Funds › Fundsmith (Terry Smith) › Q1 2022Fundsmith (Terry Smith) 13F holdings, Q1 2022 Fundsmith (Terry Smith) disclosed 44 US equity positions worth $29.1bn in its Q1 2022 13F filing. Its largest position is MSFT at 10.6% of the reported book, followed by IDXX and EL. Versus Q4 2021 it opened 2 new positions, added to 4, reduced 29 and exited 2.
$29.1bn 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.
10.6% Largest position The largest single position as a share of the reported equity book.
56.9% Top 10 weight The ten largest positions together, as a share of the reported equity book.
21 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 Q4 2021: 2 new , 4 added , 29 reduced , 2 exited
44 rows
Stock Sector Weight Value Shares Δ shares Action MSFT MICROSOFT CORP Technology 10.6% $3.1bn 10.02m −23% reduced IDXX IDEXX LABS INC Healthcare 6.8% $2.0bn 3.62m −15% reduced EL LAUDER ESTEE COS INC Consumer Defensive 5.4% $1.6bn 5.79m −19% reduced SYK STRYKER CORPORATION Healthcare 5.4% $1.6bn 5.85m −19% reduced PM PHILIP MORRIS INTL INC Consumer Defensive 5.3% $1.5bn 16.46m −19% reduced MKC MCCORMICK & CO INC Consumer Defensive 5.3% $1.5bn 15.49m −18% reduced INTU INTUIT Technology 5.0% $1.4bn 3.01m −19% reduced PEP PEPSICO INC Consumer Defensive 4.5% $1.3bn 7.81m −25% reduced ADP AUTOMATIC DATA PROCESSING IN Technology 4.3% $1.3bn 5.56m −22% reduced V VISA INC Financial Services 4.3% $1.2bn 5.63m −18% reduced META META PLATFORMS INC Communication Services 4.2% $1.2bn 5.48m −19% reduced PYPL PAYPAL HLDGS INC Financial Services 4.2% $1.2bn 10.48m −20% reduced WAT WATERS CORP Healthcare 3.9% $1.1bn 3.69m −18% reduced AMZN AMAZON COM INC Consumer Cyclical 3.8% $1.1bn 338,898 −20% reduced GOOGL ALPHABET INC Communication Services 3.6% $1.1bn 380,432 −9.2% reduced NKE NIKE INC Consumer Cyclical 3.1% $905m 6.73m −23% reduced ADBE ADOBE INC Technology 3.0% $876m 1.92m – new CHD CHURCH & DWIGHT CO INC Consumer Defensive 2.9% $839m 8.44m −28% reduced BF/B BROWN FORMAN CORP – 2.7% $790m 11.78m −24% reduced SBUX STARBUCKS CORP Consumer Cyclical 2.6% $749m 8.23m −29% reduced MTD METTLER TOLEDO INTERNATIONAL Healthcare 1.9% $567m 412,603 – new SABR SABRE CORP Technology 0.9% $259m 22.67m 0.0% held FTNT FORTINET INC Technology 0.5% $158m 461,993 −27% reduced VRSK VERISK ANALYTICS INC Industrials 0.5% $151m 704,713 −11% reduced AKX ANSYS INC – 0.5% $148m 465,713 0.0% held CGNX COGNEX CORP Technology 0.5% $147m 1.91m +5.2% added VRSN VERISIGN INC Technology 0.5% $139m 626,508 −9.8% reduced QLYS QUALYS INC Technology 0.5% $134m 938,828 −12% reduced EFX EQUIFAX INC Industrials 0.4% $117m 494,685 −28% reduced MASI* MASIMO CORP – 0.4% $111m 761,096 +75% added MSCI MSCI INC Financial Services 0.4% $106m 211,000 0.0% held WING WINGSTOP INC Consumer Cyclical 0.3% $97.7m 832,538 +48% added IPGP IPG PHOTONICS CORP Technology 0.3% $93.6m 852,972 0.0% held PAYC PAYCOM SOFTWARE INC Technology 0.3% $89.4m 258,063 +18% added ROL ROLLINS INC Consumer Cyclical 0.3% $80.0m 2.28m −13% reduced PG PROCTER & GAMBLE CO Consumer Defensive 0.2% $47.4m 310,330 −16% reduced HD HOME DEPOT INC Consumer Cyclical 0.2% $44.3m 148,076 −7.2% reduced JNJ JOHNSON & JOHNSON Healthcare 0.1% $43.0m 242,435 −97% reduced ZTS ZOETIS INC Healthcare 0.1% $41.6m 220,428 −16% reduced MELI MERCADOLIBRE Consumer Cyclical 0.10% $28.8m 24,225 0.0% held WNSN WNS HLDGS LTD – 0.06% $16.5m 193,179 0.0% held TSM TAIWAN SEMICONDUCTOR MANUFAC Technology 0.05% $14.8m 141,721 0.0% held G GENPACT LIMITED Technology 0.05% $13.8m 317,337 0.0% held XP XP INC Financial Services 0.03% $7.6m 253,367 0.0% held
Exited since Q4 2021 2 rows
Stock Prior weight Prior value AOS SMITH A O CORP 0.4% $153m CL COLGATE PALMOLIVE CO 0.03% $11.0m
Sector mix Technology 26.5% Consumer Defensive 23.6% Healthcare 18.3% Consumer Cyclical 10.3% Financial Services 8.8% Communication Services 7.8% Unclassified 3.7% Industrials 0.9% 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