Fundsmith

Q4 2024 13F · by Terry Smith, founder

As of: Dec 31, 2024
Filed: Feb 14, 2025
US stock: $31.1B · prev $33.3B
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%

Moves33 since the prior filing

+1.9 pp in · −2.2 pp out

New 7 +0.46 pp
Added 3 +1.42 pp
Trimmed 19 +0.14 pp
Exited 4 −2.31 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.2% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions44% of US stock

Positions46 in this filing · 4 exited


METAMeta Platforms, Inc. Class A	11.40%	6,063,082	$3.5B	trimmed−6%	+0.29 pp	28 q
MSFTMicrosoft Corp	11.18%	8,265,001	$3.5B	trimmed−9%	−0.56 pp	26 q
SYKStryker Corporation	8.37%	7,242,956	$2.6B	added0%	+0.54 pp	47 q
ADPAutomatic Data Processing	6.33%	6,733,788	$2.0B	trimmed−9%	+0.18 pp	33 q
VVISA Inc.	6.26%	6,164,561	$1.9B	trimmed−16%	+0.18 pp	47 q
WATWaters Corp	5.79%	4,859,454	$1.8B	trimmed−0%	+0.52 pp	40 q
PMPhilip Morris International Inc.	5.74%	14,854,051	$1.8B	trimmed−6%	−0.03 pp	47 q
GOOGLAlphabet Inc. Class A	5.38%	8,857,507	$1.7B	trimmed−0%	+0.97 pp	13 q
MARMarriott International Class A	5.16%	5,760,320	$1.6B	added+1%	+0.91 pp	8 q
IDXXIdexx Laboratories Inc	4.68%	3,527,863	$1.5B	trimmed−0%	−0.67 pp	40 q
PEPPepsiCo, Inc.	3.67%	7,512,083	$1.1B	trimmed−1%	−0.20 pp	47 q
PGProcter & Gamble Company	3.60%	6,679,633	$1.1B	trimmed−0%	+0.12 pp	17 q
FTNTFortinet, Inc.	3.36%	11,080,057	$1.0B	trimmed−13%	+0.41 pp	18 q
MTDMettler-Toledo International	3.34%	851,390	$1.0B	trimmed−0%	−0.49 pp	12 q
CHDChurch & Dwight Co., Inc.	3.29%	9,772,542	$1.0B	trimmed−0%	+0.21 pp	17 q
OTISOtis Worldwide Corporation	2.30%	7,733,523	$716M	trimmed−2%	−0.17 pp	10 q
NKENike, Inc.	2.05%	8,444,374	$639M	trimmed−2%	−0.23 pp	20 q
BF.BBrown-Forman Corporation Class B	1.52%	12,493,321	$474M	trimmed−3%	−0.39 pp	22 q
TXNTexas Instruments Incorporated	1.33%	2,204,517	$413M	added+1%	−0.03 pp	4 q
VRSNVeriSign Inc	0.41%	624,500	$129M	held	—	25 q
VRSKVerisk Analytics, Inc.	0.37%	417,685	$115M	held	—	25 q
CHHChoice Hotels Intnl.	0.33%	733,892	$104M	held	—	4 q
CLXClorox Company	0.32%	613,497	$100M	held	—	5 q
MSCIMSCI, Inc.	0.32%	166,619	$100M	held	—	25 q
GGGGraco Inc	0.31%	1,139,641	$96M	held	—	8 q
EFXEquifax, Incorporated	0.30%	363,328	$93M	held	—	25 q
HDHome Depot, Inc.	0.25%	202,176	$79M	trimmed−1%	0.00 pp	16 q
QLYSQualys, Inc.	0.25%	548,009	$77M	held	—	19 q
SABRSabre Corporation	0.25%	21,499,095	$78M	held	—	25 q
EXPOExponent Inc	0.24%	836,477	$75M	held	—	7 q
IEXIDEX Corporation	0.24%	362,501	$76M	held	—	10 q
ROLRollins, Inc.	0.24%	1,597,513	$74M	held	—	16 q
ODDODDITY Tech Ltd. Class A	0.22%	1,615,158	$68M	held	—	6 q
PAYCPaycom Software, Inc.	0.21%	322,611	$66M	held	—	25 q
MEDPMedpace Holdings, Inc.	0.20%	191,675	$64M	new	+0.20 pp	new
ZTSZoetis Inc.	0.17%	315,579	$51M	trimmed−1%	−0.02 pp	17 q
MAMastercard Incorporated	0.15%	88,891	$47M	trimmed−1%	+0.02 pp	8 q
DOCSDoximity, Inc.	0.12%	710,502	$38M	new	+0.12 pp	new
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.10%	149,989	$30M	held	—	4 q
FCNCAFirst Citizens BancShares Inc	0.07%	10,369	$22M	held	—	7 q
NVDANvidia Corp	0.04%	85,880	$12M	held	—	3 q
RDDTReddit, Inc.	0.04%	76,675	$13M	new	+0.04 pp	new
SHOPShopify Inc. Class A subordinate voting shares	0.03%	96,127	$10M	new	+0.03 pp	new
WMWaste Management, Inc.	0.03%	48,193	$10M	new	+0.03 pp	new
ARGTGlobal X MSCI Argentina ETF	0.02%	58,754	$5M	new	+0.02 pp	new
IESCIES Holdings, Inc.	0.02%	33,400	$7M	new	+0.02 pp	new
AAPLApple Inc.	—	−2,159,487	—	exited	−1.51 pp	—
MKCMcCormick & Company, Incorporated Non-VTG CS	—	−1,813,404	—	exited	−0.45 pp	—
CGNXCognex Corp	—	−1,906,276	—	exited	−0.23 pp	—
MCDMcDonald's Corporation	—	−130,511	—	exited	−0.12 pp	—