Fundsmith

Q2 2023 13F · by Terry Smith, founder

As of: Jun 30, 2023
Filed: Aug 14, 2023
US stock: $30.7B · prev $29.7B
Positions: 40 · prev 40
Options notional: $0
Documents: 2· 1 amendment

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%

Moves33 since the prior filing

+3.9 pp in · −3.9 pp out

New 2 +0.35 pp
Added 15 +3.55 pp
Trimmed 14 −0.94 pp
Exited 2 −2.99 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.7 years per position

Low
Moderate
High

Top 5 positions40% of US stock

MSFT Microsoft Corp trimmed+1.63 pp trimmed+1.6313.1%
SYK Stryker Corporation added+0.35 pp added+0.357.2%
META Meta Platforms, Inc. Class A added+1.58 pp added+1.586.7%
IDXX Idexx Laboratories Inc added−0.16 pp added−0.166.5%
PM Philip Morris International Inc. trimmed−0.42 pp trimmed−0.426.4%

Revealed late, restated

restated 0 rows corrected by the filer · US stock 0.00%; later quarters recomputed 13F-HR/A · Aug 14, 2023 ↗

Positions40 in this filing · 2 exited


MSFTMicrosoft Corp	13.08%	11,785,996	$4.0B	trimmed−0%	+1.63 pp	20 q
SYKStryker Corporation	7.22%	7,267,440	$2.2B	added+2%	+0.35 pp	41 q
METAMeta Platforms, Inc. Class A	6.69%	7,158,865	$2.1B	added0%	+1.58 pp	22 q
IDXXIdexx Laboratories Inc	6.51%	3,981,079	$2.0B	added+1%	−0.16 pp	34 q
PMPhilip Morris International Inc.	6.42%	20,191,793	$2.0B	trimmed−3%	−0.42 pp	41 q
VVISA Inc.	5.77%	7,457,848	$1.8B	added+5%	+0.38 pp	41 q
MKCMcCormick & Company, Incorporated Non-VTG CS	5.56%	19,548,101	$1.7B	trimmed−0%	+0.07 pp	19 q
PEPPepsiCo, Inc.	5.28%	8,755,930	$1.6B	trimmed−0%	−0.11 pp	41 q
ADPAutomatic Data Processing	5.11%	7,128,964	$1.6B	added0%	−0.23 pp	27 q
ELThe Estee Lauder Companies Inc. Class A	4.51%	7,056,362	$1.4B	trimmed−0%	−1.36 pp	29 q
WATWaters Corp	4.20%	4,835,678	$1.3B	added+5%	−0.61 pp	34 q
GOOGLAlphabet Inc. Class A	3.75%	9,603,759	$1.1B	trimmed−0%	+0.39 pp	7 q
BF.BBrown-Forman Corporation Class B	3.53%	16,209,773	$1.1B	trimmed−0%	+0.01 pp	16 q
MTDMettler-Toledo International	3.42%	800,183	$1.0B	added+2%	−0.64 pp	6 q
PGProcter & Gamble Company	3.31%	6,698,281	$1.0B	added×2.9	+2.16 pp	11 q
NKENike, Inc.	3.20%	8,905,812	$983M	trimmed−0%	−0.49 pp	14 q
CHDChurch & Dwight Co., Inc.	3.03%	9,283,133	$930M	trimmed−21%	−0.46 pp	11 q
OTISOtis Worldwide Corporation	2.36%	8,138,760	$724M	added+3%	+0.11 pp	4 q
AAPLApple Inc.	1.15%	1,823,846	$354M	added+1%	+0.15 pp	4 q
FTNTFortinet, Inc.	0.59%	2,400,163	$181M	added+4%	+0.07 pp	12 q
VRSNVeriSign Inc	0.50%	674,791	$152M	held	—	19 q
MASIMasimo Corporation	0.39%	730,377	$120M	trimmed−4%	−0.09 pp	19 q
VRSKVerisk Analytics, Inc.	0.39%	530,087	$120M	held	—	19 q
CGNXCognex Corp	0.38%	2,059,788	$115M	held	—	19 q
EFXEquifax, Incorporated	0.38%	495,301	$117M	held	—	19 q
GGGGraco Inc	0.35%	1,229,228	$106M	added×2.3	+0.22 pp	2 q
EXPOExponent Inc	0.33%	1,100,101	$103M	new	+0.33 pp	new
MSCIMSCI, Inc.	0.32%	211,317	$99M	held	—	19 q
QLYSQualys, Inc.	0.28%	658,407	$85M	held	—	13 q
IEXIDEX Corporation	0.27%	391,124	$84M	added+48%	+0.06 pp	4 q
IPGPIPG Photonics Corporation	0.25%	560,198	$76M	trimmed−34%	−0.11 pp	19 q
ROLRollins, Inc.	0.24%	1,726,161	$74M	held	—	10 q
SABRSabre Corporation	0.24%	22,707,687	$72M	held	—	19 q
HDHome Depot, Inc.	0.19%	190,675	$59M	trimmed−3%	0.00 pp	10 q
JNJJohnson & Johnson	0.19%	354,314	$59M	trimmed−0%	0.00 pp	41 q
PAYCPaycom Software, Inc.	0.17%	161,007	$52M	held	—	19 q
ZTSZoetis Inc.	0.16%	287,714	$50M	trimmed−0%	0.00 pp	11 q
MARMarriott International Class A	0.15%	243,665	$45M	added+91%	+0.08 pp	2 q
MAMastercard Incorporated	0.10%	80,735	$32M	added+51%	+0.03 pp	2 q
FCNCAFirst Citizens BancShares Inc	0.02%	5,015	$6M	new	+0.02 pp	new
AMZNAmazon.Com Inc	—	−8,575,471	—	exited	−2.99 pp	—
EWEdwards Lifesciences Corp	—	−9,979	—	exited	0.00 pp	—