Funds › Fundsmith (Terry Smith) › Q2 2022Fundsmith (Terry Smith) 13F holdings, Q2 2022 Fundsmith (Terry Smith) disclosed 43 US equity positions worth $22.7bn in its Q2 2022 13F filing. Its largest position is MSFT at 11.4% of the reported book, followed by PM and EL. Versus Q1 2022 it opened 0 new positions, added to 14, reduced 14 and exited 1.
$22.7bn 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.
11.4% Largest position The largest single position as a share of the reported equity book.
62.5% 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 Q1 2022: 0 new , 14 added , 14 reduced , 1 exited
43 rows
Stock Sector Weight Value Shares Δ shares Action MSFT MICROSOFT CORP Technology 11.4% $2.6bn 10.02m 0.0% held PM PHILIP MORRIS INTL INC Consumer Defensive 7.2% $1.6bn 16.48m +0.1% held EL LAUDER ESTEE COS INC Consumer Defensive 6.7% $1.5bn 5.95m +2.7% added MKC MCCORMICK & CO INC Consumer Defensive 5.7% $1.3bn 15.49m 0.0% held IDXX IDEXX LABS INC Healthcare 5.6% $1.3bn 3.62m 0.0% held WAT WATERS CORP Healthcare 5.4% $1.2bn 3.69m 0.0% held SYK STRYKER CORPORATION Healthcare 5.3% $1.2bn 6.05m +3.5% added PEP PEPSICO INC Consumer Defensive 5.2% $1.2bn 7.14m −8.6% reduced ADP AUTOMATIC DATA PROCESSING IN Technology 5.2% $1.2bn 5.57m 0.0% held V VISA INC Financial Services 4.9% $1.1bn 5.63m 0.0% held INTU INTUIT Technology 4.0% $914m 2.37m −21% reduced META META PLATFORMS INC Communication Services 3.9% $883m 5.48m 0.0% held BF/B BROWN FORMAN CORP – 3.8% $857m 12.21m +3.6% added CHD CHURCH & DWIGHT CO INC Consumer Defensive 3.5% $782m 8.44m +0.1% held ADBE ADOBE INC Technology 3.4% $772m 2.11m +9.7% added AMZN AMAZON COM INC Consumer Cyclical 3.2% $720m 6.78m +1900% added NKE NIKE INC Consumer Cyclical 3.0% $688m 6.73m 0.0% held PYPL PAYPAL HLDGS INC Financial Services 3.0% $674m 9.65m −7.9% reduced MTD METTLER TOLEDO INTERNATIONAL Healthcare 2.7% $621m 540,452 +31% added SABR SABRE CORP Technology 0.6% $131m 22.47m −0.9% reduced FTNT FORTINET INC Technology 0.6% $130m 2.29m +395% added QLYS QUALYS INC Technology 0.5% $117m 930,206 −0.9% reduced VRSN VERISIGN INC Technology 0.5% $112m 667,498 +6.5% added MASI* MASIMO CORP – 0.4% $98.8m 756,313 −0.6% reduced VRSK VERISK ANALYTICS INC Industrials 0.4% $90.8m 524,820 −26% reduced AKX ANSYS INC – 0.4% $90.7m 379,135 −19% reduced EFX EQUIFAX INC Industrials 0.4% $89.6m 490,113 −0.9% reduced CGNX COGNEX CORP Technology 0.4% $86.6m 2.04m +6.8% added MSCI MSCI INC Financial Services 0.4% $86.2m 209,104 −0.9% reduced IPGP IPG PHOTONICS CORP Technology 0.4% $79.6m 845,311 −0.9% reduced PAYC PAYCOM SOFTWARE INC Technology 0.3% $71.6m 255,722 −0.9% reduced ROL ROLLINS INC Consumer Cyclical 0.3% $65.6m 1.88m −18% reduced WING WINGSTOP INC Consumer Cyclical 0.3% $61.7m 825,464 −0.8% reduced JNJ JOHNSON & JOHNSON Healthcare 0.2% $48.5m 273,454 +13% added PG PROCTER & GAMBLE CO Consumer Defensive 0.2% $45.0m 312,618 +0.7% added HD HOME DEPOT INC Consumer Cyclical 0.2% $41.6m 151,505 +2.3% added GOOGL ALPHABET INC Communication Services 0.2% $41.5m 381,252 +0.2% held ZTS ZOETIS INC Healthcare 0.2% $38.2m 222,053 +0.7% added MELI MERCADOLIBRE Consumer Cyclical 0.07% $15.4m 24,225 0.0% held WNSN WNS HLDGS LTD – 0.06% $14.4m 193,179 0.0% held G GENPACT LIMITED Technology 0.06% $13.4m 317,337 0.0% held TSM TAIWAN SEMICONDUCTOR MANUFAC Technology 0.06% $12.7m 155,558 +9.8% added XP XP INC Financial Services 0.02% $4.5m 253,367 0.0% held
Exited since Q1 2022 1 row
Stock Prior weight Prior value SBUX STARBUCKS CORP 2.6% $749m
Sector mix Consumer Defensive 28.5% Technology 27.3% Healthcare 19.4% Financial Services 8.3% Consumer Cyclical 7.0% Unclassified 4.7% Communication Services 4.1% Industrials 0.8% 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