Eight of 147: Terry Smith - Fundsmith Is 59.5% of the Superinvestors' June-Quarter IDEXX Stake. Its Insiders Have Never Bought a Share.

GetCoattail Research — The Filing Tape #113. IDEXX Laboratories drew fresh coverage this week — an initiation at Hold on a franchise described with over 50% returns on invested capital and more than 80% recurring revenue — and the filings describe a register split by period: 8 of the 147 superinvestors we track hold the stock, seven at June 30 led by Terry Smith - Fundsmith at 59.5% of that stake and verified down 22.9%, plus one early third-quarter filer, while insiders have recorded no purchase in 79 filings, Congress holds no row in any aggregate, and short interest stands at 2.43% of shares outstanding.

The Hype

IDEXX's attention this week is an initiation story. The stock appeared second, in title order, in TipRanks' weekend update "OCUL, IDXX, BIIB, BFLY, TMUS Trending With Analysts" — published October 17, 2026 — after analyst Scott Schoenhaus initiated coverage at Hold, describing a franchise with over 50% returns on invested capital and more than 80% recurring revenue, innovation engines in Cancer Dx and inVue Dx, and 9–10% expected annual growth in core diagnostic recurring revenue in 2026–2028, capped near term by weak U.S. veterinary visit trends. TipRanks Our price file describes a stock well off its highs and barely moving since the quarter-end: it fell 6.3% in the second quarter, from $561.89 on March 31 to $526.44 on June 30, then slipped a further 1.5% to close at $518.39 on October 2 — down 23.4% year to date, 32.4% below the 252-session closing high of $766.68 (November 25, 2025) and 2.7% above the 252-session low of $504.70 (September 11, 2026).

The Tape

For IDEXX Laboratories — the one hundred and thirteenth Filing Tape audit — the tape shows a superinvestor cohort split across two period-ends, the June-quarter seven holding 1,713,085 shares with the top holder at 59.5% and the verified total down 22.9%, a full market holding 19.87% more shares with an unchanged filer count, an insider record with no purchase against 63 sales, a congressional lens with no row in any aggregate, three passive 5% filings headed by a 9.4% print, and a borrow at 2.43% of shares outstanding, more than a third below its 2025 peak.

Lens 1 — the superinvestors: eight holders split by period, the June top one at 59.5%, and a verified cohort that cut 22.9%. We track 149 managers whose 13F portfolios we collect from SEC EDGAR — 147 are in the collection: 144 at a June 30 period-end, 3 early filers at September 30 — and this name's holders split across both period-ends. At June 30, 2026, seven holders sit on the single CUSIP 45168D104, totalling 1,713,085 shares worth $901,836,503, long only, with no option row. Terry Smith - Fundsmith is 59.5% of that June stake: 1,019,887 shares worth $536,909,312 — at a 3.93% portfolio weight, decreased 30.4%. Polen Capital Management holds 532,384 shares worth $280,268,269 — 31.1% of the June stake — at a 2.41% weight, decreased 23.5%; the top two together are 90.6% of the June cohort. Jensen Investment Management holds 105,709 shares ($55,649,446), labelled INCREASED at 2,861.0% — from a first-quarter base of just 3,570 shares — at a 1.35% weight; Wallace Weitz - Weitz Investment Management holds 35,300 shares ($18,583,332), unchanged; Flossbach von Storch holds 17,270 shares ($9,091,619), down 4.2%; Mairs & Power Funds holds 2,080 shares ($1,094,995), unchanged; Bill Nygren - Oakmark Funds holds 455 shares ($239,530), down 5.6%. All seven June holders verify row by row against the first quarter, moving from 2,221,063 shares at March 31 to 1,713,085 at June 30 (-507,978 shares, -22.9%). No tracked manager is new, and none exited. The eighth holder sits on the later clock: Montrusco Bolton Investments reports 317,110 shares worth $165,591,671 at September 30, 2026 — 15.6% of the eight-holder collection total of 2,030,195 shares — filed October 13, 2026, at a 2.87% weight. Its label, decreased 14.9%, is a second-to-third-quarter change, and it reproduces exactly against its own second-quarter register row of 372,788 shares. Every June row implies exactly $526.44, the June 30 close; Montrusco's row implies exactly $522.19, the September 30 close — so no blended cohort price is quoted. 13F figures are as of June 30, 2026, except the early filer noted, and are published up to 45 days later.

