FUNDSMITH INVESTMENT SERVICES LTD.
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 10 quarters, returned +4.6% per quarter — versus +4.7% per quarter from simply owning every 13F stock. It beat that baseline in only 40.0% of quarters (excess t = 0.34, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 24 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| MAR | $392M | | TRIM |
| SYK | $390M | | TRIM |
| WAT | $327M | | TRIM |
| GOOGL | $326M | | TRIM |
| V | $310M | | TRIM |
| MTD | $281M | | TRIM |
| PM | $277M | | TRIM |
| IDXX | $271M | | TRIM |
| ADP | $270M | | HOLD |
| META | $268M | | TRIM |
| PG | $254M | | HOLD |
| MSFT | $246M | | HOLD |
| CHD | $242M | | HOLD |
| TXN | $168M | | HOLD |
| FTNT | $136M | | TRIM |
| ZTS | $132M | | TRIM |
| OTIS | $75M | | TRIM |
| BMI | $20M | | HOLD |
| WM | $16M | | HOLD |
| HD | $2M | | TRIM |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
None.
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.