Funds › Fundsmith (Terry Smith) › Q1 2025Fundsmith (Terry Smith) 13F holdings, Q1 2025 Fundsmith (Terry Smith) disclosed 38 US equity positions worth $22.0bn in its Q1 2025 13F filing. Its largest position is META at 10.2% of the reported book, followed by MSFT and SYK. Versus Q4 2024 it opened 2 new positions, added to 5, reduced 14 and exited 2.
$22.0bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
38 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
10.2% Largest position The largest single position as a share of the reported equity book.
69.2% Top 10 weight The ten largest positions together, as a share of the reported equity book.
17 Effective positions 1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
55 Quarters on file since Q4 2012 Quarters for which this manager's 13F holdings are on record. Holdings Against Q4 2024: 2 new , 5 added , 14 reduced , 2 exited
38 rows
Stock Sector Weight Value Shares Δ shares Action META META PLATFORMS INC Communication Services 10.2% $2.2bn 3.88m −15% reduced MSFT MICROSOFT CORP Technology 9.2% $2.0bn 5.37m −13% reduced SYK STRYKER CORPORATION Healthcare 8.6% $1.9bn 5.07m −5.0% reduced PM PHILIP MORRIS INTL INC Consumer Defensive 7.8% $1.7bn 10.81m −3.9% reduced V VISA INC Financial Services 6.6% $1.4bn 4.14m −11% reduced ADP AUTOMATIC DATA PROCESSING IN Technology 6.3% $1.4bn 4.51m −10.0% reduced WAT WATERS CORP Healthcare 6.1% $1.3bn 3.61m −0.6% reduced IDXX IDEXX LABS INC Healthcare 5.1% $1.1bn 2.65m −0.5% reduced GOOGL ALPHABET INC Communication Services 4.8% $1.1bn 6.84m −0.1% held MAR MARRIOTT INTL INC NEW Consumer Cyclical 4.6% $1.0bn 4.25m −0.1% held FTNT FORTINET INC Technology 3.7% $820m 8.52m −0.1% held PG PROCTER & GAMBLE CO Consumer Defensive 3.6% $787m 4.62m −0.1% held CHD CHURCH & DWIGHT CO INC Consumer Defensive 3.4% $754m 6.85m −0.1% held MTD METTLER TOLEDO INTERNATIONAL Healthcare 3.2% $698m 590,838 −0.1% held OTIS OTIS WORLDWIDE CORP Industrials 2.8% $605m 5.87m −1.7% reduced TXN TEXAS INSTRS INC Technology 2.2% $490m 2.73m +60% added ZTS ZOETIS INC Healthcare 1.9% $419m 2.55m +1020% added NKE NIKE INC Consumer Cyclical 1.8% $389m 6.14m 0.0% held BF/B BROWN FORMAN CORP – 1.5% $327m 9.64m 0.0% held VRSN VERISIGN INC Technology 0.7% $145m 570,035 −8.7% reduced INTU INTUIT Technology 0.5% $112m 181,628 – new VRSK VERISK ANALYTICS INC Industrials 0.4% $98.4m 330,624 −21% reduced CHH CHOICE HOTELS INTL INC Consumer Cyclical 0.4% $97.4m 733,892 0.0% held GGG GRACO INC Industrials 0.4% $95.2m 1.14m 0.0% held MSCI MSCI INC Financial Services 0.4% $94.2m 166,619 0.0% held QLYS QUALYS INC Technology 0.4% $90.5m 718,602 +31% added PAYC PAYCOM SOFTWARE INC Technology 0.4% $90.3m 413,510 +28% added CLX CLOROX CO DEL Consumer Defensive 0.4% $90.3m 613,497 0.0% held ROL ROLLINS INC Consumer Cyclical 0.4% $86.3m 1.60m 0.0% held ODD ODDITY TECH LTD Consumer Defensive 0.3% $69.9m 1.62m 0.0% held DOCS DOXIMITY INC Healthcare 0.3% $69.0m 1.19m +67% added EXPO EXPONENT INC Industrials 0.3% $67.8m 836,477 0.0% held SABR SABRE CORP Technology 0.3% $60.4m 21.50m 0.0% held EFX EQUIFAX INC Industrials 0.3% $57.4m 235,505 −35% reduced CPRXEUR CATALYST PHARMACEUTICALS INC – 0.2% $52.2m 2.15m – new HD HOME DEPOT INC Consumer Cyclical 0.2% $42.0m 114,736 −21% reduced MEDP MEDPACE HLDGS INC Healthcare 0.2% $38.9m 127,537 0.0% held MA MASTERCARD INC Financial Services 0.1% $27.1m 49,454 −23% reduced
Exited since Q4 2024 2 rows
Stock Prior weight Prior value PEP PEPSICO INC 3.7% $861m IEX IDEX CORP 0.3% $75.9m
Sector mix Healthcare 25.3% Technology 23.7% Consumer Defensive 15.5% Communication Services 15.0% Consumer Cyclical 7.4% Financial Services 7.2% Industrials 4.2% Unclassified 1.7% Book over time Every quarter on file (55) Where Fundsmith (Terry Smith) was early Concentration and tenure
9.9% Median largest position, all quarters The largest single position as a share of the reported equity book.
68.8% Median top 10 weight, all quarters The ten largest positions together, as a share of the reported equity book.
Concentrated Style, by median largest position
9 Median completed holding, quarters