Terry Smith’s portfolio: Fundsmith 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001569205Latest: Q2 2026
Q1 2023 filing in brief
In its Q1 2023 13F, filed May 15, 2023, Fundsmith reported $23.2B across 40 US positions. The largest: MSFT (11.2%), PM (6.9%), SYK (6.8%), IDXX (6.4%), EL (5.8%). In the quarter it opened 3 positions, sold out of 1, added to 3 and trimmed 3; positions opened and sold out came to 3.5% 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 May 15, 2023
- 3 New
- 3 Added
- 3 Trimmed
- 1 Exited
40 positions at March 31, 2023. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | MSFT | MICROSOFT CORP | $2.6B | 9.0M | 11.24% | 0.0% | Held |
| 2 | PM | PHILIP MORRIS INTERNATIONAL | $1.6B | 16.5M | 6.91% | −0.1% | Held |
| 3 | SYK | STRYKER CORP | $1.6B | 5.5M | 6.77% | −1.9% | Trimmed |
| 4 | IDXX | IDEXX LABORATORIES INC | $1.5B | 3.0M | 6.37% | −14.2% | Trimmed |
| 5 | EL | ESTEE LAUDER COMPANIES CL A | $1.3B | 5.4M | 5.77% | −4.4% | Trimmed |
| 6 | MKC | MCCORMICK & CO NON VTG SHRS | $1.3B | 15.5M | 5.56% | 0.0% | Held |
| 7 | V | VISA INC CLASS A SHARES | $1.3B | 5.6M | 5.46% | 0.0% | Held |
| 8 | ADP | AUTOMATIC DATA PROCESSING | $1.2B | 5.5M | 5.32% | 0.0% | Held |
| 9 | PEP | PEPSICO INC | $1.2B | 6.7M | 5.24% | 0.0% | Held |
| 10 | META | META PLATFORMS INC-CLASS A | $1.2B | 5.7M | 5.18% | +3.4% | Added |
| 11 | WAT | WATERS CORP | $1.1B | 3.7M | 4.94% | +0.2% | Held |
| 12 | MTD | METTLER TOLEDO ORD | $859M | 561.4K | 3.71% | +0.1% | Held |
| 13 | NKE | NIKE INC CL B | $825M | 6.7M | 3.56% | 0.0% | Held |
| 14 | GOOGL | ALPHABET CL A ORD | $791M | 7.6M | 3.41% | 0.0% | Held |
| 15 | BF.B | BROWN FORMAN CORP CLASS B | $786M | 12.2M | 3.39% | +0.7% | Held |
| 16 | CHD | CHURCH AND DWIGHT ORD | $747M | 8.4M | 3.22% | 0.0% | Held |
| 17 | AMZN | AMAZON COM ORD | $700M | 6.8M | 3.02% | 0.0% | Held |
| 18 | OTIS | OTIS WORLDWIDE ORD | $530M | 6.3M | 2.29% | 0.0% | Held |
| 19 | PG | PROCTER & GAMBLE ORD | $255M | 1.7M | 1.10% | +444.4% | Added |
| 20 | AAPL | Apple | $221M | 1.3M | 0.95% | +186.0% | Added |
| 21 | FTNT | FORTINET ORD | $154M | 2.3M | 0.66% | 0.0% | Held |
| 22 | VRSN | VERISIGN INC | $143M | 674.8K | 0.62% | 0.0% | Held |
| 23 | 3M4 | MASIMO CORP | $141M | 764.3K | 0.61% | 0.0% | Held |
| 24 | MSCI | MSCI INC | $118M | 211.3K | 0.51% | 0.0% | Held |
| 25 | IPGP | IPG PHOTONICS CORP | $105M | 854.3K | 0.45% | 0.0% | Held |
| 26 | CGNX | COGNEX CORP | $102M | 2.1M | 0.44% | 0.0% | Held |
| 27 | VRSK | VERISK ANALYTICS INC | $102M | 530.1K | 0.44% | 0.0% | Held |
| 28 | EFX | EQUIFAX INC | $100M | 495.3K | 0.43% | 0.0% | Held |
| 29 | SABR | SABRE CORP | $97M | 22.7M | 0.42% | 0.0% | Held |
| 30 | QLYS | QUALYS INC | $86M | 658.4K | 0.37% | 0.0% | Held |
| 31 | ROL | ROLLINS ORD | $65M | 1.7M | 0.28% | 0.0% | Held |
| 32 | IEX | IDEX ORD | $61M | 263.7K | 0.26% | 0.0% | Held |
| 33 | PAYC | PAYCOM SOFTWARE INC | $49M | 161.0K | 0.21% | 0.0% | Held |
| 34 | HD | HOME DEPOT ORD | $45M | 153.7K | 0.20% | +0.6% | Held |
| 35 | JNJ | JOHNSON & JOHNSON | $43M | 277.5K | 0.19% | +0.6% | Held |
| 36 | GGG | GRACO ORD | $40M | 545.9K | 0.17% | — | New |
| 37 | ZTS | ZOETIS CL A ORD | $38M | 225.3K | 0.16% | +0.6% | Held |
| 38 | MAR | MARRIOTT INTERNATIONAL CL A | $17M | 99.6K | 0.07% | — | New |
| 39 | MA | MASTERCARD CL A ORD | $15M | 41.7K | 0.07% | — | New |
| 40 | EW | EDWARDS LIFESCIENCES ORD | $826K | 10.0K | 0.00% | 0.0% | Held |
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 |
|---|---|---|---|
| ADBE | ADOBE ORD | $710M | 2.1M |
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.