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 |
Intuit
INTU
|
+$126M |
| 2 |
Vertiv
VRT
|
+$70.5M |
| 3 |
Zoetis
ZTS
|
+$53.6M |
| 4 |
Manhattan Associates
MANH
|
+$52.3M |
| 5 |
Napco Security Technologies
NSSC
|
+$24.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Brown-Forman Class B
BF.B
|
+$327M |
| 2 |
Philip Morris
PM
|
+$297M |
| 3 |
Meta Platforms (Facebook)
META
|
+$195M |
| 4 |
Microsoft
MSFT
|
+$186M |
| 5 |
Stryker
SYK
|
+$147M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 25.85% |
| 2 | Healthcare | 25.42% |
| 3 | Communication Services | 16.65% |
| 4 | Consumer Staples | 13.98% |
| 5 | Consumer Discretionary | 7.82% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Meta Platforms (Facebook)
META
$1.4T
| $2.63B | 11.44% |
3,568,752
-315,044
| -8% | -$195M |
|
|
2
Microsoft
MSFT
$3.59T
| $2.46B | 10.68% |
4,941,509
-428,653
| -8% | -$186M |
|
|
3
Stryker
SYK
$126B
| $1.85B | 8.04% |
4,677,007
-392,180
| -8% | -$147M |
|
|
4
Philip Morris
PM
$293B
| $1.65B | 7.18% |
9,074,195
-1,731,697
| -16% | -$297M |
|
5
Idexx Laboratories
IDXX
$43.9B
| $1.42B | 6.15% |
2,639,289
-9,042
| -0.3% | -$4.32M |
|
6
Visa
V
$693B
| $1.37B | 5.95% |
3,854,071
-282,953
| -7% | -$98.6M |
|
7
Automatic Data Processing
ADP
$112B
| $1.35B | 5.84% |
4,362,099
-151,800
| -3% | -$46.6M |
|
8
Waters Corp
WAT
$40.4B
| $1.26B | 5.47% |
3,608,407
-4,790
| -0.1% | -$1.65M |
|
9
Alphabet (Google) Class A
GOOGL
$4.22T
| $1.2B | 5.21% |
6,803,454
-39,759
| -0.6% | -$6.51M |
|
10
Marriott International
MAR
$92.9B
| $1.16B | 5.03% |
4,236,599
-14,961
| -0.4% | -$3.75M |
|
11
Fortinet
FTNT
$113B
| $890M | 3.87% |
8,418,362
-104,678
| -1% | -$10.6M |
|
12
Procter & Gamble
PG
$336B
| $728M | 3.16% |
4,572,280
-48,126
| -1% | -$7.86M |
|
13
Mettler-Toledo International
MTD
$28B
| $693M | 3.01% |
590,037
-801
| -0.1% | -$895K |
|
14
Church & Dwight Co
CHD
$23.4B
| $656M | 2.85% |
6,824,289
-23,197
| -0.3% | -$2.29M |
|
15
Otis Worldwide
OTIS
$27.2B
| $576M | 2.5% |
5,819,151
-47,586
| -0.8% | -$4.59M |
|
16
Texas Instruments
TXN
$241B
| $565M | 2.45% |
2,720,290
-5,522
| -0.2% | -$980K |
|
|
17
Zoetis
ZTS
$32.1B
| $450M | 1.95% |
2,884,831
+338,344
| +13% | +$53.6M |
|
18
Nike
NKE
$60.5B
| $435M | 1.89% |
6,129,483
-6,146
| -0.1% | -$369K |
|
|
19
Intuit
INTU
$100B
| $290M | 1.26% |
368,540
+186,912
| +103% | +$126M |
|
20
ODDITY Tech
ODD
$610M
| $107M | 0.46% |
1,416,956
-198,202
| -12% | -$12.1M |
|
21
Qualys
QLYS
$6.3B
| $103M | 0.45% |
718,602
| – | – |
|
22
MSCI
MSCI
$41B
| $96.1M | 0.42% |
166,619
| – | – |
|
23
Paycom
PAYC
$10.3B
| $95.7M | 0.42% |
413,510
| – | – |
|
24
Choice Hotels
CHH
$4.93B
| $93.1M | 0.4% |
733,892
| – | – |
|
|
25
Vertiv
VRT
$101B
| $93.1M | 0.4% |
+724,923
| New | +$70.5M |
|
Similar funds
Terry Smith's Q2 2025 Portfolio in Review
As of Q2 2025, Terry Smith held 41 positions worth $23B, up 4.7% from $22B the previous quarter. Its ten largest holdings account for 71% of the portfolio.
Terry Smith withdrew a net $1.25B in Q2 2025, closing 2 positions and reducing 25 holdings. Its most notable exit was Brown-Forman Class B, an estimated $327M position sold in full.
By sector, the portfolio is most concentrated in Technology at 26% of assets, up from 24% a quarter earlier, followed by Healthcare and Communication Services.
Against the trend, Terry Smith opened a new position in Vertiv worth $93.1M.
- Terry Smith's largest Q2 2025 buy was Vertiv: 724,923 shares worth $93.1M.
- Terry Smith added most to Intuit in Q2 2025, an estimated $126M increase.
- Terry Smith's biggest Q2 2025 reduction was Philip Morris, cutting an estimated $297M.
- Terry Smith fully exited Brown-Forman Class B in Q2 2025, selling an estimated $327M.
- Terry Smith's ten largest holdings make up 71% of its $23B portfolio in Q2 2025.
- Terry Smith opened 3 new positions and closed 2 in Q2 2025.
- Terry Smith's portfolio value rose 4.7% quarter-over-quarter to $23B.
Based on Fundsmith LLP's 13F filing for Q2 2025, filed 14 Aug 2025.