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 |
PayPal
PYPL
|
+$153M |
| 2 |
Waters Corp
WAT
|
+$61.6M |
| 3 |
Idexx Laboratories
IDXX
|
+$58.3M |
| 4 |
3M
MMM
|
+$38.6M |
| 5 |
PepsiCo
PEP
|
+$37.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
eBay
EBAY
|
+$211M |
| 2 |
Domino's
DPZ
|
+$154M |
| 3 |
Becton Dickinson
BDX
|
+$9.88M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 35.33% |
| 2 | Consumer Staples | 31.28% |
| 3 | Technology | 15.21% |
| 4 | Financials | 9.58% |
| 5 | Industrials | 6.5% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Microsoft
MSFT
$3.59T
| $333M | 10.17% |
7,531,685
+338,065
| +5% | +$15.2M |
|
2
Keurig Dr Pepper
KDP
$43.6B
| $281M | 8.57% |
3,553,749
+39,134
| +1% | +$3.07M |
|
|
3
PepsiCo
PEP
$196B
| $280M | 8.53% |
2,965,356
+395,198
| +15% | +$37.6M |
|
4
Stryker
SYK
$126B
| $275M | 8.38% |
2,921,841
+158,446
| +6% | +$15.7M |
|
|
BCR
5
DELISTED
CR Bard Inc.
BCR
| $262M | 8% |
1,408,096
+139,732
| +11% | +$26.5M |
|
6
Johnson & Johnson
JNJ
$651B
| $252M | 7.68% |
2,696,170
+383,301
| +17% | +$37.1M |
|
7
Philip Morris
PM
$293B
| $252M | 7.67% |
3,171,358
+191,970
| +6% | +$15.8M |
|
|
8
3M
MMM
$92.3B
| $213M | 6.5% |
1,798,205
+314,034
| +21% | +$38.6M |
|
|
9
Becton Dickinson
BDX
$52.3B
| $210M | 6.4% |
1,622,436
-70,740
| -4% | -$9.88M |
|
10
Visa
V
$693B
| $182M | 5.54% |
2,606,001
+48,211
| +2% | +$3.44M |
|
11
Automatic Data Processing
ADP
$112B
| $165M | 5.04% |
2,058,579
+296,017
| +17% | +$23.7M |
|
12
Procter & Gamble
PG
$336B
| $135M | 4.1% |
1,870,102
+251,413
| +16% | +$18.9M |
|
|
13
PayPal
PYPL
$52.7B
| $133M | 4.04% |
+4,269,126
| New | +$153M |
|
|
14
Waters Corp
WAT
$40.4B
| $94.3M | 2.88% |
798,099
+487,363
| +157% | +$61.6M |
|
15
Colgate-Palmolive
CL
$72.6B
| $79.2M | 2.42% |
1,248,194
| – | – |
|
|
16
Idexx Laboratories
IDXX
$43.9B
| $65.4M | 1.99% |
880,486
+813,646
| +1,217% | +$58.3M |
|
|
17
eBay
EBAY
$46.3B
| $56.1M | 1.71% |
2,296,306
-7,847,137
| -77% | -$211M |
|
|
18
Domino's
DPZ
$11.3B
| $4.89M | 0.15% |
45,290
-1,384,097
| -97% | -$154M |
|
|
DNKN
19
DELISTED
Dunkin' Brands Group, Inc.
DNKN
| $3.93M | 0.12% |
80,148
| – | – |
|
20
Marriott International
MAR
$92.9B
| $3.69M | 0.11% |
54,182
| – | – |
|
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Terry Smith's Q3 2015 Portfolio in Review
As of Q3 2015, Terry Smith held 20 positions worth $3.28B, up 3.2% from $3.18B the previous quarter. Its ten largest holdings account for 77% of the portfolio.
Terry Smith deployed $134M of net new capital in Q3 2015, opening 1 new position and adding to 13 existing holdings. Its largest new stake was PayPal: 4,269,126 shares worth $133M.
By sector, the portfolio is most concentrated in Healthcare at 35% of assets, up from 31% a quarter earlier, followed by Consumer Staples and Technology.
On the sell side, the largest reduction was eBay, an estimated $211M trimmed.
- Terry Smith's largest Q3 2015 buy was PayPal: 4,269,126 shares worth $133M.
- Terry Smith added most to Waters Corp in Q3 2015, an estimated $61.6M increase.
- Terry Smith's biggest Q3 2015 reduction was eBay, cutting an estimated $211M.
- Terry Smith's ten largest holdings make up 77% of its $3.28B portfolio in Q3 2015.
- Terry Smith opened 1 new position and closed 0 in Q3 2015.
- Terry Smith's portfolio value rose 3.2% quarter-over-quarter to $3.28B.
Based on Fundsmith LLP's 13F filing for Q3 2015, filed 20 Oct 2015.