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 |
Waters Corp
WAT
|
+$52.1M |
| 2 |
PepsiCo
PEP
|
+$40.6M |
| 3 |
Stryker
SYK
|
+$28.6M |
| 4 |
PayPal
PYPL
|
+$23.7M |
| 5 |
Colgate-Palmolive
CL
|
+$13.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
3M
MMM
|
+$1.14M |
| 2 |
J.M. Smucker
SJM
|
+$1.06M |
| 3 |
Microsoft
MSFT
|
+$10.6K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 40.4% |
| 2 | Consumer Staples | 30.78% |
| 3 | Technology | 12.58% |
| 4 | Financials | 11.69% |
| 5 | Industrials | 4.34% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Idexx Laboratories
IDXX
$43.9B
| $693M | 8.05% |
4,480,207
+3,341
| +0.1% | +$461K |
|
|
2
Stryker
SYK
$126B
| $681M | 7.92% |
5,175,453
+226,057
| +5% | +$28.6M |
|
|
3
Microsoft
MSFT
$3.59T
| $672M | 7.81% |
10,202,117
-166
| -0% | -$10.6K |
|
|
BCR
4
DELISTED
CR Bard Inc.
BCR
| $634M | 7.37% |
2,553,141
+52,272
| +2% | +$12.6M |
|
|
5
PepsiCo
PEP
$196B
| $601M | 6.98% |
5,370,205
+378,680
| +8% | +$40.6M |
|
6
Philip Morris
PM
$293B
| $583M | 6.77% |
5,161,806
+8,735
| +0.2% | +$901K |
|
|
7
PayPal
PYPL
$52.7B
| $566M | 6.58% |
13,161,285
+565,992
| +4% | +$23.7M |
|
|
8
Waters Corp
WAT
$40.4B
| $537M | 6.23% |
3,432,535
+349,178
| +11% | +$52.1M |
|
9
Keurig Dr Pepper
KDP
$43.6B
| $522M | 6.06% |
5,329,086
+24,232
| +0.5% | +$2.26M |
|
10
Johnson & Johnson
JNJ
$651B
| $511M | 5.94% |
4,104,073
+681
| +0% | +$81.4K |
|
|
11
J.M. Smucker
SJM
$13.3B
| $474M | 5.5% |
3,614,566
-7,798
| -0.2% | -$1.06M |
|
12
Visa
V
$693B
| $440M | 5.12% |
4,954,693
+2,401
| +0% | +$207K |
|
13
Becton Dickinson
BDX
$52.3B
| $421M | 4.89% |
2,354,028
+73,483
| +3% | +$12.8M |
|
14
Automatic Data Processing
ADP
$112B
| $411M | 4.77% |
4,011,368
+133,125
| +3% | +$13.6M |
|
|
15
3M
MMM
$92.3B
| $374M | 4.34% |
2,337,401
-7,407
| -0.3% | -$1.14M |
|
16
Estee Lauder
EL
$36.9B
| $316M | 3.67% |
3,727,020
+136,237
| +4% | +$11.3M |
|
|
17
Colgate-Palmolive
CL
$72.6B
| $155M | 1.8% |
2,123,477
+198,067
| +10% | +$13.9M |
|
18
Marriott International
MAR
$92.9B
| $17.4M | 0.2% |
184,690
+8,254
| +5% | +$717K |
|
Similar funds
Terry Smith's Q1 2017 Portfolio in Review
As of Q1 2017, Terry Smith held 18 positions worth $8.61B, up 13% from $7.59B the previous quarter. Its ten largest holdings account for 70% of the portfolio.
Trading was light in Q1 2017: portfolio turnover was 0%. Terry Smith opened no new positions and made no exits, leaving the 18-position portfolio largely intact.
By sector, the portfolio is most concentrated in Healthcare at 40% of assets, up from 39% a quarter earlier, followed by Consumer Staples and Technology.
- Terry Smith added most to Waters Corp in Q1 2017, an estimated $52.1M increase.
- Terry Smith's biggest Q1 2017 reduction was 3M, cutting an estimated $1.14M.
- Terry Smith's ten largest holdings make up 70% of its $8.61B portfolio in Q1 2017.
- Terry Smith opened 0 new positions and closed 0 in Q1 2017.
- Terry Smith's portfolio value rose 13% quarter-over-quarter to $8.61B.
Based on Fundsmith LLP's 13F filing for Q1 2017, filed 5 May 2017.