Fundsmith Equity 13F, Q4 2025
Terry Smith · quarter ending 31 December 2025 · filed 17 February 2026 · SEC CIK 1569205
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q4 2025
The 25 largest of 37 positions. Weights are against the whole filed book. Changes are in shares held, against the Q3 2025 filing.
| Company | Ticker | Value | % of book | vs Q3 2025 |
|---|---|---|---|---|
| WATERS CORP | WAT | $1.35B | 7.9% | -10% shares |
| STRYKER CORPORATION | SYK | $1.30B | 7.6% | -20% shares |
| IDEXX LABS INC | IDXX | $1.27B | 7.4% | -28% shares |
| VISA INC | V | $1.24B | 7.2% | -8% shares |
| MARRIOTT INTL INC NEW | MAR | $1.23B | 7.2% | -6% shares |
| ALPHABET INC | GOOGL | $1.10B | 6.4% | -44% shares |
| AUTOMATIC DATA PROCESSING IN | ADP | $1.07B | 6.3% | -3% shares |
| MICROSOFT CORP | MSFT | $1.01B | 5.9% | -20% shares |
| PHILIP MORRIS INTL INC | PM | $982.39M | 5.7% | -15% shares |
| META PLATFORMS INC | META | $900.06M | 5.3% | -13% shares |
| METTLER TOLEDO INTERNATIONAL | MTD | $809.34M | 4.7% | unchanged |
| PROCTER AND GAMBLE CO | PG | $608.79M | 3.6% | -7% shares |
| CHURCH AND DWIGHT CO INC | CHD | $564.18M | 3.3% | unchanged |
| FORTINET INC | FTNT | $517.44M | 3.0% | -23% shares |
| ZOETIS INC | ZTS | $490.80M | 2.9% | +8% shares |
| TEXAS INSTRS INC | TXN | $455.16M | 2.7% | -4% shares |
| INTUIT | INTU | $414.42M | 2.4% | +4% shares |
| NIKE INC | NKE | $367.62M | 2.1% | -6% shares |
| OTIS WORLDWIDE CORP | OTIS | $271.87M | 1.6% | -47% shares |
| MSCI INC | MSCI | $95.59M | 0.6% | unchanged |
| ROLLINS INC | ROL | $88.75M | 0.5% | unchanged |
| QUALYS INC | QLYS | $86.09M | 0.5% | -26% shares |
| PAYCOM SOFTWARE INC | PAYC | $83.41M | 0.5% | unchanged |
| ODDITY TECH LTD | $83.34M | 0.5% | +46% shares | |
| CATALYST PHARMACEUTICALS INC | CPRX | $78.51M | 0.5% | unchanged |
What changed since Q3 2025
Against the Q3 2025 filing, Fundsmith Equity opened 2 new positions, added to 4, trimmed 20, left 11 unchanged and exited 0. 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 0001569205-26-000002, 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.