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 | |
|---|---|---|---|---|---|---|
|
1
Meta Platforms (Facebook)
META
$1.4T
| $2.24B | 10.19% |
3,883,796
-677,556
| -15% | -$437M |
|
|
2
Microsoft
MSFT
$3.59T
| $2.02B | 9.17% |
5,370,162
-816,871
| -13% | -$333M |
|
3
Stryker
SYK
$126B
| $1.89B | 8.59% |
5,069,187
-264,790
| -5% | -$101M |
|
4
Philip Morris
PM
$293B
| $1.72B | 7.81% |
10,805,892
-439,283
| -4% | -$62.2M |
|
|
5
Visa
V
$693B
| $1.45B | 6.6% |
4,137,024
-485,543
| -11% | -$164M |
|
|
6
Automatic Data Processing
ADP
$112B
| $1.38B | 6.28% |
4,513,899
-499,813
| -10% | -$151M |
|
7
Waters Corp
WAT
$40.4B
| $1.33B | 6.06% |
3,613,197
-21,325
| -0.6% | -$8.26M |
|
8
Idexx Laboratories
IDXX
$43.9B
| $1.11B | 5.06% |
2,648,331
-14,524
| -0.5% | -$6.31M |
|
9
Alphabet (Google) Class A
GOOGL
$4.22T
| $1.06B | 4.82% |
6,843,213
-5,065
| -0.1% | -$919K |
|
10
Marriott International
MAR
$92.9B
| $1.01B | 4.61% |
4,251,560
-3,780
| -0.1% | -$1.03M |
|
11
Fortinet
FTNT
$113B
| $820M | 3.73% |
8,523,040
-7,383
| -0.1% | -$749K |
|
12
Procter & Gamble
PG
$336B
| $787M | 3.58% |
4,620,406
-5,970
| -0.1% | -$1,000K |
|
13
Church & Dwight Co
CHD
$23.4B
| $754M | 3.43% |
6,847,486
-9,635
| -0.1% | -$1.03M |
|
14
Mettler-Toledo International
MTD
$28B
| $698M | 3.18% |
590,838
-617
| -0.1% | -$788K |
|
15
Otis Worldwide
OTIS
$27.2B
| $605M | 2.76% |
5,866,737
-100,040
| -2% | -$9.77M |
|
|
16
Texas Instruments
TXN
$241B
| $490M | 2.23% |
2,725,812
+1,025,182
| +60% | +$192M |
|
|
17
Zoetis
ZTS
$32.1B
| $419M | 1.91% |
2,546,487
+2,319,158
| +1,020% | +$386M |
|
18
Nike
NKE
$60.5B
| $389M | 1.77% |
6,135,629
| – | – |
|
19
Brown-Forman Class B
BF.B
$13.1B
| $327M | 1.49% |
9,637,881
| – | – |
|
20
VeriSign
VRSN
$25.5B
| $145M | 0.66% |
570,035
-54,465
| -9% | -$12.4M |
|
|
21
Intuit
INTU
$100B
| $112M | 0.51% |
+181,628
| New | +$109M |
|
22
Verisk Analytics
VRSK
$24.4B
| $98.4M | 0.45% |
330,624
-87,061
| -21% | -$25.1M |
|
23
Choice Hotels
CHH
$4.93B
| $97.4M | 0.44% |
733,892
| – | – |
|
24
Graco
GGG
$13.1B
| $95.2M | 0.43% |
1,139,641
| – | – |
|
25
MSCI
MSCI
$41B
| $94.2M | 0.43% |
166,619
| – | – |
|
Similar funds
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.