Terry Smith – Fundsmith Portfolio Activity & Recent Trades (Sep 30, 2025)
As of Sep 30, 2025, the Fundsmith portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 14, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.
During Q3 2025, the filing reported:
New Buys –
None reported
Increases – Catalyst Pharmaceuticals, Inc., Fortinet, Inc., Home Depot, Inc. (The), Intuit Inc., Mettler-Toledo International, I, and 8 more
Reductions – Automatic Data Processing, Inc., Church & Dwight Company, Inc., Alphabet Inc., IDEXX Laboratories, Inc., Marriott International, and 5 more
Complete Exits – Choice Hotels International, In, Exponent, Inc., Mastercard Incorporated, Verisk Analytics, Inc.
These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.
| Date | Symbol | Name | Type | Change Qty | % Change | Value | Remaining |
|---|---|---|---|---|---|---|---|
Q3 2025 | ADP Automatic Data Processing, Inc. | Automatic Data Processing, Inc. | Sell | -50,496 | -1.2% | $1.27B | 4,311,603 |
Q3 2025 | CHD Church & Dwight Company, Inc. | Church & Dwight Company, Inc. | Sell | -29,645 | -0.4% | $595.41M | 6,794,644 |
Q3 2025 | CHH Choice Hotels International, In | Choice Hotels International, In | Sell - Position Exit | -733,892 | -100.0% | $0.00 | - |
Q3 2025 | CPRX Catalyst Pharmaceuticals, Inc. | Catalyst Pharmaceuticals, Inc. | Buy | +654,721 | +24.2% | $66.27M | 3,363,807 |
Q3 2025 | EXPO Exponent, Inc. | Exponent, Inc. | Sell - Position Exit | -746,820 | -100.0% | $0.00 | - |
Q3 2025 | FTNT Fortinet, Inc. | Fortinet, Inc. | Buy | +1,730 | +0.0% | $707.96M | 8,420,092 |
Q3 2025 | GOOGL Alphabet Inc. | Alphabet Inc. | Sell | -514,102 | -7.6% | $1.53B | 6,289,352 |
Q3 2025 | HD Home Depot, Inc. (The) | Home Depot, Inc. (The) | Buy | +1,493 | +1.8% | $34.38M | 84,860 |
Q3 2025 | IDXX IDEXX Laboratories, Inc. | IDEXX Laboratories, Inc. | Sell | -28,832 | -1.1% | $1.67B | 2,610,457 |
Q3 2025 | INTU Intuit Inc. | Intuit Inc. | Buy | +235,916 | +64.0% | $412.79M | 604,456 |
Q3 2025 | MA Mastercard Incorporated | Mastercard Incorporated | Sell - Position Exit | -27,663 | -100.0% | $0.00 | - |
Q3 2025 | MAR Marriott International | Marriott International | Sell | -8,301 | -0.2% | $1.10B | 4,228,298 |
Q3 2025 | META Meta Platforms, Inc. | Meta Platforms, Inc. | Sell | -2,010,088 | -56.3% | $1.14B | 1,558,664 |
Q3 2025 | MSFT Microsoft Corporation | Microsoft Corporation | Sell | -2,358,140 | -47.7% | $1.34B | 2,583,369 |
Q3 2025 | MTD Mettler-Toledo International, I | Mettler-Toledo International, I | Buy | +617 | +0.1% | $725.09M | 590,654 |
Q3 2025 | NSSC NAPCO Security Technologies, In | NAPCO Security Technologies, In | Buy | +824,945 | +86.4% | $76.44M | 1,779,857 |
Q3 2025 | PAYC Paycom Software, Inc. | Paycom Software, Inc. | Buy | +109,923 | +26.6% | $108.95M | 523,433 |
Q3 2025 | PG Procter & Gamble Company (The) | Procter & Gamble Company (The) | Buy | +4,760 | +0.1% | $703.26M | 4,577,040 |
Q3 2025 | PM Philip Morris International Inc | Philip Morris International Inc | Sell | -1,886,051 | -20.8% | $1.17B | 7,188,144 |
Q3 2025 | QLYS Qualys, Inc. | Qualys, Inc. | Buy | +152,257 | +21.2% | $115.24M | 870,859 |
Q3 2025 | SYK Stryker Corporation | Stryker Corporation | Sell | -85,714 | -1.8% | $1.70B | 4,591,293 |
Q3 2025 | TXN Texas Instruments Incorporated | Texas Instruments Incorporated | Buy | +1,591 | +0.1% | $500.09M | 2,721,881 |
Q3 2025 | V Visa Inc. | Visa Inc. | Buy | +265 | +0.0% | $1.32B | 3,854,336 |
Q3 2025 | VRSK Verisk Analytics, Inc. | Verisk Analytics, Inc. | Sell - Position Exit | -176,195 | -100.0% | $0.00 | - |
Q3 2025 | VRT Vertiv Holdings, LLC | Vertiv Holdings, LLC | Sell | -133,473 | -18.4% | $89.23M | 591,450 |
Q3 2025 | WAT Waters Corporation | Waters Corporation | Buy | +347,091 | +9.6% | $1.19B | 3,955,498 |
Q3 2025 | ZTS Zoetis Inc. | Zoetis Inc. | Buy | +730,300 | +25.3% | $528.97M | 3,615,131 |
Q2 2025 | ADP Automatic Data Processing, Inc. | Automatic Data Processing, Inc. | Sell | -151,800 | -3.4% | $1.35B | 4,362,099 |
Q2 2025 | BF-B Brown Forman Inc | Brown Forman Inc | Sell - Position Exit | -9,637,881 | -100.0% | $0.00 | - |
Q2 2025 | CHD Church & Dwight Company, Inc. | Church & Dwight Company, Inc. | Sell | -23,197 | -0.3% | $655.88M | 6,824,289 |