Terry Smith’s portfolio: Fundsmith 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001569205Latest: Q2 2026
Q1 2024 filing in brief
In its Q1 2024 13F, filed May 15, 2024, Fundsmith reported $25.6B across 40 US positions. The largest: MSFT (12.5%), META (9.4%), SYK (7.7%), V (6.2%), IDXX (5.7%). In the quarter it opened 2 positions, sold out of 2, added to 8 and trimmed 21; positions opened and sold out came to 1.6% 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 15, 2024
- 2 New
- 8 Added
- 21 Trimmed
- 2 Exited
40 positions at March 31, 2024. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | MSFT | MICROSOFT CORP | $3.2B | 7.6M | 12.54% | −4.1% | Trimmed |
| 2 | META | META PLATFORMS INC-CLASS A | $2.4B | 5.0M | 9.44% | −0.6% | Held |
| 3 | SYK | STRYKER CORP | $2.0B | 5.5M | 7.67% | −0.6% | Held |
| 4 | V | VISA INC CLASS A SHARES | $1.6B | 5.7M | 6.22% | −0.8% | Held |
| 5 | IDXX | IDEXX LABORATORIES INC | $1.5B | 2.7M | 5.74% | −0.5% | Held |
| 6 | ADP | AUTOMATIC DATA PROCESSING | $1.4B | 5.8M | 5.64% | −0.9% | Held |
| 7 | PM | PHILIP MORRIS INTERNATIONAL | $1.4B | 14.8M | 5.32% | −1.4% | Trimmed |
| 8 | WAT | WATERS CORP | $1.3B | 3.8M | 5.07% | −0.9% | Held |
| 9 | MAR | MARRIOTT INTERNATIONAL CL A | $1.1B | 4.4M | 4.31% | −0.6% | Held |
| 10 | GOOGL | ALPHABET CL A ORD | $1.1B | 7.0M | 4.12% | −0.5% | Held |
| 11 | PEP | PEPSICO INC | $1.0B | 5.8M | 4.00% | −11.8% | Trimmed |
| 12 | MKC | MCCORMICK & CO NON VTG SHRS | $939M | 12.2M | 3.68% | −19.0% | Trimmed |
| 13 | MTD | METTLER TOLEDO ORD | $812M | 610.1K | 3.18% | +7.5% | Added |
| 14 | PG | PROCTER & GAMBLE ORD | $779M | 4.8M | 3.05% | −0.8% | Held |
| 15 | CHD | CHURCH AND DWIGHT ORD | $748M | 7.2M | 2.93% | −1.3% | Trimmed |
| 16 | OTIS | OTIS WORLDWIDE ORD | $625M | 6.3M | 2.45% | −2.3% | Trimmed |
| 17 | NKE | NIKE INC CL B | $612M | 6.5M | 2.40% | −2.6% | Trimmed |
| 18 | BF.B | BROWN FORMAN CORP CLASS B | $592M | 11.5M | 2.32% | −1.7% | Trimmed |
| 19 | FTNT | FORTINET ORD | $558M | 8.2M | 2.19% | +11.5% | Added |
| 20 | AAPL | Apple | $274M | 1.6M | 1.07% | +19.7% | Added |
| 21 | TXN | TEXAS INSTRUMENTS INC | $194M | 1.1M | 0.76% | — | New |
| 22 | EFX | EQUIFAX INC | $126M | 472.8K | 0.50% | −2.6% | Trimmed |
| 23 | VRSN | VERISIGN INC | $122M | 644.1K | 0.48% | −2.6% | Trimmed |
| 24 | VRSK | VERISK ANALYTICS INC | $113M | 478.6K | 0.44% | −7.9% | Trimmed |
| 25 | GGG | GRACO ORD | $110M | 1.2M | 0.43% | −2.6% | Trimmed |
| 26 | MSCI | MSCI INC | $96M | 171.9K | 0.38% | −17.0% | Trimmed |
| 27 | CHH | CHOICE HOTELS INTERNATIONAL ORD | $96M | 756.9K | 0.37% | — | New |
| 28 | QLYS | QUALYS INC | $94M | 565.2K | 0.37% | −9.4% | Trimmed |
| 29 | IEX | IDEX ORD | $91M | 373.9K | 0.36% | −2.6% | Trimmed |
| 30 | CLX | CLOROX COMPANY | $90M | 588.1K | 0.35% | −2.6% | Trimmed |
| 31 | EXPO | EXPONENT INC | $87M | 1.1M | 0.34% | −2.6% | Trimmed |
| 32 | CGNX | COGNEX CORP | $83M | 2.0M | 0.33% | −2.6% | Trimmed |
| 33 | ROL | ROLLINS ORD | $76M | 1.6M | 0.30% | −2.6% | Trimmed |
| 34 | PAYC | PAYCOM SOFTWARE INC | $65M | 325.3K | 0.25% | +106.1% | Added |
| 35 | — | ODDITY TECH LTD | $58M | 1.3M | 0.23% | +20.2% | Added |
| 36 | HD | HOME DEPOT ORD | $56M | 146.6K | 0.22% | −2.2% | Trimmed |
| 37 | SABR | SABRE CORP | $52M | 21.7M | 0.21% | −2.6% | Trimmed |
| 38 | ZTS | ZOETIS CL A ORD | $39M | 228.8K | 0.15% | +1.2% | Added |
| 39 | MA | MASTERCARD CL A ORD | $31M | 64.4K | 0.12% | +1.2% | Added |
| 40 | MCD | MCDONALD S ORD | $26M | 93.6K | 0.10% | +1.2% | Added |
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 |
|---|---|---|---|
| IPGP | IPG PHOTONICS CORP | $60M | 549.0K |
| JNJ | JOHNSON & JOHNSON | $44M | 278.4K |
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.