Funds › Fundsmith (Terry Smith) › Q3 2023Fundsmith (Terry Smith) 13F holdings, Q3 2023 Fundsmith (Terry Smith) disclosed 39 US equity positions worth $22.0bn in its Q3 2023 13F filing. Its largest position is MSFT at 12.4% of the reported book, followed by SYK and META. Versus Q2 2023 it opened 2 new positions, added to 4, reduced 18 and exited 2.
$22.0bn 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.
12.4% Largest position The largest single position as a share of the reported equity book.
65.5% 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 Q2 2023: 2 new , 4 added , 18 reduced , 2 exited
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Stock Sector Weight Value Shares Δ shares Action MSFT MICROSOFT CORP Technology 12.4% $2.7bn 8.65m −4.0% reduced SYK STRYKER CORPORATION Healthcare 6.9% $1.5bn 5.52m +0.1% held META META PLATFORMS INC Communication Services 6.8% $1.5bn 5.01m −11% reduced PM PHILIP MORRIS INTL INC Consumer Defensive 6.3% $1.4bn 15.06m −4.6% reduced ADP AUTOMATIC DATA PROCESSING IN Technology 6.0% $1.3bn 5.52m −0.1% held V VISA INC Financial Services 6.0% $1.3bn 5.76m −0.1% held IDXX IDEXX LABS INC Healthcare 5.9% $1.3bn 2.96m +0.1% held MKC MCCORMICK & CO INC Consumer Defensive 5.3% $1.2bn 15.31m −1.0% reduced PEP PEPSICO INC Consumer Defensive 5.1% $1.1bn 6.64m −0.1% held WAT WATERS CORP Healthcare 4.7% $1.0bn 3.81m −0.1% held GOOGL ALPHABET INC Communication Services 4.5% $993m 7.59m −0.4% held MAR MARRIOTT INTL INC NEW Consumer Cyclical 3.9% $864m 4.40m +2237% added PG PROCTER & GAMBLE CO Consumer Defensive 3.2% $707m 4.85m −0.1% held BF/B BROWN FORMAN CORP – 3.2% $697m 12.09m −0.9% reduced CHD CHURCH & DWIGHT CO INC Consumer Defensive 3.0% $667m 7.27m +9.1% added NKE NIKE INC Consumer Cyclical 2.9% $641m 6.70m −0.1% held MTD METTLER TOLEDO INTERNATIONAL Healthcare 2.9% $630m 568,520 −0.1% held OTIS OTIS WORLDWIDE CORP Industrials 2.4% $518m 6.45m −0.1% held FTNT FORTINET INC Technology 1.3% $289m 4.92m +113% added AAPL APPLE INC Technology 1.0% $228m 1.33m 0.0% held VRSN VERISIGN INC Technology 0.6% $136m 670,166 −0.7% reduced VRSK VERISK ANALYTICS INC Industrials 0.6% $124m 526,454 −0.7% reduced MSCI MSCI INC Financial Services 0.5% $108m 209,869 −0.7% reduced SABR SABRE CORP Technology 0.5% $101m 22.55m −0.7% reduced QLYS QUALYS INC Technology 0.5% $99.8m 653,895 −0.7% reduced EXPO EXPONENT INC Industrials 0.4% $93.5m 1.09m −0.7% reduced EFX EQUIFAX INC Industrials 0.4% $90.1m 491,906 −0.7% reduced GGG GRACO INC Industrials 0.4% $89.1m 1.22m −0.5% reduced CGNX COGNEX CORP Technology 0.4% $86.8m 2.05m −0.7% reduced IEX IDEX CORP Industrials 0.4% $80.9m 389,008 −0.5% reduced ROL ROLLINS INC Consumer Cyclical 0.3% $64.0m 1.71m −0.7% reduced IPGP IPG PHOTONICS CORP Technology 0.3% $56.5m 556,157 −0.7% reduced HD HOME DEPOT INC Consumer Cyclical 0.2% $44.6m 147,657 +0.2% held JNJ JOHNSON & JOHNSON Healthcare 0.2% $42.7m 274,378 +0.2% held PAYC PAYCOM SOFTWARE INC Technology 0.2% $41.5m 159,904 −0.7% reduced ZTS ZOETIS INC Healthcare 0.2% $38.8m 222,803 +0.2% held MA MASTERCARD INC Financial Services 0.1% $24.8m 62,758 +0.7% added MCD MCDONALDS CORP Consumer Cyclical 0.1% $24.3m 92,320 – new ODD ODDITY TECH LTD Consumer Defensive 0.07% $16.3m 575,000 – new
Exited since Q2 2023 2 rows
Stock Prior weight Prior value EL LAUDER ESTEE COS INC 4.5% $1.1bn MASI* MASIMO CORP 0.5% $120m
Sector mix Technology 23.2% Consumer Defensive 23.0% Healthcare 20.7% Communication Services 11.3% Consumer Cyclical 7.4% Financial Services 6.6% Industrials 4.5% Unclassified 3.2% 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