13F filing recap · Q1 2025

What did Fundsmith buy in Q1 2025?

Reported stock-position changes between this filing and the previous one.

Stock value

$21.97B

Positions

Estimated turnover

13.4%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Quarter in review

Fundsmith opened new positions in Intuit and Catalyst Pharmaceuticals, while exiting Idex Corp and Pepsico entirely. The period also saw trims across a number of holdings, including Meta Platforms, Microsoft, and Visa. Notable additions included a substantial increase in Texas Instruments and Doximity, a dramatic increase in Zoetis, and moderate increases in Qualys and Paycom Software.

New positions

INTUIntuit Inc.$111.52Mreported value+181.6K shares CPRXCatalyst Pharmaceuticals, Inc.$52.17Mreported value+2.15M shares

Increased positions

TXNTexas Instruments Incorporated$489.83Mreported value+1.03M shares+60.3%ZTSZoetis Inc.$419.28Mreported value+2.32M shares+1020.2%QLYSQualys, Inc.$90.49Mreported value+170.6K shares+31.1%PAYCPaycom Software, Inc.$90.34Mreported value+90.9K shares

Reduced positions

METAMeta Platforms, Inc.$2.24Breported value-677.6K shares-14.9%MSFTMicrosoft Corporation$2.02Breported value-816.9K shares-13.2%SYKStryker Corp$1.89Breported value-264.8K shares-5.0%PMPhilip Morris International Inc.$1.72Breported value-439.3K shares

Exited positions

PEPPepsico, Inc.$861.22Mprior reported value-5.66M shares-100.0%IEXIdex Corp$75.87Mprior reported value-362.5K shares-100.0%