Fundsmith

Q1 2021 13F · by Terry Smith, founder

As of: Mar 31, 2021
Filed: May 14, 2021
US stock: $31.4B · prev $30.2B
Positions: 42 · prev 39
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%

Moves40 since the prior filing

+0.4 pp in · −0.4 pp out

New 3 +0.39 pp
Added 29 −0.02 pp
Trimmed 8 −0.38 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.5% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions37% of US stock

PYPL PayPal Holdings, Inc. trimmed−0.07 pp trimmed−0.079.5%
MSFT Microsoft Corp trimmed+0.14 pp trimmed+0.149.0%
IDXX Idexx Laboratories Inc trimmed−0.43 pp trimmed−0.436.6%
EL The Estee Lauder Companies Inc. Class A added+0.31 pp added+0.316.3%
META Meta Platforms, Inc. Class A added+0.22 pp added+0.226.0%

Positions42 in this filing · 0 exited


PYPLPayPal Holdings, Inc.	9.50%	12,304,750	$3.0B	trimmed−0%	−0.07 pp	14 q
MSFTMicrosoft Corp	9.04%	12,049,293	$2.8B	trimmed−0%	+0.14 pp	11 q
IDXXIdexx Laboratories Inc	6.57%	4,220,612	$2.1B	trimmed−0%	−0.43 pp	25 q
ELThe Estee Lauder Companies Inc. Class A	6.30%	6,807,070	$2.0B	added0%	+0.31 pp	20 q
METAMeta Platforms, Inc. Class A	6.03%	6,433,648	$1.9B	added0%	+0.22 pp	13 q
INTUIntuit Inc	5.58%	4,577,260	$1.8B	trimmed−0%	−0.20 pp	16 q
PMPhilip Morris International Inc.	5.47%	19,388,572	$1.7B	trimmed−0%	+0.13 pp	32 q
SYKStryker Corporation	5.43%	7,006,486	$1.7B	added+6%	+0.04 pp	32 q
MKCMcCormick & Company, Incorporated Non-VTG CS	4.88%	17,220,169	$1.5B	added+7%	−0.23 pp	10 q
PEPPepsiCo, Inc.	4.51%	10,033,062	$1.4B	added+4%	−0.23 pp	32 q
VVISA Inc.	4.37%	6,492,332	$1.4B	added+6%	−0.07 pp	32 q
ADPAutomatic Data Processing	4.26%	7,113,605	$1.3B	added0%	+0.12 pp	18 q
WATWaters Corp	3.97%	4,393,544	$1.2B	trimmed−0%	+0.35 pp	25 q
SBUXStarbucks Corp	3.73%	10,720,429	$1.2B	added+3%	+0.03 pp	5 q
JNJJohnson & Johnson	3.47%	6,640,844	$1.1B	added+4%	+0.14 pp	32 q
BDXBecton, Dickinson and Co.	3.35%	4,334,871	$1.1B	trimmed−0%	−0.25 pp	18 q
NKENike, Inc.	3.35%	7,927,468	$1.1B	added+3%	−0.28 pp	5 q
BF.BBrown-Forman Corporation Class B	2.46%	11,231,696	$775M	added+10%	−0.24 pp	7 q
CHDChurch & Dwight Co., Inc.	1.73%	6,223,361	$544M	added+11%	+0.10 pp	2 q
SABRSabre Corporation	0.70%	14,931,624	$221M	added+10%	+0.16 pp	10 q
FTNTFortinet, Inc.	0.44%	747,908	$138M	added0%	+0.07 pp	3 q
CGNXCognex Corp	0.43%	1,611,251	$134M	added0%	0.00 pp	10 q
IPGPIPG Photonics Corporation	0.42%	629,987	$133M	added0%	−0.05 pp	10 q
AKXAnsys Inc	0.39%	358,608	$122M	added0%	−0.04 pp	10 q
EFXEquifax, Incorporated	0.39%	675,592	$122M	added0%	−0.04 pp	10 q
VRSKVerisk Analytics, Inc.	0.39%	699,816	$124M	added+15%	−0.03 pp	10 q
AOSA.O. Smith Corporation	0.38%	1,758,436	$119M	added+18%	+0.11 pp	10 q
VRSNVeriSign Inc	0.37%	585,315	$116M	added+17%	+0.01 pp	10 q
QLYSQualys, Inc.	0.35%	1,061,066	$111M	added+14%	−0.03 pp	4 q
MASIMasimo Corporation	0.31%	431,063	$99M	added0%	−0.07 pp	10 q
MSCIMSCI, Inc.	0.28%	208,613	$87M	added0%	−0.03 pp	10 q
PAYCPaycom Software, Inc.	0.25%	215,932	$80M	added0%	−0.07 pp	10 q
ROLRollins, Inc.	0.20%	1,842,427	$63M	new	+0.20 pp	new
WINGWingstop Inc	0.18%	447,555	$57M	new	+0.18 pp	new
MARMarriott International Class A	0.14%	296,181	$44M	added+7%	+0.02 pp	20 q
MELIMercado Libre, Inc	0.11%	24,225	$36M	trimmed−15%	−0.05 pp	10 q
ZTSZoetis Inc.	0.11%	212,207	$33M	added+75%	+0.04 pp	2 q
PGProcter & Gamble Company	0.04%	84,563	$11M	added×2.2	+0.02 pp	2 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.04%	117,981	$14M	held	—	2 q
CLColgate-Palmolive Company	0.03%	120,029	$9M	added+7%	0.00 pp	3 q
XPXP Inc. Class A	0.03%	253,367	$10M	held	—	5 q
HDHome Depot, Inc.	0.01%	5,265	$2M	new	+0.01 pp	new