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 |
McDonald's
MCD
|
+$97.5M |
| 2 |
eBay
EBAY
|
+$61.6M |
| 3 |
Visa
V
|
+$44.2M |
| 4 |
Philip Morris
PM
|
+$33.2M |
| 5 |
Choice Hotels
CHH
|
+$25.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SIAL
SIGMA - ALDRICH CORP
SIAL
|
+$49.7M |
| 2 |
Becton Dickinson
BDX
|
+$1.21M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 31.64% |
| 2 | Healthcare | 23.64% |
| 3 | Consumer Discretionary | 23.19% |
| 4 | Technology | 5.75% |
| 5 | Financials | 5.66% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
McDonald's
MCD
$192B
| $219M | 10.12% |
5,256,276
+966,246
| +23% | +$97.5M |
|
2
Stryker
SYK
$126B
| $207M | 9.57% |
2,459,488
+233,533
| +10% | +$19.1M |
|
3
Keurig Dr Pepper
KDP
$43.6B
| $196M | 9.05% |
3,346,639
+128,053
| +4% | +$7.2M |
|
|
4
Becton Dickinson
BDX
$52.3B
| $169M | 7.78% |
1,460,375
-10,708
| -0.7% | -$1.21M |
|
5
PepsiCo
PEP
$196B
| $169M | 7.78% |
1,886,556
+277,189
| +17% | +$23.9M |
|
6
Domino's
DPZ
$11.3B
| $156M | 7.2% |
2,134,570
| – | – |
|
|
7
Philip Morris
PM
$293B
| $150M | 6.94% |
1,784,113
+385,406
| +28% | +$33.2M |
|
8
Johnson & Johnson
JNJ
$651B
| $136M | 6.29% |
1,303,385
+150,517
| +13% | +$15.2M |
|
9
Automatic Data Processing
ADP
$112B
| $125M | 5.75% |
1,789,933
| – | – |
|
|
10
Visa
V
$693B
| $123M | 5.66% |
2,327,936
+844,880
| +57% | +$44.2M |
|
11
3M
MMM
$92.3B
| $120M | 5.52% |
998,775
| – | – |
|
12
Procter & Gamble
PG
$336B
| $111M | 5.13% |
1,414,311
| – | – |
|
|
SIAL
13
DELISTED
SIGMA - ALDRICH CORP
SIAL
| $99.8M | 4.61% |
697,953
-511,388
| -42% | -$49.7M |
|
|
14
Choice Hotels
CHH
$4.93B
| $67.6M | 3.12% |
1,435,203
+564,291
| +65% | +$25.4M |
|
|
15
eBay
EBAY
$46.3B
| $59.6M | 2.75% |
+2,828,093
| New | +$61.6M |
|
16
Colgate-Palmolive
CL
$72.6B
| $59.4M | 2.74% |
870,912
+364,510
| +72% | +$24.4M |
|
Similar funds
Terry Smith's Q2 2014 Portfolio in Review
As of Q2 2014, Terry Smith held 16 positions worth $2.17B, up 14% from $1.91B the previous quarter. Its ten largest holdings account for 76% of the portfolio.
Terry Smith deployed $301M of net new capital in Q2 2014, opening 1 new position and adding to 9 existing holdings. Its largest new stake was eBay: 2,828,093 shares worth $59.6M.
By sector, the portfolio is most concentrated in Consumer Staples at 32% of assets, up from 30% a quarter earlier, followed by Healthcare and Consumer Discretionary.
On the sell side, the largest reduction was SIGMA - ALDRICH CORP, an estimated $49.7M trimmed.
- Terry Smith's largest Q2 2014 buy was eBay: 2,828,093 shares worth $59.6M.
- Terry Smith added most to McDonald's in Q2 2014, an estimated $97.5M increase.
- Terry Smith's biggest Q2 2014 reduction was SIGMA - ALDRICH CORP, cutting an estimated $49.7M.
- Terry Smith's ten largest holdings make up 76% of its $2.17B portfolio in Q2 2014.
- Terry Smith opened 1 new position and closed 0 in Q2 2014.
- Terry Smith's portfolio value rose 14% quarter-over-quarter to $2.17B.
Based on Fundsmith LLP's 13F filing for Q2 2014, filed 11 Aug 2014.