Fundsmith

Q4 2020 13F · by Terry Smith, founder

As of: Dec 31, 2020
Filed: Feb 12, 2021
US stock: $30.2B · prev $25.6B
Positions: 39 · prev 36
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves39 since the prior filing

+1.5 pp in · −1.5 pp out

New 4 +1.76 pp
Added 23 −0.26 pp
Trimmed 11 −1.33 pp
Exited 1 −0.16 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.0% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions37% of US stock

Positions39 in this filing · 1 exited


PYPLPayPal Holdings, Inc.	9.57%	12,333,741	$2.9B	trimmed−0%	+0.06 pp	13 q
MSFTMicrosoft Corp	8.90%	12,072,338	$2.7B	added+1%	−0.90 pp	10 q
IDXXIdexx Laboratories Inc	7.00%	4,226,428	$2.1B	trimmed−0%	+0.50 pp	24 q
ELThe Estee Lauder Companies Inc. Class A	5.99%	6,786,727	$1.8B	trimmed−0%	+0.19 pp	19 q
METAMeta Platforms, Inc. Class A	5.81%	6,418,874	$1.8B	trimmed−0%	−0.77 pp	12 q
INTUIntuit Inc	5.78%	4,587,585	$1.7B	trimmed−0%	−0.07 pp	15 q
SYKStryker Corporation	5.39%	6,634,893	$1.6B	added+6%	+0.28 pp	31 q
PMPhilip Morris International Inc.	5.34%	19,467,941	$1.6B	trimmed−0%	−0.37 pp	31 q
MKCMcCormick & Company, Incorporated Non-VTG CS	5.11%	16,133,793	$1.5B	added+7%	−0.61 pp	9 q
PEPPepsiCo, Inc.	4.74%	9,648,806	$1.4B	added+8%	−0.08 pp	31 q
VVISA Inc.	4.44%	6,122,231	$1.3B	trimmed−0%	−0.35 pp	31 q
ADPAutomatic Data Processing	4.14%	7,087,617	$1.2B	added+2%	+0.37 pp	17 q
SBUXStarbucks Corp	3.70%	10,441,081	$1.1B	added+1%	+0.22 pp	4 q
NKENike, Inc.	3.63%	7,733,544	$1.1B	trimmed−0%	−0.17 pp	4 q
WATWaters Corp	3.62%	4,409,835	$1.1B	added+3%	+0.34 pp	24 q
BDXBecton, Dickinson and Co.	3.60%	4,345,415	$1.1B	added0%	−0.35 pp	17 q
JNJJohnson & Johnson	3.33%	6,392,509	$1.0B	trimmed−0%	−0.40 pp	31 q
BF.BBrown-Forman Corporation Class B	2.70%	10,255,848	$815M	added0%	−0.32 pp	6 q
CHDChurch & Dwight Co., Inc.	1.63%	5,631,204	$491M	new	+1.63 pp	new
SABRSabre Corporation	0.54%	13,615,381	$164M	added+34%	+0.28 pp	9 q
IPGPIPG Photonics Corporation	0.47%	627,344	$140M	added0%	+0.05 pp	9 q
AKXAnsys Inc	0.43%	357,103	$130M	added+7%	0.00 pp	9 q
CGNXCognex Corp	0.43%	1,604,491	$129M	added0%	+0.02 pp	9 q
EFXEquifax, Incorporated	0.43%	672,758	$130M	added+17%	+0.08 pp	9 q
VRSKVerisk Analytics, Inc.	0.42%	608,148	$126M	added0%	−0.02 pp	9 q
MASIMasimo Corporation	0.38%	429,254	$115M	added0%	−0.02 pp	9 q
QLYSQualys, Inc.	0.38%	933,787	$114M	added+15%	+0.07 pp	3 q
FTNTFortinet, Inc.	0.37%	744,771	$111M	added×3.5	+0.27 pp	2 q
VRSNVeriSign Inc	0.36%	498,577	$108M	added+16%	+0.02 pp	9 q
PAYCPaycom Software, Inc.	0.32%	215,026	$97M	added0%	+0.06 pp	9 q
MSCIMSCI, Inc.	0.31%	207,737	$93M	added0%	+0.02 pp	9 q
AOSA.O. Smith Corporation	0.27%	1,489,317	$82M	added0%	−0.04 pp	9 q
MELIMercado Libre, Inc	0.16%	28,500	$48M	trimmed−5%	+0.03 pp	9 q
MARMarriott International Class A	0.12%	277,920	$37M	trimmed−1%	+0.02 pp	19 q
ZTSZoetis Inc.	0.07%	121,003	$20M	new	+0.07 pp	new
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.04%	117,981	$13M	new	+0.04 pp	new
CLColgate-Palmolive Company	0.03%	112,079	$10M	added+5%	0.00 pp	2 q
XPXP Inc. Class A	0.03%	253,367	$10M	held	—	4 q
PGProcter & Gamble Company	0.02%	38,171	$5M	new	+0.02 pp	new
CHKPCheck Point Software Technologies Ltd	—	−334,691	—	exited	−0.16 pp	—