Great investors · Terry Smith · Q4 2024
What Terry Smith bought and sold in Q4 2024
Fundsmith 13F portfolio as of Dec 31, 2024: 38 positions worth $23.5 bn. Largest: META, MSFT, SYK, ADP. Filed with the SEC on Feb 14, 2025.
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 Q4 2024
No purchase of 0.5 points of the portfolio or more this quarter.
Sells in Q4 2024
- Sold outAppleAAPL−1.4 pp
- ReducedMicrosoftMSFT−1.2 pp
- ReducedVisaV−1.2 pp
- ReducedMeta PlatformsMETA−0.7 pp
- ReducedAutomatic Data ProcessingADP−0.6 pp
- ReducedFortinetFTNT−0.6 pp
- Sold outMcCORMICKMKC−0.6 pp
7 companies with material moves, out of 19 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 Q4 2024 13F lists 38 lines of US-listed securities worth $23.5 bn; the largest is META at 11.4% of the portfolio. It was accepted by the SEC on Feb 14, 2025 at 8:50 AM ET.
Against the previous quarter, it opened 2 positions (MEDP and DOCS), closed 4 (AAPL, MKC, CGNX and MCD), added to none and trimmed 13 (MSFT, V, META and ADP and 9 more). 23 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Meta Platforms META | 4.6 M | $2.7 bn | 11.4% | −6.4% |
| 2 | Microsoft MSFT | 6.2 M | $2.6 bn | 11.1% | −10% |
| 3 | Stryker SYK | 5.3 M | $1.9 bn | 8.19% | no change |
| 4 | Automatic Data Processing ADP | 5.0 M | $1.5 bn | 6.26% | −10% |
| 5 | Visa V | 4.6 M | $1.5 bn | 6.23% | −17% |
| 6 | Philip Morris International PM | 11.2 M | $1.4 bn | 5.77% | −6.4% |
| 7 | Waters WAT | 3.6 M | $1.3 bn | 5.75% | no change |
| 8 | Alphabet GOOGL | 6.8 M | $1.3 bn | 5.53% | no change |
| 9 | Marriott International MAR | 4.3 M | $1.2 bn | 5.06% | no change |
| 10 | Idexx Laboratories IDXX | 2.7 M | $1.1 bn | 4.69% | no change |
| 11 | Pepsico PEP | 5.7 M | $861M | 3.67% | −1.3% |
| 12 | Fortinet FTNT | 8.5 M | $806M | 3.44% | −16% |
| 13 | Procter & Gamble PG | 4.6 M | $776M | 3.31% | no change |
| 14 | Mettler-Toledo International MTD | 591,455 | $724M | 3.09% | no change |
| 15 | Church & Dwight CHD | 6.9 M | $718M | 3.06% | no change |
| 16 | Otis Worldwide OTIS | 6.0 M | $553M | 2.36% | −2.8% |
| 17 | Nike NKE | 6.1 M | $464M | 1.98% | −2.6% |
| 18 | Brown Forman BF/B | 9.6 M | $366M | 1.56% | −3.7% |
| 19 | Texas Instruments TXN | 1.7 M | $319M | 1.36% | no change |
| 20 | Verisign VRSN | 624,500 | $129M | 0.55% | no change |
| 21 | Verisk Analytics VRSK | 417,685 | $115M | 0.49% | no change |
| 22 | Choice Hotels International CHH | 733,892 | $104M | 0.44% | no change |
| 23 | MSCI MSCI | 166,619 | $100M | 0.43% | no change |
| 24 | Clorox CLX | 613,497 | $99.6M | 0.42% | no change |
| 25 | Graco GGG | 1.1 M | $96.1M | 0.41% | no change |
| 26 | Equifax EFX | 363,328 | $92.6M | 0.39% | no change |
| 27 | Sabre SABR | 21.5 M | $78.5M | 0.33% | no change |
| 28 | Qualys QLYS | 548,009 | $76.8M | 0.33% | no change |
| 29 | Idex IEX | 362,501 | $75.9M | 0.32% | no change |
| 30 | Exponent EXPO | 836,477 | $74.5M | 0.32% | no change |
| 31 | Rollins ROL | 1.6 M | $74.0M | 0.32% | no change |
| 32 | Oddity Tech ODD | 1.6 M | $67.9M | 0.29% | no change |
| 33 | Paycom Software PAYC | 322,611 | $66.1M | 0.28% | no change |
| 34 | Home Depot HD | 145,639 | $56.7M | 0.24% | −1.5% |
| 35 | Medpace Holdings MEDP | 127,537 | $42.4M | 0.18% | new |
| 36 | Doximity DOCS | 710,502 | $37.9M | 0.16% | new |
| 37 | Zoetis ZTS | 227,329 | $37.0M | 0.16% | −1.5% |
| 38 | Mastercard MA | 64,033 | $33.7M | 0.14% | −1.5% |
Positions it closed (4)
- Apple AAPLwas 1.44% · 1.6 M shares
- McCORMICK MKCwas 0.56% · 1.7 M shares
- Cognex CGNXwas 0.31% · 1.9 M shares
- McDONALD’S MCDwas 0.11% · 94,403 shares
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.