Fundsmith

Q1 2023 13F · by Terry Smith, founder

As of: Mar 31, 2023
Filed: May 15, 2023
US stock: $29.7B · prev $27.9B
Positions: 40 · prev 38
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%

Moves25 since the prior filing

+3.6 pp in · −4.0 pp out

New 3 +0.27 pp
Added 17 +3.36 pp
Trimmed 4 −0.67 pp
Exited 1 −3.38 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.2% a year, about 10.8 years per position

Low
Moderate
High

Top 5 positions38% of US stock

MSFT Microsoft Corp added+1.32 pp added+1.3211.4%
SYK Stryker Corporation trimmed+0.52 pp trimmed+0.526.9%
PM Philip Morris International Inc. trimmed−0.73 pp trimmed−0.736.8%
IDXX Idexx Laboratories Inc trimmed+0.17 pp trimmed+0.176.7%
EL The Estee Lauder Companies Inc. Class A trimmed−0.63 pp trimmed−0.635.9%

Positions40 in this filing · 1 exited


MSFTMicrosoft Corp	11.45%	11,786,888	$3.4B	added0%	+1.32 pp	19 q
SYKStryker Corporation	6.87%	7,144,663	$2.0B	trimmed−1%	+0.52 pp	40 q
PMPhilip Morris International Inc.	6.84%	20,870,740	$2.0B	trimmed−0%	−0.73 pp	40 q
IDXXIdexx Laboratories Inc	6.67%	3,958,616	$2.0B	trimmed−11%	+0.17 pp	33 q
ELThe Estee Lauder Companies Inc. Class A	5.87%	7,064,545	$1.7B	trimmed−3%	−0.63 pp	28 q
MKCMcCormick & Company, Incorporated Non-VTG CS	5.49%	19,574,638	$1.6B	added0%	−0.32 pp	18 q
PEPPepsiCo, Inc.	5.39%	8,767,426	$1.6B	added0%	−0.28 pp	40 q
VVISA Inc.	5.39%	7,089,195	$1.6B	added0%	+0.11 pp	40 q
ADPAutomatic Data Processing	5.34%	7,111,583	$1.6B	added+2%	−0.62 pp	26 q
METAMeta Platforms, Inc. Class A	5.11%	7,148,310	$1.5B	added+5%	+2.18 pp	21 q
WATWaters Corp	4.81%	4,607,776	$1.4B	added+2%	−0.74 pp	33 q
MTDMettler-Toledo International	4.06%	787,632	$1.2B	added0%	−0.02 pp	5 q
NKENike, Inc.	3.69%	8,921,437	$1.1B	held	—	13 q
BF.BBrown-Forman Corporation Class B	3.52%	16,244,304	$1.0B	added+1%	−0.27 pp	15 q
CHDChurch & Dwight Co., Inc.	3.49%	11,720,152	$1.0B	added0%	+0.11 pp	10 q
GOOGLAlphabet Inc. Class A	3.36%	9,613,560	$997M	added0%	+0.32 pp	6 q
AMZNAmazon.Com Inc	2.99%	8,575,471	$886M	held	—	8 q
OTISOtis Worldwide Corporation	2.25%	7,909,808	$668M	added0%	+0.03 pp	3 q
PGProcter & Gamble Company	1.15%	2,289,521	$340M	added×5.7	+0.93 pp	10 q
AAPLApple Inc.	1.00%	1,805,020	$298M	added×2.5	+0.66 pp	3 q
FTNTFortinet, Inc.	0.52%	2,313,303	$154M	held	—	11 q
MASIMasimo Corporation	0.48%	764,319	$141M	held	—	18 q
VRSNVeriSign Inc	0.48%	674,791	$143M	held	—	18 q
MSCIMSCI, Inc.	0.40%	211,317	$118M	held	—	18 q
IPGPIPG Photonics Corporation	0.36%	854,259	$105M	held	—	18 q
CGNXCognex Corp	0.34%	2,059,788	$102M	held	—	18 q
EFXEquifax, Incorporated	0.34%	495,301	$100M	held	—	18 q
VRSKVerisk Analytics, Inc.	0.34%	530,087	$102M	held	—	18 q
SABRSabre Corporation	0.33%	22,707,687	$97M	held	—	18 q
QLYSQualys, Inc.	0.29%	658,407	$86M	held	—	12 q
ROLRollins, Inc.	0.22%	1,726,161	$65M	held	—	9 q
IEXIDEX Corporation	0.21%	263,740	$61M	held	—	3 q
HDHome Depot, Inc.	0.19%	195,644	$58M	added+1%	−0.03 pp	9 q
JNJJohnson & Johnson	0.19%	355,474	$55M	added+1%	−0.03 pp	40 q
PAYCPaycom Software, Inc.	0.16%	161,007	$49M	held	—	18 q
ZTSZoetis Inc.	0.16%	288,656	$48M	added+1%	+0.01 pp	10 q
GGGGraco Inc	0.13%	545,911	$40M	new	+0.13 pp	new
MARMarriott International Class A	0.07%	127,615	$21M	new	+0.07 pp	new
MAMastercard Incorporated	0.07%	53,412	$19M	new	+0.07 pp	new
EWEdwards Lifesciences Corp	0.00%	9,979	$825,563	held	—	3 q
ADBEAdobe Inc.	—	−2,802,397	—	exited	−3.38 pp	—