Fundsmith LLP 13F Filings & AI Analysis
Fundsmith LLPCIK: 0001569205
ContrarianQuality / disciplined sizingDiversified strategy
Total reported value
$12.8B
Reporting period: 2026-03-31 · Number of holdings: 34
Fundsmith LLP disclosed 34 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $12.8B and a quarterly turnover rate of 30.4%.
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Personality snowflake
- Concentration
- 24.21
- Portfolio Stability
- 30.4
- Momentum/Contrarian
- 0
- Sector conviction
- 60.32
- Diversification
- 68
- Sizing Uniformity
- 89.56
Fundsmith LLP's disclosed holdings carry a Herfindahl concentration index of 0.061 — mathematically equivalent to about 17 equally-sized positions, well below its 34 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.04), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Recent moves
Add CHD
-1.3% $55.6M
Add MAR
-15.3% -$132.2M
Add TXN
-0.0% $54.1M
Add PG
-1.1% -$2.2M
Trim IDXX
-21.9% -$445.6M
Add FTNT
-5.5% -$14.3M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
Fundsmith's decision to zero out NKE and INTU while trimming every top holding from IDXX to GOOGL is a coordinated de-grossing move—this is not a hunt for new alpha but a deliberate reduction of conviction-scaled exposure to quality compounders. The institution is prioritizing downside protection over incremental upside, telling the market it sees diminished risk-adjusted returns in the very names it built its franchise on.
Macro & Fundamentals
The macro cycle bet here is a contrarian wager against momentum extension: by trimming into strength (SYK, V, GOOGL weights rose despite share-count cuts), Fundsmith is pricing in a regime shift where the premium on predictable, high-multiple growth compresses. They are implicitly short the duration of quality factor flows, expecting mean reversion as capital rotates toward value cyclicals. The opposing thesis is that these names remain secular compounders with pricing power that will make the trimming look premature—a bet that the scarcity of growth will keep the quality premium bid intact.
Blind Spots / Risks
Fundsmith's 31.6% health care weighting is now a binary tail risk that its position-sizing discipline cannot diversify away. If single-payer reform or drug pricing legislation gains traction, the portfolio's core defense—predictable earnings in med-tech and diagnostics—becomes its largest liability, with no factor hedge in place. The very quality characteristics that attract premiums become the source of simultaneous multiple compression across a heavily concentrated sector.
Generated by AI based on public SEC filings. Reflects past holdings only and should not be treated as investment advice.
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | MAR | Marriott International -cl A | Stock-Consumer Disc | 8.59% | +1.38% | -15.30% | |
| 2 | SYK | Stryker CORP | Stock-Healthcare | 7.84% | +0.27% | -16.98% | |
| 3 | WAT | Waters CORP | Stock-Healthcare | 7.46% | -0.44% | -9.72% | |
| 4 | V | Visa Inc-class A Shares | Stock-Financials | 7.31% | +0.07% | -12.18% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 6.63% | +0.23% | -15.50% | |
| 6 | PM | Philip Morris International | Stock-Consumer Staples | 6.59% | +0.85% | -16.51% | |
| 7 | IDXX | Idexx Laboratories INC | Stock-Healthcare | 6.42% | -1.00% | -21.87% | |
