WhaleCreep

Fundsmith (Terry Smith) 13F holdings, Q1 2023

Long-only investorSEC filingsCompare with another fundHoldings as of 2023-03-31, filed 2023-05-15

Fundsmith (Terry Smith) disclosed 40 US equity positions worth $23.2bn in its Q1 2023 13F filing. Its largest position is MSFT at 11.2% of the reported book, followed by PM and SYK. Versus Q4 2022 it opened 3 new positions, added to 7, reduced 3 and exited 1.

$23.2bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
40
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
11.2%
Largest position
The largest single position as a share of the reported equity book.
63.8%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
18
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 2022: 3 new, 7 added, 3 reduced, 1 exited

40 rows
MSFT MICROSOFT CORPTechnology11.2%$2.6bn9.03m0.0%held
PM PHILIP MORRIS INTL INCConsumer Defensive6.9%$1.6bn16.46m−0.1%held
SYK STRYKER CORPORATIONHealthcare6.8%$1.6bn5.50m−1.9%reduced
IDXX IDEXX LABS INCHealthcare6.4%$1.5bn2.95m−14%reduced
EL LAUDER ESTEE COS INCConsumer Defensive5.8%$1.3bn5.43m−4.4%reduced
MKC MCCORMICK & CO INCConsumer Defensive5.6%$1.3bn15.50m0.0%held
V VISA INCFinancial Services5.5%$1.3bn5.61m0.0%held
ADP AUTOMATIC DATA PROCESSING INTechnology5.3%$1.2bn5.54m0.0%held
PEP PEPSICO INCConsumer Defensive5.2%$1.2bn6.66m0.0%held
META META PLATFORMS INCCommunication Services5.2%$1.2bn5.66m+3.4%added
WAT WATERS CORPHealthcare4.9%$1.1bn3.70m+0.2%held
MTD METTLER TOLEDO INTERNATIONALHealthcare3.7%$859m561,414+0.1%held
NKE NIKE INCConsumer Cyclical3.6%$825m6.73m0.0%held
GOOGL ALPHABET INCCommunication Services3.4%$791m7.63m0.0%held
BF/B BROWN FORMAN CORP–3.4%$786m12.23m+0.7%added
CHD CHURCH & DWIGHT CO INCConsumer Defensive3.2%$747m8.45m0.0%held
AMZN AMAZON COM INCConsumer Cyclical3.0%$700m6.78m0.0%held
OTIS OTIS WORLDWIDE CORPIndustrials2.3%$530m6.28m0.0%held
PG PROCTER & GAMBLE COConsumer Defensive1.1%$255m1.72m+444%added
AAPL APPLE INCTechnology1.0%$221m1.34m+186%added
FTNT FORTINET INCTechnology0.7%$154m2.31m0.0%held
VRSN VERISIGN INCTechnology0.6%$143m674,7910.0%held
MASI* MASIMO CORP–0.6%$141m764,3190.0%held
MSCI MSCI INCFinancial Services0.5%$118m211,3170.0%held
IPGP IPG PHOTONICS CORPTechnology0.5%$105m854,2590.0%held
CGNX COGNEX CORPTechnology0.4%$102m2.06m0.0%held
VRSK VERISK ANALYTICS INCIndustrials0.4%$102m530,0870.0%held
EFX EQUIFAX INCIndustrials0.4%$100m495,3010.0%held
SABR SABRE CORPTechnology0.4%$97.4m22.71m0.0%held
QLYS QUALYS INCTechnology0.4%$85.6m658,4070.0%held
ROL ROLLINS INCConsumer Cyclical0.3%$64.8m1.73m0.0%held
IEX IDEX CORPIndustrials0.3%$60.9m263,7400.0%held
PAYC PAYCOM SOFTWARE INCTechnology0.2%$48.9m161,0070.0%held
HD HOME DEPOT INCConsumer Cyclical0.2%$45.3m153,663+0.6%added
JNJ JOHNSON & JOHNSONHealthcare0.2%$43.0m277,464+0.6%added
GGG GRACO INCIndustrials0.2%$39.9m545,911–new
ZTS ZOETIS INCHealthcare0.2%$37.5m225,309+0.6%added
MAR MARRIOTT INTL INC NEWConsumer Cyclical0.07%$16.5m99,594–new
MA MASTERCARD INCFinancial Services0.07%$15.1m41,664–new
EW EDWARDS LIFESCIENCES CORPHealthcare0.0%$826k9,9790.0%held

