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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
-13.58%
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
$17.8B
AUM Growth
-$3.4B
Cap. Flow
-$421M
Cap. Flow %
-2.37%
Top 10 Hldgs %
64.69%
Holding
34
New
3
Increased
11
Reduced
19
Closed
–

Top Buys

Rank Stock Value
1
NKE icon
Nike
NKE
+$216M
2
SBUX icon
Starbucks
SBUX
+$214M
3
SABR icon
Sabre
SABR
+$64.9M
4
CGNX icon
Cognex
CGNX
+$17.1M
5
VRSN icon
VeriSign
VRSN
+$16.2M

Top Sells

Rank Stock Value
1
PYPL icon
PayPal
PYPL
+$307M
2
JNJ icon
Johnson & Johnson
JNJ
+$97M
3
IDXX icon
Idexx Laboratories
IDXX
+$90.5M
4
INTU icon
Intuit
INTU
+$77.3M
5
WAT icon
Waters Corp
WAT
+$74.2M

Sector Composition

Rank Sector Weight
1 Consumer Staples 28.73%
2 Healthcare 25.59%
3 Technology 23.68%
4 Financials 12.57%
5 Communication Services 6.04%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MSFT icon
1
Microsoft
MSFT
$3.59T
$1.89B 10.63%
11,972,921
-217,608
-2% -$35.8M
PM icon
2
Philip Morris
PM
$293B
$1.24B 6.99%
17,022,953
+123,717
+0.7% +$10.2M
PYPL icon
3
PayPal
PYPL
$52.7B
$1.19B 6.69%
12,407,094
-2,778,705
-18% -$307M
EL icon
4
Estee Lauder
EL
$36.9B
$1.07B 6.04%
6,738,662
-136,925
-2% -$26.4M
META icon
5
Meta Platforms (Facebook)
META
$1.4T
$1.07B 6.04%
6,433,861
-154,425
-2% -$30.2M
IDXX icon
6
Idexx Laboratories
IDXX
$43.9B
$1.03B 5.79%
4,245,227
-346,672
-8% -$90.5M
INTU icon
7
Intuit
INTU
$100B
$1.03B 5.77%
4,457,596
-285,450
-6% -$77.3M
MKC icon
8
McCormick & Company Non-Voting
MKC
$14.9B
$1.01B 5.66%
14,248,410
-511,012
-3% -$39.7M
SYK icon
9
Stryker
SYK
$126B
$988M 5.56%
5,931,325
-151,667
-2% -$29.6M
V icon
10
Visa
V
$693B
$983M 5.53%
6,098,637
-316,879
-5% -$59.7M
PEP icon
11
PepsiCo
PEP
$196B
$960M 5.4%
7,995,065
-474,329
-6% -$64.1M
BDX icon
12
Becton Dickinson
BDX
$52.3B
$876M 4.93%
3,906,062
-10,901
-0.3% -$2.69M
WAT icon
13
Waters Corp
WAT
$40.4B
$866M 4.87%
4,755,050
-351,616
-7% -$74.2M
ADP icon
14
Automatic Data Processing
ADP
$112B
$858M 4.83%
6,274,833
-189,365
-3% -$30.5M
JNJ icon
15
Johnson & Johnson
JNJ
$651B
$705M 3.97%
5,379,781
-683,618
-11% -$97M
BF.B icon
16
Brown-Forman Class B
BF.B
$13.1B
$546M 3.08%
9,844,631
+214,024
+2% +$13.8M
CLX icon
17
Clorox
CLX
$12.9B
$276M 1.55%
1,592,042
-90,134
-5% -$14.9M
NKE icon
18
Nike
NKE
$60.5B
$192M 1.08%
+2,319,351
New +$216M
SBUX icon
19
Starbucks
SBUX
$122B
$174M 0.98%
+2,649,785
New +$214M
CHKP icon
20
Check Point Software Technologies
CHKP
$13.3B
$87.1M 0.49%
866,437
+64,603
+8% +$6.92M
MASI
21
DELISTED
Masimo
MASI
$84.3M 0.47%
475,853
-99,110
-17% -$17M
VRSK icon
22
Verisk Analytics
VRSK
$24.4B
$83.4M 0.47%
598,306
-23,357
-4% -$3.66M
ANSS
23
DELISTED
Ansys
ANSS
$76.7M 0.43%
329,985
-17,143
-5% -$4.42M
EFX icon
24
Equifax
EFX
$22.6B
$67.9M 0.38%
568,122
-86,166
-13% -$12.5M
VRSN icon
25
VeriSign
VRSN
$25.5B
$64M 0.36%
355,281
+82,408
+30% +$16.2M
1
2

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Terry Smith's Q1 2020 Portfolio in Review

As of Q1 2020, Terry Smith held 34 positions worth $17.8B, down 16% from $21.2B the previous quarter. Its ten largest holdings account for 65% of the portfolio.

Terry Smith's Q1 2020 filing shows 3 new, 11 increased and 19 reduced positions. Its largest new stake was Nike: 2,319,351 shares worth $192M. The largest sale was PayPal, an estimated $307M.

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

  • Terry Smith's largest Q1 2020 buy was Nike: 2,319,351 shares worth $192M.
  • Terry Smith added most to Sabre in Q1 2020, an estimated $64.9M increase.
  • Terry Smith's biggest Q1 2020 reduction was PayPal, cutting an estimated $307M.
  • Terry Smith's ten largest holdings make up 65% of its $17.8B portfolio in Q1 2020.
  • Terry Smith opened 3 new positions and closed 0 in Q1 2020.
  • Terry Smith's portfolio value fell 16% quarter-over-quarter to $17.8B.

Based on Fundsmith LLP's 13F filing for Q1 2020, filed 14 May 2020.