Fundsmith Equity 13F, Q3 2025
Terry Smith · quarter ending 30 September 2025 · filed 14 November 2025 · SEC CIK 1569205
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q3 2025
The 25 largest of 35 positions. Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| STRYKER CORPORATION | SYK | $1.70B | 8.6% | unchanged |
| IDEXX LABS INC | IDXX | $1.67B | 8.4% | unchanged |
| ALPHABET INC | GOOGL | $1.53B | 7.7% | -8% shares |
| MICROSOFT CORP | MSFT | $1.34B | 6.8% | -48% shares |
| VISA INC | V | $1.32B | 6.7% | unchanged |
| AUTOMATIC DATA PROCESSING IN | ADP | $1.27B | 6.4% | unchanged |
| WATERS CORP | WAT | $1.19B | 6.0% | +10% shares |
| PHILIP MORRIS INTL INC | PM | $1.17B | 5.9% | -21% shares |
| META PLATFORMS INC | META | $1.14B | 5.8% | -56% shares |
| MARRIOTT INTL INC NEW | MAR | $1.10B | 5.6% | unchanged |
| METTLER TOLEDO INTERNATIONAL | MTD | $725.09M | 3.7% | unchanged |
| FORTINET INC | FTNT | $707.96M | 3.6% | unchanged |
| PROCTER AND GAMBLE CO | PG | $703.26M | 3.5% | unchanged |
| CHURCH & DWIGHT CO INC | CHD | $595.41M | 3.0% | unchanged |
| OTIS WORLDWIDE CORP | OTIS | $532.04M | 2.7% | unchanged |
| ZOETIS INC | ZTS | $528.97M | 2.7% | +25% shares |
| TEXAS INSTRS INC | TXN | $500.09M | 2.5% | unchanged |
| NIKE INC | NKE | $427.41M | 2.2% | unchanged |
| INTUIT | INTU | $412.79M | 2.1% | +64% shares |
| QUALYS INC | QLYS | $115.24M | 0.6% | +21% shares |
| PAYCOM SOFTWARE INC | PAYC | $108.95M | 0.6% | +27% shares |
| DOXIMITY INC | DOCS | $99.19M | 0.5% | unchanged |
| MSCI INC | MSCI | $94.54M | 0.5% | unchanged |
| VERTIV HOLDINGS CO | VRT | $89.23M | 0.5% | -18% shares |
| ODDITY TECH LTD | $88.28M | 0.5% | unchanged |
What changed since Q2 2025
Against the Q2 2025 filing, Fundsmith Equity opened 0 new positions, added to 7, trimmed 5, left 23 unchanged and exited 4. 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 0001569205-25-000004, 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.