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Fundsmith Long/Short Master Fund Historical SEC 13F Holdings & Archive (Q1 2021)
Fundsmith Long/Short Master FundCIK: 0001813932
Momentum followerQuality / disciplined sizingSector-focused
Total reported value
$121.0M
Reporting period: 2021-03-31 · Number of holdings: 29
Fundsmith Long/Short Master Fund disclosed 29 holdings in its latest 13F filing for the period ending 2021-03-31, with total reported value of $121.0M and a quarterly turnover rate of 6.5%.
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Personality snowflake
- Concentration
- 14.88
- Portfolio Stability
- 6.53
- Momentum
- 100
- Sector conviction
- 78.99
- Diversification
- 58
- Sizing Uniformity
- 97.14
Fundsmith Long/Short Master Fund's disclosed holdings carry a Herfindahl concentration index of 0.037 — mathematically equivalent to about 27 equally-sized positions, close to its 29 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.29), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 3.1 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 48% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim SNPS
-19.6% -$1.4M
Trim HEI-A
-15.5% -$1.1M
Add META
0.0% $421.0K
Trim ADSK
0.0% -$513.0K
Add ORLY
0.0% $405.0K
Add SPGI
+0.2% $342.0K
Holdings Map
New buyAddUnchangedTrim
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 | 5.02% | +0.32% | -5.77% | |
| 2 | ROST | Ross Stores Inc | Stock-Consumer Disc | 4.80% | -0.06% | +0.17% | |
| 3 | META | Meta Platforms Inc-class A | Stock-Comm Services | 4.80% | +0.39% | — | |
| 4 | SBUX | Starbucks CORP | Stock-Consumer Disc | 4.61% | +0.16% | +0.30% | |
| 5 | NKE | Nike Inc -cl B | Stock-Consumer Disc | 4.52% | -0.24% | +0.14% | |
| 6 | MSFT | Microsoft CORP | Stock-Tech | 4.39% | +0.30% | +0.16% | |
| 7 | ADBE | Adobe Inc | Stock-Tech | 4.20% | -0.18% | — | |
| 8 | ADSK | Autodesk Inc | Stock-Tech | 4.17% | -0.38% | — | |
| 9 | OTIS | Otis Worldwide CORP | Stock-Industrials | 4.15% | +0.10% | +0.22% | |
| 10 | HEI-A | Heico Corp-class A | Stock-Other | 4.06% | -0.84% | -15.48% | |
| 11 | SPGI | S&p Global Inc | Stock-Financials | 4.03% | +0.32% | +0.17% | |
| 12 | SYK | Stryker CORP | Stock-Healthcare | 3.85% | +0.02% | +0.18% | |
| 13 | ZTS | Zoetis Inc | Stock-Healthcare | 3.82% | -0.16% | +0.11% | |
| 14 | SNPS | Synopsys Inc | Stock-Tech | 3.74% | -1.08% | -19.61% | |
| 15 | A | Agilent Technologies Inc | Stock-Healthcare | 3.52% | +0.27% | +0.11% | |
| 16 | INTU | Intuit Inc | Stock-Tech | 3.50% | +0.07% | +0.11% | |
| 17 | NOW | Servicenow Inc | Stock-Tech | 3.39% | -0.30% | — | |
| 18 | APH | Amphenol Corp-cl A | Stock-Tech | 3.24% | +0.07% | +100.30% | |
| 19 | DEO | Diageo Plc-sponsored Adr | Stock-Consumer Staples | 3.15% | +0.16% | +0.97% | |
| 20 | ORLY | O'reilly Automotive Inc | Stock-Consumer Disc | 3.10% | +0.36% | — | |
| 21 | ICLR | ICON Public Limited Company | Stock-Healthcare | 3.03% | +0.05% | — | |
| 22 | EL | Estee Lauder Companies-cl A | Stock-Consumer Staples | 2.46% | +0.23% | +0.13% | |
| 23 | WCN | Waste Connections Inc | Stock-Industrials | 2.30% | +0.14% | +0.15% | |
| 24 | DHR | Danaher CORP | Stock-Healthcare | 2.28% | +0.06% | +0.07% | |
| 25 | SHW | Sherwin-williams Co/the | Stock-Materials | 2.21% | +0.04% | +0.17% | |
| 26 | HD | Home Depot Inc | Stock-Consumer Disc | 2.10% | +0.30% | +0.42% | |
| 27 | MA | Mastercard Inc - A | Stock-Financials | 1.98% | +0.02% | +0.09% | |
| 28 | V | Visa Inc-class A Shares | Stock-Financials | 1.84% | -0.04% | +0.10% | |
| 29 | EFX | Equifax Inc | Stock-Industrials | 1.74% | -0.10% | +0.15% |
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
