Funds › Fundsmith (Terry Smith) › Q3 2025Fundsmith (Terry Smith) 13F holdings, Q3 2025 Fundsmith (Terry Smith) disclosed 35 US equity positions worth $19.8bn in its Q3 2025 13F filing. Its largest position is SYK at 8.6% of the reported book, followed by IDXX and GOOGL. Versus Q2 2025 it opened 0 new positions, added to 8, reduced 8 and exited 4.
$19.8bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
35 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
8.6% Largest position The largest single position as a share of the reported equity book.
67.7% Top 10 weight The ten largest positions together, as a share of the reported equity book.
18 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 Q2 2025: 0 new , 8 added , 8 reduced , 4 exited
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Stock Sector Weight Value Shares Δ shares Action SYK STRYKER CORPORATION Healthcare 8.6% $1.7bn 4.59m −1.8% reduced IDXX IDEXX LABS INC Healthcare 8.4% $1.7bn 2.61m −1.1% reduced GOOGL ALPHABET INC Communication Services 7.7% $1.5bn 6.29m −7.6% reduced MSFT MICROSOFT CORP Technology 6.8% $1.3bn 2.58m −48% reduced V VISA INC Financial Services 6.6% $1.3bn 3.85m 0.0% held ADP AUTOMATIC DATA PROCESSING IN Technology 6.4% $1.3bn 4.31m −1.2% reduced WAT WATERS CORP Healthcare 6.0% $1.2bn 3.96m +9.6% added PM PHILIP MORRIS INTL INC Consumer Defensive 5.9% $1.2bn 7.19m −21% reduced META META PLATFORMS INC Communication Services 5.8% $1.1bn 1.56m −56% reduced MAR MARRIOTT INTL INC NEW Consumer Cyclical 5.6% $1.1bn 4.23m −0.2% held MTD METTLER TOLEDO INTERNATIONAL Healthcare 3.7% $725m 590,654 +0.1% held FTNT FORTINET INC Technology 3.6% $708m 8.42m 0.0% held PG PROCTER & GAMBLE CO Consumer Defensive 3.6% $703m 4.58m +0.1% held CHD CHURCH & DWIGHT CO INC Consumer Defensive 3.0% $595m 6.79m −0.4% held OTIS OTIS WORLDWIDE CORP Industrials 2.7% $532m 5.82m 0.0% held ZTS ZOETIS INC Healthcare 2.7% $529m 3.62m +25% added TXN TEXAS INSTRS INC Technology 2.5% $500m 2.72m +0.1% held NKE NIKE INC Consumer Cyclical 2.2% $427m 6.13m 0.0% held INTU INTUIT Technology 2.1% $413m 604,456 +64% added QLYS QUALYS INC Technology 0.6% $115m 870,859 +21% added PAYC PAYCOM SOFTWARE INC Technology 0.6% $109m 523,433 +27% added DOCS DOXIMITY INC Healthcare 0.5% $99.2m 1.36m 0.0% held MSCI MSCI INC Financial Services 0.5% $94.5m 166,619 0.0% held VRT VERTIV HOLDINGS CO Industrials 0.5% $89.2m 591,450 −18% reduced ODD ODDITY TECH LTD Consumer Defensive 0.4% $88.3m 1.42m 0.0% held ROL ROLLINS INC Consumer Cyclical 0.4% $86.9m 1.48m 0.0% held GGG GRACO INC Industrials 0.4% $76.5m 900,545 0.0% held NSSC NAPCO SEC TECHNOLOGIES INC Industrials 0.4% $76.4m 1.78m +86% added VRSN VERISIGN INC Technology 0.4% $75.7m 270,634 0.0% held CLX CLOROX CO DEL Consumer Defensive 0.4% $75.6m 613,497 0.0% held CPRXEUR CATALYST PHARMACEUTICALS INC – 0.3% $66.3m 3.36m +24% added MEDP MEDPACE HLDGS INC Healthcare 0.3% $65.6m 127,537 0.0% held MANH MANHATTAN ASSOCIATES INC Technology 0.3% $59.1m 288,332 0.0% held SABR SABRE CORP Technology 0.2% $39.3m 21.50m 0.0% held HD HOME DEPOT INC Consumer Cyclical 0.2% $34.4m 84,860 +1.8% added
Exited since Q2 2025 4 rows
Stock Prior weight Prior value CHH CHOICE HOTELS INTL INC 0.4% $93.1m EXPO EXPONENT INC 0.2% $55.8m VRSK VERISK ANALYTICS INC 0.2% $54.9m MA MASTERCARD INC 0.07% $15.5m
Sector mix Healthcare 30.2% Technology 23.4% Communication Services 13.5% Consumer Defensive 13.3% Consumer Cyclical 8.3% Financial Services 7.1% Industrials 3.9% 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