Data Processing | 5.84% | 4,362,099 | $1.3B | Reduce -3.4% |
| WAT Waters Corp. | 5.47% | 3,608,407 | $1.3B | Reduce -0.1% |
| GOOGL Alphabet Inc. Class A | 5.21% | 6,803,454 | $1.2B | Reduce -0.6% |
| MAR Marriott International Class A | 5.03% | 4,236,599 | $1.2B | Reduce -0.3% |
| FTNT Fortinet Inc. | 3.87% | 8,418,362 | $890.0M | Reduce -1.2% |
| PG The Procter & Gamble Co. | 3.16% | 4,572,280 | $728.5M | Reduce -1.0% |
| MTD Mettler-Toledo International | 3.01% | 590,037 | $693.1M | Reduce -0.1% |
| CHD Church & Dwight Co. Inc. | 2.85% | 6,824,289 | $655.9M | Reduce -0.3% |
| OTIS Otis Worldwide Corp. | 2.50% | 5,819,151 | $576.2M | Reduce -0.8% |
| TXN Texas Instruments Inc. | 2.45% | 2,720,290 | $564.8M | Reduce -0.2% |
| ZTS Zoetis Inc. | 1.95% | 2,884,831 | $449.9M | Add +13.3% |
| NKE Nike Inc. Class B | 1.89% | 6,129,483 | $435.4M | Reduce -0.1% |
| INTU Intuit Inc. | 1.26% | 368,540 | $290.3M | Add +102.9% |
| ODD Oddity Tech Ltd. Class A | 0.46% | 1,416,956 | $106.9M | Reduce -12.3% |
| QLYS Qualys Inc. | 0.45% | 718,602 | $102.7M | No change |
| MSCI MSCI Inc. | 0.42% | 166,619 | $96.1M | No change |
| PAYC Paycom Software Inc. | 0.42% | 413,510 | $95.7M | No change |
| CHH Choice Hotels Intl Inc. | 0.40% | 733,892 | $93.1M | No change |
| VRT Vertiv Holdings Co. Class A | 0.40% | 724,923 | $93.1M | New |
| ROL Rollins Inc. | 0.36% | 1,478,629 | $83.4M | Reduce -7.4% |
| DOCS Doximity Inc. Class A | 0.36% | 1,355,944 | $83.2M | Add +14.0% |
| VRSN Verisign Inc. | 0.34% | 270,634 | $78.2M | Reduce -52.5% |
| GGG Graco Inc. | 0.34% | 900,545 | $77.4M | Reduce -21.0% |
| CLX Clorox Company | 0.32% | 613,497 | $73.7M | No change |
| SABR Sabre Corp. | 0.30% | 21,499,095 | $67.9M | No change |
| CPRX Catalyst Pharmaceuticals Inc. | 0.26% | 2,709,086 | $58.8M | Add +25.9% |
| MANH Manhattan Associates Inc. | 0.25% | 288,332 | $56.9M | New |
| EXPO Exponent Inc. | 0.24% | 746,820 | $55.8M | Reduce -10.7% |
| VRSK Verisk Analytics Inc. | 0.24% | 176,195 | $54.9M | Reduce -46.7% |
| MEDP Medpace Holdings Inc. | 0.17% | 127,537 | $40.0M | No change |
| HD Home Depot Inc. | 0.13% | 83,367 | $30.6M | Reduce -27.3% |
| NSSC Napco Security Technologies | 0.12% | 954,912 | $28.4M | New |
| MA Mastercard Inc. Class A | 0.07% | 27,663 | $15.5M | Reduce -44.1% |
Portfolio Sells Q1 2025 → Q2 2025
| BF.B Brown-Forman Corp. Class B | Sold out | 0.00% | −1.49 |
| V Visa Inc. Class A | Reduce -6.8% | 5.95% | −0.65 |
| PM Philip Morris International | Reduce -16.0% | 7.18% | −0.63 |
| WAT Waters Corp. | Reduce -0.1% | 5.47% | −0.59 |
| CHD Church & Dwight Co. Inc. | Reduce -0.3% | 2.85% | −0.58 |
| SYK Stryker Corp. | Reduce -7.7% | 8.04% | −0.55 |
| ADP Automatic Data Processing | Reduce -3.4% | 5.84% | −0.43 |
| PG The Procter & Gamble Co. | Reduce -1.0% | 3.16% | −0.42 |
| VRSN Verisign Inc. | Reduce -52.5% | 0.34% | −0.32 |
| EFX Equifax Inc. | Sold out | 0.00% | −0.26 |
| OTIS Otis Worldwide Corp. | Reduce -0.8% | 2.50% | −0.25 |
| VRSK Verisk Analytics Inc. | Reduce -46.7% | 0.24% | −0.21 |
| MTD Mettler-Toledo International | Reduce -0.1% | 3.01% | −0.16 |
| GGG Graco Inc. | Reduce -21.0% | 0.34% | −0.10 |
| EXPO Exponent Inc. | Reduce -10.7% | 0.24% | −0.07 |
| HD Home Depot Inc. | Reduce -27.3% | 0.13% | −0.06 |
| MA Mastercard Inc. Class A | Reduce -44.1% | 0.07% | −0.06 |
| ROL Rollins Inc. | Reduce -7.4% | 0.36% | −0.03 |
| NKE Nike Inc. Class B | Reduce -0.1% | 1.89% | +0.12 |
| FTNT Fortinet Inc. | Reduce -1.2% | 3.87% | +0.13 |
| ODD Oddity Tech Ltd. Class A | Reduce -12.3% | 0.46% | +0.15 |
| TXN Texas Instruments Inc. | Reduce -0.2% | 2.45% | +0.22 |
| GOOGL Alphabet Inc. Class A | Reduce -0.6% | 5.21% | +0.39 |
| MAR Marriott International Class A | Reduce -0.3% | 5.03% | +0.42 |
| IDXX Idexx Laboratories Inc. | Reduce -0.3% | 6.15% | +1.09 |
| META Meta Platforms Inc. Class A | Reduce -8.1% | 11.44% | +1.26 |
| MSFT Microsoft Corp. | Reduce -8.0% | 10.68% | +1.51 |
Portfolio Buys Q1 2025 → Q2 2025
| INTU Intuit Inc. | Add +102.9% | 1.26% | +0.75 |
| VRT Vertiv Holdings Co. Class A | New | 0.40% | +0.40 |
| MANH Manhattan Associates Inc. | New | 0.25% | +0.25 |
| NSSC Napco Security Technologies | New | 0.12% | +0.12 |
| DOCS Doximity Inc. Class A | Add +14.0% | 0.36% | +0.05 |
| ZTS Zoetis Inc. | Add +13.3% | 1.95% | +0.05 |
| CPRX Catalyst Pharmaceuticals Inc. | Add +25.9% | 0.26% | +0.02 |
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 |