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 |
Meta Platforms (Facebook)
META
|
+$923M |
| 2 |
Becton Dickinson
BDX
|
+$293M |
| 3 |
Intuit
INTU
|
+$204M |
| 4 |
Philip Morris
PM
|
+$146M |
| 5 |
Microsoft
MSFT
|
+$90M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Keurig Dr Pepper
KDP
|
+$849M |
| 2 |
BCR
CR Bard Inc.
BCR
|
+$823M |
| 3 |
Visa
V
|
+$1.45M |
| 4 |
Johnson & Johnson
JNJ
|
+$614K |
| 5 |
Marriott International
MAR
|
+$414K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 32.47% |
| 2 | Consumer Staples | 20.39% |
| 3 | Technology | 20.16% |
| 4 | Financials | 15.16% |
| 5 | Communication Services | 6.77% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PayPal
PYPL
$52.7B
| $1.16B | 9.52% |
15,224,967
+763,390
| +5% | +$60.5M |
|
|
2
Microsoft
MSFT
$3.59T
| $1.1B | 9.09% |
12,075,307
+984,147
| +9% | +$90M |
|
3
Stryker
SYK
$126B
| $887M | 7.32% |
5,514,447
+376,207
| +7% | +$60.6M |
|
|
4
Philip Morris
PM
$293B
| $886M | 7.3% |
8,908,787
+1,401,190
| +19% | +$146M |
|
5
Waters Corp
WAT
$40.4B
| $868M | 7.15% |
4,368,590
+3,277
| +0.1% | +$678K |
|
6
Idexx Laboratories
IDXX
$43.9B
| $847M | 6.99% |
4,427,657
+22,901
| +0.5% | +$4.23M |
|
|
7
Meta Platforms (Facebook)
META
$1.4T
| $822M | 6.77% |
+5,142,881
| New | +$923M |
|
|
8
Becton Dickinson
BDX
$52.3B
| $781M | 6.44% |
3,696,054
+1,336,591
| +57% | +$293M |
|
9
PepsiCo
PEP
$196B
| $719M | 5.92% |
6,583,613
+780,013
| +13% | +$88.7M |
|
|
10
Intuit
INTU
$100B
| $688M | 5.67% |
3,967,675
+1,210,005
| +44% | +$204M |
|
|
11
Visa
V
$693B
| $684M | 5.64% |
5,720,718
-11,940
| -0.2% | -$1.45M |
|
12
Automatic Data Processing
ADP
$112B
| $656M | 5.41% |
5,777,983
+254,791
| +5% | +$29.7M |
|
13
Estee Lauder
EL
$36.9B
| $645M | 5.32% |
4,309,460
+464,559
| +12% | +$64.3M |
|
14
3M
MMM
$92.3B
| $593M | 4.89% |
3,232,085
+15,299
| +0.5% | +$3.03M |
|
|
15
Johnson & Johnson
JNJ
$651B
| $555M | 4.57% |
4,327,311
-4,545
| -0.1% | -$614K |
|
16
Colgate-Palmolive
CL
$72.6B
| $224M | 1.85% |
3,127,734
+632,473
| +25% | +$45.5M |
|
|
17
Marriott International
MAR
$92.9B
| $18.6M | 0.15% |
136,742
-2,953
| -2% | -$414K |
|
|
18
Keurig Dr Pepper
KDP
$43.6B
| – | – |
-8,742,447
| Closed | -$849M |
|
|
BCR
19
DELISTED
CR Bard Inc.
BCR
| – | – |
-2,483,956
| Closed | -$823M |
|
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Terry Smith's Q1 2018 Portfolio in Review
As of Q1 2018, Terry Smith held 19 positions worth $12.1B, up 4% from $11.7B the previous quarter. Its ten largest holdings account for 72% of the portfolio.
Terry Smith's Q1 2018 filing shows 1 new, 13 increased, 3 reduced and 2 closed positions. Its largest new stake was Meta Platforms (Facebook): 5,142,881 shares worth $822M. The largest sale was Keurig Dr Pepper, an estimated $849M.
By sector, the portfolio is most concentrated in Healthcare at 32% of assets, down from 36% a quarter earlier, followed by Consumer Staples and Technology.
- Terry Smith's largest Q1 2018 buy was Meta Platforms (Facebook): 5,142,881 shares worth $822M.
- Terry Smith added most to Becton Dickinson in Q1 2018, an estimated $293M increase.
- Terry Smith's biggest Q1 2018 reduction was Visa, cutting an estimated $1.45M.
- Terry Smith fully exited Keurig Dr Pepper in Q1 2018, selling an estimated $849M.
- Terry Smith's ten largest holdings make up 72% of its $12.1B portfolio in Q1 2018.
- Terry Smith opened 1 new position and closed 2 in Q1 2018.
- Terry Smith's portfolio value rose 4% quarter-over-quarter to $12.1B.
Based on Fundsmith LLP's 13F filing for Q1 2018, filed 30 Apr 2018.