Terry Smith · quarter digest

What Terry Smith did in Q1 2025

Fundsmith filed 10 moves in Q1 2025: 1 new, 1 add, 6 trim, 2 exit.

13F filed 2025-05-15. Manager quality score: q9. Philosophy: Buy good companies. Don't overpay. Do nothing.

New positions · 1

Fresh money

INTUINTUIT

NEW·0.5% book·−8

Adds · 1

TXNTEXAS INSTRS INC

ADD +60%·2.2% book·+3

Trims · 6

METAMETA PLATFORMS INC

TRIM -15%·10.2% book·+5

MSFTMICROSOFT CORP

TRIM -13%·9.2% book·+6

VVISA INC

TRIM -11%·6.6% book·+8

VRSNVERISIGN INC

TRIM -9%·0.7% book·−1

VRSKVERISK ANALYTICS INC

TRIM -21%·0.4% book·−15

MAMASTERCARD INCORPORATED

TRIM -23%·0.1% book·+17

Exits · 2

PEPPEPSICO INC

EXIT·0.0% book·−3

IDEXIDEX CORP

EXIT·0.0% book·0

Current top holdings

#	Ticker	Weight	Conviction
1	MSFT Microsoft	11.2%	+6
2	MA Mastercard	9.8%	+17
3	NOVO Novo Nordisk	8.4%	+6
4	META Meta Platforms	6.5%	+5
5	LLY Eli Lilly	5.9%	−9
6	V Visa	5.4%	+8

Not investment advice. Data from 13F filings with HoldLens parsing. Methodology.