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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
+6.12%
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
$21.2B
AUM Growth
+$1.6B
Cap. Flow
+$442M
Cap. Flow %
2.09%
Top 10 Hldgs %
65.92%
Holding
32
New
1
Increased
18
Reduced
6
Closed
1

Top Buys

Rank Stock Value
1
CLX icon
Clorox
CLX
+$251M
2
SYK icon
Stryker
SYK
+$28.6M
3
BF.B icon
Brown-Forman Class B
BF.B
+$25.2M
4
PEP icon
PepsiCo
PEP
+$24.5M
5
INTU icon
Intuit
INTU
+$21.5M

Top Sells

Rank Stock Value
1
PYPL icon
PayPal
PYPL
+$22.6M
2
CHD icon
Church & Dwight Co
CHD
+$15.3M
3
V icon
Visa
V
+$5.43M
4
MAR icon
Marriott International
MAR
+$5.3M
5
WAT icon
Waters Corp
WAT
+$3.58M

Sector Composition

Rank Sector Weight
1 Consumer Staples 29.18%
2 Healthcare 26.85%
3 Technology 22.52%
4 Financials 13.7%
5 Communication Services 6.39%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MSFT icon
1
Microsoft
MSFT
$3.59T
$1.92B 9.08%
12,190,529
+883
+0% +$130K
PYPL icon
2
PayPal
PYPL
$52.7B
$1.64B 7.76%
15,185,799
-216,545
-1% -$22.6M
PM icon
3
Philip Morris
PM
$293B
$1.44B 6.79%
16,899,236
-29,347
-0.2% -$2.42M
EL icon
4
Estee Lauder
EL
$36.9B
$1.42B 6.71%
6,875,587
+108,840
+2% +$21.1M
META icon
5
Meta Platforms (Facebook)
META
$1.4T
$1.35B 6.39%
6,588,286
+106,103
+2% +$20.6M
SYK icon
6
Stryker
SYK
$126B
$1.28B 6.03%
6,082,992
+137,887
+2% +$28.6M
MKC icon
7
McCormick & Company Non-Voting
MKC
$14.9B
$1.25B 5.92%
14,759,422
+176,078
+1% +$14.6M
INTU icon
8
Intuit
INTU
$100B
$1.24B 5.87%
4,743,046
+82,411
+2% +$21.5M
V icon
9
Visa
V
$693B
$1.21B 5.7%
6,415,516
-30,116
-0.5% -$5.43M
IDXX icon
10
Idexx Laboratories
IDXX
$43.9B
$1.2B 5.67%
4,591,899
+35,883
+0.8% +$9.46M
WAT icon
11
Waters Corp
WAT
$40.4B
$1.19B 5.64%
5,106,666
-16,201
-0.3% -$3.58M
PEP icon
12
PepsiCo
PEP
$196B
$1.16B 5.47%
8,469,394
+180,289
+2% +$24.5M
ADP icon
13
Automatic Data Processing
ADP
$112B
$1.1B 5.21%
6,464,198
-16,287
-0.3% -$2.7M
BDX icon
14
Becton Dickinson
BDX
$52.3B
$1.04B 4.91%
3,916,963
+3,580
+0.1% +$893K
JNJ icon
15
Johnson & Johnson
JNJ
$651B
$884M 4.18%
6,063,399
+106,578
+2% +$14.5M
BF.B icon
16
Brown-Forman Class B
BF.B
$13.1B
$651M 3.08%
9,630,607
+387,421
+4% +$25.2M
CLX icon
17
Clorox
CLX
$12.9B
$258M 1.22%
+1,682,176
New +$251M
VRSK icon
18
Verisk Analytics
VRSK
$24.4B
$92.8M 0.44%
621,663
+87,133
+16% +$12.9M
EFX icon
19
Equifax
EFX
$22.6B
$91.7M 0.43%
654,288
+33,467
+5% +$4.64M
SABR icon
20
Sabre
SABR
$848M
$91.3M 0.43%
4,070,298
+439,380
+12% +$9.74M
MASI
21
DELISTED
Masimo
MASI
$90.9M 0.43%
574,963
– –
ANSS
22
DELISTED
Ansys
ANSS
$89.4M 0.42%
347,128
– –
CHKP icon
23
Check Point Software Technologies
CHKP
$13.3B
$89M 0.42%
801,834
+74,049
+10% +$8.32M
IPGP icon
24
IPG Photonics
IPGP
$3.12B
$66.6M 0.31%
459,804
+66,904
+17% +$9.31M
CGNX icon
25
Cognex
CGNX
$10.2B
$65.4M 0.31%
1,167,817
– –
1
2

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PMAM
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Terry Smith's Q4 2019 Portfolio in Review

As of Q4 2019, Terry Smith held 32 positions worth $21.2B, up 8.2% from $19.6B the previous quarter. Its ten largest holdings account for 66% of the portfolio.

Terry Smith's Q4 2019 filing shows 1 new, 18 increased, 6 reduced and 1 closed positions. Its largest new stake was Clorox: 1,682,176 shares worth $258M. The largest sale was PayPal, an estimated $22.6M.

By sector, the portfolio is most concentrated in Consumer Staples at 29% of assets, up from 28% a quarter earlier, followed by Healthcare and Technology.

  • Terry Smith's largest Q4 2019 buy was Clorox: 1,682,176 shares worth $258M.
  • Terry Smith added most to Stryker in Q4 2019, an estimated $28.6M increase.
  • Terry Smith's biggest Q4 2019 reduction was PayPal, cutting an estimated $22.6M.
  • Terry Smith fully exited Church & Dwight Co in Q4 2019, selling an estimated $15.3M.
  • Terry Smith's ten largest holdings make up 66% of its $21.2B portfolio in Q4 2019.
  • Terry Smith opened 1 new position and closed 1 in Q4 2019.
  • Terry Smith's portfolio value rose 8.2% quarter-over-quarter to $21.2B.

Based on Fundsmith LLP's 13F filing for Q4 2019, filed 13 Feb 2020.