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·+2

“Fundsmith MSFT add.”

WATWATERS CORP

ADD +10%·6.0% book·−2

ZTSZOETIS INC

ADD +25%·2.7% book·0

INTUINTUIT

ADD +64%·2.1% book·−16

PAYCPAYCOM SOFTWARE INC

ADD +27%·0.6% book·−1

QLYSQUALYS INC

ADD +21%·0.6% book·−12

Trims · 3

GOOGLALPHABET INC

TRIM -8%·7.7% book·−22

PFEPHILIP MORRIS INTL INC

TRIM -21%·5.9% book·−4

METAMETA PLATFORMS INC

TRIM -56%·5.8% book·−4

Exits · 2

VRSKVERISK ANALYTICS INC

EXIT·0.0% book·−21

MAMASTERCARD INCORPORATED

EXIT·0.0% book·+13

Current top holdings

#	Ticker	Weight	Conviction
1	MSFT Microsoft	11.2%	+2
2	MA Mastercard	9.8%	+13
3	NOVO Novo Nordisk	8.4%	+6
4	META Meta Platforms	6.5%	−4
5	LLY Eli Lilly	5.9%	−10
6	V Visa	5.4%	+8

Other quarters for Terry Smith

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