What Terry Smith bought and sold in Q1 2025

In Q1 2025, Terry Smith (Fundsmith) opened 2 new positions — including INTU (0.4%), CPNG (0.2%), added to 3, exited 6 (PEP, TSM, MEDP). The book stood at $7.09B across 27 positions, filed May 15, 2025.

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.