Fundsmith

Q3 2021 13F · by Terry Smith, founder

As of: Sep 30, 2021
Filed: Nov 12, 2021
US stock: $36.3B · prev $36.2B
Positions: 60 · prev 61
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%

Moves49 since the prior filing

+3.7 pp in · −3.3 pp out

New 1 +0.04 pp
Added 39 +3.67 pp
Trimmed 7 −0.28 pp
Exited 2 −3.01 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 12% a year, about 8.1 years per position

Low
Moderate
High

Top 5 positions38% of US stock

Positions60 in this filing · 2 exited


MSFTMicrosoft Corp	9.36%	12,061,360	$3.4B	trimmed−0%	+0.35 pp	13 q
PYPLPayPal Holdings, Inc.	8.80%	12,288,820	$3.2B	trimmed−0%	−1.08 pp	16 q
IDXXIdexx Laboratories Inc	7.26%	4,242,202	$2.6B	trimmed−0%	−0.13 pp	27 q
INTUIntuit Inc	6.82%	4,595,649	$2.5B	trimmed−0%	+0.60 pp	18 q
METAMeta Platforms, Inc. Class A	6.04%	6,463,801	$2.2B	held	—	15 q
ELThe Estee Lauder Companies Inc. Class A	5.65%	6,843,978	$2.1B	added0%	−0.35 pp	22 q
SYKStryker Corporation	5.11%	7,038,423	$1.9B	added0%	+0.07 pp	34 q
PMPhilip Morris International Inc.	5.05%	19,353,620	$1.8B	held	—	34 q
WATWaters Corp	4.44%	4,511,194	$1.6B	added+2%	+0.24 pp	27 q
PEPPepsiCo, Inc.	4.18%	10,092,652	$1.5B	added0%	+0.06 pp	34 q
MKCMcCormick & Company, Incorporated Non-VTG CS	4.17%	18,713,629	$1.5B	added+5%	−0.17 pp	12 q
VVISA Inc.	4.05%	6,607,585	$1.5B	added+1%	−0.17 pp	34 q
ADPAutomatic Data Processing	3.90%	7,096,134	$1.4B	trimmed−0%	+0.01 pp	20 q
NKENike, Inc.	3.52%	8,814,069	$1.3B	added0%	−0.23 pp	7 q
AMZNAmazon.Com Inc	3.35%	370,276	$1.2B	added×153.3	+3.33 pp	2 q
SBUXStarbucks Corp	3.28%	10,799,706	$1.2B	trimmed−0%	−0.05 pp	7 q
JNJJohnson & Johnson	3.20%	7,203,569	$1.2B	added+1%	−0.05 pp	34 q
BF.BBrown-Forman Corporation Class B	2.66%	14,422,611	$966M	added+15%	+0.06 pp	9 q
CHDChurch & Dwight Co., Inc.	2.50%	11,022,496	$910M	added+20%	+0.33 pp	4 q
SABRSabre Corporation	0.65%	20,093,468	$238M	added+29%	+0.11 pp	12 q
FTNTFortinet, Inc.	0.51%	634,415	$185M	trimmed−16%	+0.02 pp	5 q
EFXEquifax, Incorporated	0.49%	695,778	$176M	added0%	+0.03 pp	12 q
AKXAnsys Inc	0.44%	464,652	$158M	added+15%	+0.05 pp	12 q
VRSKVerisk Analytics, Inc.	0.44%	792,510	$159M	added0%	+0.06 pp	12 q
VRSNVeriSign Inc	0.39%	693,291	$142M	added+18%	+0.02 pp	12 q
CGNXCognex Corp	0.36%	1,625,987	$130M	added0%	−0.02 pp	12 q
IPGPIPG Photonics Corporation	0.35%	798,462	$126M	added+26%	−0.02 pp	12 q
MSCIMSCI, Inc.	0.35%	210,520	$128M	added0%	+0.04 pp	12 q
QLYSQualys, Inc.	0.33%	1,070,513	$119M	added0%	+0.03 pp	6 q
MASIMasimo Corporation	0.32%	435,010	$118M	added0%	+0.03 pp	12 q
PAYCPaycom Software, Inc.	0.30%	217,906	$108M	added0%	+0.08 pp	12 q
AOSA.O. Smith Corporation	0.30%	1,774,515	$108M	added0%	−0.05 pp	12 q
WINGWingstop Inc	0.25%	562,965	$92M	added0%	+0.01 pp	3 q
ROLRollins, Inc.	0.22%	2,248,561	$79M	added0%	+0.01 pp	3 q
ZTSZoetis Inc.	0.15%	275,605	$54M	added+8%	+0.02 pp	4 q
HDHome Depot, Inc.	0.14%	158,292	$52M	added×11.1	+0.13 pp	3 q
PGProcter & Gamble Company	0.12%	318,181	$44M	added+6%	+0.01 pp	4 q
MELIMercado Libre, Inc	0.11%	24,225	$41M	held	—	12 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.04%	129,633	$14M	held	—	4 q
WNSNWns Holdings Ltd-adr	0.04%	188,912	$15M	added+59%	+0.01 pp	2 q
GGenpact Limited	0.04%	305,208	$15M	new	+0.04 pp	new
CLColgate-Palmolive Company	0.03%	122,890	$9M	added+1%	0.00 pp	5 q
XPXP Inc. Class A	0.03%	253,367	$10M	held	—	7 q
ADBEAdobe Inc.	0.02%	12,682	$7M	held	—	2 q
AAgilent Technologies Inc.	0.02%	40,107	$6M	added0%	0.00 pp	2 q
ADSKAutodesk Inc	0.02%	21,698	$6M	held	—	2 q
HEI.AHeico Corp Cl A	0.02%	47,517	$6M	added0%	0.00 pp	2 q
OTISOtis Worldwide Corporation	0.02%	87,737	$7M	added0%	0.00 pp	2 q
ROSTRoss Stores Inc	0.02%	53,375	$6M	added0%	0.00 pp	2 q
SPGIS&P Global Inc.	0.02%	16,497	$7M	added0%	0.00 pp	2 q
NOWServicenow, Inc.	0.02%	9,783	$6M	held	—	2 q
SNPSSynopsys Inc	0.02%	21,788	$7M	held	—	2 q
ICLRIcon Plc	0.02%	22,275	$6M	held	—	2 q
APHAmphenol Corporation	0.01%	70,630	$5M	held	—	2 q
DHRDanaher Corporation	0.01%	14,579	$4M	held	—	2 q
DEODiageo plc	0.01%	27,961	$5M	added+1%	0.00 pp	2 q
MAMastercard Incorporated	0.01%	7,976	$3M	added0%	0.00 pp	2 q
ORLYO'Reilly Automotive, Inc.	0.01%	8,802	$5M	held	—	2 q
SHWThe Sherwin-Williams Company	0.01%	12,995	$4M	added0%	0.00 pp	2 q
WCNWaste Connections, Inc.	0.01%	30,818	$4M	added0%	0.00 pp	2 q
BDXBecton, Dickinson and Co.	—	−4,328,550	—	exited	−2.90 pp	—
MARMarriott International Class A	—	−297,432	—	exited	−0.11 pp	—