$ZTS (-3,35%) It had been a favorite of quality funds for years. That has changed in the 13F filings from the last four quarters:
đ´ Those that have completely exited include Fundsmith (previously about $530 million), Veritas, Cantillon, and Jensen. Polen Capital has significantly reduced its position.
đ˘ New entrants include Flossbach von Storch (approx. $300 million), Ruane Cunniff, Brandes, Carmignac, Smead, and Tweedy, Browne.
Over the past four quarters, quality funds have reduced their holdings by approximately $690 million, while value funds have increased their holdings by approximately $330 million.
Initial reports for the third quarter (Deadline is November 14; 44 funds have already reported):
⢠Increased holdings: Markel, Smead, Tweedy, Browne (now 3.7% of Tweedyâs portfolio), Seizert
⢠Unchanged: including Flossbach von Storch, Seilern
⢠Exited: Fisher Funds
In addition:
⢠In May, three directors bought shares on the stock market at around $76. In February, the CEO had sold shares as planned at around $127.
⢠The proportion of shorted shares rose from 1.8% (end of Sept. 2025) to 4.2% (mid-Oct. 2026).
The complete list of what each fund did:
đ https://www.convictionscore.de/?t=ZTS&utm_source=getquin&utm_medium=social&utm_campaign=q3-zts
This is not investment advice. 13F data is up to 45 days old; the complete picture for the third quarter will not be available until after November 14.