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Terry Smith Fundsmith LLP

AUM $13.6B
1-Year Est. Return 7.6%
 

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.

This Fund
S&P 500
This Quarter Est. Return
+0.3%
1 Year Est. Return
+7.6%
3 Year Est. Return
+53.18%
5 Year Est. Return
+52.54%
10 Year Est. Return
+342.88%
AUM
$19.6B
AUM Growth
+$372M
Cap. Flow
+$406M
Cap. Flow %
2.08%
Top 10 Hldgs %
67.08%
Holding
33
New
2
Increased
21
Reduced
–
Closed
2

Top Buys

Rank Stock Value
1
BF.B icon
Brown-Forman Class B
BF.B
+$540M
2
PM icon
Philip Morris
PM
+$132M
3
MKC icon
McCormick & Company Non-Voting
MKC
+$78.5M
4
JNJ icon
Johnson & Johnson
JNJ
+$73.3M
5
ADP icon
Automatic Data Processing
ADP
+$57.9M

Top Sells

Rank Stock Value
1
MMM icon
3M
MMM
+$612M
2
CDK
CDK Global, Inc.
CDK
+$54.9M

Sector Composition

Rank Sector Weight
1 Consumer Staples 28.13%
2 Healthcare 28.06%
3 Technology 22.57%
4 Financials 14.05%
5 Communication Services 5.9%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MSFT icon
1
Microsoft
MSFT
$3.59T
$1.69B 8.66%
12,189,646
+18,512
+0.2% +$2.55M
PYPL icon
2
PayPal
PYPL
$52.7B
$1.6B 8.16%
15,402,344
+11,316
+0.1% +$1.25M
EL icon
3
Estee Lauder
EL
$36.9B
$1.35B 6.88%
6,766,747
+105,962
+2% +$20.3M
SYK icon
4
Stryker
SYK
$126B
$1.29B 6.57%
5,945,105
+143,665
+2% +$30.8M
PM icon
5
Philip Morris
PM
$293B
$1.29B 6.57%
16,928,583
+1,660,076
+11% +$132M
INTU icon
6
Intuit
INTU
$100B
$1.24B 6.34%
4,660,635
+8,788
+0.2% +$2.42M
IDXX icon
7
Idexx Laboratories
IDXX
$43.9B
$1.24B 6.33%
4,556,016
+85,978
+2% +$23.9M
META icon
8
Meta Platforms (Facebook)
META
$1.4T
$1.15B 5.9%
6,482,183
+7,126
+0.1% +$1.35M
WAT icon
9
Waters Corp
WAT
$40.4B
$1.14B 5.85%
5,122,867
+8,861
+0.2% +$1.91M
MKC icon
10
McCormick & Company Non-Voting
MKC
$14.9B
$1.14B 5.83%
14,583,344
+976,444
+7% +$78.5M
PEP icon
11
PepsiCo
PEP
$196B
$1.14B 5.81%
8,289,105
+13,764
+0.2% +$1.83M
V icon
12
Visa
V
$693B
$1.11B 5.67%
6,445,632
+322,102
+5% +$57.4M
ADP icon
13
Automatic Data Processing
ADP
$112B
$1.05B 5.35%
6,480,485
+350,732
+6% +$57.9M
BDX icon
14
Becton Dickinson
BDX
$52.3B
$966M 4.94%
3,913,383
+5,908
+0.2% +$1.46M
JNJ icon
15
Johnson & Johnson
JNJ
$651B
$771M 3.94%
5,956,821
+556,690
+10% +$73.3M
BF.B icon
16
Brown-Forman Class B
BF.B
$13.1B
$580M 2.97%
+9,243,186
New +$540M
EFX icon
17
Equifax
EFX
$22.6B
$87.3M 0.45%
620,821
– –
MASI
18
DELISTED
Masimo
MASI
$85.5M 0.44%
574,963
– –
VRSK icon
19
Verisk Analytics
VRSK
$24.4B
$84.5M 0.43%
534,530
+8,520
+2% +$1.32M
SABR icon
20
Sabre
SABR
$848M
$81.3M 0.42%
3,630,918
– –
CHKP icon
21
Check Point Software Technologies
CHKP
$13.3B
$79.7M 0.41%
727,785
+104,307
+17% +$11.6M
ANSS
22
DELISTED
Ansys
ANSS
$76.8M 0.39%
347,128
+23,351
+7% +$4.92M
CGNX icon
23
Cognex
CGNX
$10.2B
$57.4M 0.29%
1,167,817
– –
IPGP icon
24
IPG Photonics
IPGP
$3.12B
$53.3M 0.27%
392,900
+54,081
+16% +$7.16M
VRSN icon
25
VeriSign
VRSN
$25.5B
$51.5M 0.26%
272,873
– –
1
2

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BGC
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PMAM
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MGIA
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BHCM
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HRCM
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DWM
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Terry Smith's Q3 2019 Portfolio in Review

As of Q3 2019, Terry Smith held 33 positions worth $19.6B, up 1.9% from $19.2B the previous quarter. Its ten largest holdings account for 67% of the portfolio.

Terry Smith's Q3 2019 filing shows 2 new, 21 increased and 2 closed positions. Its largest new stake was Brown-Forman Class B: 9,243,186 shares worth $580M. The largest sale was 3M, an estimated $612M.

By sector, the portfolio is most concentrated in Consumer Staples at 28% of assets, up from 24% a quarter earlier, followed by Healthcare and Technology.

  • Terry Smith's largest Q3 2019 buy was Brown-Forman Class B: 9,243,186 shares worth $580M.
  • Terry Smith added most to Philip Morris in Q3 2019, an estimated $132M increase.
  • Terry Smith fully exited 3M in Q3 2019, selling an estimated $612M.
  • Terry Smith's ten largest holdings make up 67% of its $19.6B portfolio in Q3 2019.
  • Terry Smith opened 2 new positions and closed 2 in Q3 2019.
  • Terry Smith's portfolio value rose 1.9% quarter-over-quarter to $19.6B.

Based on Fundsmith LLP's 13F filing for Q3 2019, filed 12 Nov 2019.