Funds › Fundsmith (Terry Smith) › Q4 2020Fundsmith (Terry Smith) 13F holdings, Q4 2020 Fundsmith (Terry Smith) disclosed 39 US equity positions worth $30.2bn in its Q4 2020 13F filing. Its largest position is PYPL at 9.6% of the reported book, followed by MSFT and IDXX. Versus Q3 2020 it opened 4 new positions, added to 14, reduced 2 and exited 1.
$30.2bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
39 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
9.6% Largest position The largest single position as a share of the reported equity book.
63.6% 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 Q3 2020: 4 new , 14 added , 2 reduced , 1 exited
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Stock Sector Weight Value Shares Δ shares Action PYPL PAYPAL HLDGS INC Financial Services 9.6% $2.9bn 12.33m −0.2% held MSFT MICROSOFT CORP Technology 8.9% $2.7bn 12.07m +1.2% added IDXX IDEXX LABS INC Healthcare 7.0% $2.1bn 4.23m −0.2% held EL LAUDER ESTEE COS INC Consumer Defensive 6.0% $1.8bn 6.79m −0.2% held META META PLATFORMS INC Communication Services 5.8% $1.8bn 6.42m −0.1% held INTU INTUIT Technology 5.8% $1.7bn 4.59m −0.2% held SYK STRYKER CORPORATION Healthcare 5.4% $1.6bn 6.63m +5.7% added PM PHILIP MORRIS INTL INC Consumer Defensive 5.3% $1.6bn 19.47m −0.2% held MKC MCCORMICK & CO INC Consumer Defensive 5.1% $1.5bn 16.13m +114% added PEP PEPSICO INC Consumer Defensive 4.7% $1.4bn 9.65m +8.3% added V VISA INC Financial Services 4.4% $1.3bn 6.12m −0.2% held ADP AUTOMATIC DATA PROCESSING IN Technology 4.1% $1.2bn 7.09m +2.4% added SBUX STARBUCKS CORP Consumer Cyclical 3.7% $1.1bn 10.44m +0.6% added NKE NIKE INC Consumer Cyclical 3.6% $1.1bn 7.73m −0.2% held WAT WATERS CORP Healthcare 3.6% $1.1bn 4.41m +2.7% added BDX BECTON DICKINSON & CO Healthcare 3.6% $1.1bn 4.35m +0.1% held JNJ JOHNSON & JOHNSON Healthcare 3.3% $1.0bn 6.39m −0.3% held BF/B BROWN FORMAN CORP – 2.7% $815m 10.26m 0.0% held CHD CHURCH & DWIGHT CO INC Consumer Defensive 1.6% $491m 5.63m – new SABR SABRE CORP Technology 0.5% $164m 13.62m +34% added IPGP IPG PHOTONICS CORP Technology 0.5% $140m 627,344 +0.1% held AKX ANSYS INC – 0.4% $130m 357,103 +6.6% added EFX EQUIFAX INC Industrials 0.4% $130m 672,758 +17% added CGNX COGNEX CORP Technology 0.4% $129m 1.60m +0.1% held VRSK VERISK ANALYTICS INC Industrials 0.4% $126m 608,148 +0.1% held MASI* MASIMO CORP – 0.4% $115m 429,254 +0.1% held QLYS QUALYS INC Technology 0.4% $114m 933,787 +15% added FTNT FORTINET INC Technology 0.4% $111m 744,771 +251% added VRSN VERISIGN INC Technology 0.4% $108m 498,577 +16% added PAYC PAYCOM SOFTWARE INC Technology 0.3% $97.2m 215,026 +0.1% held MSCI MSCI INC Financial Services 0.3% $92.8m 207,737 +0.1% held AOS SMITH A O CORP Industrials 0.3% $81.6m 1.49m +0.1% held MELI MERCADOLIBRE Consumer Cyclical 0.2% $47.7m 28,500 −5.0% reduced MAR MARRIOTT INTL INC NEW Consumer Cyclical 0.1% $36.7m 277,920 −0.6% reduced ZTS ZOETIS INC Healthcare 0.07% $20.0m 121,003 – new TSM TAIWAN SEMICONDUCTOR MANUFAC Technology 0.04% $12.9m 117,981 – new XP XP INC Financial Services 0.03% $10.1m 253,367 0.0% held CL COLGATE PALMOLIVE CO Consumer Defensive 0.03% $9.6m 112,079 +4.5% added PG PROCTER & GAMBLE CO Consumer Defensive 0.02% $5.3m 38,171 – new
Exited since Q3 2020 1 row
Stock Prior weight Prior value CHECK POINT SOFTWARE TECH LT no ticker 0.2% $40.3m
Sector mix Healthcare 23.0% Consumer Defensive 22.9% Technology 21.7% Financial Services 14.4% Consumer Cyclical 7.6% Communication Services 5.8% Unclassified 3.5% 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