| 8 | ADP | Automatic Data Processing | Stock-Tech | 6.11% | -0.17% | -7.73% | |
| 9 | MSFT | Microsoft CORP | Stock-Tech | 6.00% | +0.12% | -0.01% | |
| 10 | META | Meta Platforms Inc-class A | Stock-Comm Services | 5.89% | +0.63% | -3.09% | |
| 11 | MTD | Mettler-toledo International | Stock-Healthcare | 5.59% | +0.86% | -2.07% | |
| 12 | CHD | Church & Dwight Co INC | Stock-Consumer Staples | 4.83% | +1.53% | -1.29% | |
| 13 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 4.73% | +1.17% | -1.13% | |
| 14 | TXN | Texas Instruments INC | Stock-Tech | 3.97% | +1.31% | -0.02% | |
| 15 | FTNT | Fortinet INC | Stock-Tech | 3.92% | +0.90% | -5.51% | |
| 16 | ZTS | Zoetis INC | Stock-Healthcare | 3.57% | +0.70% | -0.60% | |
| 17 | OTIS | Otis Worldwide CORP | Stock-Industrials | 1.64% | +0.05% | -12.23% | |
| 18 | MSCI | Msci INC | Stock-Financials | 0.27% | -0.29% | -61.12% | |
| 19 | ROL | Rollins INC | Stock-Consumer Disc | 0.26% | -0.26% | -58.07% | |
| 20 | MEDP | Medpace Holdings INC | Stock-Healthcare | 0.23% | -0.04% | -24.10% | |
| 21 | VRSN | Verisign INC | Stock-Tech | 0.22% | -0.16% | -58.07% | |
| 22 | PAYC | Paycom Software INC | Stock-Tech | 0.21% | -0.28% | -58.07% | |
| 23 | CLX | Clorox Company | Stock-Consumer Staples | 0.21% | -0.15% | -58.07% | |
| 24 | VRT | Vertiv Holdings Co-a | Stock-Industrials | 0.18% | -0.21% | -77.79% | |
| 25 | NTNX | Nutanix INC - A | Stock-Tech | 0.17% | -0.25% | -58.07% | |
| 26 | BMI | Badger Meter INC | Stock-Tech | 0.17% | +0.17% | NEW | |
| 27 | CPRX | Catalyst Pharmaceuticals INC | Stock-Healthcare | 0.16% | -0.30% | -74.88% | |
| 28 | QLYS | Qualys INC | Stock-Tech | 0.15% | -0.35% | -65.10% | |
| 29 | DOCS | Doximity Inc-class A | Stock-Healthcare | 0.13% | -0.30% | -58.07% | |
| 30 | MANH | Manhattan Associates INC | Stock-Tech | 0.13% | -0.16% | -58.07% | |
| 31 | NSSC | Napco Security Technologies | Stock-Other | 0.12% | -0.31% | -78.45% | |
| 32 | ADMA | Adma Biologics INC | Stock-Healthcare | 0.12% | -0.10% | -21.53% | |
| 33 | SABR | Sabre CORP | Stock-Tech | 0.10% | -0.07% | -58.07% | |
| 34 | HD | Home Depot INC | Stock-Consumer Disc | 0.07% | -0.09% | -64.33% |
Portfolio Performance
Performance for Q3 2026
+6.6%
Performance Last 4 Quarters
+8.1%
Based on 76% of reported portfolio value with available pricing
- Stdev
- +14.5%
- Beta
- +0.96
- Alpha
- -6%
- Max Drawdown
- -10.4%
- Annualized Perf
- +11.2%
- Batting Avg vs S&P
- +36.1%
- Sortino
- +1.35
- Stutzer
- +0.23
- Treynor
- +0.12
- Sterling
- +0.58
- Calmar
- +1.07
- Information Ratio
- -0.92
- Tracking Error
- +7.4%
- Stdev Down
- +8.6%
- Winning Months %
- +58.3%
- Losing Months %
- +41.7%
- Best 12 Months
- +31%
- Worst 12 Months
- +1.4%
- Efficiency Ratio
- +0.3
- Sharpe
- +0.8
- Stdev Sectors
- +9.1%
- Skewness
- -0.23
- Kurtosis
- -0.59
- Upside Potential
- +3.11
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 34 | $12.8B | 30 | |
| 2025-12-31 | 37 | $17.1B | 20 | |
| 2025-09-30 | 35 | $19.8B | 28 | |
| 2025-06-30 | 39 | $23.0B | 0 | |
| 2025-03-31 | 38 | $22.0B | 100 | |
| 2024-12-31 | 38 | $23.5B | 0 | |
| 2024-09-30 | 40 | $25.3B | 0 | |
| 2024-06-30 | 40 | $24.5B | 0 | |
| 2024-03-31 | 40 | $25.6B | 0 | |
| 2023-12-31 | 40 | $23.9B | 0 | |
| 2023-09-30 | 39 | $22.0B | 0 | |
| 2023-06-30 | 39 | $23.8B | 0 | |
| 2023-03-31 | 40 | $23.2B | 0 | |
| 2022-12-31 | 38 | $21.9B | 0 | |
