Terry Smith · quarter digest
What Terry Smith did in Q2 2025
Fundsmith filed 21 moves in Q2 2025: 3 new, 3 add, 13 trim, 2 exit.
13F filed 2025-08-14. Manager quality score: q9. Philosophy: Buy good companies. Don't overpay. Do nothing.
New positions · 3
Fresh money
VRTVERTIV HOLDINGS CO
NEW·0.4% book·−9
MANHMANHATTAN ASSOCIATES INC
NEW·0.2% book·−4
NSSCNAPCO SEC TECHNOLOGIES INC
NEW·0.1% book·−8
Adds · 3
Adding to conviction
ZTSZOETIS INC
ADD +13%·2.0% book·−1
INTUINTUIT
ADD +103%·1.3% book·−21
DOCSDOXIMITY INC
ADD +14%·0.4% book·−6
Trims · 13
Taking chips off
METAMETA PLATFORMS INC
TRIM -8%·11.4% book·−2
MSFTMICROSOFT CORP
TRIM -8%·10.7% book·−17
SYKSTRYKER CORPORATION
TRIM -8%·8.0% book·−13
PMPHILIP MORRIS INTL INC
TRIM -16%·7.2% book·−20
VVISA INC
TRIM -7%·5.9% book·−14
ODDODDITY TECH LTD
TRIM -12%·0.5% book·−9
ROLROLLINS INC
TRIM -7%·0.4% book·−1
GGGGRACO INC
TRIM -21%·0.3% book·−13
VRSNVERISIGN INC
TRIM -53%·0.3% book·−11
EXPOEXPONENT INC
TRIM -11%·0.2% book·−8
VRSKVERISK ANALYTICS INC
TRIM -47%·0.2% book·−16
HDHOME DEPOT INC
TRIM -27%·0.1% book·−4
MAMASTERCARD INCORPORATED
TRIM -44%·0.1% book·−1
Exits · 2
Closed positions
BF.BBROWN FORMAN CORP
EXIT·0.0% book·−1
EFXEQUIFAX INC
EXIT·0.0% book·+4
Current top holdings
Terry Smith’s book, latest snapshot
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Not investment advice. Data from 13F filings with HoldLens parsing. Methodology.
Deep dive
Reading for your research
Optional background reading on interpreting company disclosures and investing methods. These books do not validate a signal or predict returns.
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Benjamin Graham
The Intelligent Investor
The foundational text. Buffett calls it 'by far the best book about investing ever written.'
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Benjamin Graham & David Dodd
Security Analysis
The deep dive behind The Intelligent Investor — how to actually read a filing and value a business.
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