Funds › Fundsmith (Terry Smith) › Q4 2022Fundsmith (Terry Smith) 13F holdings, Q4 2022 Fundsmith (Terry Smith) disclosed 38 US equity positions worth $21.9bn in its Q4 2022 13F filing. Its largest position is MSFT at 9.9% of the reported book, followed by PM and EL. Versus Q3 2022 it opened 0 new positions, added to 2, reduced 6 and exited 8.
$21.9bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
38 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
9.9% Largest position The largest single position as a share of the reported equity book.
65.1% 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 Q3 2022: 0 new , 2 added , 6 reduced , 8 exited
38 rows
Stock Sector Weight Value Shares Δ shares Action MSFT MICROSOFT CORP Technology 9.9% $2.2bn 9.03m −2.7% reduced PM PHILIP MORRIS INTL INC Consumer Defensive 7.6% $1.7bn 16.48m −0.1% held EL LAUDER ESTEE COS INC Consumer Defensive 6.4% $1.4bn 5.68m −4.6% reduced IDXX IDEXX LABS INC Healthcare 6.4% $1.4bn 3.44m −4.9% reduced SYK STRYKER CORPORATION Healthcare 6.3% $1.4bn 5.61m −0.4% held ADP AUTOMATIC DATA PROCESSING IN Technology 6.0% $1.3bn 5.54m −0.6% reduced MKC MCCORMICK & CO INC Consumer Defensive 5.9% $1.3bn 15.50m −0.1% held WAT WATERS CORP Healthcare 5.8% $1.3bn 3.69m −0.1% held PEP PEPSICO INC Consumer Defensive 5.5% $1.2bn 6.66m −6.8% reduced V VISA INC Financial Services 5.3% $1.2bn 5.61m −0.4% held MTD METTLER TOLEDO INTERNATIONAL Healthcare 3.7% $811m 560,900 −0.1% held BF/B BROWN FORMAN CORP – 3.6% $798m 12.15m −0.7% reduced NKE NIKE INC Consumer Cyclical 3.6% $787m 6.73m −0.1% held ADBE ADOBE INC Technology 3.2% $710m 2.11m −0.1% held CHD CHURCH & DWIGHT CO INC Consumer Defensive 3.1% $681m 8.45m −0.1% held GOOGL ALPHABET INC Communication Services 3.1% $673m 7.63m −0.1% held META META PLATFORMS INC Communication Services 3.0% $659m 5.48m −0.1% held AMZN AMAZON COM INC Consumer Cyclical 2.6% $569m 6.78m −0.1% held OTIS OTIS WORLDWIDE CORP Industrials 2.2% $492m 6.28m −0.1% held SABR SABRE CORP Technology 0.6% $140m 22.71m −0.1% held VRSN VERISIGN INC Technology 0.6% $139m 674,791 −0.1% held FTNT FORTINET INC Technology 0.5% $113m 2.31m −0.1% held MASI* MASIMO CORP – 0.5% $113m 764,319 −0.1% held MSCI MSCI INC Financial Services 0.4% $98.3m 211,317 −0.1% held CGNX COGNEX CORP Technology 0.4% $97.0m 2.06m −0.1% held EFX EQUIFAX INC Industrials 0.4% $96.3m 495,301 −0.1% held VRSK VERISK ANALYTICS INC Industrials 0.4% $93.5m 530,087 −0.1% held IPGP IPG PHOTONICS CORP Technology 0.4% $80.9m 854,259 −0.1% held QLYS QUALYS INC Technology 0.3% $73.9m 658,407 −0.5% held ROL ROLLINS INC Consumer Cyclical 0.3% $63.1m 1.73m −0.1% held AAPL APPLE INC Technology 0.3% $61.0m 469,234 +2.8% added IEX IDEX CORP Industrials 0.3% $60.2m 263,740 +175% added PAYC PAYCOM SOFTWARE INC Technology 0.2% $50.0m 161,007 −0.2% held JNJ JOHNSON & JOHNSON Healthcare 0.2% $48.7m 275,797 +0.3% held HD HOME DEPOT INC Consumer Cyclical 0.2% $48.3m 152,766 +0.3% held PG PROCTER & GAMBLE CO Consumer Defensive 0.2% $47.8m 315,297 +0.3% held ZTS ZOETIS INC Healthcare 0.1% $32.8m 223,956 +0.3% held EW EDWARDS LIFESCIENCES CORP Healthcare 0.0% $745k 9,979 0.0% held
Exited since Q3 2022 Sector mix Consumer Defensive 28.7% Technology 22.6% Healthcare 22.5% Consumer Cyclical 6.7% Communication Services 6.1% Financial Services 5.8% Unclassified 4.2% Industrials 3.4% 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