| 2022-09-30 | 46 | $21.1B | 0 | |
| 2022-06-30 | 43 | $22.7B | 0 | |
| 2022-03-31 | 44 | $29.1B | 0 | |
| 2021-12-31 | 44 | $41.0B | 0 | |
| 2021-09-30 | 43 | $36.2B | 0 | |
| 2021-06-30 | 43 | $36.1B | 93 | |
| 2021-03-31 | 42 | $31.4B | 6 | |
| 2020-12-31 | 39 | $30.2B | 17 | |
| 2020-09-30 | 36 | $25.6B | 11 | |
| 2020-06-30 | 34 | $22.9B | 30 | |
| 2020-03-31 | 34 | $17.8B | 22 | |
| 2019-12-31 | 31 | $21.2B | 9 | |
| 2019-09-30 | 31 | $19.6B | 12 | |
| 2019-06-30 | 31 | $19.2B | 12 | |
| 2019-03-31 | 31 | $17.6B | 15 | |
| 2018-12-31 | 32 | $15.6B | 9 | |
| 2018-09-30 | 17 | $14.9B | 29 | |
| 2018-06-30 | 17 | $13.4B | 28 | |
| 2018-03-31 | 17 | $12.1B | 34 | |
| 2017-12-31 | 18 | $11.7B | 28 | |
| 2017-09-30 | 18 | $10.3B | 28 | |
| 2017-06-30 | 19 | $9.5B | 16 | |
| 2017-03-31 | 18 | $8.6B | 13 | |
| 2016-12-31 | 18 | $7.6B | 42 | |
| 2016-09-30 | 19 | $7.3B | 100 | |
| 2016-06-30 | 16 | $6.1B | 0 | |
| 2016-03-31 | 17 | $4.6B | 23 | |
| 2015-12-31 | 18 | $4.0B | 23 | |
| 2015-09-30 | 20 | $3.3B | 27 | |
| 2015-06-30 | 19 | $3.2B | 36 | |
| 2015-03-31 | 20 | $3.1B | 67 | |
| 2014-12-31 | 16 | $2.8B | 19 | |
| 2014-09-30 | 16 | $2.3B | 34 | |
| 2014-06-30 | 16 | $2.2B | 22 | |
| 2014-03-31 | 15 | $1.9B | 23 | |
| 2013-12-31 | 15 | $1.6B | 13 | |
| 2013-09-30 | 16 | $1.5B | 54 | |
| 2013-06-30 | 17 | $1.4B | 42 |
Holding changes this quarter
Fundsmith LLP's most significant position changes for 2026-03-31: Sold out: Intuit INC (INTU); Sold out: Nike INC -cl B (NKE); Sold out: Oddity Tech Ltd. (ODD); Sold out: Graco INC (GGG); New buy: Badger Meter INC (BMI).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CHD | Church & Dwight Co INC | +1.5% | -1.29% | Trim |
| 2 | MAR | Marriott International -cl A | +1.4% | -15.30% | Trim |
| 3 | TXN | Texas Instruments INC | +1.3% | -0.02% | Trim |
| 4 | PG | Procter & Gamble Co/the | +1.2% | -1.13% | Trim |
| 5 | FTNT | Fortinet INC | +0.9% | -5.51% | Trim |
| 6 | MTD | Mettler-toledo International | +0.9% | -2.07% | Trim |
| 7 | PM | Philip Morris International | +0.9% | -16.51% | Trim |
| 8 | ZTS | Zoetis INC | +0.7% | -0.60% | Trim |
| 9 | META | Meta Platforms Inc-class A | +0.6% | -3.09% | Trim |
| 10 | SYK | Stryker CORP | +0.3% | -16.98% | Trim |
| 11 | GOOGL | Alphabet Inc-cl A | +0.2% | -15.50% | Trim |
| 12 | MSFT | Microsoft CORP | +0.1% | -0.01% | Trim |
| 13 | V | Visa Inc-class A Shares | +0.1% | -12.18% | Trim |
| 14 | OTIS | Otis Worldwide CORP | +0.1% | -12.23% | Trim |
| 15 | MEDP | Medpace Holdings INC | 0% | -24.10% | Trim |
| 16 | SABR | Sabre CORP | -0.1% | -58.07% | Trim |
| 17 | HD | Home Depot INC | -0.1% | -64.33% | Trim |
| 18 | ADMA | Adma Biologics INC | -0.1% | -21.53% | Trim |
| 19 | CLX | Clorox Company | -0.2% | -58.07% | Trim |
| 20 | VRSN | Verisign INC | -0.2% | -58.07% | Trim |
| 21 | MANH | Manhattan Associates INC | -0.2% | -58.07% | Trim |
| 22 | ADP | Automatic Data Processing | -0.2% | -7.73% | Trim |
| 23 | VRT | Vertiv Holdings Co-a | -0.2% | -77.79% | Trim |
| 24 | NTNX | Nutanix INC - A | -0.3% | -58.07% | Trim |
| 25 | ROL | Rollins INC | -0.3% | -58.07% | Trim |
| 26 | PAYC | Paycom Software INC | -0.3% | -58.07% | Trim |
| 27 | MSCI | Msci INC | -0.3% | -61.12% | Trim |
| 28 | CPRX | Catalyst Pharmaceuticals INC | -0.3% | -74.88% | Trim |
| 29 | DOCS | Doximity Inc-class A | -0.3% | -58.07% | Trim |
