Fundsmith Equity 13F, Q1 2025
Terry Smith · quarter ending 31 March 2025 · filed 15 May 2025 · SEC CIK 1569205
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q1 2025
The 25 largest of 38 positions. Weights are against the whole filed book. Changes are in shares held, against the Q4 2024 filing.
| Company | Ticker | Value | % of book | vs Q4 2024 |
|---|---|---|---|---|
| META PLATFORMS INC | META | $2.24B | 10.2% | -15% shares |
| MICROSOFT CORP | MSFT | $2.02B | 9.2% | -13% shares |
| STRYKER CORPORATION | SYK | $1.89B | 8.6% | -5% shares |
| PHILIP MORRIS INTL INC | PM | $1.72B | 7.8% | -4% shares |
| VISA INC | V | $1.45B | 6.6% | -11% shares |
| AUTOMATIC DATA PROCESSING IN | ADP | $1.38B | 6.3% | -10% shares |
| WATERS CORP | WAT | $1.33B | 6.1% | unchanged |
| IDEXX LABS INC | IDXX | $1.11B | 5.1% | unchanged |
| ALPHABET INC | GOOGL | $1.06B | 4.8% | unchanged |
| MARRIOTT INTL INC NEW | MAR | $1.01B | 4.6% | unchanged |
| FORTINET INC | FTNT | $820.43M | 3.7% | unchanged |
| PROCTER AND GAMBLE CO | PG | $787.41M | 3.6% | unchanged |
| CHURCH & DWIGHT CO INC | CHD | $753.84M | 3.4% | unchanged |
| METTLER TOLEDO INTERNATIONAL | MTD | $697.73M | 3.2% | unchanged |
| OTIS WORLDWIDE CORP | OTIS | $605.45M | 2.8% | unchanged |
| TEXAS INSTRS INC | TXN | $489.83M | 2.2% | +60% shares |
| ZOETIS INC | ZTS | $419.28M | 1.9% | +1020% shares |
| NIKE INC | NKE | $389.49M | 1.8% | unchanged |
| BROWN FORMAN CORP | BF/B | $327.11M | 1.5% | unchanged |
| VERISIGN INC | VRSN | $144.71M | 0.7% | -9% shares |
| INTUIT | INTU | $111.52M | 0.5% | new |
| VERISK ANALYTICS INC | VRSK | $98.40M | 0.5% | -21% shares |
| CHOICE HOTELS INTL INC | CHH | $97.45M | 0.4% | unchanged |
| GRACO INC | GGG | $95.17M | 0.4% | unchanged |
| MSCI INC | MSCI | $94.22M | 0.4% | unchanged |
What changed since Q4 2024
Against the Q4 2024 filing, Fundsmith Equity opened 2 new positions, added to 5, trimmed 11, left 20 unchanged and exited 2. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Other quarters
Source: SEC Form 13F-HR, accession 0001520023-25-000003, filed by Fundsmith LLP. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.