Funds › Fundsmith (Terry Smith) › Q4 2023Fundsmith (Terry Smith) 13F holdings, Q4 2023 Fundsmith (Terry Smith) disclosed 40 US equity positions worth $23.9bn in its Q4 2023 13F filing. Its largest position is MSFT at 12.5% of the reported book, followed by META and SYK. Versus Q3 2023 it opened 1 new position, added to 7, reduced 18 and exited 0.
$23.9bn 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.
12.5% Largest position The largest single position as a share of the reported equity book.
65.3% 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 Q3 2023: 1 new , 7 added , 18 reduced , 0 exited
40 rows
Stock Sector Weight Value Shares Δ shares Action MSFT MICROSOFT CORP Technology 12.5% $3.0bn 7.94m −8.2% reduced META META PLATFORMS INC Communication Services 7.4% $1.8bn 5.00m −0.1% held SYK STRYKER CORPORATION Healthcare 6.9% $1.7bn 5.51m −0.1% held IDXX IDEXX LABS INC Healthcare 6.3% $1.5bn 2.73m −7.9% reduced V VISA INC Financial Services 6.3% $1.5bn 5.74m −0.3% held PM PHILIP MORRIS INTL INC Consumer Defensive 5.9% $1.4bn 15.04m −0.2% held ADP AUTOMATIC DATA PROCESSING IN Technology 5.7% $1.4bn 5.82m +5.4% added WAT WATERS CORP Healthcare 5.2% $1.3bn 3.80m −0.2% held PEP PEPSICO INC Consumer Defensive 4.7% $1.1bn 6.63m −0.1% held MKC MCCORMICK & CO INC Consumer Defensive 4.3% $1.0bn 15.09m −1.5% reduced MAR MARRIOTT INTL INC NEW Consumer Cyclical 4.1% $990m 4.39m −0.1% held GOOGL ALPHABET INC Communication Services 4.1% $980m 7.02m −7.5% reduced NKE NIKE INC Consumer Cyclical 3.0% $726m 6.69m −0.3% held PG PROCTER & GAMBLE CO Consumer Defensive 3.0% $709m 4.84m −0.1% held MTD METTLER TOLEDO INTERNATIONAL Healthcare 2.9% $688m 567,593 −0.2% held CHD CHURCH & DWIGHT CO INC Consumer Defensive 2.9% $687m 7.26m −0.1% held BF/B BROWN FORMAN CORP – 2.8% $665m 11.65m −3.6% reduced OTIS OTIS WORLDWIDE CORP Industrials 2.4% $576m 6.44m −0.1% held FTNT FORTINET INC Technology 1.8% $429m 7.33m +49% added AAPL APPLE INC Technology 1.1% $257m 1.33m +0.1% held VRSN VERISIGN INC Technology 0.6% $136m 661,533 −1.3% reduced VRSK VERISK ANALYTICS INC Industrials 0.5% $124m 519,672 −1.3% reduced QLYS QUALYS INC Technology 0.5% $122m 623,955 −4.6% reduced EFX EQUIFAX INC Industrials 0.5% $120m 485,569 −1.3% reduced MSCI MSCI INC Financial Services 0.5% $117m 207,165 −1.3% reduced GGG GRACO INC Industrials 0.4% $105m 1.21m −1.3% reduced SABR SABRE CORP Technology 0.4% $98.0m 22.26m −1.3% reduced EXPO EXPONENT INC Industrials 0.4% $94.9m 1.08m −1.3% reduced CLX CLOROX CO DEL Consumer Defensive 0.4% $86.1m 603,794 – new CGNX COGNEX CORP Technology 0.4% $84.3m 2.02m −1.3% reduced IEX IDEX CORP Industrials 0.3% $83.4m 383,997 −1.3% reduced ROL ROLLINS INC Consumer Cyclical 0.3% $73.9m 1.69m −1.3% reduced IPGP IPG PHOTONICS CORP Technology 0.2% $59.6m 548,993 −1.3% reduced HD HOME DEPOT INC Consumer Cyclical 0.2% $51.9m 149,818 +1.5% added ODD ODDITY TECH LTD Consumer Defensive 0.2% $51.4m 1.10m +92% added ZTS ZOETIS INC Healthcare 0.2% $44.6m 226,064 +1.5% added JNJ JOHNSON & JOHNSON Healthcare 0.2% $43.6m 278,393 +1.5% added PAYC PAYCOM SOFTWARE INC Technology 0.1% $32.6m 157,844 −1.3% reduced MCD MCDONALDS CORP Consumer Cyclical 0.1% $27.4m 92,495 +0.2% held MA MASTERCARD INC Financial Services 0.1% $27.2m 63,677 +1.5% added
Sector mix Technology 23.3% Healthcare 21.7% Consumer Defensive 21.4% Communication Services 11.5% Consumer Cyclical 7.8% Financial Services 6.9% Industrials 4.6% Unclassified 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