Fundsmith

Q2 2025 13F · by Terry Smith, founder

As of: Jun 30, 2025
Filed: Aug 14, 2025
US stock: $30.4B · prev $29.1B
Positions: 44 · prev 43
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%

Moves34 since the prior filing

+1.0 pp in · −1.0 pp out

New 3 +0.59 pp
Added 7 +0.42 pp
Trimmed 22 +0.67 pp
Exited 2 −1.66 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.4% a year, about 15.5 years per position

Low
Moderate
High

Top 5 positions44% of US stock

META Meta Platforms, Inc. Class A trimmed+1.22 pp trimmed+1.2211.4%
MSFT Microsoft Corp trimmed+1.47 pp trimmed+1.4710.7%
SYK Stryker Corporation trimmed−0.58 pp trimmed−0.588.2%
PM Philip Morris International Inc. trimmed−0.67 pp trimmed−0.677.1%
IDXX Idexx Laboratories Inc trimmed+1.09 pp trimmed+1.096.2%

Positions44 in this filing · 2 exited


METAMeta Platforms, Inc. Class A	11.44%	4,711,978	$3.5B	trimmed−9%	+1.22 pp	30 q
MSFTMicrosoft Corp	10.69%	6,531,440	$3.2B	trimmed−9%	+1.47 pp	28 q
SYKStryker Corporation	8.21%	6,307,561	$2.5B	trimmed−8%	−0.58 pp	49 q
PMPhilip Morris International Inc.	7.11%	11,865,102	$2.2B	trimmed−17%	−0.67 pp	49 q
IDXXIdexx Laboratories Inc	6.15%	3,483,905	$1.9B	trimmed−1%	+1.09 pp	42 q
VVISA Inc.	6.03%	5,165,959	$1.8B	trimmed−7%	−0.66 pp	49 q
ADPAutomatic Data Processing	5.95%	5,869,065	$1.8B	trimmed−3%	−0.43 pp	35 q
WATWaters Corp	5.54%	4,829,192	$1.7B	added0%	−0.58 pp	42 q
MARMarriott International Class A	5.16%	5,740,141	$1.6B	trimmed−0%	+0.44 pp	10 q
GOOGLAlphabet Inc. Class A	5.10%	8,805,217	$1.6B	trimmed−0%	+0.39 pp	15 q
FTNTFortinet, Inc.	3.80%	10,928,800	$1.2B	trimmed−1%	+0.13 pp	20 q
PGProcter & Gamble Company	3.42%	6,519,507	$1.0B	trimmed−1%	−0.43 pp	19 q
MTDMettler-Toledo International	3.29%	850,591	$999M	added0%	−0.17 pp	14 q
CHDChurch & Dwight Co., Inc.	3.08%	9,738,926	$936M	trimmed−0%	−0.61 pp	19 q
TXNTexas Instruments Incorporated	2.54%	3,722,343	$773M	added+2%	+0.28 pp	6 q
OTISOtis Worldwide Corporation	2.45%	7,512,509	$744M	trimmed−1%	−0.25 pp	12 q
NKENike, Inc.	1.97%	8,441,124	$600M	trimmed−0%	+0.13 pp	22 q
ZTSZoetis Inc.	1.93%	3,756,604	$586M	added+15%	+0.08 pp	19 q
INTUIntuit Inc	1.25%	482,608	$380M	added×2.1	+0.77 pp	2 q
ODDODDITY Tech Ltd. Class A	0.35%	1,416,956	$107M	trimmed−12%	+0.11 pp	8 q
QLYSQualys, Inc.	0.34%	718,602	$103M	held	—	21 q
MSCIMSCI, Inc.	0.32%	166,619	$96M	held	—	27 q
CHHChoice Hotels Intnl.	0.31%	733,892	$93M	held	—	6 q
PAYCPaycom Software, Inc.	0.31%	413,510	$96M	held	—	27 q
VRTVertiv Holdings Co Class A	0.31%	724,923	$93M	new	+0.31 pp	new
DOCSDoximity, Inc.	0.27%	1,355,944	$83M	added+14%	+0.03 pp	3 q
ROLRollins, Inc.	0.27%	1,478,629	$83M	trimmed−7%	−0.03 pp	18 q
VRSNVeriSign Inc	0.26%	270,634	$78M	trimmed−53%	−0.24 pp	27 q
GGGGraco Inc	0.25%	900,545	$77M	trimmed−21%	−0.08 pp	10 q
CLXClorox Company	0.24%	613,497	$74M	held	—	7 q
SABRSabre Corporation	0.22%	21,499,095	$68M	held	—	27 q
CPRXCatalyst Pharmaceuticals Inc	0.19%	2,709,086	$59M	added+26%	+0.01 pp	2 q
MANHManhattan Associates Inc	0.19%	288,332	$57M	new	+0.19 pp	new
EXPOExponent Inc	0.18%	746,820	$56M	trimmed−11%	−0.05 pp	9 q
VRSKVerisk Analytics, Inc.	0.18%	176,195	$55M	trimmed−47%	−0.16 pp	27 q
HDHome Depot, Inc.	0.14%	116,592	$43M	trimmed−27%	−0.06 pp	18 q
MEDPMedpace Holdings, Inc.	0.13%	127,537	$40M	held	—	3 q
NSSCNapco Security Technologies, Inc	0.09%	954,912	$28M	new	+0.09 pp	new
MAMastercard Incorporated	0.08%	44,239	$25M	trimmed−39%	−0.06 pp	10 q
FCNCAFirst Citizens BancShares Inc	0.07%	10,369	$20M	held	—	9 q
CPNGCoupang, Inc.	0.06%	634,547	$19M	held	—	2 q
WMWaste Management, Inc.	0.05%	70,475	$16M	held	—	3 q
IESCIES Holdings, Inc.	0.03%	33,400	$10M	held	—	3 q
SHOPShopify Inc. Class A subordinate voting shares	0.03%	88,177	$10M	held	—	3 q
BF.BBrown-Forman Corporation Class B	—	−12,493,321	—	exited	−1.46 pp	—
EFXEquifax, Incorporated	—	−235,505	—	exited	−0.20 pp	—