Terry Smith’s portfolio: Fundsmith 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001569205Latest: Q2 2026
Q3 2022 filing in brief
In its Q3 2022 13F, filed November 14, 2022, Fundsmith reported $21.1B across 46 US positions. The largest: MSFT (10.3%), PM (6.5%), EL (6.1%), ADP (6.0%), IDXX (5.6%). In the quarter it opened 4 positions, sold out of 1, added to 11 and trimmed 8; positions opened and sold out came to 2.5% 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 14, 2022
- 4 New
- 11 Added
- 8 Trimmed
- 1 Exited
46 positions at September 30, 2022. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | MSFT | MICROSOFT CORP | $2.2B | 9.3M | 10.26% | −7.3% | Trimmed |
| 2 | PM | PHILIP MORRIS INTERNATIONAL | $1.4B | 16.5M | 6.50% | +0.1% | Held |
| 3 | EL | ESTEE LAUDER COMPANIES CL A | $1.3B | 6.0M | 6.10% | +0.1% | Held |
| 4 | ADP | AUTOMATIC DATA PROCESSING | $1.3B | 5.6M | 5.98% | +0.1% | Held |
| 5 | IDXX | IDEXX LABORATORIES INC | $1.2B | 3.6M | 5.60% | +0.1% | Held |
| 6 | PEP | PEPSICO INC | $1.2B | 7.1M | 5.54% | +0.1% | Held |
| 7 | SYK | STRYKER CORP | $1.1B | 5.6M | 5.41% | −7.0% | Trimmed |
| 8 | MKC | MCCORMICK & CO NON VTG SHRS | $1.1B | 15.5M | 5.25% | +0.1% | Held |
| 9 | V | VISA INC CLASS A SHARES | $1.0B | 5.6M | 4.75% | +0.1% | Held |
| 10 | WAT | WATERS CORP | $995M | 3.7M | 4.73% | +0.1% | Held |
| 11 | BF.B | BROWN FORMAN CORP CLASS B | $814M | 12.2M | 3.86% | +0.1% | Held |
| 12 | AMZN | AMAZON COM ORD | $767M | 6.8M | 3.64% | +0.1% | Held |
| 13 | META | META PLATFORMS INC-CLASS A | $744M | 5.5M | 3.53% | +0.1% | Held |
| 14 | GOOGL | ALPHABET CL A ORD | $730M | 7.6M | 3.47% | +1902.0% | Added |
| 15 | INTU | INTUIT INC | $657M | 1.7M | 3.12% | −28.5% | Trimmed |
| 16 | MTD | METTLER TOLEDO ORD | $609M | 561.5K | 2.89% | +3.9% | Added |
| 17 | CHD | CHURCH AND DWIGHT ORD | $604M | 8.5M | 2.87% | +0.2% | Held |
| 18 | ADBE | ADOBE ORD | $581M | 2.1M | 2.76% | +0.1% | Held |
| 19 | NKE | NIKE INC CL B | $560M | 6.7M | 2.66% | +0.1% | Held |
| 20 | PYPL | PAYPAL HOLDINGS INC | $483M | 5.6M | 2.29% | −41.9% | Trimmed |
| 21 | OTIS | OTIS WORLDWIDE ORD | $401M | 6.3M | 1.90% | — | New |
| 22 | VRSN | VERISIGN INC | $117M | 675.5K | 0.56% | +1.2% | Added |
| 23 | SABR | SABRE CORP | $117M | 22.7M | 0.56% | +1.2% | Added |
| 24 | FTNT | FORTINET ORD | $114M | 2.3M | 0.54% | +1.2% | Added |
| 25 | 3M4 | MASIMO CORP | $108M | 765.2K | 0.51% | +1.2% | Added |
| 26 | QLYS | QUALYS INC | $92M | 661.4K | 0.44% | −28.9% | Trimmed |
| 27 | VRSK | VERISK ANALYTICS INC | $90M | 530.7K | 0.43% | +1.1% | Added |
| 28 | MSCI | MSCI INC | $89M | 211.6K | 0.42% | +1.2% | Added |
| 29 | CGNX | COGNEX CORP | $85M | 2.1M | 0.41% | +1.2% | Added |
| 30 | EFX | EQUIFAX INC | $85M | 495.9K | 0.40% | +1.2% | Added |
| 31 | IPGP | IPG PHOTONICS CORP | $72M | 855.2K | 0.34% | +1.2% | Added |
| 32 | AAPL | AAPL US | $63M | 456.5K | 0.30% | — | New |
| 33 | AKX | ANSYS INC | $61M | 274.6K | 0.29% | −27.6% | Trimmed |
| 34 | ROL | ROLLINS ORD | $60M | 1.7M | 0.28% | −8.0% | Trimmed |
| 35 | PAYC | PAYCOM SOFTWARE INC | $53M | 161.3K | 0.25% | −36.9% | Trimmed |
| 36 | JNJ | JOHNSON & JOHNSON | $45M | 274.8K | 0.21% | +0.5% | Held |
| 37 | HD | HOME DEPOT ORD | $42M | 152.3K | 0.20% | +0.5% | Held |
| 38 | PG | PROCTER & GAMBLE ORD | $40M | 314.2K | 0.19% | +0.5% | Held |
| 39 | ZTS | ZOETIS CL A ORD | $33M | 223.2K | 0.16% | +0.5% | Held |
| 40 | MELI | MERCADOLIBRE | $20M | 24.2K | 0.10% | 0.0% | Held |
| 41 | IEX | IDEX ORD | $19M | 95.9K | 0.09% | — | New |
| 42 | WNSN | WNS HOLDINGS - ADR | $16M | 193.2K | 0.08% | 0.0% | Held |
| 43 | — | Genpact Ltd | $14M | 317.3K | 0.07% | 0.0% | Held |
| 44 | TSM | Taiwan Semiconductor Manufacturing US ADR | $11M | 155.6K | 0.05% | 0.0% | Held |
| 45 | — | XP CLASS A | $5M | 253.4K | 0.02% | 0.0% | Held |
| 46 | EW | EDWARDS LIFESCIENCES ORD | $825K | 10.0K | 0.00% | — | New |
1 exited position
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 |
|---|---|---|---|
| WING | WINGSTOP ORD | $62M | 825.5K |
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.