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 |
IDEX
IEX
|
+$37.5M |
| 2 |
Apple
AAPL
|
+$1.82M |
| 3 |
Johnson & Johnson
JNJ
|
+$164K |
| 4 |
Home Depot
HD
|
+$156K |
| 5 |
Procter & Gamble
PG
|
+$152K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Intuit
INTU
|
+$657M |
| 2 |
PayPal
PYPL
|
+$483M |
| 3 |
PepsiCo
PEP
|
+$86.9M |
| 4 |
Idexx Laboratories
IDXX
|
+$68.7M |
| 5 |
Estee Lauder
EL
|
+$61.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 32.38% |
| 2 | Healthcare | 23.05% |
| 3 | Technology | 22.62% |
| 4 | Consumer Discretionary | 6.7% |
| 5 | Communication Services | 6.08% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Equifax
EFX
$22.6B
| $96.3M | 0.44% |
495,301
-549
| -0.1% | -$100K |
|
27
Verisk Analytics
VRSK
$24.4B
| $93.5M | 0.43% |
530,087
-590
| -0.1% | -$104K |
|
28
IPG Photonics
IPGP
$3.12B
| $80.9M | 0.37% |
854,259
-944
| -0.1% | -$84.7K |
|
29
Qualys
QLYS
$6.3B
| $73.9M | 0.34% |
658,407
-3,013
| -0.5% | -$376K |
|
30
Rollins
ROL
$17.8B
| $63.1M | 0.29% |
1,726,161
-1,923
| -0.1% | -$74.7K |
|
|
31
Apple
AAPL
$4.51T
| $61M | 0.28% |
469,234
+12,749
| +3% | +$1.82M |
|
|
32
IDEX
IEX
$17.3B
| $60.2M | 0.28% |
263,740
+167,812
| +175% | +$37.5M |
|
33
Paycom
PAYC
$10.3B
| $50M | 0.23% |
161,007
-301
| -0.2% | -$97.1K |
|
|
34
Johnson & Johnson
JNJ
$651B
| $48.7M | 0.22% |
275,797
+950
| +0.3% | +$164K |
|
|
35
Home Depot
HD
$335B
| $48.3M | 0.22% |
152,766
+511
| +0.3% | +$156K |
|
|
36
Procter & Gamble
PG
$336B
| $47.8M | 0.22% |
315,297
+1,086
| +0.3% | +$152K |
|
37
Zoetis
ZTS
$32.1B
| $32.8M | 0.15% |
223,956
+771
| +0.3% | +$114K |
|
38
Edwards Lifesciences
EW
$51.8B
| $745K | ﹤0.01% |
9,979
| – | – |
|
|
ANSS
39
DELISTED
Ansys
ANSS
| – | – |
-274,559
| Closed | -$60.9M |
|
40
Genpact
G
$6.24B
| – | – |
-317,337
| Closed | -$13.9M |
|
|
41
Intuit
INTU
$100B
| – | – |
-1,696,667
| Closed | -$657M |
|
42
Mercado Libre
MELI
$97.5B
| – | – |
-24,225
| Closed | -$20.1M |
|
|
43
PayPal
PYPL
$52.7B
| – | – |
-5,611,242
| Closed | -$483M |
|
44
TSMC
TSM
$2.17T
| – | – |
-155,558
| Closed | -$10.7M |
|
|
WNS
45
DELISTED
WNS Holdings
WNS
| – | – |
-193,179
| Closed | -$15.8M |
|
46
XP
XP
$8.53B
| – | – |
-253,367
| Closed | -$4.82M |
|
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Terry Smith's Q4 2022 Portfolio in Review
As of Q4 2022, Terry Smith held 46 positions worth $21.9B, up 3.9% from $21.1B the previous quarter. Its ten largest holdings account for 65% of the portfolio.
Terry Smith withdrew a net $1.54B in Q4 2022, closing 8 positions and reducing 31 holdings. Its most notable exit was Intuit, an estimated $657M position sold in full.
By sector, the portfolio is most concentrated in Consumer Staples at 32% of assets, up from 30% a quarter earlier, followed by Healthcare and Technology.
Against the trend, Terry Smith added an estimated $37.5M to IDEX.
- Terry Smith added most to IDEX in Q4 2022, an estimated $37.5M increase.
- Terry Smith's biggest Q4 2022 reduction was PepsiCo, cutting an estimated $86.9M.
- Terry Smith fully exited Intuit in Q4 2022, selling an estimated $657M.
- Terry Smith's ten largest holdings make up 65% of its $21.9B portfolio in Q4 2022.
- Terry Smith opened 0 new positions and closed 8 in Q4 2022.
- Terry Smith's portfolio value rose 3.9% quarter-over-quarter to $21.9B.
Based on Fundsmith LLP's 13F filing for Q4 2022, filed 14 Feb 2023.