What Terry Smith bought and sold in Q4 2025

In Q4 2025, Terry Smith (Fundsmith) opened 5 new positions — including BMI (0.4%), AAPL (<0.1%), TSM (<0.1%), trimmed 6, exited 2 (CPNG, IESC). The book stood at $5.47B across 26 positions, filed Feb 17, 2026.

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.