Fundsmith

Q2 2022 13F · by Terry Smith, founder

As of: Jun 30, 2022
Filed: Aug 15, 2022
US stock: $28.7B · prev $36.4B
Positions: 43 · prev 44
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%

Moves40 since the prior filing

+4.1 pp in · −4.1 pp out

New 0 0.00 pp
Added 24 +4.13 pp
Trimmed 15 −1.43 pp
Exited 1 −2.71 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.9% a year, about 11.3 years per position

Low
Moderate
High

Top 5 positions37% of US stock

MSFT Microsoft Corp added+0.82 pp added+0.8211.4%
PM Philip Morris International Inc. added+1.90 pp added+1.907.2%
EL The Estee Lauder Companies Inc. Class A added+1.29 pp added+1.296.7%
MKC McCormick & Company, Incorporated Non-VTG CS added+0.45 pp added+0.455.7%
IDXX Idexx Laboratories Inc added−1.22 pp added−1.225.7%

Positions43 in this filing · 1 exited


MSFTMicrosoft Corp	11.44%	12,763,324	$3.3B	added+2%	+0.82 pp	16 q
PMPhilip Morris International Inc.	7.19%	20,885,302	$2.1B	added+2%	+1.90 pp	37 q
ELThe Estee Lauder Companies Inc. Class A	6.73%	7,573,868	$1.9B	added+4%	+1.29 pp	25 q
MKCMcCormick & Company, Incorporated Non-VTG CS	5.67%	19,527,761	$1.6B	added+3%	+0.45 pp	15 q
IDXXIdexx Laboratories Inc	5.65%	4,618,140	$1.6B	added+1%	−1.22 pp	30 q
PEPPepsiCo, Inc.	5.37%	9,228,641	$1.5B	trimmed−6%	+0.86 pp	37 q
SYKStryker Corporation	5.33%	7,682,844	$1.5B	added+5%	−0.05 pp	37 q
WATWaters Corp	5.21%	4,514,816	$1.5B	added0%	+1.36 pp	30 q
ADPAutomatic Data Processing	5.11%	6,976,577	$1.5B	added0%	+0.75 pp	23 q
VVISA Inc.	4.87%	7,090,564	$1.4B	added+3%	+0.68 pp	37 q
INTUIntuit Inc	4.21%	3,131,149	$1.2B	trimmed−17%	−0.76 pp	21 q
BF.BBrown-Forman Corporation Class B	3.95%	16,154,795	$1.1B	added+3%	+1.08 pp	12 q
METAMeta Platforms, Inc. Class A	3.83%	6,800,811	$1.1B	added0%	−0.32 pp	18 q
CHDChurch & Dwight Co., Inc.	3.77%	11,673,576	$1.1B	added0%	+0.59 pp	7 q
ADBEAdobe Inc.	3.57%	2,794,744	$1.0B	added+8%	+0.33 pp	5 q
AMZNAmazon.Com Inc	3.18%	8,576,660	$911M	added0%	−0.66 pp	5 q
NKENike, Inc.	3.18%	8,922,903	$912M	added0%	−0.12 pp	10 q
MTDMettler-Toledo International	3.06%	764,424	$878M	added+22%	+0.69 pp	2 q
PYPLPayPal Holdings, Inc.	2.97%	12,197,290	$852M	trimmed−6%	−1.17 pp	19 q
SABRSabre Corporation	0.46%	22,469,835	$131M	trimmed−1%	−0.25 pp	15 q
FTNTFortinet, Inc.	0.45%	2,289,070	$130M	trimmed−1%	+0.02 pp	8 q
QLYSQualys, Inc.	0.41%	930,206	$117M	trimmed−1%	+0.04 pp	9 q
VRSNVeriSign Inc	0.39%	667,498	$112M	added+7%	+0.01 pp	15 q
MASIMasimo Corporation	0.34%	756,313	$99M	trimmed−1%	+0.04 pp	15 q
AKXAnsys Inc	0.32%	379,135	$91M	trimmed−19%	−0.09 pp	15 q
VRSKVerisk Analytics, Inc.	0.32%	524,820	$91M	trimmed−26%	−0.10 pp	15 q
EFXEquifax, Incorporated	0.31%	490,113	$90M	trimmed−1%	−0.01 pp	15 q
CGNXCognex Corp	0.30%	2,037,105	$87M	added+7%	−0.10 pp	15 q
MSCIMSCI, Inc.	0.30%	209,104	$86M	trimmed−1%	+0.01 pp	15 q
IPGPIPG Photonics Corporation	0.28%	845,311	$80M	trimmed−1%	+0.02 pp	15 q
PAYCPaycom Software, Inc.	0.25%	255,722	$72M	trimmed−1%	0.00 pp	15 q
ROLRollins, Inc.	0.23%	1,879,272	$66M	trimmed−18%	+0.01 pp	6 q
WINGWingstop Inc	0.22%	825,464	$62M	trimmed−1%	−0.05 pp	6 q
JNJJohnson & Johnson	0.21%	331,144	$59M	added+10%	+0.06 pp	37 q
PGProcter & Gamble Company	0.19%	378,570	$54M	added+1%	+0.03 pp	7 q
GOOGLAlphabet Inc. Class A	0.18%	479,370	$52M	added0%	−3.48 pp	3 q
HDHome Depot, Inc.	0.17%	182,551	$50M	added+2%	+0.02 pp	6 q
ZTSZoetis Inc.	0.16%	268,899	$46M	added+1%	+0.02 pp	7 q
MELIMercado Libre, Inc	0.05%	24,225	$15M	held	—	15 q
WNSNWns Holdings Ltd-adr	0.05%	193,179	$14M	held	—	5 q
GGenpact Limited	0.05%	317,337	$13M	held	—	4 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.04%	155,558	$13M	added+10%	0.00 pp	7 q
XPXP Inc. Class A	0.02%	253,367	$5M	held	—	10 q
SBUXStarbucks Corp	—	−10,850,516	—	exited	−2.71 pp	—