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 |
Keurig Dr Pepper
KDP
|
+$119M |
| 2 |
Stryker
SYK
|
+$93.5M |
| 3 |
PepsiCo
PEP
|
+$40.7M |
| 4 |
Becton Dickinson
BDX
|
+$28.8M |
| 5 |
PayPal
PYPL
|
+$27.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Idexx Laboratories
IDXX
|
+$1.6M |
| 2 |
Marriott International
MAR
|
+$1.5M |
| 3 |
3M
MMM
|
+$1.38M |
| 4 |
Oracle
ORCL
|
+$881K |
| 5 |
J.M. Smucker
SJM
|
+$199K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 38.77% |
| 2 | Consumer Staples | 30.96% |
| 3 | Technology | 13.73% |
| 4 | Financials | 11.74% |
| 5 | Industrials | 4.61% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Microsoft
MSFT
$3.59T
| $642M | 8.45% |
10,202,283
+267,350
| +3% | +$16.1M |
|
|
2
Stryker
SYK
$126B
| $597M | 7.86% |
4,949,396
+812,518
| +20% | +$93.5M |
|
|
BCR
3
DELISTED
CR Bard Inc.
BCR
| $560M | 7.38% |
2,500,869
+2,688
| +0.1% | +$584K |
|
|
4
Idexx Laboratories
IDXX
$43.9B
| $529M | 6.96% |
4,476,866
-14,017
| -0.3% | -$1.6M |
|
|
5
PepsiCo
PEP
$196B
| $524M | 6.9% |
4,991,525
+388,714
| +8% | +$40.7M |
|
|
6
PayPal
PYPL
$52.7B
| $503M | 6.63% |
12,595,293
+676,958
| +6% | +$27.2M |
|
|
7
Keurig Dr Pepper
KDP
$43.6B
| $483M | 6.35% |
5,304,854
+1,356,247
| +34% | +$119M |
|
8
Johnson & Johnson
JNJ
$651B
| $474M | 6.24% |
4,103,392
+120,074
| +3% | +$13.9M |
|
9
Philip Morris
PM
$293B
| $473M | 6.22% |
5,153,071
+187,023
| +4% | +$17.3M |
|
|
10
J.M. Smucker
SJM
$13.3B
| $468M | 6.16% |
3,622,364
-1,534
| -0% | -$199K |
|
11
Waters Corp
WAT
$40.4B
| $415M | 5.46% |
3,083,357
+52,997
| +2% | +$7.56M |
|
12
Automatic Data Processing
ADP
$112B
| $401M | 5.28% |
3,878,243
+8,577
| +0.2% | +$800K |
|
13
Visa
V
$693B
| $388M | 5.11% |
4,952,292
+7,755
| +0.2% | +$623K |
|
|
14
Becton Dickinson
BDX
$52.3B
| $370M | 4.87% |
2,280,545
+173,723
| +8% | +$28.8M |
|
|
15
3M
MMM
$92.3B
| $350M | 4.61% |
2,344,808
-9,580
| -0.4% | -$1.38M |
|
16
Estee Lauder
EL
$36.9B
| $277M | 3.65% |
3,590,783
+160,348
| +5% | +$13M |
|
17
Colgate-Palmolive
CL
$72.6B
| $127M | 1.67% |
1,925,410
+19,873
| +1% | +$1.36M |
|
|
18
Marriott International
MAR
$92.9B
| $15M | 0.2% |
176,436
-19,942
| -10% | -$1.5M |
|
|
19
Oracle
ORCL
$422B
| – | – |
-22,526
| Closed | -$881K |
|
Similar funds
Terry Smith's Q4 2016 Portfolio in Review
As of Q4 2016, Terry Smith held 19 positions worth $7.59B, up 3.8% from $7.32B the previous quarter. Its ten largest holdings account for 69% of the portfolio.
Terry Smith deployed $375M of net new capital in Q4 2016, adding to 14 existing holdings.
By sector, the portfolio is most concentrated in Healthcare at 39% of assets, down from 39% a quarter earlier, followed by Consumer Staples and Technology.
On the sell side, the largest reduction was Idexx Laboratories, an estimated $1.6M trimmed.
- Terry Smith added most to Keurig Dr Pepper in Q4 2016, an estimated $119M increase.
- Terry Smith's biggest Q4 2016 reduction was Idexx Laboratories, cutting an estimated $1.6M.
- Terry Smith fully exited Oracle in Q4 2016, selling an estimated $881K.
- Terry Smith's ten largest holdings make up 69% of its $7.59B portfolio in Q4 2016.
- Terry Smith opened 0 new positions and closed 1 in Q4 2016.
- Terry Smith's portfolio value rose 3.8% quarter-over-quarter to $7.59B.
Based on Fundsmith LLP's 13F filing for Q4 2016, filed 13 Feb 2017.