13F
中
← All fund report cards

Fundsmith LLP

13F equity value
$12.8B
Positions
34
Top 10 concentration
68.8%
Quarters / total new picks
24 / 53
13F equity value over time
$0M$20B$41B2017201820192020202120222023202420252026

"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.

Not significant Verdict

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 24 quarters, returned +1.4% per quarter — versus +2.8% per quarter from simply owning every 13F stock. It beat that baseline in only 33.3% of quarters (excess t = 0.15, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+0.5%
t-stat
0.15
Quarterly win rate
33%
Annualized excess
-6.9%
$1 → follow vs universe
$1.18 vs $1.75
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320181231: universe 0.99220190930: universe 1.06720191231: universe 0.86120200331: universe 1.03820200630: universe 1.14620200930: universe 1.40620201231: universe 1.47020210331: universe 1.48320210930: universe 1.33120211231: universe 1.13320220331: universe 1.21620220930: universe 1.30620230331: universe 1.37720230630: universe 1.32720230930: universe 1.50620231231: universe 1.57420240331: universe 1.60920241231: universe 1.50220250331: universe 1.63720250630: universe 1.68920251231: universe 1.747 20180331: follow 0.95120180630: follow 1.08820180930: follow 1.10320181231: follow 1.19920190930: follow 1.35020191231: follow 1.68020200331: follow 1.85220200630: follow 1.64120200930: follow 1.93520201231: follow 1.92520210331: follow 2.16120210930: follow 1.93020211231: follow 1.56820220331: follow 1.69820220930: follow 1.76520230331: follow 1.84620230630: follow 1.65520230930: follow 1.76520231231: follow 1.59820240331: follow 1.66820241231: follow 1.32420250331: follow 1.23720250630: follow 1.40420251231: follow 1.182 0.79 1.56 2.33 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 34 · 2026 Q1

Ticker Value Weight QoQ
MAR $1.1B
8.6%
TRIM
SYK $1.0B
7.8%
TRIM
WAT $957M
7.5%
TRIM
V $938M
7.3%
TRIM
GOOGL $850M
6.6%
TRIM
PM $845M
6.6%
TRIM
IDXX $824M
6.4%
TRIM
ADP $783M
6.1%
TRIM
MSFT $770M
6.0%
HOLD
META $756M
5.9%
TRIM
MTD $717M
5.6%
TRIM
CHD $620M
4.8%
HOLD
PG $607M
4.7%
HOLD
TXN $509M
4.0%
HOLD
FTNT $503M
3.9%
TRIM
ZTS $458M
3.6%
HOLD
OTIS $211M
1.6%
TRIM
MSCI $35M
0.3%
TRIM
ROL $33M
0.3%
TRIM
MEDP $30M
0.2%
TRIM

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

BMI

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.