Terry Smith - Fundsmith
Fundsmith
Latest 13F filing
Q4 2025
filed Feb 17, 2026
Portfolio value
$17.12B
Positions
37
Top 10 concentration
66.9%
QoQ change
-13.5%
$-2.68B
Activity vs. Q3 2025
2
New positions
4
Added to
9
Unchanged
22
Reduced
14
Exited
Portfolio composition — Q4 2025
- WATWATERS CORP7.9%
- SYKSTRYKER CORPORATION7.6%
- IDXXIDEXX LABS INC7.4%
- VVISA INC7.2%
- MARMARRIOTT INTL INC NEW7.2%
- GOOGLALPHABET INC6.4%
- ADPAUTOMATIC DATA PROCESSING IN6.3%
- MSFTMICROSOFT CORP5.9%
- PMPHILIP MORRIS INTL INC5.7%
- METAMETA PLATFORMS INC5.3%
- Other27 more positions33.1%
Top buys
New & added positions, by size
Holdings as of Q4 2025
| # | Ticker | Issuer | Shares | Value | % Portfolio | Reported price | Action | Δ Shares |
|---|---|---|---|---|---|---|---|---|
| 1 | WAT | WATERS CORP | 3,557,978 | $1.35B | 7.90% | $379.83 | REDUCE | -10.0% |
| 2 | SYK | STRYKER CORPORATION | 3,687,511 | $1.30B | 7.57% | $351.47 | REDUCE | -19.7% |
| 3 | IDXX | IDEXX LABS INC | 1,876,035 | $1.27B | 7.42% | $676.53 | REDUCE | -28.1% |
| 4 | V | VISA INC | 3,534,684 | $1.24B | 7.24% | $350.71 | REDUCE | -8.3% |
| 5 | MAR | MARRIOTT INTL INC NEW | 3,979,927 | $1.23B | 7.21% | $310.24 | REDUCE | -5.9% |
| 6 | GOOGL | ALPHABET INC | 3,498,519 | $1.10B | 6.40% | $313.00 | REDUCE | -44.4% |
| 7 | ADP | AUTOMATIC DATA PROCESSING IN | 4,177,969 | $1.07B | 6.28% | $257.23 | REDUCE | -3.1% |
| 8 | MSFT | MICROSOFT CORP | 2,079,971 | $1.01B | 5.88% | $483.62 | REDUCE | -19.5% |
| 9 | PM | PHILIP MORRIS INTL INC | 6,124,597 | $982.39M | 5.74% | $160.40 | REDUCE | -14.8% |
| 10 | META | META PLATFORMS INC | 1,363,539 | $900.06M | 5.26% | $660.09 | REDUCE | -12.5% |
| 11 | MTD | METTLER TOLEDO INTERNATIONAL | 580,507 | $809.34M | 4.73% | $1394.19 | REDUCE | -1.7% |
| 12 | PG | PROCTER AND GAMBLE CO | 4,248,048 | $608.79M | 3.56% | $143.31 | REDUCE | -7.2% |
| 13 | CHD | CHURCH AND DWIGHT CO INC | 6,728,404 | $564.18M | 3.30% | $83.85 | REDUCE | -1.0% |
| 14 | FTNT | FORTINET INC | 6,516,011 | $517.44M | 3.02% | $79.41 | REDUCE | -22.6% |
| 15 | ZTS | ZOETIS INC | 3,900,803 | $490.80M | 2.87% | $125.82 | ADD | +7.9% |
| 16 | TXN | TEXAS INSTRS INC | 2,623,552 | $455.16M | 2.66% | $173.49 | REDUCE | -3.6% |
| 17 | INTU | INTUIT | 625,619 | $414.42M | 2.42% | $662.42 | ADD | +3.5% |
| 18 | NKE | NIKE INC | 5,770,181 | $367.62M | 2.15% | $63.71 | REDUCE | -5.9% |
| 19 | OTIS | OTIS WORLDWIDE CORP | 3,112,380 | $271.87M | 1.59% | $87.35 | REDUCE | -46.5% |
| 20 | MSCI | MSCI INC | 166,619 | $95.59M | 0.56% | $573.73 | — | 0% |
| 21 | ROL | ROLLINS INC | 1,478,629 | $88.75M | 0.52% | $60.02 | — | 0% |
| 22 | QLYS | QUALYS INC | 647,806 | $86.09M | 0.50% | $132.90 | REDUCE | -25.6% |
| 23 | PAYC | PAYCOM SOFTWARE INC | 523,433 | $83.41M | 0.49% | $159.36 | — | 0% |
| 24 | ODD | ODDITY TECH LTD | 2,074,167 | $83.34M | 0.49% | $40.18 | ADD | +46.4% |
| 25 | CPRX | CATALYST PHARMACEUTICALS INC | 3,363,807 | $78.51M | 0.46% | $23.34 | — | 0% |
| 26 | NSSC | NAPCO SEC TECHNOLOGIES INC | 1,779,857 | $74.22M | 0.43% | $41.70 | — | 0% |
| 27 | DOCS | DOXIMITY INC | 1,650,002 | $73.06M | 0.43% | $44.28 | ADD | +21.7% |
| 28 | NTNX | NUTANIX INC | 1,377,158 | $71.19M | 0.42% | $51.69 | NEW | — |
| 29 | VRT | VERTIV HOLDINGS CO | 410,944 | $66.58M | 0.39% | $162.01 | REDUCE | -30.5% |
| 30 | VRSN | VERISIGN INC | 270,634 | $65.75M | 0.38% | $242.95 | — | 0% |
| 31 | CLX | CLOROX CO DEL | 613,497 | $61.86M | 0.36% | $100.83 | — | 0% |
| 32 | MANH | MANHATTAN ASSOCIATES INC | 288,332 | $49.97M | 0.29% | $173.31 | — | 0% |
| 33 | GGG | GRACO INC | 579,016 | $47.46M | 0.28% | $81.97 | REDUCE | -35.7% |
| 34 | MEDP | MEDPACE HLDGS INC | 82,567 | $46.37M | 0.27% | $561.65 | REDUCE | -35.3% |
| 35 | ADMA | ADMA BIOLOGICS INC | 2,102,054 | $38.34M | 0.22% | $18.24 | NEW | — |
| 36 | SABR | SABRE CORP | 21,499,095 | $29.24M | 0.17% | $1.36 | — | 0% |
| 37 | HD | HOME DEPOT INC | 80,206 | $27.60M | 0.16% | $344.10 | REDUCE | -5.5% |
Positions exited in Q4 2025
| Ticker | Issuer | Prior shares |
|---|---|---|
| EXPO | EXPONENT INC | 0 |
| MA | MASTERCARD INCORPORATED | 0 |
| VRSK | VERISK ANALYTICS INC | 0 |
| BF/B | BROWN FORMAN CORP | 0 |
| EFX | EQUIFAX INC | 0 |
| IEX | IDEX CORP | 0 |
| AAPL | Apple | 0 |
| MKC | MCCORMICK & CO NON VTG SHRS | 0 |
| CGNX | COGNEX CORP | 0 |
| MCD | MCDONALD S ORD | 0 |
| IPGP | IPG PHOTONICS CORP | 0 |
| JNJ | JOHNSON & JOHNSON | 0 |
| PEP | PEPSICO INC | 0 |
| CHH | CHOICE HOTELS INTL INC | 0 |
Source: SEC EDGAR 13F-HR filing Feb 17, 2026. Reported prices are derived from the filing's value-to-shares ratio (effectively the quarter-end mark). Filings are published with a 45-day delay. CIK 0001569205.