Funds › Fundsmith (Terry Smith) › Q2 2020Fundsmith (Terry Smith) 13F holdings, Q2 2020 Fundsmith (Terry Smith) disclosed 34 US equity positions worth $22.9bn in its Q2 2020 13F filing. Its largest position is MSFT at 10.6% of the reported book, followed by PYPL and META. Versus Q1 2020 it opened 1 new position, added to 22, reduced 4 and exited 1.
$22.9bn 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.
66.1% 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 Q1 2020: 1 new , 22 added , 4 reduced , 1 exited
34 rows
Stock Sector Weight Value Shares Δ shares Action MSFT MICROSOFT CORP Technology 10.6% $2.4bn 11.95m −0.2% held PYPL PAYPAL HLDGS INC Financial Services 9.4% $2.2bn 12.39m −0.1% held META META PLATFORMS INC Communication Services 6.4% $1.5bn 6.44m +0.1% held IDXX IDEXX LABS INC Healthcare 6.1% $1.4bn 4.24m −0.1% held INTU INTUIT Technology 5.9% $1.4bn 4.59m +3.0% added PM PHILIP MORRIS INTL INC Consumer Defensive 5.9% $1.4bn 19.38m +14% added MKC MCCORMICK & CO INC Consumer Defensive 5.9% $1.4bn 7.54m +5.9% added EL LAUDER ESTEE COS INC Consumer Defensive 5.6% $1.3bn 6.76m +0.3% held V VISA INC Financial Services 5.2% $1.2bn 6.15m +0.9% added PEP PEPSICO INC Consumer Defensive 5.1% $1.2bn 8.79m +9.9% added SYK STRYKER CORPORATION Healthcare 4.9% $1.1bn 6.20m +4.6% added BDX BECTON DICKINSON & CO Healthcare 4.4% $1.0bn 4.24m +11% added ADP AUTOMATIC DATA PROCESSING IN Technology 4.2% $965m 6.48m +3.3% added JNJ JOHNSON & JOHNSON Healthcare 3.9% $901m 6.41m +19% added NKE NIKE INC Consumer Cyclical 3.1% $710m 7.24m +212% added WAT WATERS CORP Healthcare 3.1% $702m 3.89m −18% reduced BF/B BROWN FORMAN CORP – 2.7% $628m 9.86m +0.2% held SBUX STARBUCKS CORP Consumer Cyclical 2.7% $613m 8.34m +215% added VRSK VERISK ANALYTICS INC Industrials 0.5% $103m 607,423 +1.5% added EFX EQUIFAX INC Industrials 0.4% $99.1m 576,779 +1.5% added MASI* MASIMO CORP – 0.4% $97.8m 428,897 −9.9% reduced AKX ANSYS INC – 0.4% $97.7m 335,033 +1.5% added CGNX COGNEX CORP Technology 0.4% $95.7m 1.60m +6.2% added IPGP IPG PHOTONICS CORP Technology 0.4% $92.2m 574,773 +1.5% added VRSN VERISIGN INC Technology 0.3% $74.6m 360,694 +1.5% added SABR SABRE CORP Technology 0.3% $74.0m 9.19m +16% added AOS SMITH A O CORP Industrials 0.3% $70.1m 1.49m +1.5% added MSCI MSCI INC Financial Services 0.3% $69.3m 207,490 +1.5% added QLYS QUALYS INC Technology 0.3% $64.9m 623,812 – new PAYC PAYCOM SOFTWARE INC Technology 0.3% $60.7m 195,926 +12% added CHECK POINT SOFTWARE TECH LT no ticker – 0.3% $58.2m 541,290 −38% reduced MELI MERCADOLIBRE Consumer Cyclical 0.1% $29.6m 30,000 −14% reduced MAR MARRIOTT INTL INC NEW Consumer Cyclical 0.07% $15.8m 183,887 +6.4% added XP XP INC Financial Services 0.05% $10.6m 253,367 0.0% held
Exited since Q1 2020 1 row
Stock Prior weight Prior value CLX CLOROX CO DEL 1.6% $276m
Sector mix Technology 22.8% Consumer Defensive 22.5% Healthcare 22.4% Financial Services 15.0% Communication Services 6.4% Consumer Cyclical 6.0% Unclassified 3.8% 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