13F filing recap · Q4 2024

What did Fundsmith buy in Q4 2024?

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

Stock value

$23.46B

Positions

Estimated turnover

8.0%

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 opened new positions in Medpace Holdings and Doximity, and exited Apple, Cognex, McCormick, and McDonald’s entirely. It trimmed Microsoft, Automatic Data Processing, Visa, and Fortinet, while making slight reductions to Meta Platforms, Stryker, Philip Morris International, Waters, Alphabet, Marriott, Idexx Laboratories, PepsiCo, Procter & Gamble, Mettler-Toledo, Church & Dwight, Otis Worldwide, Nike, Brown-Forman, Home Depot, Zoetis, and Mastercard.

New positions

MEDPMedpace Holdings, Inc.$42.37Mreported value+127.5K shares DOCSDoximity, Inc.$37.93Mreported value+710.5K shares

Reduced positions

METAMeta Platforms, Inc.$2.67Breported value-310.0K shares-6.4%MSFTMicrosoft Corporation$2.61Breported value-713.2K shares-10.3%SYKStryker Corp$1.92Breported value-2.8K shares-0.1%ADPAutomatic Data Processing Inc$1.47Breported value-558.1K shares

Exited positions

AAPLApple Inc.$363.15Mprior reported value-1.56M shares-100.0%MKCMccormick & Company, Incorporated$142.23Mprior reported value-1.73M shares-100.0%CGNXCognex Corporation$77.20Mprior reported value-1.91M shares-100.0%MCDMcdonald’s Corporation$28.75Mprior reported value-94.4K shares