Great investors · Terry Smith · Q3 2024
What Terry Smith bought and sold in Q3 2024
Fundsmith 13F portfolio as of Sep 30, 2024: 40 positions worth $25.3 bn. Largest: MSFT, META, SYK, ADP. Filed with the SEC on Nov 14, 2024.
The 13F is filed by Fundsmith, not by Terry Smith personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q3 2024
No purchase of 0.5 points of the portfolio or more this quarter.
Sells in Q3 2024
- ReducedMcCORMICKMKC−2.7 pp
- ReducedPhilip Morris InternationalPM−1.2 pp
2 companies with material moves, out of 14 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Fundsmith's Q3 2024 13F lists 40 lines of US-listed securities worth $25.3 bn; the largest is MSFT at 11.7% of the portfolio. It was accepted by the SEC on Nov 14, 2024 at 9:05 AM ET.
Against the previous quarter, it opened no new positions, closed none, added to 6 (TXN, CLX, HD and ZTS and 2 more) and trimmed 8 (PM, MKC, MSFT and BF/B and 4 more). 26 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Microsoft MSFT | 6.9 M | $3.0 bn | 11.7% | −3.4% |
| 2 | Meta Platforms META | 4.9 M | $2.8 bn | 11.0% | no change |
| 3 | Stryker SYK | 5.3 M | $1.9 bn | 7.63% | no change |
| 4 | Automatic Data Processing ADP | 5.6 M | $1.5 bn | 6.10% | no change |
| 5 | Visa V | 5.5 M | $1.5 bn | 6.03% | no change |
| 6 | Philip Morris International PM | 12.0 M | $1.5 bn | 5.77% | −17% |
| 7 | Idexx Laboratories IDXX | 2.7 M | $1.3 bn | 5.32% | no change |
| 8 | Waters WAT | 3.6 M | $1.3 bn | 5.19% | no change |
| 9 | Alphabet GOOGL | 6.9 M | $1.1 bn | 4.50% | no change |
| 10 | Marriott International MAR | 4.3 M | $1.1 bn | 4.20% | no change |
| 11 | Pepsico PEP | 5.7 M | $976M | 3.86% | no change |
| 12 | Mettler-Toledo International MTD | 591,919 | $888M | 3.51% | no change |
| 13 | Procter & Gamble PG | 4.6 M | $802M | 3.17% | no change |
| 14 | Fortinet FTNT | 10.1 M | $785M | 3.10% | −1.6% |
| 15 | Church & Dwight CHD | 6.9 M | $721M | 2.85% | no change |
| 16 | Otis Worldwide OTIS | 6.1 M | $638M | 2.53% | no change |
| 17 | Nike NKE | 6.3 M | $557M | 2.20% | no change |
| 18 | Brown Forman BF/B | 10.0 M | $493M | 1.95% | −10% |
| 19 | Apple AAPL | 1.6 M | $363M | 1.44% | no change |
| 20 | Texas Instruments TXN | 1.7 M | $351M | 1.39% | +10% |
| 21 | McCORMICK MKC | 1.7 M | $142M | 0.56% | −83% |
| 22 | Verisign VRSN | 624,500 | $119M | 0.47% | no change |
| 23 | Verisk Analytics VRSK | 417,685 | $112M | 0.44% | −10% |
| 24 | Equifax EFX | 363,328 | $107M | 0.42% | −21% |
| 25 | Clorox CLX | 613,497 | $99.9M | 0.40% | +7.6% |
| 26 | Graco GGG | 1.1 M | $99.7M | 0.39% | no change |
| 27 | MSCI MSCI | 166,619 | $97.1M | 0.38% | no change |
| 28 | Exponent EXPO | 836,477 | $96.4M | 0.38% | −18% |
| 29 | Choice Hotels International CHH | 733,892 | $95.6M | 0.38% | no change |
| 30 | Rollins ROL | 1.6 M | $80.8M | 0.32% | no change |
| 31 | Sabre SABR | 21.5 M | $78.9M | 0.31% | no change |
| 32 | Idex IEX | 362,501 | $77.8M | 0.31% | no change |
| 33 | Cognex CGNX | 1.9 M | $77.2M | 0.31% | no change |
| 34 | Qualys QLYS | 548,009 | $70.4M | 0.28% | no change |
| 35 | Oddity Tech ODD | 1.6 M | $65.2M | 0.26% | no change |
| 36 | Home Depot HD | 147,815 | $59.9M | 0.24% | +1.1% |
| 37 | Paycom Software PAYC | 322,611 | $53.7M | 0.21% | no change |
| 38 | Zoetis ZTS | 230,726 | $45.1M | 0.18% | +1.1% |
| 39 | Mastercard MA | 64,990 | $32.1M | 0.13% | +1.1% |
| 40 | McDONALD’S MCD | 94,403 | $28.7M | 0.11% | +1.1% |
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Fundsmith's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.