Fundsmith

Q1 2025 13F · by Terry Smith, founder

As of: Mar 31, 2025
Filed: May 15, 2025
US stock: $29.1B · prev $31.1B
Positions: 43 · prev 46
Options notional: $0
Documents: 2· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves38 since the prior filing

+3.4 pp in · −3.4 pp out

New 3 +0.71 pp
Added 7 +2.71 pp
Trimmed 22 +0.71 pp
Exited 6 −4.11 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.1 years per position

Low
Moderate
High

Top 5 positions43% of US stock

META Meta Platforms, Inc. Class A trimmed−1.18 pp trimmed−1.1810.2%
MSFT Microsoft Corp trimmed−1.96 pp trimmed−1.969.2%
SYK Stryker Corporation trimmed+0.42 pp trimmed+0.428.8%
PM Philip Morris International Inc. trimmed+2.04 pp trimmed+2.047.8%
V VISA Inc. trimmed+0.43 pp trimmed+0.436.7%

Positions43 in this filing · 6 exited


METAMeta Platforms, Inc. Class A	10.22%	5,152,352	$3.0B	trimmed−15%	−1.18 pp	29 q
MSFTMicrosoft Corp	9.22%	7,141,233	$2.7B	trimmed−14%	−1.96 pp	27 q
SYKStryker Corporation	8.79%	6,862,954	$2.6B	trimmed−5%	+0.42 pp	48 q
PMPhilip Morris International Inc.	7.78%	14,246,287	$2.3B	trimmed−4%	+2.04 pp	48 q
VVISA Inc.	6.69%	5,544,379	$1.9B	trimmed−10%	+0.43 pp	48 q
ADPAutomatic Data Processing	6.38%	6,065,118	$1.9B	trimmed−10%	+0.05 pp	34 q
WATWaters Corp	6.12%	4,829,031	$1.8B	trimmed−1%	+0.33 pp	41 q
IDXXIdexx Laboratories Inc	5.06%	3,502,690	$1.5B	trimmed−1%	+0.38 pp	41 q
MARMarriott International Class A	4.72%	5,752,776	$1.4B	trimmed−0%	−0.44 pp	9 q
GOOGLAlphabet Inc. Class A	4.71%	8,848,798	$1.4B	trimmed−0%	−0.67 pp	14 q
PGProcter & Gamble Company	3.85%	6,572,030	$1.1B	trimmed−2%	+0.25 pp	18 q
CHDChurch & Dwight Co., Inc.	3.69%	9,751,758	$1.1B	trimmed−0%	+0.40 pp	18 q
FTNTFortinet, Inc.	3.67%	11,068,350	$1.1B	trimmed−0%	+0.31 pp	19 q
MTDMettler-Toledo International	3.46%	850,343	$1.0B	trimmed−0%	+0.12 pp	13 q
OTISOtis Worldwide Corporation	2.70%	7,592,063	$784M	trimmed−2%	+0.40 pp	11 q
TXNTexas Instruments Incorporated	2.26%	3,662,363	$658M	added+66%	+0.93 pp	5 q
ZTSZoetis Inc.	1.85%	3,267,889	$538M	added×10.4	+1.68 pp	18 q
NKENike, Inc.	1.84%	8,445,467	$536M	added0%	−0.21 pp	21 q
BF.BBrown-Forman Corporation Class B	1.46%	12,493,321	$424M	held	—	23 q
VRSNVeriSign Inc	0.50%	570,035	$145M	trimmed−9%	+0.09 pp	26 q
INTUIntuit Inc	0.48%	228,920	$141M	new	+0.48 pp	new
CHHChoice Hotels Intnl.	0.34%	733,892	$97M	held	—	5 q
VRSKVerisk Analytics, Inc.	0.34%	330,624	$98M	trimmed−21%	−0.03 pp	26 q
GGGGraco Inc	0.33%	1,139,641	$95M	held	—	9 q
MSCIMSCI, Inc.	0.32%	166,619	$94M	held	—	26 q
CLXClorox Company	0.31%	613,497	$90M	held	—	6 q
PAYCPaycom Software, Inc.	0.31%	413,510	$90M	added+28%	+0.10 pp	26 q
QLYSQualys, Inc.	0.31%	718,602	$90M	added+31%	+0.06 pp	20 q
ROLRollins, Inc.	0.30%	1,597,513	$86M	held	—	17 q
DOCSDoximity, Inc.	0.24%	1,189,882	$69M	added+67%	+0.12 pp	2 q
ODDODDITY Tech Ltd. Class A	0.24%	1,615,158	$70M	held	—	7 q
EXPOExponent Inc	0.23%	836,477	$68M	held	—	8 q
SABRSabre Corporation	0.21%	21,499,095	$60M	held	—	26 q
EFXEquifax, Incorporated	0.20%	235,505	$57M	trimmed−35%	−0.10 pp	26 q
HDHome Depot, Inc.	0.20%	160,618	$59M	trimmed−21%	−0.05 pp	17 q
CPRXCatalyst Pharmaceuticals Inc	0.18%	2,151,274	$52M	new	+0.18 pp	new
MAMastercard Incorporated	0.14%	72,931	$40M	trimmed−18%	−0.01 pp	9 q
MEDPMedpace Holdings, Inc.	0.13%	127,537	$39M	trimmed−33%	−0.07 pp	2 q
FCNCAFirst Citizens BancShares Inc	0.07%	10,369	$19M	held	—	8 q
WMWaste Management, Inc.	0.06%	70,475	$16M	added+46%	+0.03 pp	2 q
CPNGCoupang, Inc.	0.05%	634,547	$14M	new	+0.05 pp	new
SHOPShopify Inc. Class A subordinate voting shares	0.03%	88,177	$8M	trimmed−8%	0.00 pp	2 q
IESCIES Holdings, Inc.	0.02%	33,400	$6M	held	—	2 q
PEPPepsiCo, Inc.	—	−7,512,083	—	exited	−3.67 pp	—
IEXIDEX Corporation	—	−362,501	—	exited	−0.24 pp	—
TSMTaiwan Semiconductor Manufacturing Company Ltd.	—	−149,989	—	exited	−0.10 pp	—
NVDANvidia Corp	—	−85,880	—	exited	−0.04 pp	—
RDDTReddit, Inc.	—	−76,675	—	exited	−0.04 pp	—
ARGTGlobal X MSCI Argentina ETF	—	−58,754	—	exited	−0.02 pp	—