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Terry Smith Fundsmith LLP

AUM $13.6B
1-Year Est. Return 7.6%
 

Terry Smith is the founder and CEO of Fundsmith, a firm known for a concentrated portfolio of high-quality global companies. His approach favors simple, understandable businesses with high returns on capital and the ability to reinvest at attractive rates. Smith’s annual letters and plain-spoken commentary have made Fundsmith a frequent reference point for long-only quality investors.

This Fund
S&P 500
This Quarter Est. Return
+21.75%
1 Year Est. Return
+7.6%
3 Year Est. Return
+53.18%
5 Year Est. Return
+52.54%
10 Year Est. Return
+342.88%
AUM
$17.6B
AUM Growth
+$1.85B
Cap. Flow
+$527M
Cap. Flow %
3%
Top 10 Hldgs %
67.69%
Holding
32
New
–
Increased
25
Reduced
1
Closed
1

Top Buys

Rank Stock Value
1
MKC icon
McCormick & Company Non-Voting
MKC
+$339M
2
PM icon
Philip Morris
PM
+$73M
3
EL icon
Estee Lauder
EL
+$51.3M
4
META icon
Meta Platforms (Facebook)
META
+$39.4M
5
SABR icon
Sabre
SABR
+$15.7M

Top Sells

Rank Stock Value
1
CL icon
Colgate-Palmolive
CL
+$149M
2
MAR icon
Marriott International
MAR
+$178K

Sector Composition

Rank Sector Weight
1 Healthcare 28.52%
2 Consumer Staples 23.14%
3 Technology 22.23%
4 Financials 14.4%
5 Communication Services 6.03%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AOS icon
26
A.O. Smith
AOS
$8.57B
$40.7M 0.23%
763,583
+73,680
+11% +$3.66M
MSCI icon
27
MSCI
MSCI
$41B
$37.6M 0.21%
188,920
+44,673
+31% +$7.77M
IPGP icon
28
IPG Photonics
IPGP
$3.12B
$33.2M 0.19%
218,607
+49,492
+29% +$7.01M
PAYC icon
29
Paycom
PAYC
$10.3B
$32.3M 0.18%
170,928
– –
MAR icon
30
Marriott International
MAR
$92.9B
$22.5M 0.13%
180,080
-1,509
-0.8% -$178K
MELI icon
31
Mercado Libre
MELI
$97.5B
$9.28M 0.05%
18,267
– –
CL icon
32
Colgate-Palmolive
CL
$72.6B
– –
-2,223,446
Closed -$149M
1
2

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Terry Smith's Q1 2019 Portfolio in Review

As of Q1 2019, Terry Smith held 32 positions worth $17.6B, up 12% from $15.8B the previous quarter. Its ten largest holdings account for 68% of the portfolio.

Trading was light in Q1 2019: portfolio turnover was 3.1%. Terry Smith opened no new positions and exited 1, leaving the 32-position portfolio largely intact.

By sector, the portfolio is most concentrated in Healthcare at 29% of assets, down from 30% a quarter earlier, followed by Consumer Staples and Technology.

  • Terry Smith added most to McCormick & Company Non-Voting in Q1 2019, an estimated $339M increase.
  • Terry Smith's biggest Q1 2019 reduction was Marriott International, cutting an estimated $178K.
  • Terry Smith fully exited Colgate-Palmolive in Q1 2019, selling an estimated $149M.
  • Terry Smith's ten largest holdings make up 68% of its $17.6B portfolio in Q1 2019.
  • Terry Smith opened 0 new positions and closed 1 in Q1 2019.
  • Terry Smith's portfolio value rose 12% quarter-over-quarter to $17.6B.

Based on Fundsmith LLP's 13F filing for Q1 2019, filed 13 May 2019.