| 30 | NSSC | Napco Security Technologies | -0.3% | -78.45% | Trim |
| 31 | QLYS | Qualys INC | -0.4% | -65.10% | Trim |
| 32 | WAT | Waters CORP | -0.4% | -9.72% | Trim |
| 33 | IDXX | Idexx Laboratories INC | -1% | -21.87% | Trim |
| 34 | INTU | Intuit INC | — | EXIT | Sold out |
| 35 | NKE | Nike INC -cl B | — | EXIT | Sold out |
| 36 | ODD | Oddity Tech Ltd. | — | EXIT | Sold out |
| 37 | GGG | Graco INC | — | EXIT | Sold out |
| 38 | BMI | Badger Meter INC | — | NEW | New buy |
Filing History
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-12 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-13 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-12 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-09 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-13 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | Amendment | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-09 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-22 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-04-30 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-13 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-05 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-13 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-26 | Amendment | View on EDGAR |
| 2016-06-30 | 2016-08-12 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-04-27 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-10-20 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-17 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-06-03 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-10 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-05 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-11 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-04-29 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-01-21 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-07 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-07-19 | Amendment | View on EDGAR |
| 2013-06-30 | 2013-07-12 | 13F-HR | View on EDGAR |
FAQ
What is Fundsmith LLP and what type of investor is it?
Fundsmith LLP is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $12.8B, spread across 34 disclosed positions.
What are Fundsmith LLP's largest equity positions?
Based on the latest 13F filing, Fundsmith LLP's top holdings by market value are:
1. Marriott International -cl A (MAR) — $1.1B (8.6%)
2. Stryker CORP (SYK) — $1.0B (7.8%)
3. Waters CORP (WAT) — $956.6M (7.5%)
4. Visa Inc-class A Shares (V) — $938.2M (7.3%)
5. Alphabet Inc-cl A (GOOGL) — $850.1M (6.6%)
What changes did Fundsmith LLP make in its most recent portfolio filing?
In the latest reported quarter, Fundsmith LLP made 38 notable position adjustments: 1 new positions were initiated, 0 existing holdings were added to, 33 positions were partially reduced, and 4 were completely exited. The largest of these moves: Sold out: Intuit INC (INTU); Sold out: Nike INC -cl B (NKE); Sold out: Oddity Tech Ltd. (ODD); Sold out: Graco INC (GGG); New buy: Badger Meter INC (BMI)
What sectors does Fundsmith LLP focus on?
Fundsmith LLP is concentrated in the following sectors based on its current disclosed equity portfolio:
• Health Care: 31.6%
• Information Technology: 21.2%
• Consumer Staples: 16.4%
• Communication Services: 12.5%
• Consumer Discretionary: 8.9%
• Financials: 7.6%
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