Terry Smith

Fundsmith LLP · Holdings as of Jun 30, 2024, filed by Aug 15, 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.

$25B

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 · Jun 2024

MSFT 13% META 10% SYK 7% PM 6% V 6% ADP 5% IDXX 5% GOOGL 5% WAT 4% MAR 4% PEP 4% PG 3% MKC 3%

+25 more 17%

Symbol	Value	% of book	vs prior quarter
MSFT	$3.2B	13%	trimmed
META	$2.5B	10%	unchanged
SYK	$1.8B	7%	trimmed
PM	$1.5B	6%	trimmed
V	$1.5B	6%	trimmed
ADP	$1.3B	5%	trimmed
IDXX	$1.3B	5%	unchanged
GOOGL	$1.2B	5%	unchanged
WAT	$1.1B	4%	trimmed
MAR	$1.0B	4%	trimmed
PEP	$950M	4%	unchanged
MTD	$827M	3%	trimmed
PG	$766M	3%	trimmed
CHD	$717M	3%	trimmed
MKC	$713M	3%	trimmed
FTNT	$620M	3%	added
OTIS	$591M	2%	trimmed
BF.B	$481M	2%	trimmed
NKE	$475M	2%	trimmed
AAPL	$328M	1%	trimmed
TXN	$301M	1%	added
VRSK	$125M	1%	trimmed
EFX	$111M	0%	trimmed
VRSN	$111M	0%	trimmed
EXPO	$97M	0%	trimmed
GGG	$90M	0%	trimmed
CGNX	$89M	0%	trimmed
CHH	$87M	0%	trimmed
MSCI	$80M	0%	trimmed
QLYS	$78M	0%	trimmed
ROL	$78M	0%	trimmed
CLX	$78M	0%	trimmed
IEX	$73M	0%	trimmed
ODD	$63M	0%	added
SABR	$57M	0%	unchanged
HD	$50M	0%	unchanged
PAYC	$46M	0%	unchanged
ZTS	$40M	0%	unchanged
MA	$28M	0%	unchanged
MCD	$24M	0%	unchanged

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