Terry Smith’s portfolio: Fundsmith 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001569205Latest: Q2 2026
Q3 2020 filing in brief
In its Q3 2020 13F, filed November 12, 2020, Fundsmith reported $25.6B across 36 US positions. The largest: MSFT (9.8%), PYPL (9.5%), META (6.6%), IDXX (6.5%), INTU (5.8%). In the quarter it opened 2 positions, sold out of 0, added to 14 and trimmed 1; positions opened and sold out came to 0.1% 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 Nov 12, 2020
- 2 New
- 14 Added
- 1 Trimmed
- 0 Exited
36 positions at September 30, 2020. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | MSFT | MICROSOFT | $2.5B | 11.9M | 9.80% | −0.2% | Held |
| 2 | PYPL | PAYPAL HOLDINGS INC | $2.4B | 12.4M | 9.51% | −0.2% | Held |
| 3 | META | $1.7B | 6.4M | 6.58% | −0.2% | Held | |
| 4 | IDXX | IDEXX LABORATORIES | $1.7B | 4.2M | 6.50% | −0.2% | Held |
| 5 | INTU | INTUIT INC | $1.5B | 4.6M | 5.85% | +0.1% | Held |
| 6 | EL | ESTEE LAUDER | $1.5B | 6.8M | 5.80% | +0.6% | Held |
| 7 | MKC | MCCORMICK & CO NON VTG SHRS | $1.5B | 7.5M | 5.72% | 0.0% | Held |
| 8 | PM | PHILIP MORRIS INTERNATIONAL | $1.5B | 19.5M | 5.71% | +0.7% | Held |
| 9 | SYK | STRYKER CORP | $1.3B | 6.3M | 5.11% | +1.2% | Added |
| 10 | PEP | PEPSICO INC | $1.2B | 8.9M | 4.82% | +1.4% | Added |
| 11 | V | VISA INC CLASS A SHARES | $1.2B | 6.1M | 4.79% | −0.3% | Held |
| 12 | BDX | BECTON DICKINSON AND CO | $1.0B | 4.3M | 3.95% | +2.3% | Added |
| 13 | NKE | NIKE INC CL B | $973M | 7.8M | 3.80% | +7.0% | Added |
| 14 | ADP | AUTOMATIC DATA PROCESSING | $965M | 6.9M | 3.77% | +6.8% | Added |
| 15 | JNJ | JOHNSON & JOHNSON | $955M | 6.4M | 3.73% | +0.1% | Held |
| 16 | SBUX | STARBUCKS CORP | $892M | 10.4M | 3.48% | +24.5% | Added |
| 17 | WAT | WATERS CORP | $840M | 4.3M | 3.28% | +10.2% | Added |
| 18 | BF.B | BROWN FORMAN CORP CLASS B | $772M | 10.3M | 3.02% | +3.9% | Added |
| 19 | VRSK | VERISK ANALYTICS | $113M | 607.4K | 0.44% | 0.0% | Held |
| 20 | AKX | ANSYS | $110M | 335.0K | 0.43% | 0.0% | Held |
| 21 | IPGP | IPG PHOTONICS | $106M | 626.5K | 0.42% | +9.0% | Added |
| 22 | CGNX | COGNEX | $104M | 1.6M | 0.41% | 0.0% | Held |
| 23 | 3M4 | MASIMO | $101M | 428.9K | 0.40% | 0.0% | Held |
| 24 | EFX | EQUIFAX | $90M | 576.8K | 0.35% | 0.0% | Held |
| 25 | VRSN | VERISIGN | $88M | 429.5K | 0.34% | +19.1% | Added |
| 26 | QLYS | QUALYS | $80M | 813.7K | 0.31% | +30.4% | Added |
| 27 | AOS | AO SMITH | $79M | 1.5M | 0.31% | 0.0% | Held |
| 28 | MSCI | MSCI | $74M | 207.5K | 0.29% | 0.0% | Held |
| 29 | PAYC | PAYCOM SOFTWARE | $67M | 214.8K | 0.26% | +9.6% | Added |
| 30 | SABR | SABRE | $66M | 10.2M | 0.26% | +10.6% | Added |
| 31 | — | CHECK POINT SOFTWARE TECH | $40M | 334.7K | 0.16% | −38.2% | Trimmed |
| 32 | MELI | MERCADOLIBRE | $32M | 30.0K | 0.13% | 0.0% | Held |
| 33 | MAR | MARRIOTT INTERNATIONAL CL A | $26M | 279.6K | 0.10% | +52.0% | Added |
| 34 | FTNT | FORTINET INC | $25M | 212.4K | 0.10% | — | New |
| 35 | — | XP CLASS A | $11M | 253.4K | 0.04% | 0.0% | Held |
| 36 | CL | COLGATE PALMOLIVE CO | $8M | 107.3K | 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.