13F filing recap · Q3 2024

What did Fundsmith buy in Q3 2024?

Reported stock-position changes between this filing and the previous one.

Stock value

$25.28B

Positions

Estimated turnover

5.2%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Quarter in review

Fundsmith trimmed a number of positions during the quarter, with the most notable reductions in Philip Morris International, Brown-Forman, and Equifax. It also substantially reduced its stake in McCormick & Company. On the buying side, the fund added to Texas Instruments and made smaller increases in Clorox, Home Depot, Zoetis, Mastercard, and McDonald’s.

Increased positions

IDXXIdexx Laboratories Inc /de$1.35Breported value+970 shares+0.0%GOOGLAlphabet Inc.$1.14Breported value+2.8K shares+0.0%MARMarriott International Inc /md/$1.06Breported value+2.1K shares+0.1%MTDMettler-Toledo International Inc.$887.70Mreported value+344 shares+0.1%OTISOtis Worldwide Corporation$638.32Mreported value+3.0K shares+0.0%TXNTexas Instruments Incorporated$351.30Mreported value+155.8K shares+10.1%CLXClorox Co /de/$99.94Mreported value+43.3K shares+7.6%HDHome Depot, Inc.$59.89Mreported value+1.6K shares+1.1%ZTSZoetis Inc.$45.08Mreported value+2.5K shares+1.1%MAMastercard Inc$32.09Mreported value+710 shares+1.1%MCDMcdonald’s Corporation$28.75Mreported value+1.0K shares+1.1%

Reduced positions

MSFTMicrosoft Corporation$2.97Breported value-240.3K shares-3.4%SYKStryker Corp$1.93Breported value-19.4K shares-0.4%ADPAutomatic Data Processing Inc$1.54Breported value-13.9K shares-0.2%VVisa Inc.$1.53Breported value-5.7K shares