Fundsmith

Q1 2022 13F · by Terry Smith, founder

As of: Mar 31, 2022
Filed: May 16, 2022
US stock: $36.4B · prev $41.2B
Positions: 44 · 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%

Moves56 since the prior filing

+5.3 pp in · −5.1 pp out

New 1 +2.37 pp
Added 23 +2.88 pp
Trimmed 14 −4.51 pp
Exited 18 −0.64 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.5 years per position

Low
Moderate
High

Top 5 positions34% of US stock

Positions44 in this filing · 18 exited


MSFTMicrosoft Corp	10.62%	12,539,529	$3.9B	trimmed−4%	−0.02 pp	15 q
IDXXIdexx Laboratories Inc	6.87%	4,570,490	$2.5B	added+8%	+0.08 pp	29 q
ELThe Estee Lauder Companies Inc. Class A	5.44%	7,268,498	$2.0B	added+1%	−1.01 pp	24 q
SYKStryker Corporation	5.38%	7,333,408	$2.0B	added+1%	+0.65 pp	36 q
PMPhilip Morris International Inc.	5.29%	20,495,600	$1.9B	added0%	+0.58 pp	36 q
MKCMcCormick & Company, Incorporated Non-VTG CS	5.22%	19,039,102	$1.9B	added+1%	+0.78 pp	14 q
INTUIntuit Inc	4.97%	3,766,621	$1.8B	added+1%	−0.88 pp	20 q
PEPPepsiCo, Inc.	4.51%	9,817,193	$1.6B	trimmed−6%	+0.11 pp	36 q
ADPAutomatic Data Processing	4.36%	6,974,047	$1.6B	trimmed−2%	+0.11 pp	22 q
VVISA Inc.	4.19%	6,872,143	$1.5B	trimmed−0%	+0.57 pp	36 q
METAMeta Platforms, Inc. Class A	4.15%	6,800,261	$1.5B	trimmed−0%	−1.43 pp	17 q
PYPLPayPal Holdings, Inc.	4.14%	13,022,309	$1.5B	added0%	−1.82 pp	18 q
WATWaters Corp	3.85%	4,513,163	$1.4B	added0%	−0.23 pp	29 q
AMZNAmazon.Com Inc	3.84%	428,780	$1.4B	added0%	+0.37 pp	4 q
GOOGLAlphabet Inc. Class A	3.66%	478,550	$1.3B	added+14%	+0.71 pp	2 q
NKENike, Inc.	3.30%	8,921,593	$1.2B	added+1%	−0.26 pp	9 q
ADBEAdobe Inc.	3.24%	2,591,906	$1.2B	added×204.4	+3.22 pp	4 q
CHDChurch & Dwight Co., Inc.	3.18%	11,667,394	$1.2B	added0%	+0.28 pp	6 q
BF.BBrown-Forman Corporation Class B	2.87%	15,618,406	$1.0B	added+1%	+0.13 pp	11 q
SBUXStarbucks Corp	2.71%	10,850,516	$987M	trimmed−7%	−0.59 pp	9 q
MTDMettler-Toledo International	2.37%	627,597	$862M	new	+2.37 pp	new
SABRSabre Corporation	0.71%	22,673,573	$259M	added0%	+0.24 pp	14 q
FTNTFortinet, Inc.	0.43%	461,993	$158M	trimmed−27%	−0.13 pp	7 q
VRSKVerisk Analytics, Inc.	0.42%	704,713	$151M	trimmed−11%	−0.02 pp	14 q
AKXAnsys Inc	0.41%	465,713	$148M	added0%	−0.04 pp	14 q
CGNXCognex Corp	0.40%	1,907,048	$147M	added+5%	+0.06 pp	14 q
VRSNVeriSign Inc	0.38%	626,508	$139M	trimmed−10%	−0.05 pp	14 q
QLYSQualys, Inc.	0.37%	938,828	$134M	trimmed−12%	+0.01 pp	8 q
EFXEquifax, Incorporated	0.32%	494,685	$117M	trimmed−29%	−0.18 pp	14 q
MASIMasimo Corporation	0.30%	761,096	$111M	added+75%	−0.01 pp	14 q
MSCIMSCI, Inc.	0.29%	211,000	$106M	added0%	−0.02 pp	14 q
WINGWingstop Inc	0.27%	832,538	$98M	added+48%	+0.03 pp	5 q
IPGPIPG Photonics Corporation	0.26%	852,972	$94M	held	—	14 q
PAYCPaycom Software, Inc.	0.25%	258,063	$89M	added+18%	+0.03 pp	14 q
ROLRollins, Inc.	0.22%	2,282,107	$80M	trimmed−13%	0.00 pp	5 q
PGProcter & Gamble Company	0.16%	376,282	$57M	added+1%	+0.01 pp	6 q
HDHome Depot, Inc.	0.15%	179,122	$54M	added+6%	−0.02 pp	5 q
JNJJohnson & Johnson	0.15%	300,125	$53M	trimmed−96%	−2.85 pp	36 q
ZTSZoetis Inc.	0.14%	267,274	$50M	trimmed−11%	−0.04 pp	6 q
MELIMercado Libre, Inc	0.08%	24,225	$29M	held	—	14 q
WNSNWns Holdings Ltd-adr	0.05%	193,179	$17M	held	—	4 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.04%	141,721	$15M	held	—	6 q
GGenpact Limited	0.04%	317,337	$14M	held	—	3 q
XPXP Inc. Class A	0.02%	253,367	$8M	held	—	9 q
AOSA.O. Smith Corporation	—	−1,778,319	—	exited	−0.37 pp	—
CLColgate-Palmolive Company	—	−128,780	—	exited	−0.03 pp	—
AAgilent Technologies Inc.	—	−40,143	—	exited	−0.02 pp	—
APHAmphenol Corporation	—	−70,840	—	exited	−0.02 pp	—
ORLYO'Reilly Automotive, Inc.	—	−8,802	—	exited	−0.02 pp	—
OTISOtis Worldwide Corporation	—	−87,908	—	exited	−0.02 pp	—
SPGIS&P Global Inc.	—	−16,517	—	exited	−0.02 pp	—
NOWServicenow, Inc.	—	−9,783	—	exited	−0.02 pp	—
SNPSSynopsys Inc	—	−21,788	—	exited	−0.02 pp	—
ICLRIcon Plc	—	−22,275	—	exited	−0.02 pp	—
ADSKAutodesk Inc	—	−21,698	—	exited	−0.01 pp	—
DHRDanaher Corporation	—	−14,586	—	exited	−0.01 pp	—
DEODiageo plc	—	−27,961	—	exited	−0.01 pp	—
HEI.AHeico Corp Cl A	—	−47,517	—	exited	−0.01 pp	—
MAMastercard Incorporated	—	−10,780	—	exited	−0.01 pp	—
ROSTRoss Stores Inc	—	−53,469	—	exited	−0.01 pp	—
SHWThe Sherwin-Williams Company	—	−13,010	—	exited	−0.01 pp	—
WCNWaste Connections, Inc.	—	−30,857	—	exited	−0.01 pp	—