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 |
Philip Morris
PM
|
+$11.3M |
| 2 |
PepsiCo
PEP
|
+$6.73M |
| 3 |
McDonald's
MCD
|
+$4.59M |
| 4 |
Becton Dickinson
BDX
|
+$3.29M |
| 5 |
Stryker
SYK
|
+$1.69M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Waters Corp
WAT
|
+$47.7M |
| 2 |
Domino's
DPZ
|
+$6.51M |
| 3 |
Choice Hotels
CHH
|
+$508K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 31.55% |
| 2 | Healthcare | 23.85% |
| 3 | Consumer Discretionary | 23.15% |
| 4 | Industrials | 7.27% |
| 5 | Technology | 7.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Stryker
SYK
$126B
| $159M | 9.86% |
2,114,386
+23,227
| +1% | +$1.69M |
|
|
2
McDonald's
MCD
$192B
| $155M | 9.62% |
4,142,263
+47,802
| +1% | +$4.59M |
|
|
3
Domino's
DPZ
$11.3B
| $149M | 9.23% |
2,134,570
-95,082
| -4% | -$6.51M |
|
4
Keurig Dr Pepper
KDP
$43.6B
| $148M | 9.18% |
3,036,706
| – | – |
|
|
5
Becton Dickinson
BDX
$52.3B
| $130M | 8.07% |
1,205,736
+31,688
| +3% | +$3.29M |
|
6
3M
MMM
$92.3B
| $117M | 7.27% |
998,775
| – | – |
|
7
Automatic Data Processing
ADP
$112B
| $114M | 7.06% |
1,604,328
| – | – |
|
8
Procter & Gamble
PG
$336B
| $106M | 6.58% |
1,301,833
| – | – |
|
|
9
PepsiCo
PEP
$196B
| $102M | 6.33% |
1,229,894
+81,073
| +7% | +$6.73M |
|
|
10
Philip Morris
PM
$293B
| $97.5M | 6.05% |
1,119,353
+128,976
| +13% | +$11.3M |
|
11
Johnson & Johnson
JNJ
$651B
| $95.3M | 5.92% |
1,040,791
+2,162
| +0.2% | +$199K |
|
|
12
Choice Hotels
CHH
$4.93B
| $69.3M | 4.3% |
1,411,382
-11,153
| -0.8% | -$508K |
|
|
SIAL
13
DELISTED
SIGMA - ALDRICH CORP
SIAL
| $59.3M | 3.68% |
443,414
+13,190
| +3% | +$1.15M |
|
14
Visa
V
$693B
| $55.4M | 3.44% |
994,536
| – | – |
|
15
Colgate-Palmolive
CL
$72.6B
| $54.8M | 3.4% |
841,004
| – | – |
|
|
16
Waters Corp
WAT
$40.4B
| – | – |
-449,096
| Closed | -$47.7M |
|
Similar funds
Terry Smith's Q4 2013 Portfolio in Review
As of Q4 2013, Terry Smith held 16 positions worth $1.61B, up 7.2% from $1.5B the previous quarter. Its ten largest holdings account for 79% of the portfolio.
Terry Smith's Q4 2013 filing shows 7 increased, 2 reduced and 1 closed positions. The largest sale was Waters Corp, an estimated $47.7M.
By sector, the portfolio is most concentrated in Consumer Staples at 32% of assets, up from 31% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Terry Smith added most to Philip Morris in Q4 2013, an estimated $11.3M increase.
- Terry Smith's biggest Q4 2013 reduction was Domino's, cutting an estimated $6.51M.
- Terry Smith fully exited Waters Corp in Q4 2013, selling an estimated $47.7M.
- Terry Smith's ten largest holdings make up 79% of its $1.61B portfolio in Q4 2013.
- Terry Smith opened 0 new positions and closed 1 in Q4 2013.
- Terry Smith's portfolio value rose 7.2% quarter-over-quarter to $1.61B.
Based on Fundsmith LLP's 13F filing for Q4 2013, filed 21 Jan 2014.