Terry Smith

Fundsmith LLP · Holdings as of Sep 30, 2023, filed by Nov 15, 2023 · US long stock positions only

Buy quality

Reported value?Total value of the US long stock positions in the latest SEC filing. Not the fund's full size: cash, shorts, bonds and foreign listings never appear in these filings.

$22B

39 positions shown

Copycat since 2016?What $1 became if you bought this exact filed book at every filing deadline since 2016 and rebalanced quarterly. Price returns, dividends excluded. A copy of public filings, not the fund's actual performance.

3.00x

11% per year

vs SPY?The same $1 in SPY over the same window. Ahead means copying the filings beat the market; behind means the boring index won.

behind

SPY 3.57x same window

Top position?Largest holding by reported value and its share of the filed book.

MSFT

12% of book

Copying these filings vs SPY?Each line is $1 buying the filed book at every quarterly deadline. Hover for values at any quarter. Dividends excluded on both lines.

$1 at every deadline since 2016

Price returns, dividends excluded on both lines. A copycat of public filings traded at each deadline, not the fund's actual performance.

Mar 2026 Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 Sep 2023 Jun 2023

The book

tile = share of the filed book · tap a tile for the ticker · Sep 2023

MSFT 12% SYK 7% META 7% PM 6% ADP 6% V 6% IDXX 6% MKC 5% PEP 5% WAT 5% GOOGL 5% MAR 4% PG 3% CHD 3%

+24 more 17%

Symbol	Value	% of book	vs prior quarter
MSFT	$2.7B	12%	trimmed
SYK	$1.5B	7%	unchanged
META	$1.5B	7%	trimmed
PM	$1.4B	6%	trimmed
ADP	$1.3B	6%	unchanged
V	$1.3B	6%	unchanged
IDXX	$1.3B	6%	unchanged
MKC	$1.2B	5%	unchanged
PEP	$1.1B	5%	unchanged
WAT	$1.0B	5%	unchanged
GOOGL	$993M	5%	unchanged
MAR	$864M	4%	added
PG	$707M	3%	unchanged
BF.B	$697M	3%	unchanged
CHD	$667M	3%	added
NKE	$641M	3%	unchanged
MTD	$630M	3%	unchanged
OTIS	$518M	2%	unchanged
FTNT	$289M	1%	added
AAPL	$228M	1%	unchanged
VRSN	$136M	1%	unchanged
VRSK	$124M	1%	unchanged
MSCI	$108M	0%	unchanged
SABR	$101M	0%	unchanged
QLYS	$100M	0%	unchanged
EXPO	$94M	0%	unchanged
EFX	$90M	0%	unchanged
GGG	$89M	0%	unchanged
CGNX	$87M	0%	unchanged
IEX	$81M	0%	unchanged
ROL	$64M	0%	unchanged
IPGP	$56M	0%	unchanged
HD	$45M	0%	unchanged
JNJ	$43M	0%	unchanged
PAYC	$41M	0%	unchanged
ZTS	$39M	0%	unchanged
MA	$25M	0%	unchanged
MCD	$24M	0%	new
ODD	$16M	0%	new

Positions built under SEC confidential treatment appear only after the SEC releases them. Cash, foreign listings and shorts never appear in these filings.