Lens 2 — institutions: the same number of filers holding a fifth more shares. At June 30, 2026, 1,285 institutions reported positions, exactly the 1,285 at March 31 (0 change); 1,284 are long. Reported shares rose 19.87%, from 60,989,883 to 73,107,956 (+12,118,073 shares), and reported value rose 13.48% to $37,593,323,177, from $33,127,658,806, labelled "reported" because the aggregate includes option rows (see methodology). Flow counts agree: 1,096 entered, 1,096 exited, a net of zero. That value implies $514.22 per share against a June 30 close of $526.44, a gap of -2.32%.

Lens 3 — insiders: no purchase in the full record, against 63 sales. The parsed Form 4 record holds 79 filings through October 2, 2026. The last 90 days hold no purchase transaction at all against 1 sale: 2,203 shares for $1,172,177.97, by 1 seller, with no officer sale transaction in the window, across 3 filings. The one-year window holds no purchase transaction at all against 36 sales: 57,585 shares for $37,663,332.78, by 6 sellers, 33 of them officer sales, across 42 filings. Across the full record: no purchase transaction in 79 filings — no buyer at all, and no officer purchase transaction in any window — against 63 sales totalling 130,895.89 shares for $81,143,341.64, by 10 sellers, 54 of them officer sales. Every window prices inside its range — 90-day sales imply $532.08, one-year sales $654.05, full-record sales $619.91 — so dollar totals are cited for every window.

Lens 4 — Congress: no row in any aggregate. The combined record (as of October 3, 2026) carries no row for this name. The House aggregate (as of October 3, 2026) carries no row, and the Senate aggregate (as of October 1, 2026) carries no row either — a missing row, not a row of zeros.

Lens 5 — the 5% register: three filings, all passive, headed by a 9.4% print from March 2025. Our full parse holds 3 SC 13D/G filings matching the site aggregate — 1 SC 13G and 2 SC 13G/A, 2 amendments, 3 reporter names in 3 reporter rows, no 13D at all. The register maximum is 9.4%: BlackRock, Inc. reports 7,599,078 shares as of March 31, 2025 (filed April 17, 2025, SC 13G/A). The latest filing is a Vanguard Capital Management SC 13G, filed April 30, 2026: 5,976,472 shares (7.51%) as of March 31, 2026. The remaining filing is The Vanguard Group at 0 shares (0.0%) as of March 13, 2026, recorded as filed. The 13,575,550-share total counts reporter rows across dates, not distinct stakes.

Lens 6 — short interest: 2.43% of the share count, a third below its 2025 peak, with no flagged step. The latest FINRA settlement, September 15, 2026, records 1,917,016 shares sold short — 2.43% of the 78,781,116 shares outstanding — at 3.77 days to cover, down 8.37% from the prior settlement (2,092,080 on August 31, 2026). The series maximum across 137 settlements is 3,027,233 on May 15, 2025, so the latest sits 36.7% below that peak; against the June 30, 2026 reading of 1,939,622 it is down just 1.2%. The recent path moves sideways: 1,939,622 (June 30), 2,100,008 (July 15), 1,926,454 (July 31), 1,937,469 (August 14), 2,092,080 (August 31) and 1,917,016 (September 15). The series contains no single-settlement step at or above 2 times: the largest step is a ratio of 1.408 on December 15, 2021, so there is no discontinuity to flag in this series.

