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 |
Intuit
INTU
|
+$141M |
| 2 |
Automatic Data Processing
ADP
|
+$118M |
| 3 |
Waters Corp
WAT
|
+$69.8M |
| 4 |
PayPal
PYPL
|
+$43.7M |
| 5 |
3M
MMM
|
+$39.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
J.M. Smucker
SJM
|
+$198M |
| 2 |
Idexx Laboratories
IDXX
|
+$5.55M |
| 3 |
PepsiCo
PEP
|
+$4.04M |
| 4 |
Keurig Dr Pepper
KDP
|
+$3.48M |
| 5 |
Johnson & Johnson
JNJ
|
+$3.27M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 41.25% |
| 2 | Consumer Staples | 25.99% |
| 3 | Technology | 14.82% |
| 4 | Financials | 13.04% |
| 5 | Industrials | 4.7% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
BCR
1
DELISTED
CR Bard Inc.
BCR
| $805M | 8.44% |
2,547,140
-6,001
| -0.2% | -$1.78M |
|
|
2
PayPal
PYPL
$52.7B
| $754M | 7.91% |
14,051,261
+889,976
| +7% | +$43.7M |
|
3
Microsoft
MSFT
$3.59T
| $739M | 7.75% |
10,720,725
+518,608
| +5% | +$35.6M |
|
4
Stryker
SYK
$126B
| $718M | 7.53% |
5,176,005
+552
| +0% | +$75.7K |
|
|
5
Idexx Laboratories
IDXX
$43.9B
| $718M | 7.53% |
4,446,040
-34,167
| -0.8% | -$5.55M |
|
|
6
Waters Corp
WAT
$40.4B
| $705M | 7.39% |
3,833,955
+401,420
| +12% | +$69.8M |
|
|
7
PepsiCo
PEP
$196B
| $616M | 6.46% |
5,334,959
-35,246
| -0.7% | -$4.04M |
|
8
Philip Morris
PM
$293B
| $616M | 6.45% |
5,240,912
+79,106
| +2% | +$9.16M |
|
|
9
Johnson & Johnson
JNJ
$651B
| $540M | 5.66% |
4,078,477
-25,596
| -0.6% | -$3.27M |
|
|
10
Automatic Data Processing
ADP
$112B
| $530M | 5.56% |
5,176,340
+1,164,972
| +29% | +$118M |
|
11
Visa
V
$693B
| $489M | 5.13% |
5,217,623
+262,930
| +5% | +$24.4M |
|
|
12
Keurig Dr Pepper
KDP
$43.6B
| $482M | 5.06% |
5,291,897
-37,189
| -0.7% | -$3.48M |
|
13
Becton Dickinson
BDX
$52.3B
| $449M | 4.71% |
2,360,155
+6,127
| +0.3% | +$1.12M |
|
|
14
3M
MMM
$92.3B
| $448M | 4.7% |
2,576,262
+238,861
| +10% | +$39.9M |
|
15
Estee Lauder
EL
$36.9B
| $369M | 3.87% |
3,845,509
+118,489
| +3% | +$10.9M |
|
|
16
J.M. Smucker
SJM
$13.3B
| $240M | 2.52% |
2,043,846
-1,570,720
| -43% | -$198M |
|
17
Colgate-Palmolive
CL
$72.6B
| $155M | 1.63% |
2,105,319
-18,158
| -0.9% | -$1.35M |
|
|
18
Intuit
INTU
$100B
| $144M | 1.51% |
+1,090,434
| New | +$141M |
|
19
Marriott International
MAR
$92.9B
| $18.5M | 0.19% |
184,750
+60
| +0% | +$6K |
|
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Terry Smith's Q2 2017 Portfolio in Review
As of Q2 2017, Terry Smith held 19 positions worth $9.54B, up 11% from $8.61B the previous quarter. Its ten largest holdings account for 71% of the portfolio.
Terry Smith's Q2 2017 filing shows 1 new, 11 increased and 7 reduced positions. Its largest new stake was Intuit: 1,090,434 shares worth $144M. The largest sale was J.M. Smucker, an estimated $198M.
By sector, the portfolio is most concentrated in Healthcare at 41% of assets, up from 40% a quarter earlier, followed by Consumer Staples and Technology.
- Terry Smith's largest Q2 2017 buy was Intuit: 1,090,434 shares worth $144M.
- Terry Smith added most to Automatic Data Processing in Q2 2017, an estimated $118M increase.
- Terry Smith's biggest Q2 2017 reduction was J.M. Smucker, cutting an estimated $198M.
- Terry Smith's ten largest holdings make up 71% of its $9.54B portfolio in Q2 2017.
- Terry Smith opened 1 new position and closed 0 in Q2 2017.
- Terry Smith's portfolio value rose 11% quarter-over-quarter to $9.54B.
Based on Fundsmith LLP's 13F filing for Q2 2017, filed 14 Aug 2017.