Great investors · Terry Smith · Q3 2025
What Terry Smith bought and sold in Q3 2025
Fundsmith 13F portfolio as of Sep 30, 2025: 35 positions worth $19.8 bn. Largest: SYK, IDXX, GOOGL, MSFT. Filed with the SEC on Nov 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 Q3 2025
- IncreasedIntuitINTU+0.7 pp
Sells in Q3 2025
- ReducedMeta PlatformsMETA−6.4 pp
- ReducedMicrosoftMSFT−5.3 pp
- ReducedPhilip Morris InternationalPM−1.3 pp
- ReducedAlphabetGOOGL−0.5 pp
5 companies with material moves, out of 20 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 Q3 2025 13F lists 35 lines of US-listed securities worth $19.8 bn; the largest is SYK at 8.57% of the portfolio. It was accepted by the SEC on Nov 14, 2025 at 7:36 AM ET.
Against the previous quarter, it opened no new positions, closed 4 (CHH, EXPO, VRSK and MA), added to 8 (INTU, ZTS, WAT and NSSC and 4 more) and trimmed 8 (META, MSFT, PM and GOOGL and 4 more). 19 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Stryker SYK | 4.6 M | $1.7 bn | 8.57% | −1.8% |
| 2 | Idexx Laboratories IDXX | 2.6 M | $1.7 bn | 8.43% | −1.1% |
| 3 | Alphabet GOOGL | 6.3 M | $1.5 bn | 7.72% | −7.6% |
| 4 | Microsoft MSFT | 2.6 M | $1.3 bn | 6.76% | −48% |
| 5 | Visa V | 3.9 M | $1.3 bn | 6.65% | no change |
| 6 | Automatic Data Processing ADP | 4.3 M | $1.3 bn | 6.39% | −1.2% |
| 7 | Waters WAT | 4.0 M | $1.2 bn | 5.99% | +9.6% |
| 8 | Philip Morris International PM | 7.2 M | $1.2 bn | 5.89% | −21% |
| 9 | Meta Platforms META | 1.6 M | $1.1 bn | 5.78% | −56% |
| 10 | Marriott International MAR | 4.2 M | $1.1 bn | 5.56% | no change |
| 11 | Mettler-Toledo International MTD | 590,654 | $725M | 3.66% | no change |
| 12 | Fortinet FTNT | 8.4 M | $708M | 3.58% | no change |
| 13 | Procter & Gamble PG | 4.6 M | $703M | 3.55% | no change |
| 14 | Church & Dwight CHD | 6.8 M | $595M | 3.01% | no change |
| 15 | Otis Worldwide OTIS | 5.8 M | $532M | 2.69% | no change |
| 16 | Zoetis ZTS | 3.6 M | $529M | 2.67% | +25% |
| 17 | Texas Instruments TXN | 2.7 M | $500M | 2.53% | no change |
| 18 | Nike NKE | 6.1 M | $427M | 2.16% | no change |
| 19 | Intuit INTU | 604,456 | $413M | 2.09% | +64% |
| 20 | Qualys QLYS | 870,859 | $115M | 0.58% | +21% |
| 21 | Paycom Software PAYC | 523,433 | $109M | 0.55% | +27% |
| 22 | Doximity DOCS | 1.4 M | $99.2M | 0.50% | no change |
| 23 | MSCI MSCI | 166,619 | $94.5M | 0.48% | no change |
| 24 | Vertiv Holdings VRT | 591,450 | $89.2M | 0.45% | −18% |
| 25 | Oddity Tech ODD | 1.4 M | $88.3M | 0.45% | no change |
| 26 | Rollins ROL | 1.5 M | $86.9M | 0.44% | no change |
| 27 | Graco GGG | 900,545 | $76.5M | 0.39% | no change |
| 28 | Napco Security Technologies NSSC | 1.8 M | $76.4M | 0.39% | +86% |
| 29 | Verisign VRSN | 270,634 | $75.7M | 0.38% | no change |
| 30 | Clorox CLX | 613,497 | $75.6M | 0.38% | no change |
| 31 | Catalyst Pharmaceuticals | 3.4 M | $66.3M | 0.33% | +24% |
| 32 | Medpace Holdings MEDP | 127,537 | $65.6M | 0.33% | no change |
| 33 | Manhattan Associates MANH | 288,332 | $59.1M | 0.30% | no change |
| 34 | Sabre SABR | 21.5 M | $39.3M | 0.20% | no change |
| 35 | Home Depot HD | 84,860 | $34.4M | 0.17% | +1.8% |
Positions it closed (4)
- Choice Hotels International CHHwas 0.40% · 733,892 shares
- Exponent EXPOwas 0.24% · 746,820 shares
- Verisk Analytics VRSKwas 0.24% · 176,195 shares
- Mastercard MAwas 0.07% · 27,663 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.