The Gap

The narrative arriving this week is a quality story: a Hold initiation that still describes over 50% returns on invested capital, more than 80% recurring revenue and 9–10% expected growth in core diagnostic recurring revenue, with weak veterinary visits as the near-term cap. The filings describe the tracked money moving the other way at the June snapshot. The verified June cohort cut 22.9% — the top holder cut 30.4%, the second 23.5% — the one large percentage increase, Jensen's 2,861.0%, starts from 3,570 shares, and the only post-June tracked move on file, the early filer's, is a further 14.9% cut. The broad market did the opposite, holding 19.87% more shares with an unchanged filer count. Insiders have never bought a share in 79 filings, recording 63 sales instead, Congress is blank in every aggregate, the 5% register holds just three passive filings whose maximum is a March 2025 print, and the borrow sits 36.7% below its May 2025 peak. One plausible reading is that the franchise argument and the filing record are running on different clocks: the coverage case rests on the business mix, while the June tape shows the tracked cohort trimming into it and no other lens adding conviction — broad accumulation without tracked-cohort or insider participation.

What Would Change the Picture

Nothing above is a recommendation. These filings would change it:

• 1. The rest of the 2026Q3 13F season (filing window closing mid-November 2026). Montrusco Bolton Investments' September 30 filing is already in hand — 317,110 shares, down 14.9% — but the other seven holders still sit on a June 30 period-end, before the initiation. Whether Terry Smith - Fundsmith's 1,019,887-share position — 59.5% of the June stake, after a 30.4% cut — is still there, and whether the verified cohort's 22.9% cut deepens or reverses, decides whether this lens reads as trimming or rebuilt.
• 2. A first insider purchase in the parsed record. The record holds no purchase transaction in 79 filings — no buyer in any window — against 63 sales. Any open-market purchase would be the first in the record.
• 3. A first congressional row in any aggregate. The combined, House and Senate archives all hold no row for this name; a first recorded transaction in either chamber would open a lens that is currently blank.
• 4. A fresh 5% print above the standing maximum, or a first 13D. The register's newest filing is dated April 30, 2026 (Vanguard Capital Management as of March 31, 2026, at 7.51%), and its maximum — BlackRock, Inc. at 9.4% — is as of March 31, 2025. A new filing moving the maximum, or a first 13D, would change this lens.
• 5. Short interest back through the May 2025 peak. The borrow stands at 1,917,016 shares, down 8.37% on the settlement and 36.7% below the May 15, 2025 peak of 3,027,233. A reading at or above 3,027,233 would set a new series high.

Related reading: Two of 147: Prem Watsa Is 56.8% of the Superinvestors' Domino's Pizza Stake. Its Insiders Have Never Bought a Share. — Filing Tape #112; Nine of 147: Eagle Capital Is 43.4% of the Superinvestors' Workday Stake. Its Insiders Have Never Bought a Share. — Filing Tape #111. IDEXX Laboratories' own page: IDEXX Laboratories (IDXX) on GetCoattail.

