Terry Smith · quarter digest
What Terry Smith did in Q3 2025
Fundsmith filed 15 moves in Q3 2025: 0 new, 7 add, 4 trim, 4 exit.
13F filed 2025-11-14. Manager quality score: q9. Philosophy: Buy good companies. Don't overpay. Do nothing.
Adds · 7
Adding to conviction
ADD +8%·11.0% book·−17
“Fundsmith MSFT add.”
WATWATERS CORP
ADD +10%·6.0% book·+2
ZTSZOETIS INC
ADD +25%·2.7% book·−1
INTUINTUIT
ADD +64%·2.1% book·−21
PAYCPAYCOM SOFTWARE INC
ADD +27%·0.6% book·−14
QLYSQUALYS INC
ADD +21%·0.6% book·−12
NSSCNAPCO SEC TECHNOLOGIES INC
ADD +86%·0.4% book·−8
Trims · 4
Taking chips off
Exits · 4
Closed positions
CHHCHOICE HOTELS INTL INC
EXIT·0.0% book·−7
EXPOEXPONENT INC
EXIT·0.0% book·−8
VRSKVERISK ANALYTICS INC
EXIT·0.0% book·−16
MAMASTERCARD INCORPORATED
EXIT·0.0% book·−1
Current top holdings
Terry Smith’s book, latest snapshot
Other quarters for Terry Smith
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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