13F filing recap · Q2 2025

What did Fundsmith buy in Q2 2025?

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

Stock value

$23.02B

Positions

Estimated turnover

9.3%

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 Vertiv Holdings, Manhattan Associates, and Napco Security Technologies, while exiting Brown-Forman and Equifax entirely. The period also saw a dramatic increase in Intuit and a substantial reduction in VeriSign, Verisk Analytics, and Mastercard. Philip Morris International and Zoetis were moderately adjusted, with the former trimmed and the latter added to.

New positions

VRTVertiv Holdings Co$93.09Mreported value+724.9K shares MANHManhattan Associates, Inc.$56.94Mreported value+288.3K shares NSSCNapco Security Technologies, Inc$28.35Mreported value+954.9K shares

Increased positions

ZTSZoetis Inc.$449.89Mreported value+338.3K shares+13.3%INTUIntuit Inc.$290.27Mreported value+186.9K shares+102.9%DOCSDoximity, Inc.$83.17Mreported value+166.1K shares+14.0%CPRXCatalyst Pharmaceuticals, Inc.$58.79Mreported value+557.8K shares

Reduced positions

METAMeta Platforms, Inc.$2.63Breported value-315.0K shares-8.1%MSFTMicrosoft Corporation$2.46Breported value-428.7K shares-8.0%SYKStryker Corp$1.85Breported value-392.2K shares-7.7%PMPhilip Morris International Inc.$1.65Breported value-1.73M shares

Exited positions

BF.BBrown-Forman Corp$327.11Mprior reported value-9.64M shares-100.0%EFXEquifax Inc$57.36Mprior reported value-235.5K shares-100.0%