Fundsmith

Q1 2024 13F · by Terry Smith, founder

As of: Mar 31, 2024
Filed: May 15, 2024
US stock: $33.1B · prev $30.8B
Positions: 42 · prev 41
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%

Moves43 since the prior filing

+1.8 pp in · −1.8 pp out

New 3 +1.08 pp
Added 8 +0.73 pp
Trimmed 30 −1.43 pp
Exited 2 −0.38 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.5% a year, about 13.4 years per position

Low
Moderate
High

Top 5 positions42% of US stock

MSFT Microsoft Corp trimmed−0.06 pp trimmed−0.0612.6%
META Meta Platforms, Inc. Class A trimmed+2.04 pp trimmed+2.049.5%
SYK Stryker Corporation trimmed+0.79 pp trimmed+0.797.9%
V VISA Inc. trimmed−0.05 pp trimmed−0.056.2%
IDXX Idexx Laboratories Inc trimmed−0.62 pp trimmed−0.625.8%

Positions42 in this filing · 2 exited


MSFTMicrosoft Corp	12.55%	9,867,784	$4.2B	trimmed−5%	−0.06 pp	23 q
METAMeta Platforms, Inc. Class A	9.51%	6,475,277	$3.1B	trimmed−0%	+2.04 pp	25 q
SYKStryker Corporation	7.86%	7,262,967	$2.6B	trimmed−0%	+0.79 pp	44 q
VVISA Inc.	6.24%	7,394,093	$2.1B	trimmed−1%	−0.05 pp	44 q
IDXXIdexx Laboratories Inc	5.77%	3,535,643	$1.9B	trimmed−0%	−0.62 pp	37 q
ADPAutomatic Data Processing	5.63%	7,455,367	$1.9B	trimmed−1%	−0.04 pp	30 q
PMPhilip Morris International Inc.	5.33%	19,226,943	$1.8B	trimmed−1%	−0.61 pp	44 q
WATWaters Corp	5.10%	4,904,055	$1.7B	trimmed−1%	−0.17 pp	37 q
MARMarriott International Class A	4.35%	5,703,967	$1.4B	trimmed−0%	+0.16 pp	5 q
PEPPepsiCo, Inc.	4.09%	7,731,439	$1.4B	trimmed−11%	−0.67 pp	44 q
GOOGLAlphabet Inc. Class A	4.05%	8,876,247	$1.3B	trimmed−0%	+0.01 pp	10 q
MKCMcCormick & Company, Incorporated Non-VTG CS	3.60%	15,490,669	$1.2B	trimmed−19%	−0.66 pp	22 q
MTDMettler-Toledo International	3.44%	854,191	$1.1B	added+6%	+0.26 pp	9 q
PGProcter & Gamble Company	3.27%	6,669,240	$1.1B	trimmed−0%	+0.08 pp	14 q
CHDChurch & Dwight Co., Inc.	3.12%	9,881,347	$1.0B	trimmed−1%	+0.06 pp	14 q
NKENike, Inc.	2.47%	8,707,583	$818M	trimmed−2%	−0.66 pp	17 q
BF.BBrown-Forman Corporation Class B	2.41%	15,473,036	$799M	trimmed−1%	−0.49 pp	19 q
OTISOtis Worldwide Corporation	2.40%	7,995,945	$794M	trimmed−2%	+0.04 pp	7 q
FTNTFortinet, Inc.	2.10%	10,167,951	$695M	added+14%	+0.40 pp	15 q
AAPLApple Inc.	1.15%	2,213,052	$379M	added+21%	+0.01 pp	7 q
TXNTexas Instruments Incorporated	0.73%	1,381,451	$241M	new	+0.73 pp	new
EFXEquifax, Incorporated	0.38%	472,805	$126M	trimmed−3%	−0.01 pp	22 q
VRSNVeriSign Inc	0.37%	644,143	$122M	trimmed−3%	−0.07 pp	22 q
VRSKVerisk Analytics, Inc.	0.34%	478,647	$113M	trimmed−8%	−0.06 pp	22 q
GGGGraco Inc	0.33%	1,175,486	$110M	trimmed−3%	−0.01 pp	5 q
CHHChoice Hotels Intnl.	0.29%	756,944	$96M	new	+0.29 pp	new
MSCIMSCI, Inc.	0.29%	171,859	$96M	trimmed−17%	−0.09 pp	22 q
QLYSQualys, Inc.	0.29%	565,246	$94M	trimmed−9%	−0.11 pp	16 q
IEXIDEX Corporation	0.28%	373,902	$91M	trimmed−3%	+0.01 pp	7 q
CLXClorox Company	0.27%	588,141	$90M	trimmed−3%	−0.01 pp	2 q
EXPOExponent Inc	0.26%	1,050,120	$87M	trimmed−3%	−0.05 pp	4 q
CGNXCognex Corp	0.25%	1,966,235	$83M	trimmed−3%	−0.02 pp	22 q
HDHome Depot, Inc.	0.23%	198,011	$76M	trimmed−1%	+0.01 pp	13 q
ROLRollins, Inc.	0.23%	1,647,761	$76M	trimmed−3%	−0.01 pp	13 q
PAYCPaycom Software, Inc.	0.20%	325,271	$65M	added×2.1	+0.09 pp	22 q
ODDODDITY Tech Ltd. Class A	0.17%	1,327,313	$58M	added+20%	0.00 pp	3 q
SABRSabre Corporation	0.16%	21,676,328	$52M	trimmed−3%	−0.16 pp	22 q
ZTSZoetis Inc.	0.16%	309,087	$52M	added+3%	−0.03 pp	14 q
MAMastercard Incorporated	0.13%	87,063	$42M	added+3%	+0.01 pp	5 q
MCDMcDonald's Corporation	0.11%	126,465	$36M	added+3%	−0.01 pp	3 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.06%	149,989	$20M	new	+0.06 pp	new
FCNCAFirst Citizens BancShares Inc	0.04%	7,296	$12M	held	—	4 q
IPGPIPG Photonics Corporation	—	−548,993	—	exited	−0.19 pp	—
JNJJohnson & Johnson	—	−370,023	—	exited	−0.19 pp	—