What did Terry Smith buy in Q3 2025?

Terry Smith opened 0 new positions and added to 2 existing holdings in the Q3 2025 13F.

What did Terry Smith sell in Q3 2025?

Terry Smith exited 3 positions (FCNCA, SHOP, MA) and trimmed 3.

What Terry Smith bought and sold in Q3 2025

In Q3 2025, Terry Smith (Fundsmith) added to 2, trimmed 3, exited 3 (FCNCA, SHOP, MA). The book stood at $6.42B across 23 positions, filed Nov 14, 2025.

0New2Added3Trimmed3Exited

Share𝕏 in

Added to (2)

ZTSZoetis Inc+35% shares · 2.7% · $172M
INTUIntuit Inc+65% shares · 2.0% · $129M

Trimmed (3)

MSFTMicrosoft Corp-37% shares · 8.1% · $521M
METAMeta Platforms Inc-class A-38% shares · 8.1% · $520M
HDHome Depot Inc-58% shares · 0.1% · $6M

Exited (3)

FCNCAFirst Citizens Bcshs -cl Awas 0.3% of book
SHOPShopify Inc - Class Awas 0.1% of book
MAMastercard Inc - Awas 0.1% of book

Terry Smith's other filings

Q1 2026 changes Q4 2025 changes Q2 2025 changes Q1 2025 changes Q4 2024 changes

Terry Smith's full portfolio →The whole cohort in Q3 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.