Funds › Fundsmith (Terry Smith) › Q4 2021Fundsmith (Terry Smith) 13F holdings, Q4 2021 Fundsmith (Terry Smith) disclosed 44 US equity positions worth $41.0bn in its Q4 2021 13F filing. Its largest position is MSFT at 10.7% of the reported book, followed by IDXX and EL. Versus Q3 2021 it opened 1 new position, added to 24, reduced 1 and exited 0.
$41.0bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
44 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
10.7% Largest position The largest single position as a share of the reported equity book.
59.7% Top 10 weight The ten largest positions together, as a share of the reported equity book.
20 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 2021: 1 new , 24 added , 1 reduced , 0 exited
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Stock Sector Weight Value Shares Δ shares Action MSFT MICROSOFT CORP Technology 10.7% $4.4bn 13.00m +8.0% added IDXX IDEXX LABS INC Healthcare 6.8% $2.8bn 4.24m 0.0% held EL LAUDER ESTEE COS INC Consumer Defensive 6.5% $2.7bn 7.17m +4.9% added PYPL PAYPAL HLDGS INC Financial Services 6.0% $2.5bn 13.02m +5.9% added INTU INTUIT Technology 5.9% $2.4bn 3.73m −19% reduced META META PLATFORMS INC Communication Services 5.6% $2.3bn 6.80m +5.6% added PM PHILIP MORRIS INTL INC Consumer Defensive 4.7% $1.9bn 20.42m +5.5% added SYK STRYKER CORPORATION Healthcare 4.7% $1.9bn 7.25m +3.4% added MKC MCCORMICK & CO INC Consumer Defensive 4.5% $1.8bn 18.91m +1.1% added PEP PEPSICO INC Consumer Defensive 4.4% $1.8bn 10.42m +3.2% added ADP AUTOMATIC DATA PROCESSING IN Technology 4.3% $1.7bn 7.09m 0.0% held WAT WATERS CORP Healthcare 4.1% $1.7bn 4.51m 0.0% held V VISA INC Financial Services 3.6% $1.5bn 6.87m +4.1% added NKE NIKE INC Consumer Cyclical 3.6% $1.5bn 8.75m −0.1% held AMZN AMAZON COM INC Consumer Cyclical 3.5% $1.4bn 425,426 +16% added SBUX STARBUCKS CORP Consumer Cyclical 3.3% $1.4bn 11.58m +7.7% added JNJ JOHNSON & JOHNSON Healthcare 3.0% $1.2bn 7.22m +0.2% held GOOGL ALPHABET INC Communication Services 3.0% $1.2bn 419,096 – new CHD CHURCH & DWIGHT CO INC Consumer Defensive 2.9% $1.2bn 11.66m +5.8% added BF/B BROWN FORMAN CORP – 2.7% $1.1bn 15.45m +7.1% added FTNT FORTINET INC Technology 0.6% $228m 635,775 +0.2% held EFX EQUIFAX INC Industrials 0.5% $200m 683,231 +0.2% held SABR SABRE CORP Technology 0.5% $195m 22.67m +13% added AKX ANSYS INC – 0.5% $187m 465,650 +0.2% held VRSK VERISK ANALYTICS INC Industrials 0.4% $182m 794,217 +0.2% held VRSN VERISIGN INC Technology 0.4% $176m 694,781 +0.2% held AOS SMITH A O CORP Industrials 0.4% $153m 1.78m +0.2% held QLYS QUALYS INC Technology 0.4% $147m 1.07m +0.2% held IPGP IPG PHOTONICS CORP Technology 0.4% $147m 852,972 +6.8% added CGNX COGNEX CORP Technology 0.3% $141m 1.81m +11% added MSCI MSCI INC Financial Services 0.3% $129m 210,971 +0.2% held MASI* MASIMO CORP – 0.3% $128m 435,937 +0.2% held WING WINGSTOP INC Consumer Cyclical 0.2% $97.5m 564,183 +0.2% held PAYC PAYCOM SOFTWARE INC Technology 0.2% $90.7m 218,374 +0.2% held ROL ROLLINS INC Consumer Cyclical 0.2% $89.6m 2.62m +17% added HD HOME DEPOT INC Consumer Cyclical 0.2% $66.3m 159,643 +7.6% added ZTS ZOETIS INC Healthcare 0.2% $64.3m 263,614 +9.6% added PG PROCTER & GAMBLE CO Consumer Defensive 0.1% $60.7m 371,129 +17% added MELI MERCADOLIBRE Consumer Cyclical 0.08% $32.7m 24,225 0.0% held TSM TAIWAN SEMICONDUCTOR MANUFAC Technology 0.04% $17.1m 141,721 +9.3% added WNSN WNS HLDGS LTD – 0.04% $17.0m 193,179 +2.3% added G GENPACT LIMITED Technology 0.04% $16.8m 317,337 +4.0% added CL COLGATE PALMOLIVE CO Consumer Defensive 0.03% $11.0m 128,780 +4.8% added XP XP INC Financial Services 0.02% $7.3m 253,367 0.0% held
Sector mix Technology 23.6% Consumer Defensive 23.2% Healthcare 18.8% Consumer Cyclical 11.0% Financial Services 10.0% Communication Services 8.5% Unclassified 3.6% Industrials 1.3% 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