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

As of Dec 31, 2025, the Fundsmith portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Feb 17, 2026. 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