Fundsmith
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Terry Smith's Fundsmith reported 35 stock positions worth $19.8 billion. Its top holding was Stryker (SYK) at 8.6% of the portfolio, followed by Idexx Laboratories (IDXX, 8.4%) and Alphabet Class A (GOOGL, 7.7%). Compared with Q2 2025, it sold out of 4, added to 13 and reduced 10. The biggest buy was Intuit (INTU, shares +64%) and the biggest sale Meta Platforms Class A (META, shares −56%).
- Most Recent 13F
- Q2 2026
- Notable People
- Terry Smith
- Location
- LONDON, X0
- CIK
- 0001569205
- Portfolio Value
- $19.8B (Q3 2025)
- SEC Filing
- 0001569205-25-000004 ↗ filed Nov 14, 2025
Holdings Value
Holdings 35 stocks · $19.8B
| SYK Stryker Corp. | 8.57% | 4,591,293 | $1.7B | Reduce -1.8% |
| IDXX Idexx Laboratories Inc. | 8.43% | 2,610,457 | $1.7B | Reduce -1.1% |
| GOOGL Alphabet Inc. Class A | 7.72% | 6,289,352 | $1.5B | Reduce -7.6% |
| MSFT Microsoft Corp. | 6.76% | 2,583,369 | $1.3B | Reduce -47.7% |
| V Visa Inc. Class A | 6.65% | 3,854,336 | $1.3B | Add +0.0% |
| ADP Automatic Data Processing | 6.39% | 4,311,603 | $1.3B | Reduce -1.2% |
| WAT Waters Corp. | 5.99% | 3,955,498 | $1.2B | Add +9.6% |
| PM Philip Morris International | 5.89% | 7,188,144 | $1.2B | Reduce -20.8% |
| META Meta Platforms Inc. Class A | 5.78% | 1,558,664 | $1.1B | Reduce -56.3% |
| MAR Marriott International Class A | 5.56% | 4,228,298 | $1.1B | Reduce -0.2% |
| MTD Mettler-Toledo International | 3.66% | 590,654 | $725.1M | Add +0.1% |
| FTNT Fortinet Inc. | 3.58% | 8,420,092 | $708.0M | Add +0.0% |
| PG The Procter & Gamble Co. | 3.55% | 4,577,040 | $703.3M | Add +0.1% |
| CHD Church & Dwight Co. Inc. | 3.01% | 6,794,644 | $595.4M | Reduce -0.4% |
| OTIS Otis Worldwide Corp. | 2.69% | 5,819,151 | $532.0M | No change |
| ZTS Zoetis Inc. | 2.67% | 3,615,131 | $529.0M | Add +25.3% |
| TXN Texas Instruments Inc. | 2.53% | 2,721,881 | $500.1M | Add +0.1% |
| NKE Nike Inc. Class B | 2.16% | 6,129,483 | $427.4M | No change |
| INTU Intuit Inc. | 2.09% | 604,456 | $412.8M | Add +64.0% |
| QLYS Qualys Inc. | 0.58% | 870,859 | $115.2M | Add +21.2% |
| PAYC Paycom Software Inc. | 0.55% | 523,433 | $108.9M | Add +26.6% |
| DOCS Doximity Inc. Class A | 0.50% | 1,355,944 | $99.2M | No change |
| MSCI MSCI Inc. | 0.48% | 166,619 | $94.5M | No change |
| VRT Vertiv Holdings Co. Class A | 0.45% | 591,450 | $89.2M | Reduce -18.4% |
| ODD Oddity Tech Ltd. Class A | 0.45% | 1,416,956 | $88.3M | No change |
| ROL Rollins Inc. | 0.44% | 1,478,629 | $86.9M | No change |
| GGG Graco Inc. | 0.39% | 900,545 | $76.5M | No change |
| NSSC Napco Security Technologies | 0.39% | 1,779,857 | $76.4M | Add +86.4% |
| VRSN Verisign Inc. | 0.38% | 270,634 | $75.7M | No change |
| CLX Clorox Company | 0.38% | 613,497 | $75.6M | No change |
| CPRX Catalyst Pharmaceuticals Inc. | 0.33% | 3,363,807 | $66.3M | Add +24.2% |
| MEDP Medpace Holdings Inc. | 0.33% | 127,537 | $65.6M | No change |
| MANH Manhattan Associates Inc. | 0.30% | 288,332 | $59.1M | No change |
| SABR Sabre Corp. | 0.20% | 21,499,095 | $39.3M | No change |
| HD Home Depot Inc. | 0.17% | 84,860 | $34.4M | Add +1.8% |
Portfolio Sells Q2 2025 → Q3 2025
| META Meta Platforms Inc. Class A | Reduce -56.3% | 5.78% | −5.66 |
| MSFT Microsoft Corp. | Reduce -47.7% | 6.76% | −3.92 |
| PM Philip Morris International | Reduce -20.8% | 5.89% | −1.29 |
| CHH Choice Hotels Intl Inc. | Sold out | 0.00% | −0.40 |
| EXPO Exponent Inc. | Sold out | 0.00% | −0.24 |
| VRSK Verisk Analytics Inc. | Sold out | 0.00% | −0.24 |
| MA Mastercard Inc. Class A | Sold out | 0.00% | −0.07 |
| VRT Vertiv Holdings Co. Class A | Reduce -18.4% | 0.45% | +0.05 |
| CHD Church & Dwight Co. Inc. | Reduce -0.4% | 3.01% | +0.16 |
| MAR Marriott International Class A | Reduce -0.2% | 5.56% | +0.53 |
| SYK Stryker Corp. | Reduce -1.8% | 8.57% | +0.53 |
| ADP Automatic Data Processing | Reduce -1.2% | 6.39% | +0.55 |
| IDXX Idexx Laboratories Inc. | Reduce -1.1% | 8.43% | +2.28 |
| GOOGL Alphabet Inc. Class A | Reduce -7.6% | 7.72% | +2.51 |
Portfolio Buys Q2 2025 → Q3 2025
| INTU Intuit Inc. | Add +64.0% | 2.09% | +0.82 |
| ZTS Zoetis Inc. | Add +25.3% | 2.67% | +0.72 |
| V Visa Inc. Class A | Add +0.0% | 6.65% | +0.70 |
| MTD Mettler-Toledo International | Add +0.1% | 3.66% | +0.65 |
| WAT Waters Corp. | Add +9.6% | 5.99% | +0.52 |
| PG The Procter & Gamble Co. | Add +0.1% | 3.55% | +0.39 |
| NSSC Napco Security Technologies | Add +86.4% | 0.39% | +0.26 |
| QLYS Qualys Inc. | Add +21.2% | 0.58% | +0.14 |
| PAYC Paycom Software Inc. | Add +26.6% | 0.55% | +0.13 |
| CPRX Catalyst Pharmaceuticals Inc. | Add +24.2% | 0.33% | +0.08 |
| TXN Texas Instruments Inc. | Add +0.1% | 2.53% | +0.07 |
| HD Home Depot Inc. | Add +1.8% | 0.17% | +0.04 |
| FTNT Fortinet Inc. | Add +0.0% | 3.58% | −0.29 |
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 |