Terry Smith’s portfolio: Fundsmith 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001569205Latest: Q2 2026
Q4 2022 filing in brief
In its Q4 2022 13F, filed February 14, 2023, Fundsmith reported $21.9B across 38 US positions. The largest: MSFT (9.9%), PM (7.6%), EL (6.4%), IDXX (6.4%), SYK (6.3%). In the quarter it opened 0 positions, sold out of 8, added to 2 and trimmed 4; positions opened and sold out came to 5.9% 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 Feb 14, 2023
- 0 New
- 2 Added
- 4 Trimmed
- 8 Exited
38 positions at December 31, 2022. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | MSFT | MICROSOFT CORP | $2.2B | 9.0M | 9.89% | −2.7% | Trimmed |
| 2 | PM | PHILIP MORRIS INTERNATIONAL | $1.7B | 16.5M | 7.62% | −0.1% | Held |
| 3 | EL | ESTEE LAUDER COMPANIES CL A | $1.4B | 5.7M | 6.44% | −4.6% | Trimmed |
| 4 | IDXX | IDEXX LABORATORIES INC | $1.4B | 3.4M | 6.42% | −4.9% | Trimmed |
| 5 | SYK | STRYKER CORP | $1.4B | 5.6M | 6.26% | −0.4% | Held |
| 6 | ADP | AUTOMATIC DATA PROCESSING | $1.3B | 5.5M | 6.04% | −0.6% | Held |
| 7 | MKC | MCCORMICK & CO NON VTG SHRS | $1.3B | 15.5M | 5.87% | −0.1% | Held |
| 8 | WAT | WATERS CORP | $1.3B | 3.7M | 5.77% | −0.1% | Held |
| 9 | PEP | PEPSICO INC | $1.2B | 6.7M | 5.49% | −6.8% | Trimmed |
| 10 | V | VISA INC CLASS A SHARES | $1.2B | 5.6M | 5.33% | −0.4% | Held |
| 11 | MTD | METTLER TOLEDO ORD | $811M | 560.9K | 3.70% | −0.1% | Held |
| 12 | BF.B | BROWN FORMAN CORP CLASS B | $798M | 12.1M | 3.64% | −0.7% | Held |
| 13 | NKE | NIKE INC CL B | $787M | 6.7M | 3.59% | −0.1% | Held |
| 14 | ADBE | ADOBE ORD | $710M | 2.1M | 3.24% | −0.1% | Held |
| 15 | CHD | CHURCH AND DWIGHT ORD | $681M | 8.4M | 3.11% | −0.1% | Held |
| 16 | GOOGL | ALPHABET CL A ORD | $673M | 7.6M | 3.07% | −0.1% | Held |
| 17 | META | META PLATFORMS INC-CLASS A | $659M | 5.5M | 3.01% | −0.1% | Held |
| 18 | AMZN | AMAZON COM ORD | $569M | 6.8M | 2.60% | −0.1% | Held |
| 19 | OTIS | OTIS WORLDWIDE ORD | $492M | 6.3M | 2.25% | −0.1% | Held |
| 20 | SABR | SABRE CORP | $140M | 22.7M | 0.64% | −0.1% | Held |
| 21 | VRSN | VERISIGN INC | $139M | 674.8K | 0.63% | −0.1% | Held |
| 22 | FTNT | FORTINET ORD | $113M | 2.3M | 0.52% | −0.1% | Held |
| 23 | 3M4 | MASIMO CORP | $113M | 764.3K | 0.52% | −0.1% | Held |
| 24 | MSCI | MSCI INC | $98M | 211.3K | 0.45% | −0.1% | Held |
| 25 | CGNX | COGNEX CORP | $97M | 2.1M | 0.44% | −0.1% | Held |
| 26 | EFX | EQUIFAX INC | $96M | 495.3K | 0.44% | −0.1% | Held |
| 27 | VRSK | VERISK ANALYTICS INC | $94M | 530.1K | 0.43% | −0.1% | Held |
| 28 | IPGP | IPG PHOTONICS CORP | $81M | 854.3K | 0.37% | −0.1% | Held |
| 29 | QLYS | QUALYS INC | $74M | 658.4K | 0.34% | −0.5% | Held |
| 30 | ROL | ROLLINS ORD | $63M | 1.7M | 0.29% | −0.1% | Held |
| 31 | AAPL | Apple | $61M | 469.2K | 0.28% | +2.8% | Added |
| 32 | IEX | IDEX ORD | $60M | 263.7K | 0.28% | +174.9% | Added |
| 33 | PAYC | PAYCOM SOFTWARE INC | $50M | 161.0K | 0.23% | −0.2% | Held |
| 34 | JNJ | JOHNSON & JOHNSON | $49M | 275.8K | 0.22% | +0.3% | Held |
| 35 | HD | HOME DEPOT ORD | $48M | 152.8K | 0.22% | +0.3% | Held |
| 36 | PG | PROCTER & GAMBLE ORD | $48M | 315.3K | 0.22% | +0.3% | Held |
| 37 | ZTS | ZOETIS CL A ORD | $33M | 224.0K | 0.15% | +0.3% | Held |
| 38 | EW | EDWARDS LIFESCIENCES ORD | $745K | 10.0K | 0.00% | 0.0% | Held |
8 exited positions
Positions held in the preceding quarter and absent from this filing. Values and shares are from the preceding quarter.
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.