| 股票 | |||
|---|---|---|---|
| METAMeta | -8.1% | 30 季 | |
| MSFT微软 | -8.0% | 28 季 | |
| SYK史赛克 | -7.7% | ≥49 季 | |
| PM菲利普莫里斯 | -16.0% | ≥49 季 | |
| IDXX爱德士 | 不变 | 42 季 | |
| VVisa | -6.8% | ≥49 季 | |
| ADPADP | -3.4% | ≥49 季 | |
| WAT沃特世 | 不变 | 42 季 | |
| GOOGL谷歌 | -0.6% | 15 季 | |
| MAR万豪 | 不变 | 10 季 | |
| FTNT飞塔 | -1.2% | 20 季 | |
| PG宝洁 | -1.0% | 19 季 | |
| MTD梅特勒-托利多 | 不变 | 14 季 | |
| CHDChurch & Dwight | 不变 | 19 季 | |
| OTISOtis Worldwide | -0.8% | 12 季 | |
| TXN德州仪器 | 不变 | 6 季 | |
| ZTS硕腾 | +13.3% | 19 季 | |
| NKE耐克 | 不变 | 22 季 | |
| INTUIntuit | +102.9% | 2 季 | |
| ODDOddity Tech | -12.3% | 8 季 | |
| QLYSQualys | 不变 | 21 季 | |
| MSCIMSCI | 不变 | 27 季 | |
| PAYCPaycom Software | 不变 | 27 季 | |
| CHHChoice Hotels International | 不变 | 6 季 | |
| VRTVertiv | 新进 | 1 季 |
点表头可排序。「≥」表示从这位投资人第一份 13F 起就持有，实际时间可能更久。
2022 年 Meta 是 Fundsmith 拖累最大的股票。特里·史密斯说，加息让高估值股票跌得更多，而 Meta 还面临监管和反垄断压力，又宣布在元宇宙上大举投入。他认为如果停掉或削减元宇宙开支，他们持有的就是一家市盈率只有个位数的领先通讯和数字广告公司。
Meta has its well-publicised problems with the regulatory and competition authorities and has announced a large spend on developing the so-called metaverse which it changed its name from Facebook to reflect.数据隐私风波后买入 Facebook 是 Fundsmith 最有争议的决定之一。特里·史密斯列出它的数字：日活 15 亿、月活 23 亿，2017 年资本回报率 30%、营业利润率 50%，过去五年收入年增 49%。为应对风波它大幅增加安全和内容审核开支，反而抬高了竞争门槛。市盈率 19.7 倍，与标普 500 相当，他认为很便宜。
Our Facebook holding has cost us some performance to date and no doubt it will continue to be a difficult stock to hold in terms of media attention, but we have often found that the only time you can hope to buy stock in great businesses at a cheap valuation is when they have a glitch.