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TS

Terry Smith Fundsmith LLP

AUM $13.6B
1-Year Est. Return 7.6%
 

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.

This Fund
S&P 500
This Quarter Est. Return
+0.28%
1 Year Est. Return
+7.6%
3 Year Est. Return
+53.18%
5 Year Est. Return
+52.54%
10 Year Est. Return
+342.88%
AUM
$19.8B
AUM Growth
-$3.22B
Cap. Flow
-$2.96B
Cap. Flow %
-14.94%
Top 10 Hldgs %
67.75%
Holding
39
New
–
Increased
13
Reduced
10
Closed
4

Top Buys

Rank Stock Value
1
INTU icon
Intuit
INTU
+$170M
2
ZTS icon
Zoetis
ZTS
+$110M
3
WAT icon
Waters Corp
WAT
+$105M
4
NSSC icon
Napco Security Technologies
NSSC
+$28.6M
5
PAYC icon
Paycom
PAYC
+$24.8M

Top Sells

Rank Stock Value
1
META icon
Meta Platforms (Facebook)
META
+$1.5B
2
MSFT icon
Microsoft
MSFT
+$1.2B
3
PM icon
Philip Morris
PM
+$317M
4
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$108M
5
CHH icon
Choice Hotels
CHH
+$93.1M

Sector Composition

Rank Sector Weight
1 Healthcare 30.49%
2 Technology 23.35%
3 Communication Services 13.51%
4 Consumer Staples 13.28%
5 Consumer Discretionary 8.33%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SYK icon
1
Stryker
SYK
$126B
$1.7B 8.57%
4,591,293
-85,714
-2% -$33.1M
IDXX icon
2
Idexx Laboratories
IDXX
$43.9B
$1.67B 8.43%
2,610,457
-28,832
-1% -$17.5M
GOOGL icon
3
Alphabet (Google) Class A
GOOGL
$4.22T
$1.53B 7.72%
6,289,352
-514,102
-8% -$108M
MSFT icon
4
Microsoft
MSFT
$3.59T
$1.34B 6.76%
2,583,369
-2,358,140
-48% -$1.2B
V icon
5
Visa
V
$693B
$1.32B 6.65%
3,854,336
+265
+0% +$91.7K
ADP icon
6
Automatic Data Processing
ADP
$112B
$1.27B 6.39%
4,311,603
-50,496
-1% -$15.2M
WAT icon
7
Waters Corp
WAT
$40.4B
$1.19B 5.99%
3,955,498
+347,091
+10% +$105M
PM icon
8
Philip Morris
PM
$293B
$1.17B 5.89%
7,188,144
-1,886,051
-21% -$317M
META icon
9
Meta Platforms (Facebook)
META
$1.4T
$1.14B 5.78%
1,558,664
-2,010,088
-56% -$1.5B
MAR icon
10
Marriott International
MAR
$92.9B
$1.1B 5.56%
4,228,298
-8,301
-0.2% -$2.23M
MTD icon
11
Mettler-Toledo International
MTD
$28B
$725M 3.66%
590,654
+617
+0.1% +$773K
FTNT icon
12
Fortinet
FTNT
$113B
$708M 3.58%
8,420,092
+1,730
+0% +$154K
PG icon
13
Procter & Gamble
PG
$336B
$703M 3.55%
4,577,040
+4,760
+0.1% +$743K
CHD icon
14
Church & Dwight Co
CHD
$23.4B
$595M 3.01%
6,794,644
-29,645
-0.4% -$2.78M
OTIS icon
15
Otis Worldwide
OTIS
$27.2B
$532M 2.69%
5,819,151
– –
ZTS icon
16
Zoetis
ZTS
$32.1B
$529M 2.67%
3,615,131
+730,300
+25% +$110M
TXN icon
17
Texas Instruments
TXN
$241B
$500M 2.53%
2,721,881
+1,591
+0.1% +$311K
NKE icon
18
Nike
NKE
$60.5B
$427M 2.16%
6,129,483
– –
INTU icon
19
Intuit
INTU
$100B
$413M 2.09%
604,456
+235,916
+64% +$170M
QLYS icon
20
Qualys
QLYS
$6.3B
$115M 0.58%
870,859
+152,257
+21% +$20.6M
PAYC icon
21
Paycom
PAYC
$10.3B
$109M 0.55%
523,433
+109,923
+27% +$24.8M
DOCS icon
22
Doximity
DOCS
$4.51B
$99.2M 0.5%
1,355,944
– –
MSCI icon
23
MSCI
MSCI
$41B
$94.5M 0.48%
166,619
– –
VRT icon
24
Vertiv
VRT
$101B
$89.2M 0.45%
591,450
-133,473
-18% -$17.8M
ODD icon
25
ODDITY Tech
ODD
$610M
$88.3M 0.45%
1,416,956
– –
1
2

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PMAM
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Terry Smith's Q3 2025 Portfolio in Review

As of Q3 2025, Terry Smith held 39 positions worth $19.8B, down 14% from $23B the previous quarter. Its ten largest holdings account for 68% of the portfolio.

Terry Smith withdrew a net $2.96B in Q3 2025, closing 4 positions and reducing 10 holdings. Its most notable exit was Choice Hotels, an estimated $93.1M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 30% of assets, up from 25% a quarter earlier, followed by Technology and Communication Services.

Against the trend, Terry Smith added an estimated $170M to Intuit.

  • Terry Smith added most to Intuit in Q3 2025, an estimated $170M increase.
  • Terry Smith's biggest Q3 2025 reduction was Meta Platforms (Facebook), cutting an estimated $1.5B.
  • Terry Smith fully exited Choice Hotels in Q3 2025, selling an estimated $93.1M.
  • Terry Smith's ten largest holdings make up 68% of its $19.8B portfolio in Q3 2025.
  • Terry Smith opened 0 new positions and closed 4 in Q3 2025.
  • Terry Smith's portfolio value fell 14% quarter-over-quarter to $19.8B.

Based on Fundsmith LLP's 13F filing for Q3 2025, filed 14 Nov 2025.