Methodology and data notes

• As-of & limits: The lenses rest on different clocks, none live: 13F is a June 30, 2026 snapshot published up to 45 days later (with one holder's early September 30, 2026 filing, flagged wherever it appears); Form 4 runs through October 2, 2026; Congress aggregates run through October 3, 2026 (Senate through October 1, 2026); 13D/G through April 30, 2026; short interest through September 15, 2026; the price file ends October 2, 2026. Five limits are specific to this audit. First, the roster expanded before the recent audits — from 85 managers (83 filing) to 149 (147 filing) — so "of 147" counts are not comparable to earlier pieces' "of 83" figures. Second, the superinvestor lens mixes two period-ends: seven holders at June 30 and one early filer at September 30; the two groups are reported separately throughout, and the eight-holder collection total is never used as a single-date figure. Third, the congressional lens is blank by absence, not by zero: no aggregate holds a row for this name, so there is no transaction count to report, only the absence itself. Fourth, Jensen Investment Management's 2,861.0% increase is computed from a first-quarter base of 3,570 shares; the percentage is exact and the base is printed wherever the figure appears. Fifth, the TipRanks article (October 17, 2026) postdates the 13F snapshot and the short-interest series; the article is known to this audit only from outside coverage, not from our own files, and none of its price figures are cited here; every price figure here is from our own price file.
• Superinvestor lens: 147 managers in the collection (of a 149-manager roster; 144 at a June 30, 2026 period-end and 3 early filers at September 30, 2026, one of them holding this name) collected directly from SEC EDGAR Form 13F (managers_13f collection, regenerated October 15, 2026 for the expanded roster); IDEXX positions are counted on the single CUSIP 45168D104, long rows only, and there are no option rows for this name in the collection. Eight distinct managers hold long positions: seven at June 30, 2026, totalling 1,713,085 shares worth $901,836,503, and one — Montrusco Bolton Investments — at September 30, 2026, with 317,110 shares worth $165,591,671, for an eight-holder collection total of 2,030,195 shares worth $1,067,428,174 that mixes period-ends and is not quoted as a single-date figure. The June direction count is 1 INCREASED, 2 UNCHANGED and 4 DECREASED; Montrusco's DECREASED label (-14.9%) is a second-to-third-quarter change and is not merged into the June count. Terry Smith - Fundsmith's share of the June stake is 59.5% = 1,019,887 / 1,713,085; Polen Capital Management's is 31.1% = 532,384 / 1,713,085; the top two together are 90.6% of the June stake; Montrusco's share of the mixed collection total is 15.6% = 317,110 / 2,030,195. All seven June continuing holders verify row by row against the first quarter under the rule used in the previous audits — a holder's first-quarter row accepted only when it sits under the same filing-agent prefix as the manager's second-quarter accession and its implied shares-change reproduces the EDGAR shares-change label at one decimal place — so the verified continuing total is 2,221,063 shares at March 31 moving to 1,713,085 at June 30 (-22.9%), with no unverified June holder. Montrusco cannot enter that verification, because its current row is a September row; instead its label is checked against the pipeline second-quarter register, where the one register row for this CUSIP not claimed by a June cohort accession is Montrusco's 372,788 shares — and 317,110 / 372,788 − 1 = -14.9% reproduces the label exactly. There are no new holders — the NEW-label register cross-check therefore has no case to run and passes vacuously — and no tracked manager exited. The pipeline register totals reconcile in both quarters once the period split is included (8 rows and 2,563,183 shares in the first quarter, equalling the verified continuing total plus Montrusco's first-quarter register row, 2,221,063 + 342,120; 8 rows and 2,085,873 shares in the second, equalling the June cohort plus Montrusco's second-quarter register row, 1,713,085 + 372,788 — a register change of -18.6%; Montrusco's own register path runs 342,120 shares in the first quarter to 372,788 in the second, +9.0%, before its September holding of 317,110). Implied per-share value: all seven June rows imply exactly $526.44, the June 30, 2026 close, so the June subtotal implied price is $526.44, 0.0% against the close; Montrusco's row implies exactly $522.19, the September 30, 2026 close, also 0.0% against its own period's close. The blended collection total implies $525.78, a mix of two period-ends that this audit does not quote as a price.
