Terry Smith

Fundsmith LLP · Holdings as of Mar 31, 2024, filed by May 16, 2024 · 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.

$26B

40 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

13% 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 · Mar 2024

MSFT 13% META 9% SYK 8% V 6% IDXX 6% ADP 6% PM 5% WAT 5% MAR 4% PEP 4% MKC 4% MTD 3% CHD 3%

+25 more 17%

Symbol	Value	% of book	vs prior quarter
MSFT	$3.2B	13%	new
META	$2.4B	9%	new
SYK	$2.0B	8%	new
V	$1.6B	6%	new
IDXX	$1.5B	6%	new
ADP	$1.4B	6%	new
PM	$1.4B	5%	new
WAT	$1.3B	5%	new
MAR	$1.1B	4%	new
GOOGL	$1.1B	4%	new
PEP	$1.0B	4%	new
MKC	$939M	4%	new
MTD	$812M	3%	new
PG	$779M	3%	new
CHD	$748M	3%	new
OTIS	$625M	2%	new
NKE	$612M	2%	new
BF.B	$592M	2%	new
FTNT	$558M	2%	new
AAPL	$274M	1%	new
TXN	$194M	1%	new
EFX	$126M	0%	new
VRSN	$122M	0%	new
VRSK	$113M	0%	new
GGG	$110M	0%	new
MSCI	$96M	0%	new
CHH	$96M	0%	new
QLYS	$94M	0%	new
IEX	$91M	0%	new
CLX	$90M	0%	new
EXPO	$87M	0%	new
CGNX	$83M	0%	new
ROL	$76M	0%	new
PAYC	$65M	0%	new
ODD	$58M	0%	new
HD	$56M	0%	new
SABR	$52M	0%	new
ZTS	$39M	0%	new
MA	$31M	0%	new
MCD	$26M	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.