Terry Smith’s portfolio: Fundsmith 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001569205Latest: Q2 2026
Q4 2018 filing in brief
In its Q4 2018 13F, filed February 14, 2019, Fundsmith reported $15.8B across 32 US positions. The largest: MSFT (8.7%), PYPL (8.5%), IDXX (7.0%), PM (6.4%), META (6.4%). In the quarter it opened 15 positions, sold out of 0, added to 5 and trimmed 1; positions opened and sold out came to 5.6% of the portfolio's value.
Methodology
Holdings come from the manager’s Form 13F-HR filings on SEC EDGAR, with amendments applied. Values and shares are reported at quarter-end; the filing date is when the report became public. These disclosures show reported long positions and listed options, not the manager’s entire portfolio or its trades since quarter-end.
Quarterly changes compare shares with the immediately preceding quarter on file. New and exited positions appear or disappear; added and trimmed positions change their share count by more than 1%. A share change can also reflect a stock split or other corporate action.
Opened and sold out is the value of new positions plus the prior value of exited positions, divided by the average of the two quarters’ reported portfolio values. It excludes changes to positions still held. Reported value growth includes price changes and is not a measure of investment performance. Largest-five and largest-ten weights exclude options.
Holdings
Filed Feb 14, 2019
- 15 New
- 5 Added
- 1 Trimmed
- 0 Exited
32 positions at December 31, 2018. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | MSFT | MICROSOFT | $1.4B | 12.0M | 8.73% | −0.4% | Held |
| 2 | PYPL | PAYPAL HOLDINGS INC | $1.3B | 15.2M | 8.48% | 0.0% | Held |
| 3 | IDXX | IDEXX LABORATORIES | $1.1B | 4.4M | 7.03% | +0.1% | Held |
| 4 | PM | PHILIP MORRIS INTERNATIONAL | $1.0B | 12.4M | 6.42% | 0.0% | Held |
| 5 | META | $1.0B | 6.1M | 6.39% | +2.7% | Added | |
| 6 | INTU | INTUIT INC | $1.0B | 4.4M | 6.39% | +8.2% | Added |
| 7 | SYK | STRYKER CORP | $982M | 5.5M | 6.24% | +0.1% | Held |
| 8 | BDX | BECTON DICKINSON AND CO | $975M | 3.7M | 6.19% | −0.2% | Held |
| 9 | WAT | WATERS CORP | $970M | 5.0M | 6.16% | −0.9% | Held |
| 10 | PEP | PEPSICO INC | $913M | 8.2M | 5.80% | 0.0% | Held |
| 11 | EL | ESTEE LAUDER | $913M | 6.3M | 5.80% | +6.8% | Added |
| 12 | ADP | AUTOMATIC DATA PROCESSING | $893M | 5.9M | 5.67% | +2.0% | Added |
| 13 | V | VISA INC CLASS A SHARES | $859M | 5.7M | 5.46% | +0.2% | Held |
| 14 | MMM | 3M CO | $735M | 3.5M | 4.66% | 0.0% | Held |
| 15 | JNJ | JOHNSON & JOHNSON | $633M | 4.6M | 4.02% | 0.0% | Held |
| 16 | MKC | MCCORMICK & CO NON VTG SHRS | $354M | 2.7M | 2.25% | — | New |
| 17 | CL | COLGATE PALMOLIVE CO | $149M | 2.2M | 0.95% | −56.1% | Trimmed |
| 18 | 3M4 | MASIMO | $51M | 479.4K | 0.33% | — | New |
| 19 | — | CHECK POINT SOFTWARE TECH | $49M | 479.1K | 0.31% | — | New |
| 20 | EFX | EQUIFAX | $49M | 527.7K | 0.31% | — | New |
| 21 | VRSK | VERISK ANALYTICS | $49M | 450.4K | 0.31% | — | New |
| 22 | SABR | SABRE | $49M | 2.3M | 0.31% | — | New |
| 23 | CDK | CDK GBL. | $44M | 922.8K | 0.28% | — | New |
| 24 | VRSN | VERISIGN | $40M | 272.9K | 0.26% | — | New |
| 25 | CGNX | COGNEX | $40M | 1.0M | 0.25% | — | New |
| 26 | AKX | ANSYS | $39M | 273.0K | 0.25% | — | New |
| 27 | AOS | AO SMITH | $29M | 689.9K | 0.19% | — | New |
| 28 | MAR | MARRIOTT INTERNATIONAL CL A | $24M | 181.6K | 0.15% | +13.8% | Added |
| 29 | MSCI | MSCI | $21M | 144.2K | 0.14% | — | New |
| 30 | PAYC | PAYCOM SOFTWARE | $21M | 170.9K | 0.13% | — | New |
| 31 | IPGP | IPG PHOTONICS | $19M | 169.1K | 0.12% | — | New |
| 32 | MELI | MERCADOLIBRE | $5M | 18.3K | 0.03% | — | New |
Every quarter on file (54)
From the manager’s Form 13F-HR filings on SEC EDGAR, amendments applied. Long US positions only; not a recommendation.