Great investors · Terry Smith · Q1 2025
What Terry Smith bought and sold in Q1 2025
Fundsmith 13F portfolio as of Mar 31, 2025: 38 positions worth $22.0 bn. Largest: META, MSFT, SYK, PM. Filed with the SEC on May 15, 2025.
The 13F is filed by Fundsmith, not by Terry Smith personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q1 2025
- IncreasedZoetisZTS+1.6 pp
- IncreasedTexas InstrumentsTXN+0.8 pp
Sells in Q1 2025
- Sold outPepsicoPEP−3.7 pp
- ReducedMeta PlatformsMETA−1.7 pp
- ReducedMicrosoftMSFT−1.3 pp
- ReducedVisaV−0.7 pp
- ReducedAutomatic Data ProcessingADP−0.7 pp
7 companies with material moves, out of 21 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Fundsmith's Q1 2025 13F lists 38 lines of US-listed securities worth $22.0 bn; the largest is META at 10.2% of the portfolio. It was accepted by the SEC on May 15, 2025 at 6:39 AM ET.
Against the previous quarter, it opened 2 positions (INTU and Catalyst Pharmaceuticals), closed 2 (PEP and IEX), added to 5 (ZTS, TXN, DOCS and QLYS and 1 more) and trimmed 12 (META, MSFT, V and ADP and 8 more). 19 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Meta Platforms META | 3.9 M | $2.2 bn | 10.2% | −15% |
| 2 | Microsoft MSFT | 5.4 M | $2.0 bn | 9.17% | −13% |
| 3 | Stryker SYK | 5.1 M | $1.9 bn | 8.59% | −5% |
| 4 | Philip Morris International PM | 10.8 M | $1.7 bn | 7.81% | −3.9% |
| 5 | Visa V | 4.1 M | $1.4 bn | 6.60% | −11% |
| 6 | Automatic Data Processing ADP | 4.5 M | $1.4 bn | 6.28% | −10% |
| 7 | Waters WAT | 3.6 M | $1.3 bn | 6.06% | no change |
| 8 | Idexx Laboratories IDXX | 2.6 M | $1.1 bn | 5.06% | no change |
| 9 | Alphabet GOOGL | 6.8 M | $1.1 bn | 4.82% | no change |
| 10 | Marriott International MAR | 4.3 M | $1.0 bn | 4.61% | no change |
| 11 | Fortinet FTNT | 8.5 M | $820M | 3.73% | no change |
| 12 | Procter & Gamble PG | 4.6 M | $787M | 3.58% | no change |
| 13 | Church & Dwight CHD | 6.8 M | $754M | 3.43% | no change |
| 14 | Mettler-Toledo International MTD | 590,838 | $698M | 3.18% | no change |
| 15 | Otis Worldwide OTIS | 5.9 M | $605M | 2.76% | −1.7% |
| 16 | Texas Instruments TXN | 2.7 M | $490M | 2.23% | +60% |
| 17 | Zoetis ZTS | 2.5 M | $419M | 1.91% | ×11 |
| 18 | Nike NKE | 6.1 M | $389M | 1.77% | no change |
| 19 | Brown Forman BF/B | 9.6 M | $327M | 1.49% | no change |
| 20 | Verisign VRSN | 570,035 | $145M | 0.66% | −8.7% |
| 21 | Intuit INTU | 181,628 | $112M | 0.51% | new |
| 22 | Verisk Analytics VRSK | 330,624 | $98.4M | 0.45% | −21% |
| 23 | Choice Hotels International CHH | 733,892 | $97.4M | 0.44% | no change |
| 24 | Graco GGG | 1.1 M | $95.2M | 0.43% | no change |
| 25 | MSCI MSCI | 166,619 | $94.2M | 0.43% | no change |
| 26 | Qualys QLYS | 718,602 | $90.5M | 0.41% | +31% |
| 27 | Paycom Software PAYC | 413,510 | $90.3M | 0.41% | +28% |
| 28 | Clorox CLX | 613,497 | $90.3M | 0.41% | no change |
| 29 | Rollins ROL | 1.6 M | $86.3M | 0.39% | no change |
| 30 | Oddity Tech ODD | 1.6 M | $69.9M | 0.32% | no change |
| 31 | Doximity DOCS | 1.2 M | $69.0M | 0.31% | +67% |
| 32 | Exponent EXPO | 836,477 | $67.8M | 0.31% | no change |
| 33 | Sabre SABR | 21.5 M | $60.4M | 0.27% | no change |
| 34 | Equifax EFX | 235,505 | $57.4M | 0.26% | −35% |
| 35 | Catalyst Pharmaceuticals | 2.2 M | $52.2M | 0.24% | new |
| 36 | Home Depot HD | 114,736 | $42.0M | 0.19% | −21% |
| 37 | Medpace Holdings MEDP | 127,537 | $38.9M | 0.18% | no change |
| 38 | Mastercard MA | 49,454 | $27.1M | 0.12% | −23% |
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Fundsmith's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.