• Full-market lens: SEC Form 13F Data Sets full-market aggregation. The primary table is the full13f collection's by-ticker file (holders = distinct filers reporting the ticker's CUSIP; 1,284 reported long positions out of 1,285 filers). IDEXX carries one CUSIP in this aggregation (45168D104), and the backfill fixtures' by-CUSIP row matches the by-ticker row on every field — holders, long holders, shares, reported value, prior holders and prior reported value — exactly. The by-ticker file's entered/exited fields (1,096 and 1,096, a net of 0 that matches the change in holder count) are gross flows, so this audit headlines the net change. Reported-value caution: the aggregate value ($37,593,323,177 over 73,107,956 shares) implies $514.22 per share against a June 30, 2026 close of $526.44 in our price file, a gap of -2.32% — printed here as found. The aggregate sums the VALUE of every information-table row — including put and call option rows — while the share count covers long common-stock rows only, so we headline filer and share counts and label dollar values "reported."
• Insider lens: full-parse Form 4 aggregation (agg_by_ticker), record as of October 2, 2026 (79 filings). Sale and purchase counts are transaction-code counts (S and P) in non-derivative rows; grants and exercises are not counted as purchases, and one filing can contain many transaction rows. The 90-day window (July 5 to October 2, 2026) holds 0 purchase transactions and 1 sale transaction (2,203 shares, $1,172,177.97, 0 buyers, 1 seller, 0 officer sale transactions) across 3 filings. The one-year window (October 3, 2025 to October 2, 2026) holds 0 purchase transactions and 36 sale transactions (57,585 shares, $37,663,332.78, 0 buyers, 6 sellers, 33 officer sale transactions) across 42 filings. The full record holds 0 purchase transactions (0 shares, $0, 0 buyers, 0 officer purchase transactions) and 63 sale transactions (130,895.89 shares for $81,143,341.64 by 10 sellers with 54 officer sale transactions). The site's insider aggregate (90-day window, as of October 17, 2026) carries a row for this name that matches the full parse's 90-day window exactly (site: 0 purchases, 1 sale, $1,172,177.97, 1 seller; insider_site_match_w90=true). Window price checks on our price file: the 90-day sales imply $532.08 per share, inside the 90-day close range ($504.70 to $595.76); the one-year sales imply $654.05, inside the one-year close range ($504.70 to $766.68); the full-record sales imply $619.91, inside the price file's full-period close range ($324.64 to $766.68) — so dollar totals are cited for every window.
• 13D/G lens: full-parse SC 13D/G parsed filings (3 filings matching issuer CIK 874716 on CUSIP 45168D104: 1 SC 13G and 2 SC 13G/A, 2 of them amendments, no SC 13D), filings through April 30, 2026. The site aggregation carries this name under a ticker-keyed row; that row (3 filings, 0 D-filings, 3 G-filings, 2 amendments, 3 reporters, latest date April 30, 2026, maximum 9.4%, total reported 13,575,550 shares) matches the parsed filings on filings, form mix, amendments, latest date, maximum and the cross-date reported total. The total sums reporter rows across filings and dates (3 reporter rows), so it is a filing-volume total, not a stake. The filings are reported as filed, under the names exactly as they appear: BlackRock, Inc. printing 7,599,078 shares at 9.4% as of March 31, 2025, filed April 17, 2025 as SC 13G/A (the register maximum); The Vanguard Group printing 0 shares at 0.0% as of March 13, 2026, filed March 27, 2026 as SC 13G/A; and Vanguard Capital Management printing 5,976,472 shares at 7.51% as of March 31, 2026, filed April 30, 2026 as SC 13G (the latest filing). The parsed coverage for this issuer holds these 3 filings; a 5% holder that has not filed in the covered window would not appear here.
• Congress lens: Senate PTR archive and House PTR archive as maintained on this site. The combined record (as of October 3, 2026) carries no row for this name; the House aggregate (as of October 3, 2026) carries no row; the Senate aggregate (as of October 1, 2026) carries no row. A missing row and a row of zeros are different statements about the underlying archives, and this audit records the absence as it stands: no recorded transaction for this name sits in either chamber's archive as we hold them.
