Funds › Fundsmith (Terry Smith) › Q4 2025Fundsmith (Terry Smith) 13F holdings, Q4 2025 Fundsmith (Terry Smith) disclosed 37 US equity positions worth $17.1bn in its Q4 2025 13F filing. Its largest position is WAT at 7.9% of the reported book, followed by SYK and IDXX. Versus Q3 2025 it opened 2 new positions, added to 4, reduced 22 and exited 0.
$17.1bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
37 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
7.9% Largest position The largest single position as a share of the reported equity book.
66.9% 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 Q3 2025: 2 new , 4 added , 22 reduced , 0 exited
37 rows
Stock Sector Weight Value Shares Δ shares Action WAT WATERS CORP Healthcare 7.9% $1.4bn 3.56m −10% reduced SYK STRYKER CORPORATION Healthcare 7.6% $1.3bn 3.69m −20% reduced IDXX IDEXX LABS INC Healthcare 7.4% $1.3bn 1.88m −28% reduced V VISA INC Financial Services 7.2% $1.2bn 3.53m −8.3% reduced MAR MARRIOTT INTL INC NEW Consumer Cyclical 7.2% $1.2bn 3.98m −5.9% reduced GOOGL ALPHABET INC Communication Services 6.4% $1.1bn 3.50m −44% reduced ADP AUTOMATIC DATA PROCESSING IN Technology 6.3% $1.1bn 4.18m −3.1% reduced MSFT MICROSOFT CORP Technology 5.9% $1.0bn 2.08m −19% reduced PM PHILIP MORRIS INTL INC Consumer Defensive 5.7% $982m 6.12m −15% reduced META META PLATFORMS INC Communication Services 5.3% $900m 1.36m −13% reduced MTD METTLER TOLEDO INTERNATIONAL Healthcare 4.7% $809m 580,507 −1.7% reduced PG PROCTER & GAMBLE CO Consumer Defensive 3.6% $609m 4.25m −7.2% reduced CHD CHURCH & DWIGHT CO INC Consumer Defensive 3.3% $564m 6.73m −1.0% reduced FTNT FORTINET INC Technology 3.0% $517m 6.52m −23% reduced ZTS ZOETIS INC Healthcare 2.9% $491m 3.90m +7.9% added TXN TEXAS INSTRS INC Technology 2.7% $455m 2.62m −3.6% reduced INTU INTUIT Technology 2.4% $414m 625,619 +3.5% added NKE NIKE INC Consumer Cyclical 2.1% $368m 5.77m −5.9% reduced OTIS OTIS WORLDWIDE CORP Industrials 1.6% $272m 3.11m −47% reduced MSCI MSCI INC Financial Services 0.6% $95.6m 166,619 0.0% held ROL ROLLINS INC Consumer Cyclical 0.5% $88.7m 1.48m 0.0% held QLYS QUALYS INC Technology 0.5% $86.1m 647,806 −26% reduced PAYC PAYCOM SOFTWARE INC Technology 0.5% $83.4m 523,433 0.0% held ODD ODDITY TECH LTD Consumer Defensive 0.5% $83.3m 2.07m +46% added CPRXEUR CATALYST PHARMACEUTICALS INC – 0.5% $78.5m 3.36m 0.0% held NSSC NAPCO SEC TECHNOLOGIES INC Industrials 0.4% $74.2m 1.78m 0.0% held DOCS DOXIMITY INC Healthcare 0.4% $73.1m 1.65m +22% added NTNX NUTANIX INC Technology 0.4% $71.2m 1.38m – new VRT VERTIV HOLDINGS CO Industrials 0.4% $66.6m 410,944 −31% reduced VRSN VERISIGN INC Technology 0.4% $65.8m 270,634 0.0% held CLX CLOROX CO DEL Consumer Defensive 0.4% $61.9m 613,497 0.0% held MANH MANHATTAN ASSOCIATES INC Technology 0.3% $50.0m 288,332 0.0% held GGG GRACO INC Industrials 0.3% $47.5m 579,016 −36% reduced MEDP MEDPACE HLDGS INC Healthcare 0.3% $46.4m 82,567 −35% reduced ADMA ADMA BIOLOGICS INC Healthcare 0.2% $38.3m 2.10m – new SABR SABRE CORP Technology 0.2% $29.2m 21.50m 0.0% held HD HOME DEPOT INC Consumer Cyclical 0.2% $27.6m 80,206 −5.5% reduced
Sector mix Healthcare 31.4% Technology 22.5% Consumer Defensive 13.4% Communication Services 11.7% Consumer Cyclical 10.0% Financial Services 7.8% Industrials 2.7% Unclassified 0.5% 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