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 |
Nutanix
NTNX
|
+$84.1M |
| 2 |
Zoetis
ZTS
|
+$37.3M |
| 3 |
ADMA Biologics
ADMA
|
+$35.4M |
| 4 |
ODDITY Tech
ODD
|
+$29.7M |
| 5 |
Doximity
DOCS
|
+$16.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$797M |
| 2 |
Idexx Laboratories
IDXX
|
+$500M |
| 3 |
Stryker
SYK
|
+$329M |
| 4 |
Microsoft
MSFT
|
+$252M |
| 5 |
Otis Worldwide
OTIS
|
+$242M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 31.86% |
| 2 | Technology | 22.51% |
| 3 | Consumer Staples | 13.44% |
| 4 | Communication Services | 11.66% |
| 5 | Consumer Discretionary | 10.04% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Napco Security Technologies
NSSC
$1.36B
| $74.2M | 0.43% |
1,779,857
| – | – |
|
|
27
Doximity
DOCS
$4.51B
| $73.1M | 0.43% |
1,650,002
+294,058
| +22% | +$16.5M |
|
|
28
Nutanix
NTNX
$18.3B
| $71.2M | 0.42% |
+1,377,158
| New | +$84.1M |
|
29
Vertiv
VRT
$101B
| $66.6M | 0.39% |
410,944
-180,506
| -31% | -$31.3M |
|
30
VeriSign
VRSN
$25.5B
| $65.8M | 0.38% |
270,634
| – | – |
|
31
Clorox
CLX
$12.9B
| $61.9M | 0.36% |
613,497
| – | – |
|
32
Manhattan Associates
MANH
$12.5B
| $50M | 0.29% |
288,332
| – | – |
|
33
Graco
GGG
$13.1B
| $47.5M | 0.28% |
579,016
-321,529
| -36% | -$26.5M |
|
34
Medpace
MEDP
$17.3B
| $46.4M | 0.27% |
82,567
-44,970
| -35% | -$25.5M |
|
|
35
ADMA Biologics
ADMA
$2.2B
| $38.3M | 0.22% |
+2,102,054
| New | +$35.4M |
|
36
Sabre
SABR
$848M
| $29.2M | 0.17% |
21,499,095
| – | – |
|
37
Home Depot
HD
$335B
| $27.6M | 0.16% |
80,206
-4,654
| -5% | -$1.7M |
|
Similar funds
Terry Smith's Q4 2025 Portfolio in Review
As of Q4 2025, Terry Smith held 37 positions worth $17.1B, down 14% from $19.8B the previous quarter. Its ten largest holdings account for 67% of the portfolio.
Terry Smith withdrew a net $2.94B in Q4 2025, reducing 22 holdings. Its largest reduction was Alphabet (Google) Class A, cutting an estimated $797M.
By sector, the portfolio is most concentrated in Healthcare at 32% of assets, up from 30% a quarter earlier, followed by Technology and Consumer Staples.
Against the trend, Terry Smith opened a new position in Nutanix worth $71.2M.
- Terry Smith's largest Q4 2025 buy was Nutanix: 1,377,158 shares worth $71.2M.
- Terry Smith added most to Zoetis in Q4 2025, an estimated $37.3M increase.
- Terry Smith's biggest Q4 2025 reduction was Alphabet (Google) Class A, cutting an estimated $797M.
- Terry Smith's ten largest holdings make up 67% of its $17.1B portfolio in Q4 2025.
- Terry Smith opened 2 new positions and closed 0 in Q4 2025.
- Terry Smith's portfolio value fell 14% quarter-over-quarter to $17.1B.
Based on Fundsmith LLP's 13F filing for Q4 2025, filed 17 Feb 2026.