Terry Smith's WAT Position Overview
Terry Smith (via Fundsmith Llp) currently holds 3.56 M shares of Waters Corporation (WAT) worth $1.35 B, representing 7.90% of the portfolio. First purchased in 2013-Q1, this long-term strategic position has been held for 48 quarters.
Based on 13F filings since 2013, Terry Smith has maintained a long-term strategic position in WAT, representing a significant commitment to this investment thesis. Largest addition occurred in Q2 2016, adding 973,788 shares. Largest reduction occurred in Q2 2020, reducing 861,245 shares.
Analysis based on 13F filings available since 2013 Q2
Terry Smith's Waters Corporation (WAT) Holding Value Over Time
Track share changes against reported price movement
Quarterly Waters Corporation (WAT) Trades by Terry Smith
| Report Date | Bought/Sold (Sh.) | % Change | Qtr. End Shares | Reported Price |
|---|---|---|---|---|
| Q4 2025 | -397,520 | Reduce 10.05% | 3.56 M | $379.83 |
| Q3 2025 | +347,091 | Add 9.62% | 3.96 M | $299.81 |
| Q2 2025 | -4,790 | Reduce 0.13% | 3.61 M | $349.04 |
| Q1 2025 | -21,325 | Reduce 0.59% | 3.61 M | $368.57 |
| Q4 2024 | -11,477 | Reduce 0.31% | 3.63 M | $370.98 |
| Q3 2024 | -8,451 | Reduce 0.23% | 3.65 M | $359.89 |
| Q2 2024 | -111,801 | Reduce 2.97% | 3.65 M | $290.12 |
| Q1 2024 | -34,437 | Reduce 0.91% | 3.77 M | $344.23 |
| Q4 2023 | -5,806 | Reduce 0.15% | 3.8 M | $329.23 |
| Q3 2023 | -2,979 | Reduce 0.08% | 3.81 M | $274.21 |
| Q2 2023 | +111,104 | Add 3.00% | 3.81 M | $266.54 |
| Q1 2023 | +8,672 | Add 0.24% | 3.7 M | $309.63 |
| Q4 2022 | -3,500 | Reduce 0.09% | 3.69 M | $342.58 |
| Q3 2022 | +3,972 | Add 0.11% | 3.69 M | $269.53 |
| Q2 2022 | +1,653 | Add 0.04% | 3.69 M | $330.98 |
| Q1 2022 | -823,307 | Reduce 18.25% | 3.69 M | $310.39 |
| Q4 2021 | -315 | Reduce 0.01% | 4.51 M | $372.60 |
| Q3 2021 | +103,155 | Add 2.34% | 4.51 M | $357.30 |
| Q2 2021 | +14,495 | Add 0.33% | 4.41 M | $345.61 |
| Q1 2021 | -16,291 | Reduce 0.37% | 4.39 M | $284.17 |
| Q4 2020 | +117,807 | Add 2.74% | 4.41 M | $247.42 |
| Q3 2020 | +398,223 | Add 10.23% | 4.29 M | $195.68 |
| Q2 2020 | -861,245 | Reduce 18.11% | 3.89 M | $180.40 |
| Q1 2020 | -351,616 | Reduce 6.89% | 4.76 M | $182.05 |
| Q4 2019 | -16,201 | Reduce 0.32% | 5.11 M | $233.65 |
| Q3 2019 | +8,861 | Add 0.17% | 5.12 M | $223.23 |
| Q2 2019 | +87,249 | Add 1.74% | 5.11 M | $215.24 |
| Q1 2019 | +43,498 | Add 0.87% | 5.03 M | $251.71 |
| Q4 2018 | -43,300 | Reduce 0.86% | 4.98 M | $194.68 |
| Q3 2018 | +297,565 | Add 6.29% | 5.03 M | $194.68 |
| Q2 2018 | +360,404 | Add 8.25% | 4.73 M | $193.59 |
| Q1 2018 | +3,277 | Add 0.08% | 4.37 M | $198.65 |
| Q4 2017 | +9,557 | Add 0.22% | 4.37 M | $193.19 |
| Q3 2017 | +521,801 | Add 13.61% | 4.36 M | $178.74 |
| Q2 2017 | +401,420 | Add 11.69% | 3.83 M | $183.84 |
| Q1 2017 | +349,178 | Add 11.32% | 3.43 M | $156.31 |
| Q4 2016 | +52,997 | Add 1.75% | 3.08 M | $134.50 |
| Q3 2016 | +589,042 | Add 24.13% | 3.03 M | $158.49 |
| Q2 2016 | +973,788 | Add 66.36% | 2.44 M | $140.65 |
| Q1 2016 | +314,348 | Add 27.26% | 1.47 M | $131.92 |
| Q4 2015 | +355,083 | Add 44.49% | 1.15 M | $134.58 |
| Q3 2015 | +487,363 | Add 156.84% | 798,099 | $118.21 |
| Q1 2015 | +310,736 | New Buy | 310,736 | $124.32 |
| Q4 2013 | -449,096 | Sold Out | 0 | $0.00 |
| Q3 2013 | -295,256 | Reduce 39.67% | 449,096 | $106.21 |
| Q2 2013 | +151,200 | Add 25.49% | 744,352 | $100.05 |
| Q1 2013 | +593,153 | Add 0.00% | 593,152 | $93.15 |
Terry Smith's Waters Corporation Investment FAQs
Terry Smith first purchased Waters Corporation (WAT) in Q1 2013, acquiring 593,152 shares, as reported in their 13F filing for that period. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
Terry Smith has held Waters Corporation (WAT) for 48 quarters since Q1 2013.
Terry Smith's largest addition to Waters Corporation (WAT) was in Q2 2016, adding 2,441,318 shares worth $343.37 M.
According to the latest 13F filing for Q4 2025, Terry Smith's firm, Fundsmith Llp, owns 3,557,978 shares of Waters Corporation (WAT), valued at approximately $1.35 B.
As of the Q4 2025 filing, Waters Corporation (WAT) represents approximately 7.90% of Terry Smith's publicly disclosed stock portfolio, making it one of their key holdings.
Terry Smith's peak holding in Waters Corporation (WAT) was 5,122,867 shares, as reported at the end of Q3 2019.