Fundsmith

Q2 2021 13F · by Terry Smith, founder

As of: Jun 30, 2021
Filed: Aug 13, 2021
US stock: $36.2B · prev $31.4B
Positions: 61 · prev 42
Options notional: $0
Documents: 2· 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%

Moves59 since the prior filing

+0.6 pp in · −0.6 pp out

New 19 +0.30 pp
Added 36 +0.30 pp
Trimmed 4 −0.62 pp
Exited 0 0.00 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.1% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions39% of US stock

PYPL PayPal Holdings, Inc. trimmed+0.38 pp trimmed+0.389.9%
MSFT Microsoft Corp added−0.03 pp added−0.039.0%
IDXX Idexx Laboratories Inc added+0.82 pp added+0.827.4%
INTU Intuit Inc added+0.64 pp added+0.646.2%
META Meta Platforms, Inc. Class A added+0.17 pp added+0.176.2%

Positions61 in this filing · 0 exited


PYPLPayPal Holdings, Inc.	9.88%	12,289,470	$3.6B	trimmed−0%	+0.38 pp	15 q
MSFTMicrosoft Corp	9.01%	12,061,980	$3.3B	added0%	−0.03 pp	12 q
IDXXIdexx Laboratories Inc	7.39%	4,242,462	$2.7B	added+1%	+0.82 pp	26 q
INTUIntuit Inc	6.22%	4,595,999	$2.3B	added0%	+0.64 pp	17 q
METAMeta Platforms, Inc. Class A	6.20%	6,463,801	$2.2B	added0%	+0.17 pp	14 q
ELThe Estee Lauder Companies Inc. Class A	6.00%	6,842,723	$2.2B	added+1%	−0.30 pp	21 q
PMPhilip Morris International Inc.	5.29%	19,353,620	$1.9B	trimmed−0%	−0.18 pp	33 q
SYKStryker Corporation	5.04%	7,037,016	$1.8B	added0%	−0.39 pp	33 q
MKCMcCormick & Company, Incorporated Non-VTG CS	4.34%	17,804,657	$1.6B	added+3%	−0.54 pp	11 q
VVISA Inc.	4.22%	6,548,864	$1.5B	added+1%	−0.15 pp	33 q
WATWaters Corp	4.20%	4,408,039	$1.5B	added0%	+0.23 pp	26 q
PEPPepsiCo, Inc.	4.12%	10,087,220	$1.5B	added+1%	−0.39 pp	33 q
ADPAutomatic Data Processing	3.89%	7,096,900	$1.4B	trimmed−0%	−0.37 pp	19 q
NKENike, Inc.	3.75%	8,805,127	$1.4B	added+11%	+0.40 pp	6 q
SBUXStarbucks Corp	3.33%	10,800,818	$1.2B	added+1%	−0.40 pp	6 q
JNJJohnson & Johnson	3.25%	7,155,706	$1.2B	added+8%	−0.22 pp	33 q
BDXBecton, Dickinson and Co.	2.90%	4,328,550	$1.1B	trimmed−0%	−0.45 pp	19 q
BF.BBrown-Forman Corporation Class B	2.60%	12,595,990	$944M	added+12%	+0.14 pp	8 q
CHDChurch & Dwight Co., Inc.	2.17%	9,224,122	$786M	added+48%	+0.44 pp	3 q
SABRSabre Corporation	0.54%	15,581,696	$194M	added+4%	−0.16 pp	11 q
FTNTFortinet, Inc.	0.49%	752,030	$179M	added+1%	+0.05 pp	4 q
EFXEquifax, Incorporated	0.46%	693,325	$166M	added+3%	+0.07 pp	11 q
AKXAnsys Inc	0.39%	404,278	$140M	added+13%	0.00 pp	11 q
CGNXCognex Corp	0.38%	1,620,130	$136M	added+1%	−0.05 pp	11 q
VRSKVerisk Analytics, Inc.	0.38%	789,708	$138M	added+13%	−0.01 pp	11 q
IPGPIPG Photonics Corporation	0.37%	633,458	$134M	added+1%	−0.05 pp	11 q
VRSNVeriSign Inc	0.37%	588,541	$134M	added+1%	0.00 pp	11 q
AOSA.O. Smith Corporation	0.35%	1,768,126	$127M	added+1%	−0.03 pp	11 q
MSCIMSCI, Inc.	0.31%	209,762	$112M	added+1%	+0.03 pp	11 q
QLYSQualys, Inc.	0.30%	1,066,674	$107M	added+1%	−0.05 pp	5 q
MASIMasimo Corporation	0.29%	433,438	$105M	added+1%	−0.02 pp	11 q
WINGWingstop Inc	0.24%	560,949	$88M	added+25%	+0.06 pp	2 q
PAYCPaycom Software, Inc.	0.22%	217,122	$79M	added+1%	−0.03 pp	11 q
ROLRollins, Inc.	0.21%	2,240,687	$77M	added+22%	+0.01 pp	2 q
ZTSZoetis Inc.	0.13%	255,628	$48M	added+20%	+0.02 pp	3 q
MARMarriott International Class A	0.11%	297,432	$41M	added0%	−0.03 pp	21 q
PGProcter & Gamble Company	0.11%	300,204	$41M	added×3.6	+0.07 pp	3 q
MELIMercado Libre, Inc	0.10%	24,225	$38M	held	—	11 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.04%	129,633	$16M	added+10%	0.00 pp	3 q
CLColgate-Palmolive Company	0.03%	122,131	$10M	added+2%	0.00 pp	4 q
WNSNWns Holdings Ltd-adr	0.03%	118,721	$9M	new	+0.03 pp	new
XPXP Inc. Class A	0.03%	253,367	$11M	held	—	6 q
ADBEAdobe Inc.	0.02%	12,682	$7M	new	+0.02 pp	new
AAgilent Technologies Inc.	0.02%	40,070	$6M	new	+0.02 pp	new
AMZNAmazon.Com Inc	0.02%	2,415	$8M	new	+0.02 pp	new
ADSKAutodesk Inc	0.02%	21,698	$6M	new	+0.02 pp	new
HEI.AHeico Corp Cl A	0.02%	47,494	$6M	new	+0.02 pp	new
OTISOtis Worldwide Corporation	0.02%	87,577	$7M	new	+0.02 pp	new
ROSTRoss Stores Inc	0.02%	53,283	$7M	new	+0.02 pp	new
SPGIS&P Global Inc.	0.02%	16,477	$7M	new	+0.02 pp	new
SNPSSynopsys Inc	0.02%	21,788	$6M	new	+0.02 pp	new
APHAmphenol Corporation	0.01%	70,630	$5M	new	+0.01 pp	new
DHRDanaher Corporation	0.01%	14,579	$4M	new	+0.01 pp	new
DEODiageo plc	0.01%	27,605	$5M	new	+0.01 pp	new
HDHome Depot, Inc.	0.01%	14,263	$5M	added×2.7	0.00 pp	2 q
MAMastercard Incorporated	0.01%	7,970	$3M	new	+0.01 pp	new
ORLYO'Reilly Automotive, Inc.	0.01%	8,802	$5M	new	+0.01 pp	new
NOWServicenow, Inc.	0.01%	9,783	$5M	new	+0.01 pp	new
SHWThe Sherwin-Williams Company	0.01%	12,979	$4M	new	+0.01 pp	new
WCNWaste Connections, Inc.	0.01%	30,781	$4M	new	+0.01 pp	new
ICLRIcon Plc	0.01%	22,275	$5M	new	+0.01 pp	new