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Latest Transactions of Terry Smith Q1 2025
Terry Smith's Fundsmith Q1 2025 US portfolio: Massive Zoetis (ZTS) buy, adds Texas Instruments (TXN). Exits PepsiCo (PEP) entirely & trims Meta (META). See key quality stock moves.
Milan Reichl
May 28th, 2025 • Reading Time: 5 minutes
Terry Smith
Highlights
Biggest Buys
Zoetis Inc. (ZTS) Fundsmith dramatically increased its stake in Zoetis Inc., adding 2,319,158 shares. This represents an astounding 1020.18% increase in the position, at an average purchase price of approximately $165 per share, effectively establishing it as a major new core holding or significantly bolstering a very small initial stake. Zoetis is a global leader in the discovery, development, manufacture, and commercialization of animal health medicines and vaccines for both livestock and companion animals. This very significant investment underscores a strong conviction in Zoetis's high-quality business model, market leadership, and long-term compounding potential within the resilient and growing animal health sector.
Texas Instruments Inc. (TXN) The firm also substantially boosted its investment in Texas Instruments, acquiring 1,025,182 shares. This marks a 60.28% increase in the holding, at an average purchase price of around $184 per share. Texas Instruments is a global semiconductor company that designs and manufactures analog and embedded processing chips, which are critical components in a wide array of electronics. This increased stake highlights Fundsmith's confidence in TXN's strong competitive advantages, robust cash generation, and its essential role in providing foundational technology.
Biggest Sells
Fundsmith sold 5,663,677 shares of PepsiCo Inc., completely liquidating its entire position in the food and beverage giant, at an average selling price of approximately $148 per share. PepsiCo is a global leader in convenient foods and beverages, long considered a high-quality defensive stock. For Terry Smith, who emphasizes holding high-quality companies for the very long term, a complete exit is a significant decision. This move could be driven by valuation concerns, a reassessment of its future growth runway compared to other opportunities, or the need to fund new high-conviction buys like Zoetis.
Meta Platforms Inc. (META) The firm trimmed its holding in Meta Platforms Inc. by 677,556 shares, a 14.85% decrease, at an average selling price of around $635 per share. Meta Platforms is the parent company of Facebook, Instagram, WhatsApp, and Reality Labs. This reduction might reflect profit-taking after a period of strong share price performance, concerns about its valuation reaching a certain threshold, or a desire to rebalance the portfolio's technology sector exposure.
Terry Smith's Q1 2025 adjustments to Fundsmith's US portfolio signal a dynamic application of his quality-focused investment criteria. There's a clear strategic pivot with massive new conviction in animal health (Zoetis) and increased exposure to semiconductors (Texas Instruments). These significant new investments were likely funded, at least in part, by the complete divestment from consumer staples giant PepsiCo and a notable trim in tech leader Meta. These changes suggest a proactive search for what Smith perceives to be superior long-term compounding opportunities that meet his stringent quality and valuation thresholds.
All Transactions
Stock | Activity | #Shares | Average Price* |
|---|---|---|---|
ZTS - Zoetis Inc. | Add 1020.18% | 2,319,158 | ~ $165 |
DOCS - Doximity Inc. | Add 67.47% | 479,380 | ~ $62 |
TXN - Texas Instruments | Add 60.28% | 1,025,182 | ~ $184 |
QLYS - Qualys Inc. | Add 31.13% | 170,593 | ~ $136 |
PAYC - Paycom Software Inc. | Add 28.18% | 90,899 | ~ $209 |
INTU - Intuit Inc. | Buy | 181,628 | ~ $600 |
CPRX - Catalyst Pharmaceuticals Inc. | Buy | 2,151.274 | ~ $23 |
GOOGL - Alphabet Inc. | Reduce 0.07% | 5,065 | ~ $182 |
FTNT - Fortinet Inc. | Reduce 0.09% | 7,383 | ~ $100 |
MAR - Marriott Int'l. | Reduce 0.09% | 3,780 | ~ $273 |
MTD - Mettler-Toledo International Inc. | Reduce 0.10% | 617 | ~ $1274 |
PG - Procter & Gamble | Reduce 0.13% | 5,970 | ~ $167 |
CHD - Church & Dwight | Reduce 0.14% | 9,635 | ~ $107 |
IDXX - IDEXX Laboratories | Reduce 0.55% | 14,524 | ~ $431 |
WAT - Waters Corp. | Reduce 0.59% | 21,325 | ~ $382 |
OTIS - Otis Worldwide Corp. | Reduce 1.68% | 100,040 | ~ $97 |
PM - Philip Morris Intl. | Reduce 3.91% | 439,283 | ~ $145 |
SYK - Stryker Corp. | Reduce 4.96% | 264,790 | ~ $381 |
VRSN - Verisign Inc. | Reduce 8.72% | 54,465 | ~ $229 |
ADP - Automatic Data Processing Inc. | Reduce 9.97% | 499,813 | ~ $301 |
V - Visa Inc. | Reduce 10.50% | 485,543 | ~ $340 |
MSFT - Microsoft Corp. | Reduce 13.20% | 816,871 | ~ $407 |
META - Meta Platforms Inc. | Reduce 14.85% | 677,556 | ~ $635 |
VRSK - Verisk Analytics Inc. | 20.84% | 87,061 | ~ $289 |
HD - Home Depot | Reduce 21.22% | 30,903 | ~ $387 |
MA - Mastercard Inc. | Reduce 22.77% | 14,579 | ~ $545 |
EFX - Equifax Inc. | 35.18% | 127,823 | ~ $247 |
PEP - PepsiCo Inc. | Sell 100.00% | 5,663,677 | ~ $148 |
IEX - IDEX Corp. | Sell 100.00% | 362,501 | ~ $196 |
*Average Share Price in Q1 2025
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The information is provided for educational purposes only and does not constitute financial advice or recommendation and should not be considered as such. Do your own research.