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Amazon.Com Inc

Idexx Laboratories Inc

Meta Platforms, Inc. Class A Common Stock

Microsoft Corp

Novo-Nordisk A/S

PepsiCo, Inc.

Philip Morris International Inc.

PayPal Holdings, Inc. Common Stock

Fundsmith Equity Fund Annual Letter 2022 has just been published.

The fund is down 13.8% for 2022 FY and up 478.2% since inception (1st Nov 2010).

Bottom 5 detractors from the performance were:

- Meta Platforms $META     -3.3%
- PayPal $PYPL                    -2.5%
- Microsoft $MSFT               -1.8%
- IDEXX $IDXX                      -1.7%
- Amazon $AMZN                 -1.5%

Top 5 contributors were:

- Novo Nordisk $NVO          +2.1%
- Philip Morris $PM              +1.1%
- PepsiCo $PEP                   +0.7%
- ADP $ADP                         +0.5%
- Mettler-Toledo                  +0.4%



![Image upload](https://cdn.commonstock.com/35d1f75be938b3ebd8c4750332cfb8cb7cfa9fee0d5750b4bfa9ddcd3d9775fd-675x264.jpg)
_Source:_ _Fundsmith Equity Fund - Annual Letter 2022_

[https://www.fundsmith.co.uk/media/bm0lyc22/annual-letter-to-shareholders-2022.pdf](https://www.fundsmith.co.uk/media/bm0lyc22/annual-letter-to-shareholders-2022.pdf)

Love his letters, thanks for sharing 🙏

Dave Ahern

https://www.fundsmith.co.uk/media/bm0lyc22/annual-letter-to-shareholders-2022.pdf

Fundsmith Equity Fund - Annual Letter 2022

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