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Funds (13F)

Fundsmith LLP

Backtest from 28 Jun 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+14.7%
S&P 500 +14.2%
Last 12 months
+9.4%
S&P 500 +12.1%
Sharpe ratio
0.80
S&P 500 0.79
Biggest drop
−34.4%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $62.6k$59.0k
Fundsmith LLPS&P 500 $10,000 in Fundsmith LLP from 28 Jun 2013 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Fundsmith LLP's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Fundsmith LLP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+14.7%+14.2%
Total return+526%+490%
Last 12 months+9.4%+12.1%
Last 3 months+3.9%—
Last month+3.5%—
This year so far+6.8%—
Volatility a year16.4%15.9%
Sharpe ratio0.800.79
Biggest drop−34.4%−31.8%
Beta to the S&P 5000.931.00
Alpha a year (t-statistic)+1.4% (0.74)—
Share of weeks up57%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
MAR7.0%——
SYK6.7%——
WAT6.3%——
V5.1%——
UBER4.7%——
MA4.7%——
GOOGL4.6%——
CHD4.6%——
PG4.4%——
MSFT4.4%——
META4.3%——
ADP4.3%——
FTNT4.1%——
TSM4.0%——
IDXX3.9%——
TXN3.9%——
PM3.9%——
NFLX3.7%——
GEV3.5%——
APP2.6%——
TJX2.5%——
NXT2.5%——
VEEV1.1%——
YUM0.7%——
MSCI0.2%——
MEDP0.2%——
NTNX0.2%——
BMI0.2%——
CLX0.2%——
ROL0.2%——
MANH0.2%——
NSSC0.2%——
FICO0.2%——
SABR0.1%——
IDCC0.1%——
ORLY0.1%——
VRT0.1%——
VRSN0.1%——
ADMA0.1%——
DOCS0.1%——
PAYC0.1%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest28 Jun 2013 to 2 Nov 2026+14.7%+14.2%0.800.79−34.4%0.93+1.4% (0.74)
2018 onwards5 Jan 2018 to 2 Nov 2026+11.9%+13.9%0.550.66−34.4%0.94−1.0% (−0.40)
Last three years3 Nov 2023 to 2 Nov 2026+15.1%+21.8%0.801.16−13.9%0.77−2.0% (−0.47)
Last year7 Nov 2025 to 2 Nov 2026+9.4%+14.2%0.460.84−13.8%0.79−2.0% (−0.22)
DateCompanyAction
21 Aug 2026YUMBought
21 Aug 2026VEEVBought
21 Aug 2026UBERBought
21 Aug 2026TSMBought
21 Aug 2026TJXBought
21 Aug 2026ORLYBought
21 Aug 2026NXTBought
21 Aug 2026NFLXBought
21 Aug 2026MABought
21 Aug 2026IDCCBought
21 Aug 2026GEVBought
21 Aug 2026FICOBought
21 Aug 2026APPBought
22 May 2026BMIBought
20 Feb 2026NTNXBought
20 Feb 2026ADMABought
15 Aug 2025VRTBought
15 Aug 2025NSSCBought
15 Aug 2025MANHBought
16 May 2025INTUBought
21 Feb 2025MEDPBought
21 Feb 2025DOCSBought
15 Nov 2024ZTSBought
15 Nov 2024WATBought
15 Nov 2024VRSNBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026ZTSSold
21 Aug 2026QLYSSold
21 Aug 2026OTISSold
21 Aug 2026MTDSold
21 Aug 2026HDSold
22 May 2026ODDSold
22 May 2026NKESold
22 May 2026INTUSold
22 May 2026GGGSold
21 Nov 2025VRSKSold
21 Nov 2025MASold
21 Nov 2025EXPOSold
21 Nov 2025CHHSold
15 Aug 2025EFXSold
16 May 2025PEPSold
16 May 2025IEXSold
21 Feb 2025MKCSold
21 Feb 2025MCDSold
21 Feb 2025CGNXSold
21 Feb 2025AAPLSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest