Great investors · Terry Smith · Q2 2025
What Terry Smith bought and sold in Q2 2025
Fundsmith 13F portfolio as of Jun 30, 2025: 39 positions worth $23.0 bn. Largest: META, MSFT, SYK, PM. Filed with the SEC on Aug 14, 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 Q2 2025
- IncreasedIntuitINTU+0.6 pp
Sells in Q2 2025
- Sold outBrown FormanBF/B−1.4 pp
- ReducedPhilip Morris InternationalPM−1.4 pp
- ReducedMeta PlatformsMETA−1.0 pp
- ReducedMicrosoftMSFT−0.9 pp
- ReducedStrykerSYK−0.7 pp
6 companies with material moves, out of 25 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 Q2 2025 13F lists 39 lines of US-listed securities worth $23.0 bn; the largest is META at 11.4% of the portfolio. It was accepted by the SEC on Aug 14, 2025 at 7:24 AM ET.
Against the previous quarter, it opened 3 positions (VRT, MANH and NSSC), closed 2 (BF/B and EFX), added to 4 (INTU, ZTS, Catalyst Pharmaceuticals and DOCS) and trimmed 16 (PM, META, MSFT and SYK and 12 more). 16 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Meta Platforms META | 3.6 M | $2.6 bn | 11.4% | −8.1% |
| 2 | Microsoft MSFT | 4.9 M | $2.5 bn | 10.7% | −8% |
| 3 | Stryker SYK | 4.7 M | $1.9 bn | 8.04% | −7.7% |
| 4 | Philip Morris International PM | 9.1 M | $1.7 bn | 7.18% | −16% |
| 5 | Idexx Laboratories IDXX | 2.6 M | $1.4 bn | 6.15% | no change |
| 6 | Visa V | 3.9 M | $1.4 bn | 5.95% | −6.8% |
| 7 | Automatic Data Processing ADP | 4.4 M | $1.3 bn | 5.84% | −3.4% |
| 8 | Waters WAT | 3.6 M | $1.3 bn | 5.47% | no change |
| 9 | Alphabet GOOGL | 6.8 M | $1.2 bn | 5.21% | no change |
| 10 | Marriott International MAR | 4.2 M | $1.2 bn | 5.03% | no change |
| 11 | Fortinet FTNT | 8.4 M | $890M | 3.87% | −1.2% |
| 12 | Procter & Gamble PG | 4.6 M | $728M | 3.16% | −1% |
| 13 | Mettler-Toledo International MTD | 590,037 | $693M | 3.01% | no change |
| 14 | Church & Dwight CHD | 6.8 M | $656M | 2.85% | no change |
| 15 | Otis Worldwide OTIS | 5.8 M | $576M | 2.50% | no change |
| 16 | Texas Instruments TXN | 2.7 M | $565M | 2.45% | no change |
| 17 | Zoetis ZTS | 2.9 M | $450M | 1.95% | +13% |
| 18 | Nike NKE | 6.1 M | $435M | 1.89% | no change |
| 19 | Intuit INTU | 368,540 | $290M | 1.26% | +103% |
| 20 | Oddity Tech ODD | 1.4 M | $107M | 0.46% | −12% |
| 21 | Qualys QLYS | 718,602 | $103M | 0.45% | no change |
| 22 | MSCI MSCI | 166,619 | $96.1M | 0.42% | no change |
| 23 | Paycom Software PAYC | 413,510 | $95.7M | 0.42% | no change |
| 24 | Choice Hotels International CHH | 733,892 | $93.1M | 0.40% | no change |
| 25 | Vertiv Holdings VRT | 724,923 | $93.1M | 0.40% | new |
| 26 | Rollins ROL | 1.5 M | $83.4M | 0.36% | −7.4% |
| 27 | Doximity DOCS | 1.4 M | $83.2M | 0.36% | +14% |
| 28 | Verisign VRSN | 270,634 | $78.2M | 0.34% | −53% |
| 29 | Graco GGG | 900,545 | $77.4M | 0.34% | −21% |
| 30 | Clorox CLX | 613,497 | $73.7M | 0.32% | no change |
| 31 | Sabre SABR | 21.5 M | $67.9M | 0.30% | no change |
| 32 | Catalyst Pharmaceuticals | 2.7 M | $58.8M | 0.26% | +26% |
| 33 | Manhattan Associates MANH | 288,332 | $56.9M | 0.25% | new |
| 34 | Exponent EXPO | 746,820 | $55.8M | 0.24% | −11% |
| 35 | Verisk Analytics VRSK | 176,195 | $54.9M | 0.24% | −47% |
| 36 | Medpace Holdings MEDP | 127,537 | $40.0M | 0.17% | no change |
| 37 | Home Depot HD | 83,367 | $30.6M | 0.13% | −27% |
| 38 | Napco Security Technologies NSSC | 954,912 | $28.4M | 0.12% | new |
| 39 | Mastercard MA | 27,663 | $15.5M | 0.07% | −44% |
Positions it closed (2)
- Brown Forman BF/Bwas 1.49% · 9.6 M shares
- Equifax EFXwas 0.26% · 235,505 shares
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.