13F filing recap · Q4 2025

What did Fundsmith buy in Q4 2025?

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

Stock value

$17.12B

Positions

Estimated turnover

18.5%

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 Nutanix and Adma Biologics. The firm trimmed a number of existing holdings, with the most notable reductions in Alphabet, Otis Worldwide, Graco, and Medpace Holdings. It also added to Oddity Tech and Doximity.

New positions

NTNXNutanix, Inc.$71.19Mreported value+1.38M shares ADMAAdma Biologics, Inc.$38.34Mreported value+2.10M shares

Increased positions

ZTSZoetis Inc.$490.80Mreported value+285.7K shares+7.9%INTUIntuit Inc.$414.42Mreported value+21.2K shares+3.5%ODDOddity Tech Ltd$83.34Mreported value+657.2K shares+46.4%DOCSDoximity, Inc.$73.06Mreported value+294.1K shares

Reduced positions

WATWaters Corporation$1.35Breported value-397.5K shares-10.0%SYKStryker Corp$1.30Breported value-903.8K shares-19.7%IDXXIdexx Laboratories Inc /de$1.27Breported value-734.4K shares-28.1%VVisa Inc.$1.24Breported value-319.7K shares