Fundsmith
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Terry Smith's Fundsmith reported 40 stock positions worth $25.6 billion. Its top holding was Microsoft (MSFT) at 12.5% of the portfolio, followed by Meta Platforms Class A (META, 9.4%) and Stryker (SYK, 7.7%). Compared with Q4 2023, it opened 2 new positions, sold out of 2, added to 8 and reduced 30. The biggest buy was a new position in Texas Instruments (TXN) and the biggest sale Pepsico (PEP, shares −12%).
- Most Recent 13F
- Q2 2026
- Notable People
- Terry Smith
- Location
- LONDON, X0
- CIK
- 0001569205
- Portfolio Value
- $25.6B (Q1 2024)
- SEC Filing
- 0001520023-24-000020 ↗ filed May 15, 2024
Holdings Value
Holdings 40 stocks · $25.6B
| MSFT Microsoft Corp. | 12.54% | 7,617,903 | $3.2B | Reduce -4.1% |
| META Meta Platforms Inc. Class A | 9.44% | 4,969,549 | $2.4B | Reduce -0.6% |
| SYK Stryker Corp. | 7.67% | 5,479,066 | $2.0B | Reduce -0.6% |
| V Visa Inc. Class A | 6.22% | 5,690,596 | $1.6B | Reduce -0.8% |
| IDXX Idexx Laboratories Inc. | 5.74% | 2,714,762 | $1.5B | Reduce -0.5% |
| ADP Automatic Data Processing | 5.64% | 5,765,869 | $1.4B | Reduce -0.9% |
| PM Philip Morris International | 5.32% | 14,822,237 | $1.4B | Reduce -1.4% |
| WAT Waters Corp. | 5.07% | 3,766,251 | $1.3B | Reduce -0.9% |
| MAR Marriott International Class A | 4.31% | 4,364,298 | $1.1B | Reduce -0.6% |
| GOOGL Alphabet Inc. Class A | 4.12% | 6,980,992 | $1.1B | Reduce -0.5% |
| PEP Pepsico Inc. | 4.00% | 5,845,947 | $1.0B | Reduce -11.8% |
| MKC McCormick & Co.-Non VTG SHRS | 3.68% | 12,229,563 | $939.4M | Reduce -19.0% |
| MTD Mettler-Toledo International | 3.18% | 610,096 | $812.2M | Add +7.5% |
| PG The Procter & Gamble Co. | 3.05% | 4,799,082 | $778.7M | Reduce -0.8% |
| CHD Church & Dwight Co. Inc. | 2.93% | 7,171,440 | $748.1M | Reduce -1.3% |
| OTIS Otis Worldwide Corp. | 2.45% | 6,295,103 | $624.9M | Reduce -2.3% |
| NKE Nike Inc. Class B | 2.40% | 6,512,417 | $612.0M | Reduce -2.6% |
| BF.B Brown-Forman Corp. Class B | 2.31% | 11,458,780 | $591.5M | Reduce -1.7% |
| FTNT Fortinet Inc. | 2.19% | 8,174,985 | $558.4M | Add +11.5% |
| AAPL Apple Inc. | 1.07% | 1,597,544 | $273.9M | Add +19.7% |
| TXN Texas Instruments Inc. | 0.76% | 1,111,306 | $193.6M | New |
| EFX Equifax Inc. | 0.49% | 472,805 | $126.5M | Reduce -2.6% |
| VRSN Verisign Inc. | 0.48% | 644,143 | $122.1M | Reduce -2.6% |
| VRSK Verisk Analytics Inc. | 0.44% | 478,647 | $112.8M | Reduce -7.9% |
| GGG Graco Inc. | 0.43% | 1,175,486 | $109.9M | Reduce -2.6% |
| MSCI MSCI Inc. | 0.38% | 171,859 | $96.3M | Reduce -17.0% |
| CHH Choice Hotels Intl Inc. | 0.37% | 756,944 | $95.6M | New |
| QLYS Qualys Inc. | 0.37% | 565,246 | $94.3M | Reduce -9.4% |
| IEX Idex Corp. | 0.36% | 373,902 | $91.2M | Reduce -2.6% |
| CLX Clorox Company | 0.35% | 588,141 | $90.1M | Reduce -2.6% |
| EXPO Exponent Inc. | 0.34% | 1,050,120 | $86.8M | Reduce -2.6% |
| CGNX Cognex Corp. | 0.33% | 1,966,235 | $83.4M | Reduce -2.6% |
| ROL Rollins Inc. | 0.30% | 1,647,761 | $76.2M | Reduce -2.6% |
| PAYC Paycom Software Inc. | 0.25% | 325,271 | $64.7M | Add +106.1% |
| ODD Oddity Tech Ltd. Class A | 0.23% | 1,327,313 | $57.7M | Add +20.2% |
| HD Home Depot Inc. | 0.22% | 146,584 | $56.2M | Reduce -2.2% |
