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 |
Idexx Laboratories
IDXX
|
+$2.22B |
| 2 |
Keurig Dr Pepper
KDP
|
+$199M |
| 3 |
Intuit
INTU
|
+$151M |
| 4 |
Philip Morris
PM
|
+$118M |
| 5 |
3M
MMM
|
+$95.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
PayPal
PYPL
|
+$754M |
| 2 |
J.M. Smucker
SJM
|
+$240M |
| 3 |
BCR
CR Bard Inc.
BCR
|
+$6.03M |
| 4 |
Stryker
SYK
|
+$197K |
| 5 |
Visa
V
|
+$149K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 47.51% |
| 2 | Consumer Staples | 24.91% |
| 3 | Technology | 16.79% |
| 4 | Industrials | 5.31% |
| 5 | Financials | 5.28% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Idexx Laboratories
IDXX
$43.9B
| $1.58B | 15.34% |
18,492,918
+14,046,878
| +316% | +$2.22B |
|
2
Microsoft
MSFT
$3.59T
| $818M | 7.92% |
11,076,335
+355,610
| +3% | +$26M |
|
|
BCR
3
DELISTED
CR Bard Inc.
BCR
| $807M | 7.82% |
2,528,269
-18,871
| -0.7% | -$6.03M |
|
4
Waters Corp
WAT
$40.4B
| $779M | 7.54% |
4,355,756
+521,801
| +14% | +$94.6M |
|
|
5
Stryker
SYK
$126B
| $725M | 7.02% |
5,174,629
-1,376
| -0% | -$197K |
|
|
6
Philip Morris
PM
$293B
| $699M | 6.77% |
6,251,789
+1,010,877
| +19% | +$118M |
|
|
7
Keurig Dr Pepper
KDP
$43.6B
| $662M | 6.41% |
7,489,891
+2,197,994
| +42% | +$199M |
|
8
PepsiCo
PEP
$196B
| $622M | 6.02% |
5,560,322
+225,363
| +4% | +$26M |
|
9
Automatic Data Processing
ADP
$112B
| $605M | 5.86% |
5,553,237
+376,897
| +7% | +$40.4M |
|
10
Johnson & Johnson
JNJ
$651B
| $566M | 5.48% |
4,374,191
+295,714
| +7% | +$39.2M |
|
|
11
3M
MMM
$92.3B
| $548M | 5.31% |
3,128,645
+552,383
| +21% | +$95.7M |
|
|
12
Visa
V
$693B
| $545M | 5.28% |
5,216,150
-1,473
| -0% | -$149K |
|
13
Becton Dickinson
BDX
$52.3B
| $446M | 4.32% |
2,359,463
-692
| -0% | -$134K |
|
14
Estee Lauder
EL
$36.9B
| $409M | 3.96% |
3,844,901
-608
| -0% | -$62.4K |
|
|
15
Intuit
INTU
$100B
| $311M | 3.01% |
2,184,854
+1,094,420
| +100% | +$151M |
|
16
Colgate-Palmolive
CL
$72.6B
| $181M | 1.75% |
2,477,902
+372,583
| +18% | +$26.9M |
|
17
Marriott International
MAR
$92.9B
| $20.3M | 0.2% |
184,690
-60
| -0% | -$6.18K |
|
|
18
PayPal
PYPL
$52.7B
| – | – |
-14,051,261
| Closed | -$754M |
|
|
19
J.M. Smucker
SJM
$13.3B
| – | – |
-2,043,846
| Closed | -$240M |
|
Similar funds
Terry Smith's Q3 2017 Portfolio in Review
As of Q3 2017, Terry Smith held 19 positions worth $10.3B, up 8.3% from $9.54B the previous quarter. Its ten largest holdings account for 76% of the portfolio.
Terry Smith deployed $2.04B of net new capital in Q3 2017, adding to 11 existing holdings.
By sector, the portfolio is most concentrated in Healthcare at 48% of assets, up from 41% a quarter earlier, followed by Consumer Staples and Technology.
On the sell side, the largest reduction was CR Bard Inc., an estimated $6.03M trimmed.
- Terry Smith added most to Idexx Laboratories in Q3 2017, an estimated $2.22B increase.
- Terry Smith's biggest Q3 2017 reduction was CR Bard Inc., cutting an estimated $6.03M.
- Terry Smith fully exited PayPal in Q3 2017, selling an estimated $754M.
- Terry Smith's ten largest holdings make up 76% of its $10.3B portfolio in Q3 2017.
- Terry Smith opened 0 new positions and closed 2 in Q3 2017.
- Terry Smith's portfolio value rose 8.3% quarter-over-quarter to $10.3B.
Based on Fundsmith LLP's 13F filing for Q3 2017, filed 14 Nov 2017.