Funds › Fundsmith (Terry Smith) › Q2 2023Fundsmith (Terry Smith) 13F holdings, Q2 2023 Fundsmith (Terry Smith) disclosed 39 US equity positions worth $23.8bn in its Q2 2023 13F filing. Its largest position is MSFT at 12.9% of the reported book, followed by SYK and META. Versus Q1 2023 it opened 1 new position, added to 9, reduced 8 and exited 2.
$23.8bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
39 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
12.9% Largest position The largest single position as a share of the reported equity book.
65.6% Top 10 weight The ten largest positions together, as a share of the reported equity book.
17 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 2023: 1 new , 9 added , 8 reduced , 2 exited
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Stock Sector Weight Value Shares Δ shares Action MSFT MICROSOFT CORP Technology 12.9% $3.1bn 9.01m −0.2% held SYK STRYKER CORPORATION Healthcare 7.1% $1.7bn 5.51m +0.2% held META META PLATFORMS INC Communication Services 6.8% $1.6bn 5.65m −0.2% held PM PHILIP MORRIS INTL INC Consumer Defensive 6.5% $1.5bn 15.78m −4.1% reduced IDXX IDEXX LABS INC Healthcare 6.2% $1.5bn 2.96m +0.2% held V VISA INC Financial Services 5.7% $1.4bn 5.76m +2.6% added MKC MCCORMICK & CO INC Consumer Defensive 5.7% $1.3bn 15.47m −0.2% held PEP PEPSICO INC Consumer Defensive 5.2% $1.2bn 6.64m −0.2% held ADP AUTOMATIC DATA PROCESSING IN Technology 5.1% $1.2bn 5.53m −0.3% held EL LAUDER ESTEE COS INC Consumer Defensive 4.5% $1.1bn 5.42m −0.2% held WAT WATERS CORP Healthcare 4.3% $1.0bn 3.81m +3.0% added GOOGL ALPHABET INC Communication Services 3.8% $912m 7.62m −0.2% held BF/B BROWN FORMAN CORP – 3.4% $814m 12.20m −0.3% held MTD METTLER TOLEDO INTERNATIONAL Healthcare 3.1% $747m 569,144 +1.4% added NKE NIKE INC Consumer Cyclical 3.1% $741m 6.71m −0.2% held PG PROCTER & GAMBLE CO Consumer Defensive 3.1% $736m 4.85m +183% added CHD CHURCH & DWIGHT CO INC Consumer Defensive 2.8% $668m 6.67m −21% reduced OTIS OTIS WORLDWIDE CORP Industrials 2.4% $575m 6.46m +2.8% added AAPL APPLE INC Technology 1.1% $258m 1.33m −0.7% reduced FTNT FORTINET INC Technology 0.7% $175m 2.31m 0.0% held VRSN VERISIGN INC Technology 0.6% $152m 674,791 0.0% held MASI* MASIMO CORP – 0.5% $120m 730,377 −4.4% reduced VRSK VERISK ANALYTICS INC Industrials 0.5% $120m 530,087 0.0% held EFX EQUIFAX INC Industrials 0.5% $117m 495,301 0.0% held CGNX COGNEX CORP Technology 0.5% $115m 2.06m 0.0% held GGG GRACO INC Industrials 0.4% $106m 1.23m +125% added EXPO EXPONENT INC Industrials 0.4% $103m 1.10m – new MSCI MSCI INC Financial Services 0.4% $99.2m 211,317 0.0% held QLYS QUALYS INC Technology 0.4% $85.0m 658,407 0.0% held IEX IDEX CORP Industrials 0.4% $84.2m 391,124 +48% added IPGP IPG PHOTONICS CORP Technology 0.3% $76.1m 560,198 −34% reduced ROL ROLLINS INC Consumer Cyclical 0.3% $73.9m 1.73m 0.0% held SABR SABRE CORP Technology 0.3% $72.4m 22.71m 0.0% held PAYC PAYCOM SOFTWARE INC Technology 0.2% $51.7m 161,007 0.0% held HD HOME DEPOT INC Consumer Cyclical 0.2% $45.8m 147,381 −4.1% reduced JNJ JOHNSON & JOHNSON Healthcare 0.2% $45.3m 273,864 −1.3% reduced ZTS ZOETIS INC Healthcare 0.2% $38.3m 222,386 −1.3% reduced MAR MARRIOTT INTL INC NEW Consumer Cyclical 0.1% $34.6m 188,129 +89% added MA MASTERCARD INC Financial Services 0.1% $24.5m 62,334 +50% added
Exited since Q1 2023 2 rows
Stock Prior weight Prior value AMZN AMAZON COM INC 3.0% $700m EW EDWARDS LIFESCIENCES CORP 0.0% $826k
Sector mix Consumer Defensive 27.6% Technology 22.1% Healthcare 21.0% Communication Services 10.6% Financial Services 6.3% Industrials 4.6% Unclassified 3.9% Consumer Cyclical 3.8% 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