Funds › Fundsmith (Terry Smith) › Q1 2024Fundsmith (Terry Smith) 13F holdings, Q1 2024 Fundsmith (Terry Smith) disclosed 40 US equity positions worth $25.6bn in its Q1 2024 13F filing. Its largest position is MSFT at 12.5% of the reported book, followed by META and SYK. Versus Q4 2023 it opened 2 new positions, added to 8, reduced 30 and exited 2.
$25.6bn 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.
66.1% 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 Q4 2023: 2 new , 8 added , 30 reduced , 2 exited
40 rows
Stock Sector Weight Value Shares Δ shares Action MSFT MICROSOFT CORP Technology 12.5% $3.2bn 7.62m −4.1% reduced META META PLATFORMS INC Communication Services 9.4% $2.4bn 4.97m −0.6% reduced SYK STRYKER CORPORATION Healthcare 7.7% $2.0bn 5.48m −0.6% reduced V VISA INC Financial Services 6.2% $1.6bn 5.69m −0.8% reduced IDXX IDEXX LABS INC Healthcare 5.7% $1.5bn 2.71m −0.5% reduced ADP AUTOMATIC DATA PROCESSING IN Technology 5.6% $1.4bn 5.77m −0.9% reduced PM PHILIP MORRIS INTL INC Consumer Defensive 5.3% $1.4bn 14.82m −1.4% reduced WAT WATERS CORP Healthcare 5.1% $1.3bn 3.77m −0.9% reduced MAR MARRIOTT INTL INC NEW Consumer Cyclical 4.3% $1.1bn 4.36m −0.6% reduced GOOGL ALPHABET INC Communication Services 4.1% $1.1bn 6.98m −0.5% reduced PEP PEPSICO INC Consumer Defensive 4.0% $1.0bn 5.85m −12% reduced MKC MCCORMICK & CO INC Consumer Defensive 3.7% $939m 12.23m −19% reduced MTD METTLER TOLEDO INTERNATIONAL Healthcare 3.2% $812m 610,096 +7.5% added PG PROCTER & GAMBLE CO Consumer Defensive 3.0% $779m 4.80m −0.8% reduced CHD CHURCH & DWIGHT CO INC Consumer Defensive 2.9% $748m 7.17m −1.3% reduced OTIS OTIS WORLDWIDE CORP Industrials 2.4% $625m 6.30m −2.3% reduced NKE NIKE INC Consumer Cyclical 2.4% $612m 6.51m −2.6% reduced BF/B BROWN FORMAN CORP – 2.3% $592m 11.46m −1.7% reduced FTNT FORTINET INC Technology 2.2% $558m 8.17m +11% added AAPL APPLE INC Technology 1.1% $274m 1.60m +20% added TXN TEXAS INSTRS INC Technology 0.8% $194m 1.11m – new EFX EQUIFAX INC Industrials 0.5% $126m 472,805 −2.6% reduced VRSN VERISIGN INC Technology 0.5% $122m 644,143 −2.6% reduced VRSK VERISK ANALYTICS INC Industrials 0.4% $113m 478,647 −7.9% reduced GGG GRACO INC Industrials 0.4% $110m 1.18m −2.6% reduced MSCI MSCI INC Financial Services 0.4% $96.3m 171,859 −17% reduced CHH CHOICE HOTELS INTL INC Consumer Cyclical 0.4% $95.6m 756,944 – new QLYS QUALYS INC Technology 0.4% $94.3m 565,246 −9.4% reduced IEX IDEX CORP Industrials 0.4% $91.2m 373,902 −2.6% reduced CLX CLOROX CO DEL Consumer Defensive 0.4% $90.1m 588,141 −2.6% reduced EXPO EXPONENT INC Industrials 0.3% $86.8m 1.05m −2.6% reduced CGNX COGNEX CORP Technology 0.3% $83.4m 1.97m −2.6% reduced ROL ROLLINS INC Consumer Cyclical 0.3% $76.2m 1.65m −2.6% reduced PAYC PAYCOM SOFTWARE INC Technology 0.3% $64.7m 325,271 +106% added ODD ODDITY TECH LTD Consumer Defensive 0.2% $57.7m 1.33m +20% added HD HOME DEPOT INC Consumer Cyclical 0.2% $56.2m 146,584 −2.2% reduced SABR SABRE CORP Technology 0.2% $52.5m 21.68m −2.6% reduced ZTS ZOETIS INC Healthcare 0.2% $38.7m 228,805 +1.2% added MA MASTERCARD INC Financial Services 0.1% $31.0m 64,449 +1.2% added MCD MCDONALDS CORP Consumer Cyclical 0.1% $26.4m 93,617 +1.2% added
Exited since Q4 2023 2 rows
Stock Prior weight Prior value IPGP IPG PHOTONICS CORP 0.2% $59.6m JNJ JOHNSON & JOHNSON 0.2% $43.6m
Sector mix Technology 23.8% Healthcare 21.8% Consumer Defensive 19.5% Communication Services 13.6% Consumer Cyclical 7.7% Financial Services 6.7% Industrials 4.5% Unclassified 2.3% 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