Terry Smith - Fundsmith 13F Activity & Position Changes (Q4 2025)

According to the SEC 13F filed on Feb 17, 2026, the Fundsmith portfolio showed several notable changes in holdings as of quarter-end Dec 31, 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 Q4 2025, the filing reported:

New Buys - ADMA Biologics Inc, Nutanix, Inc.

Increases - Doximity, Inc., Intuit Inc., Oddity Tech, Zoetis Inc.

Reductions - Automatic Data Processing, Inc., Church & Dwight Company, Inc., Fortinet, Inc., Graco Inc., Alphabet Inc., and 17 more

Complete Exits - None reported

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
Q4 2025	ADMA ADMA Biologics Inc	ADMA Biologics Inc	Buy - Position Entry	+2,102,054	-	$38.34M	2,102,054
Q4 2025	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-133,634	-3.1%	$1.07B	4,177,969
Q4 2025	CHD Church & Dwight Company, Inc.	Church & Dwight Company, Inc.	Sell	-66,240	-1.0%	$564.18M	6,728,404
Q4 2025	DOCS Doximity, Inc.	Doximity, Inc.	Buy	+294,058	+21.7%	$73.06M	1,650,002
Q4 2025	FTNT Fortinet, Inc.	Fortinet, Inc.	Sell	-1,904,081	-22.6%	$517.44M	6,516,011
Q4 2025	GGG Graco Inc.	Graco Inc.	Sell	-321,529	-35.7%	$47.46M	579,016
Q4 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-2,790,833	-44.4%	$1.10B	3,498,519
Q4 2025	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Sell	-4,654	-5.5%	$27.60M	80,206
Q4 2025	IDXX IDEXX Laboratories, Inc.	IDEXX Laboratories, Inc.	Sell	-734,422	-28.1%	$1.27B	1,876,035
Q4 2025	INTU Intuit Inc.	Intuit Inc.	Buy	+21,163	+3.5%	$414.42M	625,619
Q4 2025	MAR Marriott International	Marriott International	Sell	-248,371	-5.9%	$1.23B	3,979,927
Q4 2025	MEDP Medpace Holdings, Inc.	Medpace Holdings, Inc.	Sell	-44,970	-35.3%	$46.37M	82,567
Q4 2025	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-195,125	-12.5%	$900.06M	1,363,539
Q4 2025	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-503,398	-19.5%	$1.01B	2,079,971
Q4 2025	MTD Mettler-Toledo International, I	Mettler-Toledo International, I	Sell	-10,147	-1.7%	$809.34M	580,507
Q4 2025	NKE Nike, Inc.	Nike, Inc.	Sell	-359,302	-5.9%	$367.62M	5,770,181
Q4 2025	NTNX Nutanix, Inc.	Nutanix, Inc.	Buy - Position Entry	+1,377,158	-	$71.19M	1,377,158
Q4 2025	ODD Oddity Tech	Oddity Tech	Buy	+657,211	+46.4%	$83.34M	2,074,167
Q4 2025	OTIS Otis Worldwide Corporation	Otis Worldwide Corporation	Sell	-2,706,771	-46.5%	$271.87M	3,112,380
Q4 2025	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-328,992	-7.2%	$608.79M	4,248,048
Q4 2025	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-1,063,547	-14.8%	$982.39M	6,124,597
Q4 2025	QLYS Qualys, Inc.	Qualys, Inc.	Sell	-223,053	-25.6%	$86.09M	647,806
Q4 2025	SYK Stryker Corporation	Stryker Corporation	Sell	-903,782	-19.7%	$1.30B	3,687,511
Q4 2025	TXN Texas Instruments Incorporated	Texas Instruments Incorporated	Sell	-98,329	-3.6%	$455.16M	2,623,552
Q4 2025	V Visa Inc.	Visa Inc.	Sell	-319,652	-8.3%	$1.24B	3,534,684
Q4 2025	VRT Vertiv Holdings, LLC	Vertiv Holdings, LLC	Sell	-180,506	-30.5%	$66.58M	410,944
Q4 2025	WAT Waters Corporation	Waters Corporation	Sell	-397,520	-10.0%	$1.35B	3,557,978
Q4 2025	ZTS Zoetis Inc.	Zoetis Inc.	Buy	+285,672	+7.9%	$490.80M	3,900,803