Fundsmith Equity 13F, Q2 2025
Terry Smith · quarter ending 30 June 2025 · filed 14 August 2025 · SEC CIK 1569205
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q2 2025
The 25 largest of 39 positions. Weights are against the whole filed book. Changes are in shares held, against the Q1 2025 filing.
| Company | Ticker | Value | % of book | vs Q1 2025 |
|---|---|---|---|---|
| META PLATFORMS INC | META | $2.63B | 11.4% | -8% shares |
| MICROSOFT CORP | MSFT | $2.46B | 10.7% | -8% shares |
| STRYKER CORPORATION | SYK | $1.85B | 8.0% | -8% shares |
| PHILIP MORRIS INTL INC | PM | $1.65B | 7.2% | -16% shares |
| IDEXX LABS INC | IDXX | $1.42B | 6.2% | unchanged |
| VISA INC | V | $1.37B | 6.0% | -7% shares |
| AUTOMATIC DATA PROCESSING IN | ADP | $1.35B | 5.8% | -3% shares |
| WATERS CORP | WAT | $1.26B | 5.5% | unchanged |
| ALPHABET INC | GOOGL | $1.20B | 5.2% | unchanged |
| MARRIOTT INTL INC NEW | MAR | $1.16B | 5.0% | unchanged |
| FORTINET INC | FTNT | $889.99M | 3.9% | unchanged |
| PROCTER AND GAMBLE CO | PG | $728.46M | 3.2% | unchanged |
| METTLER TOLEDO INTERNATIONAL | MTD | $693.13M | 3.0% | unchanged |
| CHURCH & DWIGHT CO INC | CHD | $655.88M | 2.9% | unchanged |
| OTIS WORLDWIDE CORP | OTIS | $576.21M | 2.5% | unchanged |
| TEXAS INSTRS INC | TXN | $564.79M | 2.5% | unchanged |
| ZOETIS INC | ZTS | $449.89M | 1.9% | +13% shares |
| NIKE INC | NKE | $435.44M | 1.9% | unchanged |
| INTUIT | INTU | $290.27M | 1.3% | +103% shares |
| ODDITY TECH LTD | $106.94M | 0.5% | -12% shares | |
| QUALYS INC | QLYS | $102.67M | 0.5% | unchanged |
| MSCI INC | MSCI | $96.10M | 0.4% | unchanged |
| PAYCOM SOFTWARE INC | PAYC | $95.69M | 0.4% | unchanged |
| CHOICE HOTELS INTL INC | CHH | $93.12M | 0.4% | unchanged |
| VERTIV HOLDINGS CO | VRT | $93.09M | 0.4% | new |
What changed since Q1 2025
Against the Q1 2025 filing, Fundsmith Equity opened 3 new positions, added to 4, trimmed 14, left 18 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 0001801547-25-000008, 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.