Funds › Fundsmith (Terry Smith) › Q1 2020Fundsmith (Terry Smith) 13F holdings, Q1 2020 Fundsmith (Terry Smith) disclosed 34 US equity positions worth $17.8bn in its Q1 2020 13F filing. Its largest position is MSFT at 10.6% of the reported book, followed by PM and PYPL. Versus Q4 2019 it opened 3 new positions, added to 11, reduced 18 and exited 0.
$17.8bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
34 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
10.6% Largest position The largest single position as a share of the reported equity book.
64.7% Top 10 weight The ten largest positions together, as a share of the reported equity book.
17 Effective positions 1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
55 Quarters on file since Q4 2012 Quarters for which this manager's 13F holdings are on record. Holdings Against Q4 2019: 3 new , 11 added , 18 reduced , 0 exited
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Stock Sector Weight Value Shares Δ shares Action MSFT MICROSOFT CORP Technology 10.6% $1.9bn 11.97m −1.8% reduced PM PHILIP MORRIS INTL INC Consumer Defensive 7.0% $1.2bn 17.02m +0.7% added PYPL PAYPAL HLDGS INC Financial Services 6.7% $1.2bn 12.41m −18% reduced EL LAUDER ESTEE COS INC Consumer Defensive 6.0% $1.1bn 6.74m −2.0% reduced META META PLATFORMS INC Communication Services 6.0% $1.1bn 6.43m −2.3% reduced IDXX IDEXX LABS INC Healthcare 5.8% $1.0bn 4.25m −7.5% reduced INTU INTUIT Technology 5.8% $1.0bn 4.46m −6.0% reduced MKC MCCORMICK & CO INC Consumer Defensive 5.7% $1.0bn 7.12m −3.5% reduced SYK STRYKER CORPORATION Healthcare 5.6% $988m 5.93m −2.5% reduced V VISA INC Financial Services 5.5% $983m 6.10m −4.9% reduced PEP PEPSICO INC Consumer Defensive 5.4% $960m 8.00m −5.6% reduced BDX BECTON DICKINSON & CO Healthcare 4.9% $876m 3.81m −0.3% held WAT WATERS CORP Healthcare 4.9% $866m 4.76m −6.9% reduced ADP AUTOMATIC DATA PROCESSING IN Technology 4.8% $858m 6.27m −2.9% reduced JNJ JOHNSON & JOHNSON Healthcare 4.0% $705m 5.38m −11% reduced BF/B BROWN FORMAN CORP – 3.1% $546m 9.84m +2.2% added CLX CLOROX CO DEL Consumer Defensive 1.6% $276m 1.59m −5.4% reduced NKE NIKE INC Consumer Cyclical 1.1% $192m 2.32m – new SBUX STARBUCKS CORP Consumer Cyclical 1.0% $174m 2.65m – new CHECK POINT SOFTWARE TECH LT no ticker – 0.5% $87.1m 866,437 +8.1% added MASI* MASIMO CORP – 0.5% $84.3m 475,853 −17% reduced VRSK VERISK ANALYTICS INC Industrials 0.5% $83.4m 598,306 −3.8% reduced AKX ANSYS INC – 0.4% $76.7m 329,985 −4.9% reduced EFX EQUIFAX INC Industrials 0.4% $67.9m 568,122 −13% reduced VRSN VERISIGN INC Technology 0.4% $64.0m 355,281 +30% added CGNX COGNEX CORP Technology 0.4% $63.7m 1.51m +29% added IPGP IPG PHOTONICS CORP Technology 0.4% $62.4m 566,147 +23% added MSCI MSCI INC Financial Services 0.3% $59.1m 204,376 +2.2% added AOS SMITH A O CORP Industrials 0.3% $55.4m 1.47m +24% added SABR SABRE CORP Technology 0.3% $47.1m 7.95m +95% added PAYC PAYCOM SOFTWARE INC Technology 0.2% $35.3m 174,606 +2.2% added MELI MERCADOLIBRE Consumer Cyclical 0.10% $17.0m 34,804 0.0% held MAR MARRIOTT INTL INC NEW Consumer Cyclical 0.07% $12.9m 172,847 +0.6% added XP XP INC Financial Services 0.03% $4.9m 253,367 – new
Sector mix Consumer Defensive 25.7% Healthcare 25.1% Technology 22.8% Financial Services 12.6% Communication Services 6.0% Unclassified 4.5% Consumer Cyclical 2.2% Industrials 1.2% Book over time Every quarter on file (55) Where Fundsmith (Terry Smith) was early Concentration and tenure
9.9% Median largest position, all quarters The largest single position as a share of the reported equity book.
68.8% Median top 10 weight, all quarters The ten largest positions together, as a share of the reported equity book.
Concentrated Style, by median largest position
9 Median completed holding, quarters