Terry Smith's Portfolio Concentration Analysis: Top Holdings as of December 2025

Terry Smith, managing the Fundsmith portfolio as of December 31, 2025, holds a substantial portfolio valued at approximately $17.1 billion. This analysis focuses on the top holdings, which represent significant portions of the total portfolio value.

The portfolio demonstrates notable concentration, with the top ten holdings accounting for a large percentage of the total assets. The largest sector representation comes from Healthcare, followed by Technology and Financial Services.

The largest holding by allocation is Waters Corp (WAT), representing 7.9% of the portfolio. This position saw a decrease in shares (-10.05%) compared to the previous period. Similarly, Johnson & Johnson (SYK) holds 7.57% allocation, with a significant share reduction of nearly 20%. IDEXX Labs (IDXX) follows at 7.42% allocation, also showing a substantial decrease in shares (-28.13%).

Visa Inc. (V) is the fourth-largest holding at 7.24% allocation, with a moderate share decline. Marriott International (MAR) follows closely at 7.21% allocation. Among the other major positions, Alphabet (GOOGL) shows a dramatic decrease in shares (-44.37%), despite holding a 6.4% allocation. Automatic Data Processing (ADP) and Microsoft Corp (MSFT) both hold around 6.28% and 5.88% respectively, showing moderate to significant share reductions.

Philip Morris International (PM) holds 5.74% allocation, while Meta Platforms (META) holds 5.26%. For more detailed information on Terry Smith's investment strategy and holdings, please visit Terry Smith's profile. Detailed reports on individual holdings like WAT, SYK, and IDEXX are also available.