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 |
J.M. Smucker
SJM
|
+$163M |
| 2 |
Idexx Laboratories
IDXX
|
+$124M |
| 3 |
Visa
V
|
+$82.2M |
| 4 |
Stryker
SYK
|
+$40.1M |
| 5 |
Waters Corp
WAT
|
+$39.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Procter & Gamble
PG
|
+$147M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 39.51% |
| 2 | Consumer Staples | 29.76% |
| 3 | Technology | 14.95% |
| 4 | Financials | 10.3% |
| 5 | Industrials | 5.39% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Microsoft
MSFT
$3.59T
| $434M | 9.35% |
7,860,330
+328,645
| +4% | +$17.2M |
|
|
2
Stryker
SYK
$126B
| $387M | 8.33% |
3,605,529
+407,066
| +13% | +$40.1M |
|
3
Philip Morris
PM
$293B
| $384M | 8.27% |
3,913,280
+296,790
| +8% | +$27.2M |
|
|
BCR
4
DELISTED
CR Bard Inc.
BCR
| $357M | 7.69% |
1,762,031
+174,189
| +11% | +$32.9M |
|
|
5
Idexx Laboratories
IDXX
$43.9B
| $330M | 7.1% |
4,210,679
+1,719,511
| +69% | +$124M |
|
6
Johnson & Johnson
JNJ
$651B
| $323M | 6.95% |
2,985,161
+145,133
| +5% | +$15M |
|
7
Keurig Dr Pepper
KDP
$43.6B
| $322M | 6.93% |
3,601,159
+47,410
| +1% | +$4.33M |
|
8
PepsiCo
PEP
$196B
| $319M | 6.87% |
3,115,986
+28,572
| +0.9% | +$2.82M |
|
|
9
Visa
V
$693B
| $300M | 6.46% |
3,922,506
+1,130,885
| +41% | +$82.2M |
|
|
10
J.M. Smucker
SJM
$13.3B
| $266M | 5.73% |
2,050,979
+1,292,846
| +171% | +$163M |
|
11
Automatic Data Processing
ADP
$112B
| $260M | 5.6% |
2,899,555
+435,403
| +18% | +$36.5M |
|
12
3M
MMM
$92.3B
| $251M | 5.39% |
1,798,205
| – | – |
|
13
Becton Dickinson
BDX
$52.3B
| $245M | 5.28% |
1,654,826
+32,390
| +2% | +$4.6M |
|
|
14
Waters Corp
WAT
$40.4B
| $194M | 4.17% |
1,467,530
+314,348
| +27% | +$39.2M |
|
15
PayPal
PYPL
$52.7B
| $178M | 3.84% |
4,620,093
+368,207
| +9% | +$13.3M |
|
16
Colgate-Palmolive
CL
$72.6B
| $90.9M | 1.96% |
1,293,729
| – | – |
|
|
DNKN
17
DELISTED
Dunkin' Brands Group, Inc.
DNKN
| $4.21M | 0.09% |
89,269
| – | – |
|
|
18
Procter & Gamble
PG
$336B
| – | – |
-1,870,102
| Closed | -$147M |
|
Similar funds
Terry Smith's Q1 2016 Portfolio in Review
As of Q1 2016, Terry Smith held 18 positions worth $4.65B, up 17% from $3.98B the previous quarter. Its ten largest holdings account for 74% of the portfolio.
Terry Smith deployed $455M of net new capital in Q1 2016, adding to 14 existing holdings.
By sector, the portfolio is most concentrated in Healthcare at 40% of assets, up from 37% a quarter earlier, followed by Consumer Staples and Technology.
On the sell side, the most notable exit was Procter & Gamble, an estimated $147M sold.
- Terry Smith added most to J.M. Smucker in Q1 2016, an estimated $163M increase.
- Terry Smith fully exited Procter & Gamble in Q1 2016, selling an estimated $147M.
- Terry Smith's ten largest holdings make up 74% of its $4.65B portfolio in Q1 2016.
- Terry Smith opened 0 new positions and closed 1 in Q1 2016.
- Terry Smith's portfolio value rose 17% quarter-over-quarter to $4.65B.
Based on Fundsmith LLP's 13F filing for Q1 2016, filed 27 Apr 2016.