Terry Smith Fundsmith LLP
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Amazon
AMZN
|
+$1.27B |
| 2 |
Church & Dwight Co
CHD
|
+$152M |
| 3 |
Brown-Forman Class B
BF.B
|
+$129M |
| 4 |
McCormick & Company Non-Voting
MKC
|
+$78M |
| 5 |
Sabre
SABR
|
+$51.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Becton Dickinson
BDX
|
+$1.05B |
| 2 |
Marriott International
MAR
|
+$40.6M |
| 3 |
Fortinet
FTNT
|
+$34M |
| 4 |
Intuit
INTU
|
+$194K |
| 5 |
Microsoft
MSFT
|
+$191K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 24.46% |
| 2 | Technology | 23.6% |
| 3 | Healthcare | 20.54% |
| 4 | Financials | 13.28% |
| 5 | Consumer Discretionary | 10.86% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Cognex
CGNX
$10.2B
| $130M | 0.36% |
1,625,987
+5,857
| +0.4% | +$504K |
|
27
MSCI
MSCI
$41B
| $128M | 0.35% |
210,520
+758
| +0.4% | +$463K |
|
28
IPG Photonics
IPGP
$3.12B
| $126M | 0.35% |
798,462
+165,004
| +26% | +$30.3M |
|
29
Qualys
QLYS
$6.3B
| $119M | 0.33% |
1,070,513
+3,839
| +0.4% | +$420K |
|
|
MASI
30
DELISTED
Masimo
MASI
| $118M | 0.33% |
435,010
+1,572
| +0.4% | +$426K |
|
31
A.O. Smith
AOS
$8.57B
| $108M | 0.3% |
1,774,515
+6,389
| +0.4% | +$446K |
|
32
Paycom
PAYC
$10.3B
| $108M | 0.3% |
217,906
+784
| +0.4% | +$349K |
|
33
Wingstop
WING
$3.14B
| $92.3M | 0.26% |
562,965
+2,016
| +0.4% | +$342K |
|
34
Rollins
ROL
$17.8B
| $79.4M | 0.22% |
2,248,561
+7,874
| +0.4% | +$295K |
|
35
Home Depot
HD
$335B
| $48.7M | 0.13% |
148,339
+143,994
| +3,314% | +$47.3M |
|
36
Zoetis
ZTS
$32.1B
| $46.7M | 0.13% |
240,502
+19,947
| +9% | +$4.03M |
|
37
Procter & Gamble
PG
$336B
| $44.5M | 0.12% |
318,181
+17,977
| +6% | +$2.55M |
|
38
Mercado Libre
MELI
$97.5B
| $40.7M | 0.11% |
24,225
| – | – |
|
|
WNS
39
DELISTED
WNS Holdings
WNS
| $15.5M | 0.04% |
188,912
+70,191
| +59% | +$5.74M |
|
40
Genpact
G
$6.24B
| $14.5M | 0.04% |
+305,208
| New | +$15.2M |
|
41
TSMC
TSM
$2.17T
| $14.5M | 0.04% |
129,633
| – | – |
|
42
XP
XP
$8.53B
| $10.2M | 0.03% |
253,367
| – | – |
|
43
Colgate-Palmolive
CL
$72.6B
| $9.29M | 0.03% |
122,890
+759
| +0.6% | +$60.3K |
|
|
44
Becton Dickinson
BDX
$52.3B
| – | – |
-4,436,764
| Closed | -$1.05B |
|
|
45
Marriott International
MAR
$92.9B
| – | – |
-297,432
| Closed | -$40.6M |
|
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Terry Smith's Q3 2021 Portfolio in Review
As of Q3 2021, Terry Smith held 45 positions worth $36.2B, up 0.23% from $36.1B the previous quarter. Its ten largest holdings account for 63% of the portfolio.
Terry Smith's Q3 2021 filing shows 2 new, 29 increased, 7 reduced and 2 closed positions. Its largest new stake was Amazon: 7,357,220 shares worth $1.21B. The largest sale was Becton Dickinson, an estimated $1.05B.
By sector, the portfolio is most concentrated in Consumer Staples at 24% of assets, down from 25% a quarter earlier, followed by Technology and Healthcare.
- Terry Smith's largest Q3 2021 buy was Amazon: 7,357,220 shares worth $1.21B.
- Terry Smith added most to Church & Dwight Co in Q3 2021, an estimated $152M increase.
- Terry Smith's biggest Q3 2021 reduction was Fortinet, cutting an estimated $34M.
- Terry Smith fully exited Becton Dickinson in Q3 2021, selling an estimated $1.05B.
- Terry Smith's ten largest holdings make up 63% of its $36.2B portfolio in Q3 2021.
- Terry Smith opened 2 new positions and closed 2 in Q3 2021.
- Terry Smith's portfolio value rose 0.23% quarter-over-quarter to $36.2B.
Based on Fundsmith LLP's 13F filing for Q3 2021, filed 12 Nov 2021.