Terry Smith Fundsmith LLP
Terry Smith is the founder and CEO of Fundsmith, a firm known for a concentrated portfolio of high-quality global companies. His approach favors simple, understandable businesses with high returns on capital and the ability to reinvest at attractive rates. Smith’s annual letters and plain-spoken commentary have made Fundsmith a frequent reference point for long-only quality investors.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Zoetis
ZTS
|
+$386M |
| 2 |
Texas Instruments
TXN
|
+$192M |
| 3 |
Intuit
INTU
|
+$109M |
| 4 |
CPRX
Catalyst Pharmaceutical
CPRX
|
+$48.4M |
| 5 |
Doximity
DOCS
|
+$30.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
PepsiCo
PEP
|
+$861M |
| 2 |
Meta Platforms (Facebook)
META
|
+$437M |
| 3 |
Microsoft
MSFT
|
+$333M |
| 4 |
Visa
V
|
+$164M |
| 5 |
Automatic Data Processing
ADP
|
+$151M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 25.52% |
| 2 | Technology | 23.68% |
| 3 | Consumer Staples | 17.04% |
| 4 | Communication Services | 15% |
| 5 | Consumer Discretionary | 7.41% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Qualys
QLYS
$6.3B
| $90.5M | 0.41% |
718,602
+170,593
| +31% | +$23.1M |
|
27
Paycom
PAYC
$10.3B
| $90.3M | 0.41% |
413,510
+90,899
| +28% | +$19.2M |
|
28
Clorox
CLX
$12.9B
| $90.3M | 0.41% |
613,497
| – | – |
|
29
Rollins
ROL
$17.8B
| $86.3M | 0.39% |
1,597,513
| – | – |
|
30
ODDITY Tech
ODD
$610M
| $69.9M | 0.32% |
1,615,158
| – | – |
|
|
31
Doximity
DOCS
$4.51B
| $69M | 0.31% |
1,189,882
+479,380
| +67% | +$30.3M |
|
32
Exponent
EXPO
$3.34B
| $67.8M | 0.31% |
836,477
| – | – |
|
33
Sabre
SABR
$848M
| $60.4M | 0.27% |
21,499,095
| – | – |
|
34
Equifax
EFX
$22.6B
| $57.4M | 0.26% |
235,505
-127,823
| -35% | -$32.1M |
|
|
CPRX
35
DELISTED
Catalyst Pharmaceutical
CPRX
| $52.2M | 0.24% |
+2,151,274
| New | +$48.4M |
|
36
Home Depot
HD
$335B
| $42M | 0.19% |
114,736
-30,903
| -21% | -$12M |
|
37
Medpace
MEDP
$17.3B
| $38.9M | 0.18% |
127,537
| – | – |
|
38
Mastercard
MA
$509B
| $27.1M | 0.12% |
49,454
-14,579
| -23% | -$7.94M |
|
39
IDEX
IEX
$17.3B
| – | – |
-362,501
| Closed | -$75.9M |
|
|
40
PepsiCo
PEP
$196B
| – | – |
-5,663,677
| Closed | -$861M |
|
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Terry Smith's Q1 2025 Portfolio in Review
As of Q1 2025, Terry Smith held 40 positions worth $22B, down 6.3% from $23.5B the previous quarter. Its ten largest holdings account for 69% of the portfolio.
Terry Smith withdrew a net $1.5B in Q1 2025, closing 2 positions and reducing 20 holdings. Its most notable exit was PepsiCo, an estimated $861M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 26% of assets, up from 22% a quarter earlier, followed by Technology and Consumer Staples.
Against the trend, Terry Smith opened a new position in Intuit worth $112M.
- Terry Smith's largest Q1 2025 buy was Intuit: 181,628 shares worth $112M.
- Terry Smith added most to Zoetis in Q1 2025, an estimated $386M increase.
- Terry Smith's biggest Q1 2025 reduction was Meta Platforms (Facebook), cutting an estimated $437M.
- Terry Smith fully exited PepsiCo in Q1 2025, selling an estimated $861M.
- Terry Smith's ten largest holdings make up 69% of its $22B portfolio in Q1 2025.
- Terry Smith opened 2 new positions and closed 2 in Q1 2025.
- Terry Smith's portfolio value fell 6.3% quarter-over-quarter to $22B.
Based on Fundsmith LLP's 13F filing for Q1 2025, filed 15 May 2025.