"Britain's Warren Buffett" Pared Down Every Single Stock in His Nearly $13 Billion Portfolio in the First Quarter, With One Exception

Terry Smith, known as 'Britain's Warren Buffett,' reduced or exited all 37 positions in Fundsmith's portfolio during Q1 2025, citing historically expensive stock market valuations. The sole new addition was Badger Meter, a water utility infrastructure company, which Smith purchased for $21.7 million, viewing it as undervalued compared to its five-year average despite the broader market's focus on AI stocks.