Funds › Fundsmith (Terry Smith) › Q3 2021Fundsmith (Terry Smith) 13F holdings, Q3 2021 Fundsmith (Terry Smith) disclosed 43 US equity positions worth $36.2bn in its Q3 2021 13F filing. Its largest position is MSFT at 9.4% of the reported book, followed by PYPL and IDXX. Versus Q2 2021 it opened 2 new positions, added to 15, reduced 1 and exited 2.
$36.2bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
43 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
9.4% Largest position The largest single position as a share of the reported equity book.
62.9% Top 10 weight The ten largest positions together, as a share of the reported equity book.
19 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 2021: 2 new , 15 added , 1 reduced , 2 exited
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Stock Sector Weight Value Shares Δ shares Action MSFT MICROSOFT CORP Technology 9.4% $3.4bn 12.03m 0.0% held PYPL PAYPAL HLDGS INC Financial Services 8.8% $3.2bn 12.29m 0.0% held IDXX IDEXX LABS INC Healthcare 7.3% $2.6bn 4.24m 0.0% held INTU INTUIT Technology 6.8% $2.5bn 4.58m 0.0% held META META PLATFORMS INC Communication Services 6.0% $2.2bn 6.44m 0.0% held EL LAUDER ESTEE COS INC Consumer Defensive 5.7% $2.0bn 6.83m 0.0% held SYK STRYKER CORPORATION Healthcare 5.1% $1.9bn 7.02m 0.0% held PM PHILIP MORRIS INTL INC Consumer Defensive 5.1% $1.8bn 19.35m 0.0% held WAT WATERS CORP Healthcare 4.5% $1.6bn 4.51m +2.3% added PEP PEPSICO INC Consumer Defensive 4.2% $1.5bn 10.09m +0.1% held MKC MCCORMICK & CO INC Consumer Defensive 4.2% $1.5bn 18.71m +5.1% added V VISA INC Financial Services 4.1% $1.5bn 6.60m +0.9% added ADP AUTOMATIC DATA PROCESSING IN Technology 3.9% $1.4bn 7.10m 0.0% held NKE NIKE INC Consumer Cyclical 3.5% $1.3bn 8.76m +0.1% held AMZN AMAZON COM INC Consumer Cyclical 3.3% $1.2bn 367,861 – new SBUX STARBUCKS CORP Consumer Cyclical 3.3% $1.2bn 10.75m 0.0% held JNJ JOHNSON & JOHNSON Healthcare 3.2% $1.2bn 7.20m +0.7% added BF/B BROWN FORMAN CORP – 2.7% $966m 14.42m +15% added CHD CHURCH & DWIGHT CO INC Consumer Defensive 2.5% $910m 11.02m +19% added SABR SABRE CORP Technology 0.7% $238m 20.09m +29% added FTNT FORTINET INC Technology 0.5% $185m 634,415 −16% reduced EFX EQUIFAX INC Industrials 0.5% $173m 681,754 +0.4% held VRSK VERISK ANALYTICS INC Industrials 0.4% $159m 792,510 +0.4% held AKX ANSYS INC – 0.4% $158m 464,652 +15% added VRSN VERISIGN INC Technology 0.4% $142m 693,291 +18% added CGNX COGNEX CORP Technology 0.4% $130m 1.63m +0.4% held MSCI MSCI INC Financial Services 0.4% $128m 210,520 +0.4% held IPGP IPG PHOTONICS CORP Technology 0.3% $126m 798,462 +26% added QLYS QUALYS INC Technology 0.3% $119m 1.07m +0.4% held MASI* MASIMO CORP – 0.3% $118m 435,010 +0.4% held AOS SMITH A O CORP Industrials 0.3% $108m 1.77m +0.4% held PAYC PAYCOM SOFTWARE INC Technology 0.3% $108m 217,906 +0.4% held WING WINGSTOP INC Consumer Cyclical 0.3% $92.3m 562,965 +0.4% held ROL ROLLINS INC Consumer Cyclical 0.2% $79.4m 2.25m +0.4% held HD HOME DEPOT INC Consumer Cyclical 0.1% $48.7m 148,339 +3314% added ZTS ZOETIS INC Healthcare 0.1% $46.7m 240,502 +9.0% added PG PROCTER & GAMBLE CO Consumer Defensive 0.1% $44.5m 318,181 +6.0% added MELI MERCADOLIBRE Consumer Cyclical 0.1% $40.7m 24,225 0.0% held WNSN WNS HLDGS LTD – 0.04% $15.5m 188,912 +59% added G GENPACT LIMITED Technology 0.04% $14.5m 305,208 – new TSM TAIWAN SEMICONDUCTOR MANUFAC Technology 0.04% $14.5m 129,633 0.0% held XP XP INC Financial Services 0.03% $10.2m 253,367 0.0% held CL COLGATE PALMOLIVE CO Consumer Defensive 0.03% $9.3m 122,890 +0.6% added
Exited since Q2 2021 2 rows
Stock Prior weight Prior value BDX BECTON DICKINSON & CO 2.9% $1.1bn MAR MARRIOTT INTL INC NEW 0.1% $40.6m
Sector mix Technology 23.1% Consumer Defensive 21.8% Healthcare 20.2% Financial Services 13.3% Consumer Cyclical 10.9% Communication Services 6.0% Unclassified 3.5% 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