Fundsmith Long/Short Master Fund's most significant position changes for 2021-03-31: Trim: Synopsys Inc (SNPS) — shares -19.61%; Trim: Heico Corp-class A (HEI-A) — shares -15.48%; Add: S&p Global Inc (SPGI) — shares +0.17%; Trim: Marriott International -cl A (MAR) — shares -5.77%; Add: Home Depot Inc (HD) — shares +0.42%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | META | Meta Platforms Inc-class A | +0.4% | — | Unchanged |
| 2 | ORLY | O'reilly Automotive Inc | +0.4% | — | Unchanged |
| 3 | SPGI | S&p Global Inc | +0.3% | +0.17% | Add |
| 4 | MAR | Marriott International -cl A | +0.3% | -5.77% | Trim |
| 5 | HD | Home Depot Inc | +0.3% | +0.42% | Add |
| 6 | MSFT | Microsoft CORP | +0.3% | +0.16% | Add |
| 7 | A | Agilent Technologies Inc | +0.3% | +0.11% | Add |
| 8 | EL | Estee Lauder Companies-cl A | +0.2% | +0.13% | Add |
| 9 | DEO | Diageo Plc-sponsored Adr | +0.2% | +0.97% | Add |
| 10 | SBUX | Starbucks CORP | +0.2% | +0.30% | Add |
| 11 | WCN | Waste Connections Inc | +0.1% | +0.15% | Add |
| 12 | OTIS | Otis Worldwide CORP | +0.1% | +0.22% | Add |
| 13 | APH | Amphenol Corp-cl A | +0.1% | +100.30% | Add |
| 14 | INTU | Intuit Inc | +0.1% | +0.11% | Add |
| 15 | DHR | Danaher CORP | +0.1% | +0.07% | Add |
| 16 | ICLR | ICON Public Limited Company | +0.1% | — | Unchanged |
| 17 | SHW | Sherwin-williams Co/the | 0% | +0.17% | Add |
| 18 | SYK | Stryker CORP | 0% | +0.18% | Add |
| 19 | MA | Mastercard Inc - A | 0% | +0.09% | Add |
| 20 | V | Visa Inc-class A Shares | 0% | +0.10% | Add |
| 21 | ROST | Ross Stores Inc | -0.1% | +0.17% | Add |
| 22 | EFX | Equifax Inc | -0.1% | +0.15% | Add |
| 23 | ZTS | Zoetis Inc | -0.2% | +0.11% | Add |
| 24 | ADBE | Adobe Inc | -0.2% | — | Unchanged |
| 25 | NKE | Nike Inc -cl B | -0.2% | +0.14% | Add |
| 26 | NOW | Servicenow Inc | -0.3% | — | Unchanged |
| 27 | ADSK | Autodesk Inc | -0.4% | — | Unchanged |
| 28 | HEI-A | Heico Corp-class A | -0.8% | -15.48% | Trim |
| 29 | SNPS | Synopsys Inc | -1.1% | -19.61% | Trim |
Filing History
FAQ
What is Fundsmith Long/Short Master Fund and what type of investor is it?
Fundsmith Long/Short Master Fund is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2021-03-31), the firm manages a tracked equity portfolio valued at approximately $121.0M, spread across 29 disclosed positions.
What are Fundsmith Long/Short Master Fund's largest equity positions?
Based on the latest 13F filing, Fundsmith Long/Short Master Fund's top holdings by market value are:
1. Marriott International -cl A (MAR) — $6.1M (5.0%)
2. Ross Stores Inc (ROST) — $5.8M (4.8%)
3. Meta Platforms Inc-class A (META) — $5.8M (4.8%)
4. Starbucks CORP (SBUX) — $5.6M (4.6%)
5. Nike Inc -cl B (NKE) — $5.5M (4.5%)
What changes did Fundsmith Long/Short Master Fund make in its most recent portfolio filing?
In the latest reported quarter, Fundsmith Long/Short Master Fund made 23 notable position adjustments: 0 new positions were initiated, 20 existing holdings were added to, 3 positions were partially reduced, and 0 were completely exited. The largest of these moves: Trim: Synopsys Inc (SNPS) — shares -19.61%; Trim: Heico Corp-class A (HEI-A) — shares -15.48%; Add: S&p Global Inc (SPGI) — shares +0.17%; Trim: Marriott International -cl A (MAR) — shares -5.77%; Add: Home Depot Inc (HD) — shares +0.42%
What sectors does Fundsmith Long/Short Master Fund focus on?
Fundsmith Long/Short Master Fund is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 40.9%
• Consumer Discretionary: 23.4%
• Financials: 16.4%
• Communication Services: 10.0%
• Health Care: 4.7%
• Materials: 4.6%
Investment Profile
Fundsmith Long/Short Master Fund's portfolio is broadly diversified and long-term-holding, with 40.9% of the portfolio concentrated in Information Technology.
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