Fundsmith
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Terry Smith's Fundsmith reported 37 stock positions worth $17.1 billion. Its top holding was Waters (WAT) at 7.9% of the portfolio, followed by Stryker (SYK, 7.6%) and Idexx Laboratories (IDXX, 7.4%). Compared with Q3 2025, it opened 2 new positions, added to 4 and reduced 22. The biggest buy was a new position in Nutanix Class A (NTNX) and the biggest sale Alphabet Class A (GOOGL, shares −44%).
- Most Recent 13F
- Q2 2026
- Notable People
- Terry Smith
- Location
- LONDON, X0
- CIK
- 0001569205
- Portfolio Value
- $17.1B (Q4 2025)
- SEC Filing
- 0001569205-26-000002 ↗ filed Feb 17, 2026
Holdings Value
Holdings 37 stocks · $17.1B
| WAT Waters Corp. | 7.90% | 3,557,978 | $1.4B | Reduce -10.1% |
| SYK Stryker Corp. | 7.57% | 3,687,511 | $1.3B | Reduce -19.7% |
| IDXX Idexx Laboratories Inc. | 7.42% | 1,876,035 | $1.3B | Reduce -28.1% |
| V Visa Inc. Class A | 7.24% | 3,534,684 | $1.2B | Reduce -8.3% |
| MAR Marriott International Class A | 7.21% | 3,979,927 | $1.2B | Reduce -5.9% |
| GOOGL Alphabet Inc. Class A | 6.40% | 3,498,519 | $1.1B | Reduce -44.4% |
| ADP Automatic Data Processing | 6.28% | 4,177,969 | $1.1B | Reduce -3.1% |
| MSFT Microsoft Corp. | 5.88% | 2,079,971 | $1.0B | Reduce -19.5% |
| PM Philip Morris International | 5.74% | 6,124,597 | $982.4M | Reduce -14.8% |
| META Meta Platforms Inc. Class A | 5.26% | 1,363,539 | $900.1M | Reduce -12.5% |
| MTD Mettler-Toledo International | 4.73% | 580,507 | $809.3M | Reduce -1.7% |
| PG The Procter & Gamble Co. | 3.56% | 4,248,048 | $608.8M | Reduce -7.2% |
| CHD Church & Dwight Co. Inc. | 3.30% | 6,728,404 | $564.2M | Reduce -1.0% |
| FTNT Fortinet Inc. | 3.02% | 6,516,011 | $517.4M | Reduce -22.6% |
| ZTS Zoetis Inc. | 2.87% | 3,900,803 | $490.8M | Add +7.9% |
| TXN Texas Instruments Inc. | 2.66% | 2,623,552 | $455.2M | Reduce -3.6% |
| INTU Intuit Inc. | 2.42% | 625,619 | $414.4M | Add +3.5% |
| NKE Nike Inc. Class B | 2.15% | 5,770,181 | $367.6M | Reduce -5.9% |
| OTIS Otis Worldwide Corp. | 1.59% | 3,112,380 | $271.9M | Reduce -46.5% |
| MSCI MSCI Inc. | 0.56% | 166,619 | $95.6M | No change |
| ROL Rollins Inc. | 0.52% | 1,478,629 | $88.7M | No change |
| QLYS Qualys Inc. | 0.50% | 647,806 | $86.1M | Reduce -25.6% |
| PAYC Paycom Software Inc. | 0.49% | 523,433 | $83.4M | No change |
| ODD Oddity Tech Ltd. Class A | 0.49% | 2,074,167 | $83.3M | Add +46.4% |
| CPRX Catalyst Pharmaceuticals Inc. | 0.46% | 3,363,807 | $78.5M | No change |
| NSSC Napco Security Technologies | 0.43% | 1,779,857 | $74.2M | No change |
| DOCS Doximity Inc. Class A | 0.43% | 1,650,002 | $73.1M | Add +21.7% |
| NTNX Nutanix Inc. Class A | 0.42% | 1,377,158 | $71.2M | New |
| VRT Vertiv Holdings Co. Class A | 0.39% | 410,944 | $66.6M | Reduce -30.5% |
| VRSN Verisign Inc. | 0.38% | 270,634 | $65.8M | No change |
| CLX Clorox Company | 0.36% | 613,497 | $61.9M | No change |
| MANH Manhattan Associates Inc. | 0.29% | 288,332 | $50.0M | No change |
| GGG Graco Inc. | 0.28% | 579,016 | $47.5M | Reduce -35.7% |
| MEDP Medpace Holdings Inc. | 0.27% | 82,567 | $46.4M | Reduce -35.3% |
| ADMA Adma Biologics Inc. | 0.22% | 2,102,054 | $38.3M | New |
| SABR Sabre Corp. | 0.17% | 21,499,095 | $29.2M | No change |
| HD Home Depot Inc. | 0.16% | 80,206 | $27.6M | Reduce -5.5% |
Portfolio Sells Q3 2025 → Q4 2025
| GOOGL Alphabet Inc. Class A | Reduce -44.4% | 6.40% | −1.33 |
| OTIS Otis Worldwide Corp. | Reduce -46.5% | 1.59% | −1.10 |
| IDXX Idexx Laboratories Inc. | Reduce -28.1% | 7.42% | −1.01 |
| SYK Stryker Corp. | Reduce -19.7% | 7.57% | −1.00 |
| MSFT Microsoft Corp. | Reduce -19.5% | 5.88% | −0.88 |
| FTNT Fortinet Inc. | Reduce -22.6% | 3.02% | −0.55 |
| META Meta Platforms Inc. Class A | Reduce -12.5% | 5.26% | −0.52 |
| PM Philip Morris International | Reduce -14.8% | 5.74% | −0.15 |
| ADP Automatic Data Processing | Reduce -3.1% | 6.28% | −0.11 |
| GGG Graco Inc. | Reduce -35.7% | 0.28% | −0.11 |
| QLYS Qualys Inc. | Reduce -25.6% | 0.50% | −0.08 |
| VRT Vertiv Holdings Co. Class A | Reduce -30.5% | 0.39% | −0.06 |
| MEDP Medpace Holdings Inc. | Reduce -35.3% | 0.27% | −0.06 |
| HD Home Depot Inc. | Reduce -5.5% | 0.16% | −0.01 |
| NKE Nike Inc. Class B | Reduce -5.9% | 2.15% | −0.01 |
| PG The Procter & Gamble Co. | Reduce -7.2% | 3.56% | +0.00 |
| TXN Texas Instruments Inc. | Reduce -3.6% | 2.66% | +0.13 |
| CHD Church & Dwight Co. Inc. | Reduce -1.0% | 3.30% | +0.29 |
| V Visa Inc. Class A | Reduce -8.3% | 7.24% | +0.60 |
| MTD Mettler-Toledo International | Reduce -1.7% | 4.73% | +1.07 |
| MAR Marriott International Class A | Reduce -5.9% | 7.21% | +1.65 |
| WAT Waters Corp. | Reduce -10.1% | 7.90% | +1.90 |
Portfolio Buys Q3 2025 → Q4 2025
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 |