Funds › Fundsmith (Terry Smith) › Q2 2025Fundsmith (Terry Smith) 13F holdings, Q2 2025 Fundsmith (Terry Smith) disclosed 39 US equity positions worth $23.0bn in its Q2 2025 13F filing. Its largest position is META at 11.4% of the reported book, followed by MSFT and SYK. Versus Q1 2025 it opened 3 new positions, added to 4, reduced 18 and exited 2.
$23.0bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
39 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
11.4% Largest position The largest single position as a share of the reported equity book.
71.0% Top 10 weight The ten largest positions together, as a share of the reported equity book.
16 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 Q1 2025: 3 new , 4 added , 18 reduced , 2 exited
39 rows
Stock Sector Weight Value Shares Δ shares Action META META PLATFORMS INC Communication Services 11.4% $2.6bn 3.57m −8.1% reduced MSFT MICROSOFT CORP Technology 10.7% $2.5bn 4.94m −8.0% reduced SYK STRYKER CORPORATION Healthcare 8.0% $1.9bn 4.68m −7.7% reduced PM PHILIP MORRIS INTL INC Consumer Defensive 7.2% $1.7bn 9.07m −16% reduced IDXX IDEXX LABS INC Healthcare 6.2% $1.4bn 2.64m −0.3% held V VISA INC Financial Services 5.9% $1.4bn 3.85m −6.8% reduced ADP AUTOMATIC DATA PROCESSING IN Technology 5.8% $1.3bn 4.36m −3.4% reduced WAT WATERS CORP Healthcare 5.5% $1.3bn 3.61m −0.1% held GOOGL ALPHABET INC Communication Services 5.2% $1.2bn 6.80m −0.6% reduced MAR MARRIOTT INTL INC NEW Consumer Cyclical 5.0% $1.2bn 4.24m −0.4% held FTNT FORTINET INC Technology 3.9% $890m 8.42m −1.2% reduced PG PROCTER & GAMBLE CO Consumer Defensive 3.2% $728m 4.57m −1.0% reduced MTD METTLER TOLEDO INTERNATIONAL Healthcare 3.0% $693m 590,037 −0.1% held CHD CHURCH & DWIGHT CO INC Consumer Defensive 2.8% $656m 6.82m −0.3% held OTIS OTIS WORLDWIDE CORP Industrials 2.5% $576m 5.82m −0.8% reduced TXN TEXAS INSTRS INC Technology 2.5% $565m 2.72m −0.2% held ZTS ZOETIS INC Healthcare 2.0% $450m 2.88m +13% added NKE NIKE INC Consumer Cyclical 1.9% $435m 6.13m −0.1% held INTU INTUIT Technology 1.3% $290m 368,540 +103% added ODD ODDITY TECH LTD Consumer Defensive 0.5% $107m 1.42m −12% reduced QLYS QUALYS INC Technology 0.4% $103m 718,602 0.0% held MSCI MSCI INC Financial Services 0.4% $96.1m 166,619 0.0% held PAYC PAYCOM SOFTWARE INC Technology 0.4% $95.7m 413,510 0.0% held CHH CHOICE HOTELS INTL INC Consumer Cyclical 0.4% $93.1m 733,892 0.0% held VRT VERTIV HOLDINGS CO Industrials 0.4% $93.1m 724,923 – new ROL ROLLINS INC Consumer Cyclical 0.4% $83.4m 1.48m −7.4% reduced DOCS DOXIMITY INC Healthcare 0.4% $83.2m 1.36m +14% added VRSN VERISIGN INC Technology 0.3% $78.2m 270,634 −53% reduced GGG GRACO INC Industrials 0.3% $77.4m 900,545 −21% reduced CLX CLOROX CO DEL Consumer Defensive 0.3% $73.7m 613,497 0.0% held SABR SABRE CORP Technology 0.3% $67.9m 21.50m 0.0% held CPRXEUR CATALYST PHARMACEUTICALS INC – 0.3% $58.8m 2.71m +26% added MANH MANHATTAN ASSOCIATES INC Technology 0.2% $56.9m 288,332 – new EXPO EXPONENT INC Industrials 0.2% $55.8m 746,820 −11% reduced VRSK VERISK ANALYTICS INC Industrials 0.2% $54.9m 176,195 −47% reduced MEDP MEDPACE HLDGS INC Healthcare 0.2% $40.0m 127,537 0.0% held HD HOME DEPOT INC Consumer Cyclical 0.1% $30.6m 83,367 −27% reduced NSSC NAPCO SEC TECHNOLOGIES INC Industrials 0.1% $28.4m 954,912 – new MA MASTERCARD INC Financial Services 0.07% $15.5m 27,663 −44% reduced
Exited since Q1 2025 2 rows
Stock Prior weight Prior value BF/B BROWN FORMAN CORP 1.5% $327m EFX EQUIFAX INC 0.3% $57.4m
Sector mix Technology 25.8% Healthcare 25.2% Communication Services 16.7% Consumer Defensive 14.0% Consumer Cyclical 7.8% Financial Services 6.4% Industrials 3.8% Unclassified 0.3% 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