Terry Smith · quarter digest

What Terry Smith did in Q3 2025

Fundsmith filed 7 moves in Q3 2025: 0 new, 2 add, 3 trim, 2 exit.

13F filed 2025-11-14. Manager quality score: q9. Philosophy: Buy good companies. Don't overpay. Do nothing.

Adds · 2

Adding to conviction

ADD +8%·11.0% book·+6

“Fundsmith MSFT add.”

INTUINTUIT

ADD +64%·2.1% book·−8

Trims · 3

GOOGLALPHABET INC

TRIM -8%·7.7% book·−9

PFEPHILIP MORRIS INTL INC

TRIM -21%·5.9% book·−5

METAMETA PLATFORMS INC

TRIM -56%·5.8% book·+5

Exits · 2

VRSKVERISK ANALYTICS INC

EXIT·0.0% book·−15

MAMASTERCARD INCORPORATED

EXIT·0.0% book·+17

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.