Terry Smith’s portfolio: Fundsmith 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001569205Latest: Q2 2026
Q1 2020 filing in brief
In its Q1 2020 13F, filed May 14, 2020, Fundsmith reported $17.8B across 34 US positions. The largest: MSFT (10.6%), PM (7.0%), PYPL (6.7%), EL (6.0%), META (6.0%). In the quarter it opened 3 positions, sold out of 0, added to 9 and trimmed 18; positions opened and sold out came to 1.9% 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 May 14, 2020
- 3 New
- 9 Added
- 18 Trimmed
- 0 Exited
34 positions at March 31, 2020. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | MSFT | MICROSOFT | $1.9B | 12.0M | 10.63% | −1.8% | Trimmed |
| 2 | PM | PHILIP MORRIS INTERNATIONAL | $1.2B | 17.0M | 6.99% | +0.7% | Held |
| 3 | PYPL | PAYPAL HOLDINGS INC | $1.2B | 12.4M | 6.69% | −18.3% | Trimmed |
| 4 | EL | ESTEE LAUDER | $1.1B | 6.7M | 6.04% | −2.0% | Trimmed |
| 5 | META | $1.1B | 6.4M | 6.04% | −2.3% | Trimmed | |
| 6 | IDXX | IDEXX LABORATORIES | $1.0B | 4.2M | 5.79% | −7.5% | Trimmed |
| 7 | INTU | INTUIT INC | $1.0B | 4.5M | 5.77% | −6.0% | Trimmed |
| 8 | MKC | MCCORMICK & CO NON VTG SHRS | $1.0B | 7.1M | 5.66% | −3.5% | Trimmed |
| 9 | SYK | STRYKER CORP | $988M | 5.9M | 5.56% | −2.5% | Trimmed |
| 10 | V | VISA INC CLASS A SHARES | $983M | 6.1M | 5.53% | −4.9% | Trimmed |
| 11 | PEP | PEPSICO INC | $960M | 8.0M | 5.40% | −5.6% | Trimmed |
| 12 | BDX | BECTON DICKINSON AND CO | $876M | 3.8M | 4.93% | −0.3% | Held |
| 13 | WAT | WATERS CORP | $866M | 4.8M | 4.87% | −6.9% | Trimmed |
| 14 | ADP | AUTOMATIC DATA PROCESSING | $858M | 6.3M | 4.83% | −2.9% | Trimmed |
| 15 | JNJ | JOHNSON & JOHNSON | $705M | 5.4M | 3.97% | −11.3% | Trimmed |
| 16 | BF.B | BROWN FORMAN CORP CLASS B | $546M | 9.8M | 3.08% | +2.2% | Added |
| 17 | CLX | CLOROX COMPANY | $276M | 1.6M | 1.55% | −5.4% | Trimmed |
| 18 | NKE | NIKE INC CL B | $192M | 2.3M | 1.08% | — | New |
| 19 | SBUX | STARBUCKS CORP | $174M | 2.6M | 0.98% | — | New |
| 20 | — | CHECK POINT SOFTWARE TECH | $87M | 866.4K | 0.49% | +8.1% | Added |
| 21 | 3M4 | MASIMO | $84M | 475.9K | 0.47% | −17.2% | Trimmed |
| 22 | VRSK | VERISK ANALYTICS | $83M | 598.3K | 0.47% | −3.8% | Trimmed |
| 23 | AKX | ANSYS | $77M | 330.0K | 0.43% | −4.9% | Trimmed |
| 24 | EFX | EQUIFAX | $68M | 568.1K | 0.38% | −13.2% | Trimmed |
| 25 | VRSN | VERISIGN | $64M | 355.3K | 0.36% | +30.2% | Added |
| 26 | CGNX | COGNEX | $64M | 1.5M | 0.36% | +29.2% | Added |
| 27 | IPGP | IPG PHOTONICS | $62M | 566.1K | 0.35% | +23.1% | Added |
| 28 | MSCI | MSCI | $59M | 204.4K | 0.33% | +2.2% | Added |
| 29 | AOS | AO SMITH | $55M | 1.5M | 0.31% | +24.4% | Added |
| 30 | SABR | SABRE | $47M | 8.0M | 0.27% | +95.3% | Added |
| 31 | PAYC | PAYCOM SOFTWARE | $35M | 174.6K | 0.20% | +2.2% | Added |
| 32 | MELI | MERCADOLIBRE | $17M | 34.8K | 0.10% | 0.0% | Held |
| 33 | MAR | MARRIOTT INTERNATIONAL CL A | $13M | 172.8K | 0.07% | +0.6% | Held |
| 34 | — | XP CLASS A | $5M | 253.4K | 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.