• Short interest lens: FINRA Equity Short Interest files (biweekly settlement dates), collected directly from FINRA's public distribution. The published series covers all 137 settlements under the symbol from January 15, 2021 (699,813 shares) to September 15, 2026. Every settlement row under the symbol is this issuer's row, under a single issuer-name variant across the file vintages — the truncated "IDEXX Laboratories, Inc. Commo" on all 137 settlements (January 15, 2021 to September 15, 2026, with an NNM market-class code), recorded as printed; there are no other-issuer rows under the symbol. The latest reading is 1,917,016 shares on September 15, 2026, down 8.37% from the prior settlement (2,092,080 on August 31, 2026), down 36.7% from the series maximum of 3,027,233 on May 15, 2025 and down 1.2% from the June 30, 2026 reading of 1,939,622, at 3.77 days to cover. Series discontinuity check — none found: the largest single-settlement step in the series is a ratio of 1.408, on December 15, 2021, when the print rose from 629,399 (November 30, 2021) to 886,021; no step reaches 2 times, so there is no flagged step to disclose in this series. The series minimum is 629,399 shares on November 30, 2021. The recent path runs 1,939,622 (June 30), 2,100,008 (July 15), 1,926,454 (July 31), 1,937,469 (August 14), 2,092,080 (August 31) and 1,917,016 (September 15) — sideways, ending 1.2% below where it stood at June 30. FINRA publishes each settlement about two weeks after the fact, so the October price action is not yet in this series. The share-count ratio (2.43%) uses the fundamentals file's shares-outstanding figure below.
• Fundamentals note: our fundamentals collection carries IDEXX's revenue of $4,303,702,000, net income of $1,059,464,000 and assets of $3,350,759,000 — all three labelled fiscal 2025 in the file and all sourced to the same financial-series cache, so there is no vintage split to flag. The file is marked ok for this name, with no missing fields: shares outstanding of 78,781,116 (sourced in the file to the shares-outstanding count as of July 31, 2026) and a file-computed market value of $40,604,572,881.86. The file does not flag the issuer as a foreign private issuer, and it carries SIC 2835, In Vitro & In Vivo Diagnostic Substances, and a Nasdaq listing. The file's price for the name is $515.41 as of October 6, 2026; our daily-close file ends October 2, 2026 at $518.39, and we keep the two files' figures separate rather than blending them.
• Prices: our own daily-close file for IDXX through October 2, 2026 ($518.39 close, -23.4% year to date on that file; the 252-session closing high is $766.68 on November 25, 2025, so the last close sits 32.4% below it; the 252-session closing low is $504.70 on September 11, 2026, so the last close sits 2.7% above it; closes of $561.89 at March 31, 2026 and $526.44 at June 30, 2026, a second-quarter change of -6.3%; change from June 30 to October 2 of -1.5%; change from the September 30, 2025 close of $638.89 of -18.9%; change from the October 2, 2025 close of $633.84 of -18.2%; the December 31, 2025 close is $676.53; the September 30, 2026 close is $522.19, used in the superinvestor note above). The series in our price file begins June 1, 2021 at $550.59 and holds 1,342 rows; the file's full-period close range is $324.64 to $766.68.
• Market context sources: the TipRanks weekend update "OCUL, IDXX, BIIB, BFLY, TMUS Trending With Analysts," published October 17, 2026, in which IDEXX appeared second in title order — OCUL first, skipped in this series' selection for missing lenses, and BIIB, BFLY and TMUS behind it — with analyst Scott Schoenhaus initiating coverage at Hold, describing over 50% returns on invested capital, more than 80% recurring revenue, Cancer Dx and inVue Dx as innovation engines, weak U.S. veterinary visit trends as a near-term cap, and 9–10% expected annual growth in core diagnostic recurring revenue in 2026–2028; the AltIndex StockTwits most-mentioned list refreshed on October 17, 2026, whose top names were already covered, skipped, crypto or index funds in this series; and the Google Trends United States daily list (CyberKendra snapshot updated October 18, 2026), whose top ten carried no single-stock query. Figures we could not confirm were left out; the external items above are reported speech from those outlets, not GetCoattail measurements, and none of their price figures are cited in this audit.
• IDEXX Laboratories is in the GetCoattail stock-page universe: IDEXX Laboratories (IDXX) stock page. Series data: idxx_lens_data.csv · idxx_short_interest_series.csv. Earlier audits: Domino's Pizza · Workday.

Past patterns are not a promise of future results. For education only — not investment advice.

This article describes public filings as of the dates stated. It is not investment advice and makes no recommendation. Filings lag reality: 13F positions are as of June 30, 2026, and later trading is not yet public.

Revision history: v1.0 — October 18, 2026: first publication.