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 |
eBay
EBAY
|
+$61.2M |
| 2 |
McDonald's
MCD
|
+$58.7M |
| 3 |
Philip Morris
PM
|
+$46.9M |
| 4 |
Becton Dickinson
BDX
|
+$24.8M |
| 5 |
Johnson & Johnson
JNJ
|
+$20.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Choice Hotels
CHH
|
+$14.1M |
| 2 |
Automatic Data Processing
ADP
|
+$13.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 30.2% |
| 2 | Consumer Discretionary | 25.37% |
| 3 | Healthcare | 23.3% |
| 4 | Financials | 5.59% |
| 5 | Industrials | 5.08% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
McDonald's
MCD
$192B
| $284M | 10.13% |
6,116,468
+627,492
| +11% | +$58.7M |
|
2
Keurig Dr Pepper
KDP
$43.6B
| $252M | 8.98% |
3,514,615
+139,543
| +4% | +$9.67M |
|
3
Stryker
SYK
$126B
| $244M | 8.71% |
2,590,890
+51,774
| +2% | +$4.59M |
|
|
4
Becton Dickinson
BDX
$52.3B
| $239M | 8.51% |
1,757,872
+193,818
| +12% | +$24.8M |
|
|
5
Philip Morris
PM
$293B
| $203M | 7.23% |
2,488,707
+545,784
| +28% | +$46.9M |
|
6
Domino's
DPZ
$11.3B
| $201M | 7.17% |
2,134,570
| – | – |
|
7
PepsiCo
PEP
$196B
| $186M | 6.63% |
1,967,897
+81,341
| +4% | +$7.8M |
|
|
8
eBay
EBAY
$46.3B
| $173M | 6.15% |
7,303,615
+2,698,098
| +59% | +$61.2M |
|
|
9
Johnson & Johnson
JNJ
$651B
| $170M | 6.08% |
1,629,983
+195,665
| +14% | +$20.6M |
|
10
Visa
V
$693B
| $157M | 5.59% |
2,390,992
| – | – |
|
|
SIAL
11
DELISTED
SIGMA - ALDRICH CORP
SIAL
| $156M | 5.56% |
936,922
+136,399
| +17% | +$18.5M |
|
12
3M
MMM
$92.3B
| $142M | 5.08% |
1,036,292
+23,693
| +2% | +$3.04M |
|
13
Procter & Gamble
PG
$336B
| $139M | 4.97% |
1,541,919
+108,240
| +8% | +$9.52M |
|
|
14
Automatic Data Processing
ADP
$112B
| $138M | 4.9% |
1,649,776
-163,815
| -9% | -$13.3M |
|
15
Colgate-Palmolive
CL
$72.6B
| $66.9M | 2.39% |
972,598
| – | – |
|
|
16
Choice Hotels
CHH
$4.93B
| $53.9M | 1.92% |
961,757
-262,980
| -21% | -$14.1M |
|
Similar funds
Terry Smith's Q4 2014 Portfolio in Review
As of Q4 2014, Terry Smith held 16 positions worth $2.8B, up 20% from $2.34B the previous quarter. Its ten largest holdings account for 75% of the portfolio.
Terry Smith deployed $238M of net new capital in Q4 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 Consumer Discretionary and Healthcare.
On the sell side, the largest reduction was Choice Hotels, an estimated $14.1M trimmed.
- Terry Smith added most to eBay in Q4 2014, an estimated $61.2M increase.
- Terry Smith's biggest Q4 2014 reduction was Choice Hotels, cutting an estimated $14.1M.
- Terry Smith's ten largest holdings make up 75% of its $2.8B portfolio in Q4 2014.
- Terry Smith opened 0 new positions and closed 0 in Q4 2014.
- Terry Smith's portfolio value rose 20% quarter-over-quarter to $2.8B.
Based on Fundsmith LLP's 13F filing for Q4 2014, filed 10 Feb 2015.