Funds › Fundsmith (Terry Smith) › Q3 2020Fundsmith (Terry Smith) 13F holdings, Q3 2020 Fundsmith (Terry Smith) disclosed 36 US equity positions worth $25.6bn in its Q3 2020 13F filing. Its largest position is MSFT at 9.8% of the reported book, followed by PYPL and META. Versus Q2 2020 it opened 2 new positions, added to 16, reduced 1 and exited 0.
$25.6bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
36 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
9.8% Largest position The largest single position as a share of the reported equity book.
65.4% Top 10 weight The ten largest positions together, as a share of the reported equity book.
18 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 Q2 2020: 2 new , 16 added , 1 reduced , 0 exited
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Stock Sector Weight Value Shares Δ shares Action MSFT MICROSOFT CORP Technology 9.8% $2.5bn 11.93m −0.2% held PYPL PAYPAL HLDGS INC Financial Services 9.5% $2.4bn 12.36m −0.2% held META META PLATFORMS INC Communication Services 6.6% $1.7bn 6.43m −0.2% held IDXX IDEXX LABS INC Healthcare 6.5% $1.7bn 4.23m −0.2% held INTU INTUIT Technology 5.9% $1.5bn 4.59m +0.1% held EL LAUDER ESTEE COS INC Consumer Defensive 5.8% $1.5bn 6.80m +0.6% added MKC MCCORMICK & CO INC Consumer Defensive 5.7% $1.5bn 7.54m 0.0% held PM PHILIP MORRIS INTL INC Consumer Defensive 5.7% $1.5bn 19.50m +0.7% added SYK STRYKER CORPORATION Healthcare 5.1% $1.3bn 6.28m +1.2% added PEP PEPSICO INC Consumer Defensive 4.8% $1.2bn 8.91m +1.4% added V VISA INC Financial Services 4.8% $1.2bn 6.13m −0.3% held BDX BECTON DICKINSON & CO Healthcare 3.9% $1.0bn 4.34m +2.3% added NKE NIKE INC Consumer Cyclical 3.8% $973m 7.75m +7.0% added ADP AUTOMATIC DATA PROCESSING IN Technology 3.8% $965m 6.92m +6.8% added JNJ JOHNSON & JOHNSON Healthcare 3.7% $955m 6.41m +0.1% held SBUX STARBUCKS CORP Consumer Cyclical 3.5% $892m 10.38m +25% added WAT WATERS CORP Healthcare 3.3% $840m 4.29m +10% added BF/B BROWN FORMAN CORP – 3.0% $772m 10.25m +3.9% added VRSK VERISK ANALYTICS INC Industrials 0.4% $113m 607,423 0.0% held AKX ANSYS INC – 0.4% $110m 335,033 0.0% held IPGP IPG PHOTONICS CORP Technology 0.4% $106m 626,454 +9.0% added CGNX COGNEX CORP Technology 0.4% $104m 1.60m 0.0% held MASI* MASIMO CORP – 0.4% $101m 428,897 0.0% held EFX EQUIFAX INC Industrials 0.4% $90.5m 576,779 0.0% held VRSN VERISIGN INC Technology 0.3% $88.0m 429,518 +19% added QLYS QUALYS INC Technology 0.3% $79.8m 813,720 +30% added AOS SMITH A O CORP Industrials 0.3% $78.5m 1.49m 0.0% held MSCI MSCI INC Financial Services 0.3% $74.0m 207,490 0.0% held PAYC PAYCOM SOFTWARE INC Technology 0.3% $66.9m 214,794 +9.6% added SABR SABRE CORP Technology 0.3% $66.1m 10.16m +11% added CHECK POINT SOFTWARE TECH LT no ticker – 0.2% $40.3m 334,691 −38% reduced MELI MERCADOLIBRE Consumer Cyclical 0.1% $32.5m 30,000 0.0% held MAR MARRIOTT INTL INC NEW Consumer Cyclical 0.1% $25.9m 279,552 +52% added FTNT FORTINET INC Technology 0.10% $25.0m 212,445 – new XP XP INC Financial Services 0.04% $10.6m 253,367 0.0% held CL COLGATE PALMOLIVE CO Consumer Defensive 0.03% $8.3m 107,251 – new
Sector mix Healthcare 22.6% Consumer Defensive 22.1% Technology 21.5% Financial Services 14.6% Consumer Cyclical 7.5% Communication Services 6.6% Unclassified 4.0% Industrials 1.1% 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