Funds › Fundsmith (Terry Smith) › Q3 2022Fundsmith (Terry Smith) 13F holdings, Q3 2022 Fundsmith (Terry Smith) disclosed 46 US equity positions worth $21.1bn in its Q3 2022 13F filing. Its largest position is MSFT at 10.3% of the reported book, followed by PM and EL. Versus Q2 2022 it opened 4 new positions, added to 14, reduced 8 and exited 1.
$21.1bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
46 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
10.3% Largest position The largest single position as a share of the reported equity book.
60.1% 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 Q2 2022: 4 new , 14 added , 8 reduced , 1 exited
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Stock Sector Weight Value Shares Δ shares Action MSFT MICROSOFT CORP Technology 10.3% $2.2bn 9.28m −7.3% reduced PM PHILIP MORRIS INTL INC Consumer Defensive 6.5% $1.4bn 16.49m +0.1% held EL LAUDER ESTEE COS INC Consumer Defensive 6.1% $1.3bn 5.96m +0.1% held ADP AUTOMATIC DATA PROCESSING IN Technology 6.0% $1.3bn 5.57m +0.1% held IDXX IDEXX LABS INC Healthcare 5.6% $1.2bn 3.62m +0.1% held PEP PEPSICO INC Consumer Defensive 5.5% $1.2bn 7.14m +0.1% held SYK STRYKER CORPORATION Healthcare 5.4% $1.1bn 5.63m −7.0% reduced MKC MCCORMICK & CO INC Consumer Defensive 5.2% $1.1bn 15.51m +0.1% held V VISA INC Financial Services 4.8% $1.0bn 5.64m +0.1% held WAT WATERS CORP Healthcare 4.7% $995m 3.69m +0.1% held BF/B BROWN FORMAN CORP – 3.9% $814m 12.23m +0.1% held AMZN AMAZON COM INC Consumer Cyclical 3.6% $767m 6.78m +0.1% held META META PLATFORMS INC Communication Services 3.5% $744m 5.48m +0.1% held GOOGL ALPHABET INC Communication Services 3.5% $730m 7.63m +1902% added INTU INTUIT Technology 3.1% $657m 1.70m −28% reduced MTD METTLER TOLEDO INTERNATIONAL Healthcare 2.9% $609m 561,456 +3.9% added CHD CHURCH & DWIGHT CO INC Consumer Defensive 2.9% $604m 8.46m +0.2% held ADBE ADOBE INC Technology 2.8% $581m 2.11m +0.1% held NKE NIKE INC Consumer Cyclical 2.7% $560m 6.73m +0.1% held PYPL PAYPAL HLDGS INC Financial Services 2.3% $483m 5.61m −42% reduced OTIS OTIS WORLDWIDE CORP Industrials 1.9% $401m 6.29m – new VRSN VERISIGN INC Technology 0.6% $117m 675,533 +1.2% added SABR SABRE CORP Technology 0.6% $117m 22.73m +1.2% added FTNT FORTINET INC Technology 0.5% $114m 2.32m +1.2% added MASI* MASIMO CORP – 0.5% $108m 765,161 +1.2% added QLYS QUALYS INC Technology 0.4% $92.2m 661,420 −29% reduced VRSK VERISK ANALYTICS INC Industrials 0.4% $90.5m 530,677 +1.1% added MSCI MSCI INC Financial Services 0.4% $89.2m 211,551 +1.2% added CGNX COGNEX CORP Technology 0.4% $85.5m 2.06m +1.2% added EFX EQUIFAX INC Industrials 0.4% $85.0m 495,850 +1.2% added IPGP IPG PHOTONICS CORP Technology 0.3% $72.1m 855,203 +1.2% added AAPL APPLE INC Technology 0.3% $63.1m 456,485 – new AKX ANSYS INC – 0.3% $60.9m 274,559 −28% reduced ROL ROLLINS INC Consumer Cyclical 0.3% $59.9m 1.73m −8.0% reduced PAYC PAYCOM SOFTWARE INC Technology 0.3% $53.2m 161,308 −37% reduced JNJ JOHNSON & JOHNSON Healthcare 0.2% $44.9m 274,847 +0.5% added HD HOME DEPOT INC Consumer Cyclical 0.2% $42.0m 152,255 +0.5% held PG PROCTER & GAMBLE CO Consumer Defensive 0.2% $39.7m 314,211 +0.5% added ZTS ZOETIS INC Healthcare 0.2% $33.1m 223,185 +0.5% added MELI MERCADOLIBRE Consumer Cyclical 0.10% $20.1m 24,225 0.0% held IEX IDEX CORP Industrials 0.09% $19.2m 95,928 – new WNSN WNS HLDGS LTD – 0.08% $15.8m 193,179 0.0% held G GENPACT LIMITED Technology 0.07% $13.9m 317,337 0.0% held TSM TAIWAN SEMICONDUCTOR MANUFAC Technology 0.05% $10.7m 155,558 0.0% held XP XP INC Financial Services 0.02% $4.8m 253,367 0.0% held EW EDWARDS LIFESCIENCES CORP Healthcare 0.0% $825k 9,979 – new
Exited since Q2 2022 1 row
Stock Prior weight Prior value WING WINGSTOP INC 0.3% $61.7m
Sector mix Consumer Defensive 26.4% Technology 25.6% Healthcare 19.0% Financial Services 7.5% Communication Services 7.0% Consumer Cyclical 6.9% Unclassified 4.7% Industrials 2.8% 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