Terry Smith · quarter digest

What Terry Smith did in Q3 2025

Fundsmith filed 11 moves in Q3 2025: 0 new, 6 add, 3 trim, 2 exit.

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

Adds · 6

Adding to conviction

ADD +8%·11.0% book·−8

“Fundsmith MSFT add.”

WATWATERS CORP

ADD +10%·6.0% book·+2

ZTSZOETIS INC

ADD +25%·2.7% book·+1

INTUINTUIT

ADD +64%·2.1% book·−20

PAYCPAYCOM SOFTWARE INC

ADD +27%·0.6% book·−11

QLYSQUALYS INC

ADD +21%·0.6% book·−11

Trims · 3

GOOGLALPHABET INC

TRIM -8%·7.7% book·−26

PFEPHILIP MORRIS INTL INC

TRIM -21%·5.9% book·−11

METAMETA PLATFORMS INC

TRIM -56%·5.8% book·+3

Exits · 2

VRSKVERISK ANALYTICS INC

EXIT·0.0% book·−16

MAMASTERCARD INCORPORATED

EXIT·0.0% book·0

Current top holdings

#	Ticker	Weight	Conviction
1	MSFT Microsoft	11.2%	−8
2	MA Mastercard	9.8%	0
3	NOVO Novo Nordisk	8.4%	+6
4	META Meta Platforms	6.5%	+3
5	LLY Eli Lilly	5.9%	−6
6	V Visa	5.4%	−14

Other quarters for Terry Smith

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