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 |
Idexx Laboratories
IDXX
|
+$115M |
| 2 |
J.M. Smucker
SJM
|
+$90.4M |
| 3 |
Waters Corp
WAT
|
+$45.6M |
| 4 |
Philip Morris
PM
|
+$38.6M |
| 5 |
Automatic Data Processing
ADP
|
+$34.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
eBay
EBAY
|
+$56.1M |
| 2 |
Domino's
DPZ
|
+$4.89M |
| 3 |
Marriott International
MAR
|
+$3.69M |
| 4 |
PayPal
PYPL
|
+$608K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 36.92% |
| 2 | Consumer Staples | 32.25% |
| 3 | Technology | 15.74% |
| 4 | Financials | 9.3% |
| 5 | Industrials | 5.69% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Microsoft
MSFT
$3.59T
| $418M | 10.5% |
7,531,685
| – | – |
|
2
Keurig Dr Pepper
KDP
$43.6B
| $331M | 8.32% |
3,553,749
| – | – |
|
|
3
Philip Morris
PM
$293B
| $318M | 7.99% |
3,616,490
+445,132
| +14% | +$38.6M |
|
4
PepsiCo
PEP
$196B
| $308M | 7.75% |
3,087,414
+122,058
| +4% | +$12.2M |
|
|
BCR
5
DELISTED
CR Bard Inc.
BCR
| $300M | 7.54% |
1,587,842
+179,746
| +13% | +$33.7M |
|
6
Stryker
SYK
$126B
| $297M | 7.47% |
3,198,463
+276,622
| +9% | +$26.5M |
|
7
Johnson & Johnson
JNJ
$651B
| $292M | 7.33% |
2,840,028
+143,858
| +5% | +$14.5M |
|
8
Becton Dickinson
BDX
$52.3B
| $244M | 6.13% |
1,622,436
| – | – |
|
9
3M
MMM
$92.3B
| $226M | 5.69% |
1,798,205
| – | – |
|
10
Visa
V
$693B
| $216M | 5.44% |
2,791,621
+185,620
| +7% | +$14.4M |
|
|
11
Automatic Data Processing
ADP
$112B
| $209M | 5.24% |
2,464,152
+405,573
| +20% | +$34.9M |
|
|
12
Idexx Laboratories
IDXX
$43.9B
| $182M | 4.56% |
2,491,168
+1,610,682
| +183% | +$115M |
|
|
13
Waters Corp
WAT
$40.4B
| $155M | 3.9% |
1,153,182
+355,083
| +44% | +$45.6M |
|
|
14
PayPal
PYPL
$52.7B
| $154M | 3.87% |
4,251,886
-17,240
| -0.4% | -$608K |
|
15
Procter & Gamble
PG
$336B
| $147M | 3.7% |
1,870,102
| – | – |
|
|
16
J.M. Smucker
SJM
$13.3B
| $93.5M | 2.35% |
+758,133
| New | +$90.4M |
|
17
Colgate-Palmolive
CL
$72.6B
| $85.7M | 2.15% |
1,293,729
+45,535
| +4% | +$3.03M |
|
|
DNKN
18
DELISTED
Dunkin' Brands Group, Inc.
DNKN
| $3.8M | 0.1% |
89,269
+9,121
| +11% | +$383K |
|
|
19
Domino's
DPZ
$11.3B
| – | – |
-45,290
| Closed | -$4.89M |
|
|
20
eBay
EBAY
$46.3B
| – | – |
-2,296,306
| Closed | -$56.1M |
|
|
21
Marriott International
MAR
$92.9B
| – | – |
-54,182
| Closed | -$3.69M |
|
Similar funds
Terry Smith's Q4 2015 Portfolio in Review
As of Q4 2015, Terry Smith held 21 positions worth $3.98B, up 21% from $3.28B the previous quarter. Its ten largest holdings account for 74% of the portfolio.
Terry Smith deployed $364M of net new capital in Q4 2015, opening 1 new position and adding to 11 existing holdings. Its largest new stake was J.M. Smucker: 758,133 shares worth $93.5M.
By sector, the portfolio is most concentrated in Healthcare at 37% of assets, up from 35% a quarter earlier, followed by Consumer Staples and Technology.
On the sell side, the largest reduction was PayPal, an estimated $608K trimmed.
- Terry Smith's largest Q4 2015 buy was J.M. Smucker: 758,133 shares worth $93.5M.
- Terry Smith added most to Idexx Laboratories in Q4 2015, an estimated $115M increase.
- Terry Smith's biggest Q4 2015 reduction was PayPal, cutting an estimated $608K.
- Terry Smith fully exited eBay in Q4 2015, selling an estimated $56.1M.
- Terry Smith's ten largest holdings make up 74% of its $3.98B portfolio in Q4 2015.
- Terry Smith opened 1 new position and closed 3 in Q4 2015.
- Terry Smith's portfolio value rose 21% quarter-over-quarter to $3.98B.
Based on Fundsmith LLP's 13F filing for Q4 2015, filed 16 Feb 2016.