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 |
PepsiCo
PEP
|
+$115M |
| 2 |
Estee Lauder
EL
|
+$101M |
| 3 |
Waters Corp
WAT
|
+$91.2M |
| 4 |
PayPal
PYPL
|
+$77.7M |
| 5 |
BCR
CR Bard Inc.
BCR
|
+$67.6M |
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 39.2% |
| 2 | Consumer Staples | 31.12% |
| 3 | Technology | 12.5% |
| 4 | Financials | 12.26% |
| 5 | Industrials | 4.74% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Microsoft
MSFT
$3.59T
| $572M | 7.82% |
9,934,933
+1,097,542
| +12% | +$62M |
|
|
BCR
2
DELISTED
CR Bard Inc.
BCR
| $560M | 7.65% |
2,498,181
+300,555
| +14% | +$67.6M |
|
3
Idexx Laboratories
IDXX
$43.9B
| $506M | 6.92% |
4,490,883
+21,547
| +0.5% | +$2.27M |
|
|
4
PepsiCo
PEP
$196B
| $501M | 6.84% |
4,602,811
+1,062,725
| +30% | +$115M |
|
5
J.M. Smucker
SJM
$13.3B
| $488M | 6.68% |
3,623,898
+173,109
| +5% | +$25.4M |
|
|
6
PayPal
PYPL
$52.7B
| $488M | 6.67% |
11,918,335
+2,022,180
| +20% | +$77.7M |
|
7
Philip Morris
PM
$293B
| $483M | 6.6% |
4,966,048
+598,401
| +14% | +$59.9M |
|
8
Stryker
SYK
$126B
| $482M | 6.58% |
4,136,878
+204,143
| +5% | +$23.8M |
|
|
9
Waters Corp
WAT
$40.4B
| $480M | 6.56% |
3,030,360
+589,042
| +24% | +$91.2M |
|
10
Johnson & Johnson
JNJ
$651B
| $471M | 6.43% |
3,983,318
+278,625
| +8% | +$33.8M |
|
11
Visa
V
$693B
| $409M | 5.59% |
4,944,537
+427,457
| +9% | +$34.2M |
|
12
Becton Dickinson
BDX
$52.3B
| $369M | 5.05% |
2,106,822
+268,492
| +15% | +$45.9M |
|
13
Keurig Dr Pepper
KDP
$43.6B
| $361M | 4.93% |
3,948,607
+347,448
| +10% | +$32.9M |
|
14
3M
MMM
$92.3B
| $347M | 4.74% |
2,354,388
+38,333
| +2% | +$5.72M |
|
15
Automatic Data Processing
ADP
$112B
| $341M | 4.67% |
3,869,666
+532,875
| +16% | +$48.3M |
|
|
16
Estee Lauder
EL
$36.9B
| $304M | 4.15% |
3,430,435
+1,107,149
| +48% | +$101M |
|
17
Colgate-Palmolive
CL
$72.6B
| $141M | 1.92% |
1,905,537
+521,450
| +38% | +$38.5M |
|
18
Marriott International
MAR
$92.9B
| $13.2M | 0.18% |
196,378
| – | – |
|
19
Oracle
ORCL
$422B
| $881K | 0.01% |
22,526
| – | – |
|
Similar funds
Terry Smith's Q3 2016 Portfolio in Review
As of Q3 2016, Terry Smith held 19 positions worth $7.32B, up 16% from $6.31B the previous quarter. Its ten largest holdings account for 69% of the portfolio.
Terry Smith deployed $865M of net new capital in Q3 2016, adding to 17 existing holdings.
By sector, the portfolio is most concentrated in Healthcare at 39% of assets, down from 40% a quarter earlier, followed by Consumer Staples and Technology.
- Terry Smith added most to PepsiCo in Q3 2016, an estimated $115M increase.
- Terry Smith's ten largest holdings make up 69% of its $7.32B portfolio in Q3 2016.
- Terry Smith opened 0 new positions and closed 0 in Q3 2016.
- Terry Smith's portfolio value rose 16% quarter-over-quarter to $7.32B.
Based on Fundsmith LLP's 13F filing for Q3 2016, filed 14 Nov 2016.