Core Insights - Fundsmith LLP, led by Terry Smith, reported a portfolio valued at $23.02 billion, with the top five holdings comprising 43.49% of total assets [1] Group 1: Top Holdings - Meta Platforms Inc. (META) is the largest holding, with 3.57 million shares valued at $2.63 billion, representing 11.44% of the portfolio, despite a reduction of 315,000 shares (-8.11%) [2] - Microsoft Corp. (MSFT) is the second-largest position, holding 4.94 million shares worth $2.46 billion, accounting for 10.68% of assets, with a modest cut of 428,653 shares (-7.98%) [3] - Stryker Corp. (SYK) holds 4.68 million shares valued at $1.85 billion, making up 8.04% of the portfolio, with a reduction of 392,000 shares (-7.74%) [4] - Philip Morris International (PM) consists of 9.07 million shares valued at $1.65 billion, representing 7.18% of the portfolio, despite trimming 1.73 million shares (-16.03%) [5] - IDEXX Laboratories (IDXX) rounds out the top five with 2.64 million shares valued at $1.42 billion, accounting for 6.15% of the portfolio, with a minor reduction of 9,042 shares (-0.34%) [6] Group 2: Investment Strategy - Fundsmith's strategy emphasizes a concentrated portfolio of high-quality companies with durable advantages, focusing on technology, healthcare, and consumer franchises [7] - The fund's approach reflects a commitment to quality growth at sensible valuations, reinforcing its reputation for consistency and long-term focus [7]