Exited position

Terry Smith’s PepsiCo (PEP) position

Reported position history, portfolio importance and verified filing changes from public SEC disclosures.

Fundsmith LLPVerified through Q2 2026
Relationship snapshot

At a glance

The full verified relationship, including prior ownership episodes and exits where supported.

First reportedQ3 2013Earliest verified positive filing snapshot
Latest statusExited positionBased on the latest supported relationship state
Peak shares10.42MHighest verified quarter-end share count
Quarters reported44Verified quarters with shares above zero
What happened?

Fundsmith LLP first reported PepsiCo in Q3 2013. The reported position was increased and reduced across later filings. The latest verified relationship event shows that Fundsmith LLP sold the entire position in Q1 2025, and the stock is no longer reported in the latest verified portfolio.

Verified SEC history

Position over time

See the same verified relationship through reported shares, portfolio weight or reported value.

Metric

Gaps indicate periods that cannot be safely connected or where a verified corporate action changes the raw share scale. Stock price, when available, is market context and not a transaction price.

Key filing events

What changed

Latest filing plus the most meaningful reported changes. Unchanged quarters are collapsed by default.

Q1 2025
Sold the entire position−5.66M shares · No shares reported at quarter-end
Q4 2024
Sold 1.3% of the position−76.31K shares · 5.66M shares remained
Filing context

Quarter-end price $152.06 · Estimated holding basis $128.05

Q3 2024
Sold 0.4% of the position−21.10K shares · 5.74M shares remained
Filing context

Quarter-end price $170.05 · Estimated holding basis $128.05

Q2 2024
Sold 1.5% of the position−84.86K shares · 5.76M shares remained
Filing context

Quarter-end price $164.93 · Estimated holding basis $128.05

Q1 2024
Sold 11.8% of the position−784.42K shares · 5.85M shares remained
Filing context

Quarter-end price $175.01 · Estimated holding basis $128.05

Q4 2023
Sold 0.1% of the position−8.91K shares · 6.63M shares remained
Filing context

Quarter-end price $169.84 · Estimated holding basis $128.05

1 unchanged quarter is collapsed by default.

Portfolio importance

How important was PepsiCo in Fundsmith LLP’s reported portfolio?

Relative importance is measured only within the verified primary non-option reported portfolio for each quarter.

Last reported portfolio weight3.7%Q4 2024
Last reported rank#11of 38 reported positions
Peak portfolio weight8.5%Q3 2015
Best historical rank#3Q3 2015
At peak importanceQ3 2015
PEP
8.5%
Largest holding
10.2%
Cross-investor discovery

Who else owns PepsiCo?

Also reported by 3 other tracked investors in their latest verified filings.

Joel GreenblattGotham Asset Management
PEP0.1% of reported portfolio
Ray DalioBridgewater Associates, LP
PEP0.1% of reported portfolio
Tom RussoGardner Russo & Quinn · formerly Gardner Russo & Gardner
PEP0.0% of reported portfolio
Explore PepsiCo across all tracked investors →
SEC evidence & methodology

SEC filing evidence

Market context and filing-derived values are kept separate from actual transaction prices, which 13F filings do not disclose.

Latest verified stock price$136.322026-09-11

Market context only; not an investor transaction price.

Latest verified investor filingQ2 2026 · filed 2026-08-14
Open SEC filing ↗

View PepsiCo stock page →

This tracker follows Fundsmith LLP’s reported positions. Form 13F reports quarter-end positions and is filed later; it does not disclose exact trade dates or execution prices.