13F filing recap · Q3 2025

What did Fundsmith buy in Q3 2025?

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

Stock value

$19.80B

Positions

Estimated turnover

18.2%

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 exited Choice Hotels International, Exponent, Mastercard, and Verisk Analytics during the quarter. It also substantially trimmed Microsoft and Meta Platforms while significantly adding to Intuit and Napco Security Technologies. Other notable increases included Zoetis, Qualys, Paycom Software, and Catalyst Pharmaceuticals, with a moderate reduction in Philip Morris International.

Increased positions

VVisa Inc.$1.32Breported value+265 shares+0.0%WATWaters Corporation$1.19Breported value+347.1K shares+9.6%MTDMettler-Toledo International Inc.$725.09Mreported value+617 shares+0.1%FTNTFortinet, Inc.$707.96Mreported value+1.7K shares+0.0%PGProcter & Gamble Co$703.26Mreported value+4.8K shares+0.1%ZTSZoetis Inc.$528.97Mreported value+730.3K shares+25.3%TXNTexas Instruments Incorporated$500.09Mreported value+1.6K shares+0.1%INTUIntuit Inc.$412.79Mreported value+235.9K shares+64.0%QLYSQualys, Inc.$115.24Mreported value+152.3K shares+21.2%PAYCPaycom Software, Inc.$108.95Mreported value+109.9K shares+26.6%NSSCNapco Security Technologies, Inc$76.44Mreported value+824.9K shares+86.4%CPRXCatalyst Pharmaceuticals, Inc.$66.27Mreported value+654.7K shares+24.2%HDHome Depot, Inc.$34.38Mreported value+1.5K shares+1.8%

Reduced positions

SYKStryker Corp$1.70Breported value-85.7K shares-1.8%IDXXIdexx Laboratories Inc /de$1.67Breported value-28.8K shares-1.1%GOOGLAlphabet Inc.$1.53Breported value-514.1K shares-7.6%MSFTMicrosoft Corporation$1.34Breported value-2.36M shares

Exited positions

CHHChoice Hotels International Inc /de$93.12Mprior reported value-733.9K shares-100.0%EXPOExponent, Inc.$55.79Mprior reported value-746.8K shares-100.0%VRSKVerisk Analytics, Inc.$54.88Mprior reported value-176.2K shares-100.0%MAMastercard Inc$15.54Mprior reported value-27.7K shares