Funds › Fundsmith (Terry Smith) › Q4 2024Fundsmith (Terry Smith) 13F holdings, Q4 2024 Fundsmith (Terry Smith) disclosed 38 US equity positions worth $23.5bn in its Q4 2024 13F filing. Its largest position is META at 11.4% of the reported book, followed by MSFT and SYK. Versus Q3 2024 it opened 2 new positions, added to 0, reduced 13 and exited 4.
$23.5bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
38 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
11.4% Largest position The largest single position as a share of the reported equity book.
70.0% Top 10 weight The ten largest positions together, as a share of the reported equity book.
16 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 2024: 2 new , 0 added , 13 reduced , 4 exited
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Stock Sector Weight Value Shares Δ shares Action META META PLATFORMS INC Communication Services 11.4% $2.7bn 4.56m −6.4% reduced MSFT MICROSOFT CORP Technology 11.1% $2.6bn 6.19m −10% reduced SYK STRYKER CORPORATION Healthcare 8.2% $1.9bn 5.33m −0.1% held ADP AUTOMATIC DATA PROCESSING IN Technology 6.3% $1.5bn 5.01m −10% reduced V VISA INC Financial Services 6.2% $1.5bn 4.62m −17% reduced PM PHILIP MORRIS INTL INC Consumer Defensive 5.8% $1.4bn 11.25m −6.4% reduced WAT WATERS CORP Healthcare 5.7% $1.3bn 3.63m −0.3% held GOOGL ALPHABET INC Communication Services 5.5% $1.3bn 6.85m −0.1% held MAR MARRIOTT INTL INC NEW Consumer Cyclical 5.1% $1.2bn 4.26m −0.3% held IDXX IDEXX LABS INC Healthcare 4.7% $1.1bn 2.66m 0.0% held PEP PEPSICO INC Consumer Defensive 3.7% $861m 5.66m −1.3% reduced FTNT FORTINET INC Technology 3.4% $806m 8.53m −16% reduced PG PROCTER & GAMBLE CO Consumer Defensive 3.3% $776m 4.63m −0.1% held MTD METTLER TOLEDO INTERNATIONAL Healthcare 3.1% $724m 591,455 −0.1% held CHD CHURCH & DWIGHT CO INC Consumer Defensive 3.1% $718m 6.86m −0.4% held OTIS OTIS WORLDWIDE CORP Industrials 2.4% $553m 5.97m −2.8% reduced NKE NIKE INC Consumer Cyclical 2.0% $464m 6.14m −2.6% reduced BF/B BROWN FORMAN CORP – 1.6% $366m 9.64m −3.7% reduced TXN TEXAS INSTRS INC Technology 1.4% $319m 1.70m 0.0% held VRSN VERISIGN INC Technology 0.6% $129m 624,500 0.0% held VRSK VERISK ANALYTICS INC Industrials 0.5% $115m 417,685 0.0% held CHH CHOICE HOTELS INTL INC Consumer Cyclical 0.4% $104m 733,892 0.0% held MSCI MSCI INC Financial Services 0.4% $100.0m 166,619 0.0% held CLX CLOROX CO DEL Consumer Defensive 0.4% $99.6m 613,497 0.0% held GGG GRACO INC Industrials 0.4% $96.1m 1.14m 0.0% held EFX EQUIFAX INC Industrials 0.4% $92.6m 363,328 0.0% held SABR SABRE CORP Technology 0.3% $78.5m 21.50m 0.0% held QLYS QUALYS INC Technology 0.3% $76.8m 548,009 0.0% held IEX IDEX CORP Industrials 0.3% $75.9m 362,501 0.0% held EXPO EXPONENT INC Industrials 0.3% $74.5m 836,477 0.0% held ROL ROLLINS INC Consumer Cyclical 0.3% $74.0m 1.60m 0.0% held ODD ODDITY TECH LTD Consumer Defensive 0.3% $67.9m 1.62m 0.0% held PAYC PAYCOM SOFTWARE INC Technology 0.3% $66.1m 322,611 0.0% held HD HOME DEPOT INC Consumer Cyclical 0.2% $56.7m 145,639 −1.5% reduced MEDP MEDPACE HLDGS INC Healthcare 0.2% $42.4m 127,537 – new DOCS DOXIMITY INC Healthcare 0.2% $37.9m 710,502 – new ZTS ZOETIS INC Healthcare 0.2% $37.0m 227,329 −1.5% reduced MA MASTERCARD INC Financial Services 0.1% $33.7m 64,033 −1.5% reduced
Exited since Q3 2024 4 rows
Stock Prior weight Prior value AAPL APPLE INC 1.4% $363m MKC MCCORMICK & CO INC 0.6% $142m CGNX COGNEX CORP 0.3% $77.2m MCD MCDONALDS CORP 0.1% $28.7m
Sector mix Technology 23.7% Healthcare 22.2% Communication Services 16.9% Consumer Defensive 16.5% Consumer Cyclical 8.0% Financial Services 6.8% Industrials 4.3% Unclassified 1.6% 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