Exited since Q4 2022

1 row
ADBE ADOBE INC3.2%$710m

Sector mix

  • Consumer Defensive27.8%
  • Healthcare22.1%
  • Technology20.7%
  • Communication Services8.6%
  • Consumer Cyclical7.1%
  • Financial Services6.0%
  • Unclassified4.0%
  • Industrials3.6%

Book over time

Every quarter on file (55)
QuarterPositionsEquity book
Q2 202641$13.6bn
Q1 202634$12.8bn
Q4 202537$17.1bn
Q3 202535$19.8bn
Q2 202539$23.0bn
Q1 202538$22.0bn
Q4 202438$23.5bn
Q3 202440$25.3bn
Q2 202440$24.5bn
Q1 202440$25.6bn
Q4 202340$23.9bn
Q3 202339$22.0bn
Q2 202339$23.8bn
Q1 202340$23.2bn
Q4 202238$21.9bn
Q3 202246$21.1bn
Q2 202243$22.7bn
Q1 202244$29.1bn
Q4 202144$41.0bn
Q3 202143$36.2bn
Q2 202143$36.1bn
Q1 202142$31.4bn
Q4 202039$30.2bn
Q3 202036$25.6bn
Q2 202034$22.9bn
Q1 202034$17.8bn
Q4 201931$21.2bn
Q3 201931$19.6bn
Q2 201931$19.2bn
Q1 201931$17.6bn
Q4 201832$15.8bn
Q3 201817$14.9bn
Q2 201817$13.4bn
Q1 201817$12.1bn
Q4 201718$11.7bn
Q3 201717$10.3bn
Q2 201719$9.5bn
Q1 201718$8.6bn
Q4 201618$7.6bn
Q3 201619$7.3bn
Q2 201619$6.3bn
Q1 201617$4.6bn
Q4 201518$4.0bn
Q3 201520$3.3bn
Q2 201519$3.2bn
Q1 201520$3.1bn
Q4 201416$2.8bn
Q3 201416$2.3bn
Q2 201416$2.2bn
Q1 201415$1.9bn
Q4 201315$1.6bn
Q3 201316$1.5bn
Q2 201317$1.4bn
Q1 201317$1.2bn
Q4 201212$575m

Where Fundsmith (Terry Smith) was early

14 rows
CL COLGATE PALMOLIVE COQ1 20131 of 1313.4%3.4%30Exited by Q1 2022+45%
MCD MCDONALD S ORDQ1 20135 of 1922.5%10.9%14Exited by Q4 2024+205%
MSFT MICROSOFT CORPQ1 20136 of 3747.2%13.0%47Held at last filing, Q2 2026+1204%
BDX BECTON DICKINSON AND COQ2 20135 of 1687.6%8.5%27Exited by Q3 2021+146%
ADP AUTOMATIC DATA PROCESSING INQ2 20138 of 1486.8%6.8%47Held at last filing, Q2 2026+270%
IDXX IDEXX LABS INCQ1 20155 of 1470.1%15.3%46Held at last filing, Q2 2026+582%
PYPL PAYPAL HOLDINGS INCQ3 20158 of 3224.0%9.9%28Exited by Q4 2022+177%
SJM SMUCKER J M COQ4 20158 of 1282.3%8.3%7Exited by Q3 2017−4.1%
EL ESTEE LAUDER COMPANIES CL AQ2 20166 of 1613.4%6.9%29Exited by Q3 2023+116%
INTU INTUITQ2 201710 of 2391.5%6.8%26Exited by Q1 2026+399%
MKC MCCORMICK & CO NON VTG SHRSQ4 20182 of 1092.2%5.9%24Exited by Q4 2024+18%
BF/B BROWN FORMAN CORPQ3 20191 of 1063.0%3.9%23Exited by Q2 2025−46%
CHD CHURCH & DWIGHT CO INCQ3 20194 of 1200.08%4.8%24Held at last filing, Q2 2026+29%
CLX CLOROX CO DELQ4 20195 of 1401.2%1.6%13Held at last filing, Q2 2026−38%

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