| SABR Sabre Corp. | 0.21% | 21,676,328 | $52.5M | Reduce -2.6% |
| ZTS Zoetis Inc. | 0.15% | 228,805 | $38.7M | Add +1.2% |
| MA Mastercard Inc. Class A | 0.12% | 64,449 | $31.0M | Add +1.2% |
| MCD McDonald's Corp. | 0.10% | 93,617 | $26.4M | Add +1.2% |
Portfolio Sells Q4 2023 → Q1 2024
| PEP Pepsico Inc. | Reduce -11.8% | 4.00% | −0.71 |
| MKC McCormick & Co.-Non VTG SHRS | Reduce -19.0% | 3.68% | −0.65 |
| NKE Nike Inc. Class B | Reduce -2.6% | 2.40% | −0.64 |
| PM Philip Morris International | Reduce -1.4% | 5.32% | −0.61 |
| IDXX Idexx Laboratories Inc. | Reduce -0.5% | 5.74% | −0.60 |
| BF.B Brown-Forman Corp. Class B | Reduce -1.7% | 2.31% | −0.47 |
| IPGP Ipg Photonics Corp. | Sold out | 0.00% | −0.25 |
| SABR Sabre Corp. | Reduce -2.6% | 0.21% | −0.20 |
| JNJ Johnson & Johnson | Sold out | 0.00% | −0.18 |
| WAT Waters Corp. | Reduce -0.9% | 5.07% | −0.16 |
| QLYS Qualys Inc. | Reduce -9.4% | 0.37% | −0.14 |
| MSCI MSCI Inc. | Reduce -17.0% | 0.38% | −0.11 |
| VRSN Verisign Inc. | Reduce -2.6% | 0.48% | −0.09 |
| VRSK Verisk Analytics Inc. | Reduce -7.9% | 0.44% | −0.08 |
| EXPO Exponent Inc. | Reduce -2.6% | 0.34% | −0.06 |
| V Visa Inc. Class A | Reduce -0.8% | 6.22% | −0.04 |
| ADP Automatic Data Processing | Reduce -0.9% | 5.64% | −0.04 |
| CGNX Cognex Corp. | Reduce -2.6% | 0.33% | −0.03 |
| ROL Rollins Inc. | Reduce -2.6% | 0.30% | −0.01 |
| GGG Graco Inc. | Reduce -2.6% | 0.43% | −0.01 |
| CLX Clorox Company | Reduce -2.6% | 0.35% | −0.01 |
| EFX Equifax Inc. | Reduce -2.6% | 0.49% | −0.01 |
| HD Home Depot Inc. | Reduce -2.2% | 0.22% | +0.00 |
| IEX Idex Corp. | Reduce -2.6% | 0.36% | +0.01 |
| GOOGL Alphabet Inc. Class A | Reduce -0.5% | 4.12% | +0.02 |
| OTIS Otis Worldwide Corp. | Reduce -2.3% | 2.45% | +0.03 |
| MSFT Microsoft Corp. | Reduce -4.1% | 12.54% | +0.04 |
| CHD Church & Dwight Co. Inc. | Reduce -1.3% | 2.93% | +0.05 |
| PG The Procter & Gamble Co. | Reduce -0.8% | 3.05% | +0.08 |
| MAR Marriott International Class A | Reduce -0.6% | 4.31% | +0.16 |
| SYK Stryker Corp. | Reduce -0.6% | 7.67% | +0.76 |
| META Meta Platforms Inc. Class A | Reduce -0.6% | 9.44% | +2.04 |
Portfolio Buys Q4 2023 → Q1 2024
| TXN Texas Instruments Inc. | New | 0.76% | +0.76 |
| FTNT Fortinet Inc. | Add +11.5% | 2.19% | +0.39 |
| CHH Choice Hotels Intl Inc. | New | 0.37% | +0.37 |
| MTD Mettler-Toledo International | Add +7.5% | 3.18% | +0.30 |
| PAYC Paycom Software Inc. | Add +106.1% | 0.25% | +0.12 |
| ODD Oddity Tech Ltd. Class A | Add +20.2% | 0.23% | +0.01 |
| MA Mastercard Inc. Class A | Add +1.2% | 0.12% | +0.01 |
| AAPL Apple Inc. | Add +19.7% | 1.07% | −0.00 |
| MCD McDonald's Corp. | Add +1.2% | 0.10% | −0.01 |
| ZTS Zoetis Inc. | Add +1.2% | 0.15% | −0.04 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 41 | $13.6B | MAR, SYK, WAT, V, UBER |
| Q1 2026 | 34 | $12.8B | MAR, SYK, WAT, V, GOOGL |
| Q4 2025 | 37 | $17.1B | WAT, SYK, IDXX, V, MAR |
| Q3 2025 | 35 | $19.8B | SYK, IDXX, GOOGL, MSFT, V |
| Q2 2025 | 39 | $23.0B | META, MSFT, SYK, PM, IDXX |
| Q1 2025 | 38 | $22.0B | META, MSFT, SYK, PM, V |
| Q4 2024 | 38 | $23.5B | META, MSFT, SYK, ADP, V |
| Q3 2024 | 40 | $25.3B | MSFT, META, SYK, ADP, V |
| Q2 2024 | 40 | $24.5B | MSFT, META, SYK, PM, V |
| Q1 2024 | 40 | $25.6B | MSFT, META, SYK, V, IDXX |