Fundsmith Equity 13F, Q4 2023
Terry Smith · quarter ending 31 December 2023 · filed 14 February 2024 · SEC CIK 1569205
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q4 2023
The 25 largest of 40 positions. Weights are against the whole filed book. Changes are in shares held, against the Q3 2023 filing.
| Company | Ticker | Value | % of book | vs Q3 2023 |
|---|---|---|---|---|
| MICROSOFT CORP | MSFT | $2.99B | 12.5% | -8% shares |
| META PLATFORMS INC-CLASS A | META | $1.77B | 7.4% | unchanged |
| STRYKER CORP | SYK | $1.65B | 6.9% | unchanged |
| IDEXX LABORATORIES INC | IDXX | $1.51B | 6.3% | -8% shares |
| VISA INC CLASS A SHARES | V | $1.49B | 6.3% | unchanged |
| PHILIP MORRIS INTERNATIONAL | PM | $1.41B | 5.9% | unchanged |
| AUTOMATIC DATA PROCESSING | ADP | $1.36B | 5.7% | +5% shares |
| WATERS CORP | WAT | $1.25B | 5.2% | unchanged |
| PEPSICO INC | PEP | $1.13B | 4.7% | unchanged |
| MCCORMICK & CO NON VTG SHRS | MKC | $1.03B | 4.3% | unchanged |
| MARRIOTT INTERNATIONAL CL A | MAR | $990.33M | 4.2% | unchanged |
| ALPHABET CL A ORD | GOOGL | $980.26M | 4.1% | -8% shares |
| NIKE INC CL B | NKE | $725.84M | 3.0% | unchanged |
| PROCTER & GAMBLE ORD | PG | $709.24M | 3.0% | unchanged |
| METTLER TOLEDO ORD | MTD | $688.47M | 2.9% | unchanged |
| CHURCH AND DWIGHT ORD | CHD | $686.89M | 2.9% | unchanged |
| BROWN FORMAN CORP CLASS B | BF/B | $665.37M | 2.8% | -4% shares |
| OTIS WORLDWIDE ORD | OTIS | $576.38M | 2.4% | unchanged |
| FORTINET ORD | FTNT | $429.13M | 1.8% | +49% shares |
| Apple | AAPL | $256.95M | 1.1% | unchanged |
| VERISIGN INC | VRSN | $136.25M | 0.6% | unchanged |
| VERISK ANALYTICS INC | VRSK | $124.13M | 0.5% | unchanged |
| QUALYS INC | QLYS | $122.47M | 0.5% | -5% shares |
| EQUIFAX INC | EFX | $120.08M | 0.5% | unchanged |
| MSCI INC | MSCI | $117.18M | 0.5% | unchanged |
What changed since Q3 2023
Against the Q3 2023 filing, Fundsmith Equity opened 1 new position, added to 3, trimmed 5, left 31 unchanged and exited 0. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Other quarters
Source: SEC Form 13F-HR, accession 0001520023-24-000014, filed by Fundsmith LLP. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.