Fundsmith

Q3 2022 13F · by Terry Smith, founder

As of: Sep 30, 2022
Filed: Nov 14, 2022
US stock: $26.8B · prev $28.7B
Positions: 46 · prev 43
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%

Moves42 since the prior filing

+2.4 pp in · −2.4 pp out

New 4 +2.32 pp
Added 25 +0.03 pp
Trimmed 12 −2.15 pp
Exited 1 −0.22 pp

The book

Focused · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.8% a year, about 10.2 years per position

Low
Moderate
High

Top 5 positions34% of US stock

MSFT Microsoft Corp trimmed−1.01 pp trimmed−1.0110.4%
PM Philip Morris International Inc. added−0.73 pp added−0.736.5%
EL The Estee Lauder Companies Inc. Class A added−0.64 pp added−0.646.1%
ADP Automatic Data Processing added+0.77 pp added+0.775.9%
PEP PepsiCo, Inc. added+0.24 pp added+0.245.6%

Positions46 in this filing · 1 exited


MSFTMicrosoft Corp	10.43%	12,023,901	$2.8B	trimmed−6%	−1.01 pp	17 q
PMPhilip Morris International Inc.	6.46%	20,895,944	$1.7B	added0%	−0.73 pp	38 q
ELThe Estee Lauder Companies Inc. Class A	6.09%	7,575,025	$1.6B	added0%	−0.64 pp	26 q
ADPAutomatic Data Processing	5.88%	6,978,783	$1.6B	added0%	+0.77 pp	24 q
PEPPepsiCo, Inc.	5.61%	9,231,272	$1.5B	added0%	+0.24 pp	38 q
IDXXIdexx Laboratories Inc	5.60%	4,618,653	$1.5B	added0%	−0.05 pp	31 q
SYKStryker Corporation	5.48%	7,257,993	$1.5B	trimmed−6%	+0.15 pp	38 q
MKCMcCormick & Company, Incorporated Non-VTG CS	5.18%	19,530,502	$1.4B	added0%	−0.49 pp	16 q
VVISA Inc.	4.69%	7,091,420	$1.3B	added0%	−0.18 pp	38 q
WATWaters Corp	4.53%	4,516,014	$1.2B	added0%	−0.68 pp	31 q
BF.BBrown-Forman Corporation Class B	4.01%	16,168,004	$1.1B	added0%	+0.06 pp	13 q
AMZNAmazon.Com Inc	3.61%	8,581,962	$970M	added0%	+0.43 pp	6 q
INTUIntuit Inc	3.54%	2,454,463	$951M	trimmed−22%	−0.67 pp	22 q
METAMeta Platforms, Inc. Class A	3.44%	6,803,614	$923M	added0%	−0.39 pp	19 q
GOOGLAlphabet Inc. Class A	3.42%	9,588,995	$917M	added0%	+3.24 pp	4 q
MTDMettler-Toledo International	3.17%	784,811	$851M	added+3%	+0.11 pp	3 q
CHDChurch & Dwight Co., Inc.	3.11%	11,676,313	$834M	added0%	−0.66 pp	8 q
ADBEAdobe Inc.	2.86%	2,794,973	$769M	added0%	−0.71 pp	6 q
NKENike, Inc.	2.76%	8,929,574	$742M	added0%	−0.42 pp	11 q
PYPLPayPal Holdings, Inc.	2.58%	8,050,467	$693M	trimmed−34%	−0.39 pp	20 q
OTISOtis Worldwide Corporation	1.88%	7,898,565	$504M	new	+1.88 pp	new
SABRSabre Corporation	0.44%	22,732,769	$117M	added+1%	−0.02 pp	16 q
VRSNVeriSign Inc	0.44%	675,533	$117M	added+1%	+0.05 pp	16 q
FTNTFortinet, Inc.	0.42%	2,315,857	$114M	added+1%	−0.03 pp	9 q
MASIMasimo Corporation	0.40%	765,161	$108M	added+1%	+0.06 pp	16 q
AAPLApple Inc.	0.37%	716,571	$99M	new	+0.37 pp	new
QLYSQualys, Inc.	0.34%	661,420	$92M	trimmed−29%	−0.07 pp	10 q
VRSKVerisk Analytics, Inc.	0.34%	530,677	$90M	added+1%	+0.02 pp	16 q
MSCIMSCI, Inc.	0.33%	211,551	$89M	added+1%	+0.03 pp	16 q
CGNXCognex Corp	0.32%	2,062,083	$85M	added+1%	+0.02 pp	16 q
EFXEquifax, Incorporated	0.32%	495,850	$85M	added+1%	+0.01 pp	16 q
IPGPIPG Photonics Corporation	0.27%	855,203	$72M	added+1%	−0.01 pp	16 q
AKXAnsys Inc	0.23%	274,559	$61M	trimmed−28%	−0.09 pp	16 q
ROLRollins, Inc.	0.22%	1,728,084	$60M	trimmed−8%	−0.01 pp	7 q
JNJJohnson & Johnson	0.20%	327,060	$53M	trimmed−1%	−0.01 pp	38 q
PAYCPaycom Software, Inc.	0.20%	161,308	$53M	trimmed−37%	−0.05 pp	16 q
HDHome Depot, Inc.	0.19%	180,353	$50M	trimmed−1%	+0.02 pp	7 q
PGProcter & Gamble Company	0.18%	373,902	$47M	trimmed−1%	−0.01 pp	8 q
ZTSZoetis Inc.	0.15%	265,583	$39M	trimmed−1%	−0.01 pp	8 q
IEXIDEX Corporation	0.07%	95,928	$19M	new	+0.07 pp	new
MELIMercado Libre, Inc	0.07%	24,225	$20M	held	—	16 q
WNSNWns Holdings Ltd-adr	0.06%	193,179	$16M	held	—	6 q
GGenpact Limited	0.05%	317,337	$14M	held	—	5 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.04%	155,558	$11M	held	—	8 q
XPXP Inc. Class A	0.02%	253,367	$5M	held	—	11 q
EWEdwards Lifesciences Corp	0.00%	9,979	$825,000	new	0.00 pp	new
WINGWingstop Inc	—	−825,464	—	exited	−0.22 pp	—