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 |
Procter & Gamble
PG
|
+$472M |
| 2 |
Exponent
EXPO
|
+$103M |
| 3 |
Graco
GGG
|
+$53.1M |
| 4 |
Visa
V
|
+$33.8M |
| 5 |
Waters Corp
WAT
|
+$30.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Amazon
AMZN
|
+$700M |
| 2 |
Church & Dwight Co
CHD
|
+$168M |
| 3 |
Philip Morris
PM
|
+$64.9M |
| 4 |
IPG Photonics
IPGP
|
+$34.6M |
| 5 |
MASI
Masimo
MASI
|
+$5.91M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 31.06% |
| 2 | Technology | 22.11% |
| 3 | Healthcare | 21.54% |
| 4 | Communication Services | 10.63% |
| 5 | Financials | 6.26% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
26
Graco
GGG
$13.1B
| $106M | 0.45% |
1,229,228
+683,317
| +125% | +$53.1M |
|
|
27
Exponent
EXPO
$3.34B
| $103M | 0.43% |
+1,100,101
| New | +$103M |
|
28
MSCI
MSCI
$41B
| $99.2M | 0.42% |
211,317
| – | – |
|
29
Qualys
QLYS
$6.3B
| $85M | 0.36% |
658,407
| – | – |
|
30
IDEX
IEX
$17.3B
| $84.2M | 0.35% |
391,124
+127,384
| +48% | +$26.8M |
|
|
31
IPG Photonics
IPGP
$3.12B
| $76.1M | 0.32% |
560,198
-294,061
| -34% | -$34.6M |
|
32
Rollins
ROL
$17.8B
| $73.9M | 0.31% |
1,726,161
| – | – |
|
33
Sabre
SABR
$848M
| $72.4M | 0.3% |
22,707,687
| – | – |
|
34
Paycom
PAYC
$10.3B
| $51.7M | 0.22% |
161,007
| – | – |
|
35
Home Depot
HD
$335B
| $45.8M | 0.19% |
147,381
-6,282
| -4% | -$1.86M |
|
36
Johnson & Johnson
JNJ
$651B
| $45.3M | 0.19% |
273,864
-3,600
| -1% | -$581K |
|
37
Zoetis
ZTS
$32.1B
| $38.3M | 0.16% |
222,386
-2,923
| -1% | -$505K |
|
38
Marriott International
MAR
$92.9B
| $34.6M | 0.15% |
188,129
+88,535
| +89% | +$15.4M |
|
39
Mastercard
MA
$509B
| $24.5M | 0.1% |
62,334
+20,670
| +50% | +$7.76M |
|
|
40
Amazon
AMZN
$2.79T
| – | – |
-6,777,831
| Closed | -$700M |
|
41
Edwards Lifesciences
EW
$51.8B
| – | – |
-9,979
| Closed | -$826K |
|
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Terry Smith's Q2 2023 Portfolio in Review
As of Q2 2023, Terry Smith held 41 positions worth $23.8B, up 2.8% from $23.2B the previous quarter. Its ten largest holdings account for 66% of the portfolio.
Terry Smith's Q2 2023 filing shows 1 new, 11 increased, 17 reduced and 2 closed positions. Its largest new stake was Exponent: 1,100,101 shares worth $103M. The largest sale was Amazon, an estimated $700M.
By sector, the portfolio is most concentrated in Consumer Staples at 31% of assets, down from 31% a quarter earlier, followed by Technology and Healthcare.
- Terry Smith's largest Q2 2023 buy was Exponent: 1,100,101 shares worth $103M.
- Terry Smith added most to Procter & Gamble in Q2 2023, an estimated $472M increase.
- Terry Smith's biggest Q2 2023 reduction was Church & Dwight Co, cutting an estimated $168M.
- Terry Smith fully exited Amazon in Q2 2023, selling an estimated $700M.
- Terry Smith's ten largest holdings make up 66% of its $23.8B portfolio in Q2 2023.
- Terry Smith opened 1 new position and closed 2 in Q2 2023.
- Terry Smith's portfolio value rose 2.8% quarter-over-quarter to $23.8B.
Based on Fundsmith LLP's 13F filing for Q2 2023, filed 14 Aug 2023.