Terry Smith’s portfolio: Fundsmith 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001569205Latest: Q2 2026
Q1 2022 filing in brief
In its Q1 2022 13F, filed May 16, 2022, Fundsmith reported $29.1B across 44 US positions. The largest: MSFT (10.6%), IDXX (6.8%), EL (5.4%), SYK (5.4%), PM (5.3%). In the quarter it opened 2 positions, sold out of 2, added to 4 and trimmed 29; positions opened and sold out came to 4.6% 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 May 16, 2022
- 2 New
- 4 Added
- 29 Trimmed
- 2 Exited
44 positions at March 31, 2022. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | MSFT | MICROSOFT CORP | $3.1B | 10.0M | 10.61% | −22.9% | Trimmed |
| 2 | IDXX | IDEXX LABORATORIES INC | $2.0B | 3.6M | 6.80% | −14.7% | Trimmed |
| 3 | EL | ESTEE LAUDER COMPANIES CL A | $1.6B | 5.8M | 5.42% | −19.1% | Trimmed |
| 4 | SYK | STRYKER CORP | $1.6B | 5.8M | 5.37% | −19.4% | Trimmed |
| 5 | PM | PHILIP MORRIS INTERNATIONAL | $1.5B | 16.5M | 5.31% | −19.4% | Trimmed |
| 6 | MKC | MCCORMICK & CO NON VTG SHRS | $1.5B | 15.5M | 5.31% | −18.1% | Trimmed |
| 7 | INTU | INTUIT INC | $1.4B | 3.0M | 4.97% | −19.4% | Trimmed |
| 8 | PEP | PEPSICO INC | $1.3B | 7.8M | 4.49% | −25.1% | Trimmed |
| 9 | ADP | AUTOMATIC DATA PROCESSING | $1.3B | 5.6M | 4.35% | −21.6% | Trimmed |
| 10 | V | VISA INC CLASS A SHARES | $1.2B | 5.6M | 4.29% | −18.1% | Trimmed |
| 11 | META | META PLATFORMS INC-CLASS A | $1.2B | 5.5M | 4.18% | −19.5% | Trimmed |
| 12 | PYPL | PAYPAL HOLDINGS INC | $1.2B | 10.5M | 4.16% | −19.5% | Trimmed |
| 13 | WAT | WATERS CORP | $1.1B | 3.7M | 3.93% | −18.3% | Trimmed |
| 14 | AMZN | AMAZON COM ORD | $1.1B | 338.9K | 3.79% | −20.3% | Trimmed |
| 15 | GOOGL | ALPHABET CL A ORD | $1.1B | 380.4K | 3.63% | −9.2% | Trimmed |
| 16 | NKE | NIKE INC CL B | $905M | 6.7M | 3.11% | −23.2% | Trimmed |
| 17 | ADBE | ADOBE ORD | $876M | 1.9M | 3.01% | — | New |
| 18 | CHD | CHURCH AND DWIGHT ORD | $839M | 8.4M | 2.88% | −27.6% | Trimmed |
| 19 | BF.B | BROWN FORMAN CORP CLASS B | $790M | 11.8M | 2.71% | −23.7% | Trimmed |
| 20 | SBUX | STARBUCKS CORP | $749M | 8.2M | 2.57% | −28.9% | Trimmed |
| 21 | MTD | METTLER TOLEDO ORD | $567M | 412.6K | 1.95% | — | New |
| 22 | SABR | SABRE CORP | $259M | 22.7M | 0.89% | 0.0% | Held |
| 23 | FTNT | FORTINET ORD | $158M | 462.0K | 0.54% | −27.3% | Trimmed |
| 24 | VRSK | VERISK ANALYTICS INC | $151M | 704.7K | 0.52% | −11.3% | Trimmed |
| 25 | AKX | ANSYS INC | $148M | 465.7K | 0.51% | 0.0% | Held |
| 26 | CGNX | COGNEX CORP | $147M | 1.9M | 0.51% | +5.2% | Added |
| 27 | VRSN | VERISIGN INC | $139M | 626.5K | 0.48% | −9.8% | Trimmed |
| 28 | QLYS | QUALYS INC | $134M | 938.8K | 0.46% | −12.5% | Trimmed |
| 29 | EFX | EQUIFAX INC | $117M | 494.7K | 0.40% | −27.6% | Trimmed |
| 30 | 3M4 | MASIMO CORP | $111M | 761.1K | 0.38% | +74.6% | Added |
| 31 | MSCI | MSCI INC | $106M | 211.0K | 0.36% | 0.0% | Held |
| 32 | WING | WINGSTOP ORD | $98M | 832.5K | 0.34% | +47.6% | Added |
| 33 | IPGP | IPG PHOTONICS CORP | $94M | 853.0K | 0.32% | 0.0% | Held |
| 34 | PAYC | PAYCOM SOFTWARE INC | $89M | 258.1K | 0.31% | +18.2% | Added |
| 35 | ROL | ROLLINS ORD | $80M | 2.3M | 0.27% | −12.9% | Trimmed |
| 36 | PG | PROCTER & GAMBLE ORD | $47M | 310.3K | 0.16% | −16.4% | Trimmed |
| 37 | HD | HOME DEPOT ORD | $44M | 148.1K | 0.15% | −7.2% | Trimmed |
| 38 | JNJ | JOHNSON & JOHNSON | $43M | 242.4K | 0.15% | −96.6% | Trimmed |
| 39 | ZTS | ZOETIS CL A ORD | $42M | 220.4K | 0.14% | −16.4% | Trimmed |
| 40 | MELI | MERCADOLIBRE | $29M | 24.2K | 0.10% | 0.0% | Held |
| 41 | WNSN | WNS HOLDINGS - ADR | $17M | 193.2K | 0.06% | 0.0% | Held |
| 42 | TSM | Taiwan Semiconductor Manufacturing US ADR | $15M | 141.7K | 0.05% | 0.0% | Held |
| 43 | — | Genpact Ltd | $14M | 317.3K | 0.05% | 0.0% | Held |
| 44 | — | XP CLASS A | $8M | 253.4K | 0.03% | 0.0% | Held |
2 exited positions
Positions held in the preceding quarter and absent from this filing. Values and shares are from the preceding quarter.
| Ticker | Issuer | Previous value | Previous shares |
|---|---|---|---|
| AOS | AO SMITH | $153M | 1.8M |
| CL | COLGATE PALMOLIVE CO | $11M | 128.8K |
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.