Fundsmith (Terry Smith)
growth, quality, concentrated, active
Quarter Analysis
13F change notes for Fundsmith (Terry Smith) in 2025-12-31.
Fundsmith's quieter quarter — book $17.1B, persistence across all top names. Alphabet cut hard -44% in shares (biggest single-name move, +116% unrealized — taking profit on the GOOGL position they only opened in early 2022). Otis cut -47%. Everything else basically held. Top-3 weight 24.7% → 22.9% from price + trims.
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★ HELD
WATERS CORP WAT
Top weight 7.90%, 47 quarters at +111% unrealized — the analytical-instruments anchor.
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★ HELD
STRYKER CORPORATION SYK
52 quarters at +168% unrealized — held since fund inception.
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★ HELD
IDEXX LABS INC IDXX
44 quarters at +452% unrealized — Fundsmith's best-performing single position by paper gain.
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▼ REDUCED
ALPHABET INC GOOGL
Cut -44% in shares at +116% unrealized — biggest profit-take on the Q1-2022 GOOGL entry.
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★ HELD
MICROSOFT CORP MSFT
45 quarters at +605% unrealized — extreme paper gain on the long-running MSFT anchor.
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▼ REDUCED
OTIS WORLDWIDE CORP OTIS
Cut -47% in shares — elevator-services position roughly halved at +36% unrealized.
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• CONTEXT
Two meaningful trims (GOOGL and OTIS) but otherwise pure persistence — classic Terry Smith book where the year's news is often just 1-2 paragraphs of trim rationale.