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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
+25.05%
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
$22.9B
AUM Growth
+$5.15B
Cap. Flow
+$1.22B
Cap. Flow %
5.31%
Top 10 Hldgs %
66.11%
Holding
35
New
1
Increased
25
Reduced
7
Closed
1

Top Buys

Rank Stock Value
1
NKE icon
Nike
NKE
+$455M
2
SBUX icon
Starbucks
SBUX
+$427M
3
PM icon
Philip Morris
PM
+$172M
4
JNJ icon
Johnson & Johnson
JNJ
+$149M
5
BDX icon
Becton Dickinson
BDX
+$107M

Top Sells

Rank Stock Value
1
CLX icon
Clorox
CLX
+$276M
2
WAT icon
Waters Corp
WAT
+$163M
3
CHKP icon
Check Point Software Technologies
CHKP
+$34.4M
4
MASI
Masimo
MASI
+$10.3M
5
MELI icon
Mercado Libre
MELI
+$3.6M

Sector Composition

Rank Sector Weight
1 Consumer Staples 25.21%
2 Technology 23.46%
3 Healthcare 22.84%
4 Financials 14.95%
5 Communication Services 6.38%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MSFT icon
1
Microsoft
MSFT
$3.59T
$2.43B 10.62%
11,954,858
-18,063
-0.2% -$3.28M
PYPL icon
2
PayPal
PYPL
$52.7B
$2.16B 9.42%
12,388,814
-18,280
-0.1% -$2.53M
META icon
3
Meta Platforms (Facebook)
META
$1.4T
$1.46B 6.38%
6,443,510
+9,649
+0.1% +$2.01M
IDXX icon
4
Idexx Laboratories
IDXX
$43.9B
$1.4B 6.11%
4,240,711
-4,516
-0.1% -$1.31M
INTU icon
5
Intuit
INTU
$100B
$1.36B 5.93%
4,590,217
+132,621
+3% +$36.4M
PM icon
6
Philip Morris
PM
$293B
$1.36B 5.92%
19,375,855
+2,352,902
+14% +$172M
MKC icon
7
McCormick & Company Non-Voting
MKC
$14.9B
$1.35B 5.91%
15,087,156
+838,746
+6% +$69.1M
EL icon
8
Estee Lauder
EL
$36.9B
$1.28B 5.56%
6,758,574
+19,912
+0.3% +$3.56M
V icon
9
Visa
V
$693B
$1.19B 5.18%
6,150,855
+52,218
+0.9% +$9.54M
PEP icon
10
PepsiCo
PEP
$196B
$1.16B 5.07%
8,787,703
+792,638
+10% +$104M
SYK icon
11
Stryker
SYK
$126B
$1.12B 4.88%
6,204,547
+273,222
+5% +$50.4M
BDX icon
12
Becton Dickinson
BDX
$52.3B
$1.01B 4.43%
4,348,108
+442,046
+11% +$107M
ADP icon
13
Automatic Data Processing
ADP
$112B
$965M 4.21%
6,481,152
+206,319
+3% +$29.5M
JNJ icon
14
Johnson & Johnson
JNJ
$651B
$901M 3.93%
6,405,491
+1,025,710
+19% +$149M
NKE icon
15
Nike
NKE
$60.5B
$710M 3.1%
7,244,034
+4,924,683
+212% +$455M
WAT icon
16
Waters Corp
WAT
$40.4B
$702M 3.07%
3,893,805
-861,245
-18% -$163M
BF.B icon
17
Brown-Forman Class B
BF.B
$13.1B
$628M 2.74%
9,864,841
+20,210
+0.2% +$1.29M
SBUX icon
18
Starbucks
SBUX
$122B
$613M 2.68%
8,336,710
+5,686,925
+215% +$427M
VRSK icon
19
Verisk Analytics
VRSK
$24.4B
$103M 0.45%
607,423
+9,117
+2% +$1.44M
EFX icon
20
Equifax
EFX
$22.6B
$99.1M 0.43%
576,779
+8,657
+2% +$1.28M
MASI
21
DELISTED
Masimo
MASI
$97.8M 0.43%
428,897
-46,956
-10% -$10.3M
ANSS
22
DELISTED
Ansys
ANSS
$97.7M 0.43%
335,033
+5,048
+2% +$1.34M
CGNX icon
23
Cognex
CGNX
$10.2B
$95.7M 0.42%
1,602,593
+93,594
+6% +$5.08M
IPGP icon
24
IPG Photonics
IPGP
$3.12B
$92.2M 0.4%
574,773
+8,626
+2% +$1.23M
VRSN icon
25
VeriSign
VRSN
$25.5B
$74.6M 0.33%
360,694
+5,413
+2% +$1.12M
1
2

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Terry Smith's Q2 2020 Portfolio in Review

As of Q2 2020, Terry Smith held 35 positions worth $22.9B, up 29% from $17.8B the previous quarter. Its ten largest holdings account for 66% of the portfolio.

Terry Smith deployed $1.22B of net new capital in Q2 2020, opening 1 new position and adding to 25 existing holdings. Its largest new stake was Qualys: 623,812 shares worth $64.9M.

By sector, the portfolio is most concentrated in Consumer Staples at 25% of assets, down from 29% a quarter earlier, followed by Technology and Healthcare.

On the sell side, the largest reduction was Waters Corp, an estimated $163M trimmed.

  • Terry Smith's largest Q2 2020 buy was Qualys: 623,812 shares worth $64.9M.
  • Terry Smith added most to Nike in Q2 2020, an estimated $455M increase.
  • Terry Smith's biggest Q2 2020 reduction was Waters Corp, cutting an estimated $163M.
  • Terry Smith fully exited Clorox in Q2 2020, selling an estimated $276M.
  • Terry Smith's ten largest holdings make up 66% of its $22.9B portfolio in Q2 2020.
  • Terry Smith opened 1 new position and closed 1 in Q2 2020.
  • Terry Smith's portfolio value rose 29% quarter-over-quarter to $22.9B.

Based on Fundsmith LLP's 13F filing for Q2 2020, filed 12 Aug 2020.