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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
+10.31%
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
$23.9B
AUM Growth
+$1.88B
Cap. Flow
-$214M
Cap. Flow %
-0.9%
Top 10 Hldgs %
65.29%
Holding
40
New
1
Increased
9
Reduced
30
Closed
–

Top Buys

Rank Stock Value
1
FTNT icon
Fortinet
FTNT
+$133M
2
CLX icon
Clorox
CLX
+$80.5M
3
ADP icon
Automatic Data Processing
ADP
+$68.9M
4
ODD icon
ODDITY Tech
ODD
+$17.9M
5
HD icon
Home Depot
HD
+$669K

Top Sells

Rank Stock Value
1
MSFT icon
Microsoft
MSFT
+$251M
2
IDXX icon
Idexx Laboratories
IDXX
+$111M
3
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$76.8M
4
BF.B icon
Brown-Forman Class B
BF.B
+$24.8M
5
MKC icon
McCormick & Company Non-Voting
MKC
+$14.5M

Sector Composition

Rank Sector Weight
1 Consumer Staples 24.16%
2 Technology 23.28%
3 Healthcare 21.74%
4 Communication Services 11.51%
5 Consumer Discretionary 7.83%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GGG icon
26
Graco
GGG
$13.1B
$105M 0.44%
1,207,221
-15,755
-1% -$1.24M
SABR icon
27
Sabre
SABR
$848M
$98M 0.41%
22,261,537
-290,521
-1% -$1.12M
EXPO icon
28
Exponent
EXPO
$3.34B
$94.9M 0.4%
1,078,471
-14,074
-1% -$1.15M
CLX icon
29
Clorox
CLX
$12.9B
$86.1M 0.36%
+603,794
New +$80.5M
CGNX icon
30
Cognex
CGNX
$10.2B
$84.3M 0.35%
2,019,318
-26,353
-1% -$1.01M
IEX icon
31
IDEX
IEX
$17.3B
$83.4M 0.35%
383,997
-5,011
-1% -$1.01M
ROL icon
32
Rollins
ROL
$17.8B
$73.9M 0.31%
1,692,246
-22,085
-1% -$860K
IPGP icon
33
IPG Photonics
IPGP
$3.12B
$59.6M 0.25%
548,993
-7,164
-1% -$694K
HD icon
34
Home Depot
HD
$335B
$51.9M 0.22%
149,818
+2,161
+1% +$669K
ODD icon
35
ODDITY Tech
ODD
$610M
$51.4M 0.22%
1,104,416
+529,416
+92% +$17.9M
ZTS icon
36
Zoetis
ZTS
$32.1B
$44.6M 0.19%
226,064
+3,261
+1% +$577K
JNJ icon
37
Johnson & Johnson
JNJ
$651B
$43.6M 0.18%
278,393
+4,015
+1% +$616K
PAYC icon
38
Paycom
PAYC
$10.3B
$32.6M 0.14%
157,844
-2,060
-1% -$436K
MCD icon
39
McDonald's
MCD
$192B
$27.4M 0.11%
92,495
+175
+0.2% +$47.6K
MA icon
40
Mastercard
MA
$509B
$27.2M 0.11%
63,677
+919
+1% +$369K
1
2

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Terry Smith's Q4 2023 Portfolio in Review

As of Q4 2023, Terry Smith held 40 positions worth $23.9B, up 8.5% from $22B the previous quarter. Its ten largest holdings account for 65% of the portfolio.

Trading was light in Q4 2023: portfolio turnover was 2.5%. Terry Smith opened 1 new position and made no exits, leaving the 40-position portfolio largely intact.

By sector, the portfolio is most concentrated in Consumer Staples at 24% of assets, down from 26% a quarter earlier, followed by Technology and Healthcare.

  • Terry Smith's largest Q4 2023 buy was Clorox: 603,794 shares worth $86.1M.
  • Terry Smith added most to Fortinet in Q4 2023, an estimated $133M increase.
  • Terry Smith's biggest Q4 2023 reduction was Microsoft, cutting an estimated $251M.
  • Terry Smith's ten largest holdings make up 65% of its $23.9B portfolio in Q4 2023.
  • Terry Smith opened 1 new position and closed 0 in Q4 2023.
  • Terry Smith's portfolio value rose 8.5% quarter-over-quarter to $23.9B.

Based on Fundsmith LLP's 13F filing for Q4 2023, filed 14 Feb 2024.