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 |
SIAL
SIGMA - ALDRICH CORP
SIAL
|
+$71.5M |
| 2 |
PepsiCo
PEP
|
+$30.8M |
| 3 |
Becton Dickinson
BDX
|
+$29.2M |
| 4 |
Visa
V
|
+$27.1M |
| 5 |
Philip Morris
PM
|
+$22.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Choice Hotels
CHH
|
+$26.1M |
| 2 |
Colgate-Palmolive
CL
|
+$21.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 29.9% |
| 2 | Healthcare | 24.27% |
| 3 | Consumer Discretionary | 19.94% |
| 4 | Technology | 6.37% |
| 5 | Industrials | 5.94% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Stryker
SYK
$126B
| $181M | 9.51% |
2,225,955
+111,569
| +5% | +$8.87M |
|
|
SIAL
2
DELISTED
SIGMA - ALDRICH CORP
SIAL
| $179M | 9.37% |
1,209,341
+765,927
| +173% | +$71.5M |
|
3
McDonald's
MCD
$192B
| $176M | 9.23% |
4,290,030
+147,767
| +4% | +$14.1M |
|
4
Keurig Dr Pepper
KDP
$43.6B
| $175M | 9.2% |
3,218,586
+181,880
| +6% | +$9.16M |
|
|
5
Becton Dickinson
BDX
$52.3B
| $168M | 8.82% |
1,471,083
+265,347
| +22% | +$29.2M |
|
6
Domino's
DPZ
$11.3B
| $164M | 8.62% |
2,134,570
| – | – |
|
|
7
PepsiCo
PEP
$196B
| $134M | 7.05% |
1,609,367
+379,473
| +31% | +$30.8M |
|
8
Automatic Data Processing
ADP
$112B
| $121M | 6.37% |
1,789,933
+185,605
| +12% | +$12.6M |
|
|
9
Philip Morris
PM
$293B
| $115M | 6.01% |
1,398,707
+279,354
| +25% | +$22.6M |
|
10
3M
MMM
$92.3B
| $113M | 5.94% |
998,775
| – | – |
|
11
Johnson & Johnson
JNJ
$651B
| $113M | 5.94% |
1,152,868
+112,077
| +11% | +$10.4M |
|
12
Procter & Gamble
PG
$336B
| $113M | 5.93% |
1,414,311
+112,478
| +9% | +$8.86M |
|
|
13
Visa
V
$693B
| $80M | 4.2% |
1,483,056
+488,520
| +49% | +$27.1M |
|
|
14
Choice Hotels
CHH
$4.93B
| $39.9M | 2.09% |
870,912
-540,470
| -38% | -$26.1M |
|
|
15
Colgate-Palmolive
CL
$72.6B
| $32.7M | 1.71% |
506,402
-334,602
| -40% | -$21.1M |
|
Similar funds
Terry Smith's Q1 2014 Portfolio in Review
As of Q1 2014, Terry Smith held 15 positions worth $1.91B, up 18% from $1.61B the previous quarter. Its ten largest holdings account for 80% of the portfolio.
Terry Smith deployed $198M of net new capital in Q1 2014, adding to 11 existing holdings.
By sector, the portfolio is most concentrated in Consumer Staples at 30% of assets, down from 32% a quarter earlier, followed by Healthcare and Consumer Discretionary.
On the sell side, the largest reduction was Choice Hotels, an estimated $26.1M trimmed.
- Terry Smith added most to SIGMA - ALDRICH CORP in Q1 2014, an estimated $71.5M increase.
- Terry Smith's biggest Q1 2014 reduction was Choice Hotels, cutting an estimated $26.1M.
- Terry Smith's ten largest holdings make up 80% of its $1.91B portfolio in Q1 2014.
- Terry Smith opened 0 new positions and closed 0 in Q1 2014.
- Terry Smith's portfolio value rose 18% quarter-over-quarter to $1.91B.
Based on Fundsmith LLP's 13F filing for Q1 2014, filed 29 Apr 2014.