What did Terry Smith buy in Q4 2024?

Terry Smith opened 6 new positions (MEDP, RDDT, SHOP, WM, IESC) and added to 0 existing holdings in the Q4 2024 13F.

What did Terry Smith sell in Q4 2024?

Terry Smith exited 3 positions (AAPL, MCD, MKC) and trimmed 0.

What Terry Smith bought and sold in Q4 2024

In Q4 2024, Terry Smith (Fundsmith) opened 6 new positions — including MEDP (0.3%), RDDT (0.2%), SHOP (0.1%), exited 3 (AAPL, MCD, MKC). The book stood at $7.69B across 31 positions, filed Feb 14, 2025.

6New0Added0Trimmed3Exited

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New positions (6)

MEDPMedpace Holdings Inc0.3% · $21M
RDDTReddit Inc-cl A0.2% · $13M
SHOPShopify Inc - Class A0.1% · $10M
WMWaste Management Inc0.1% · $10M
IESCIes Holdings Inc0.1% · $7M
ARGTGlobal X Msci Argentina Etf0.1% · $5M

Exited (3)

AAPLApple Incwas 1.7% of book
MCDMcdonald's Corpwas 0.1% of book
MKCMccormick & Co-non Vtg Shrswas 0.1% of book

Terry Smith's other filings

Q1 2026 changes Q4 2025 changes Q3 2025 changes Q2 2025 changes Q1 2025 changes

Terry Smith's full portfolio →The whole cohort in Q4 2024 →

Changes vs the prior quarter's 13F, long US equity positions only (no shorts, options, or non-US listings). ADD/TRIM are share- count changes of ±20% or more. Sourced from SEC EDGAR. Not investment advice.